<SEC-DOCUMENT>0001140361-26-012456.txt : 20260401
<SEC-HEADER>0001140361-26-012456.hdr.sgml : 20260401
<ACCEPTANCE-DATETIME>20260401061109
ACCESSION NUMBER:		0001140361-26-012456
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		173
CONFORMED PERIOD OF REPORT:	20251231
FILED AS OF DATE:		20260401
DATE AS OF CHANGE:		20260401

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TOP SHIPS INC.
		CENTRAL INDEX KEY:			0001296484
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37889
		FILM NUMBER:		26824555

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			MAROUSSI
		PROVINCE COUNTRY:   	J3
		ZIP:			151 24
		BUSINESS PHONE:		011-30-210-81-28-107

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		1, VASSILISSIS SOFIAS STR. & MEG.
		STREET 2:		ALEXANDROU STR.
		CITY:			MAROUSSI
		PROVINCE COUNTRY:   	J3
		ZIP:			151 24

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TOP TANKERS INC.
		DATE OF NAME CHANGE:	20040706
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
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<DESCRIPTION>20-F
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  <tr>

    <td colspan="2" style="vertical-align:top;width:2.3%;">
                <p style="font-variant: normal; margin: 0pt;">For the transition period from ____________ to ____________</p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:2.3%;">&#160;</td>

    <td style="vertical-align:top;width:43%;">&#160;</td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:2.3%;" rowspan="1" colspan="2">
                <p style="font-variant: normal; text-align: center; margin: 0pt;"><b>OR</b></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:2.3%;">&#160;</td>

    <td style="vertical-align:top;width:43%;">&#160;</td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:2.3%;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><ix:nonNumeric name="dei:DocumentShellCompanyReport" id="Fact_5eae404868c6481083d19c21a3f4b780" contextRef="c20250101to20251231" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
                </p>
              </td>

    <td style="vertical-align: bottom; width: 43%; text-align: left;">
                <p style="font-variant: normal; margin: 0pt;"><b>SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:2.3%;">&#160;</td>

    <td style="vertical-align:top;width:43%;">&#160;</td>

  </tr>

  <tr>

    <td colspan="2" style="vertical-align:top;width:2.3%;">
                <p style="font-variant: normal; margin: 0pt;">Date of event requiring this shell company report ____________</p>
              </td>

  </tr>


</table>
        <p style="font-variant: normal; margin: 0pt;">&#160;</p>
        <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">Commission file number <ix:nonNumeric name="dei:EntityFileNumber" id="Fact_f55c35bdc6a04d5196e20d8eb71cbf45" contextRef="c20250101to20251231">001-37889</ix:nonNumeric></p>
        <p style="font-variant: normal; margin: 0pt;">&#160;</p>
        <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; margin-left: auto; margin-right: auto; border-spacing: 0;">


  <tr>

    <td style="border-bottom:solid 3px #000000;vertical-align:top;width:24.1%;">
                <p style="font-size: 24pt; font-variant: normal; text-align: center; margin: 0pt;"><b><ix:nonNumeric name="dei:EntityRegistrantName" id="Fact_fcf98447c5ec4fe3847f4f59363184e9" contextRef="c20250101to20251231">TOP SHIPS INC.</ix:nonNumeric><br/>
                  </b></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;">(Exact name of Registrant as specified in its charter)</p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">&#160;</td>

  </tr>

  <tr>

    <td style="border-bottom:solid 3px #000000;vertical-align:top;width:24.1%;">&#160;</td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;">(Translation of Registrant&#8217;s name into English)</p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">&#160;</td>

  </tr>

  <tr>

    <td style="border-bottom:solid 3px #000000;vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;"><b>Republic of the <ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_b7322714d404452aaf877fb71ae6c119" contextRef="c20250101to20251231" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric><br/>
                  </b></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;">(Jurisdiction of incorporation or organization)</p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">&#160;</td>

  </tr>

  <tr>

    <td style="border-bottom:solid 3px #000000;vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_d1bf333276b54cda9097e4505397b532" contextRef="c20250101to20251231">20 Iouliou Kaisara Str</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_9dfa5021e8da4aeba8547fc9d0be6642" contextRef="c20250101to20251231">19002</ix:nonNumeric>,&#160;<ix:nonNumeric name="dei:EntityAddressAddressLine2" id="Fact_595e086b81264c7592494c73c9da0524" contextRef="c20250101to20251231">Paiania</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_f7c01e9bff0a458a8ef1ecff7fdb3feb" contextRef="c20250101to20251231">Athens</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressCountry" id="Fact_ff6bafa0e98047f4b492f35de752aff5" contextRef="c20250101to20251231" format="ixt-sec:countrynameen">Greece</ix:nonNumeric></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;">(Address of principal executive offices)</p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">&#160;</td>

  </tr>

  <tr>

    <td style="border-bottom:solid 3px #000000;vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;"><ix:nonNumeric name="dei:ContactPersonnelName" id="Fact_03853660ba6948ecbd9b9117a3980c9b" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">Alexandros Tsirikos</ix:nonNumeric>, (Tel) + <ix:nonNumeric name="dei:CountryRegion" id="Fact_498a6145bd234ac0b74af3e23f7ff62e" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">30</ix:nonNumeric> <ix:nonNumeric name="dei:CityAreaCode" id="Fact_b28355bfead6403898ae522d892acbb6" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">210</ix:nonNumeric> <ix:nonNumeric name="dei:LocalPhoneNumber" id="Fact_90887f8da1714afba33c20f6d677561b" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">812 8107</ix:nonNumeric>, <ix:nonNumeric name="dei:ContactPersonnelEmailAddress" id="Fact_0b5bea4f4ed84cc388ac78c0a774a2f5" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">info@topships.org</ix:nonNumeric></p>
                <p style="font-variant: normal; text-align: center; margin: 0pt;"></p>
                <p style="font-variant: normal; text-align: center; margin: 0pt;"><ix:nonNumeric name="dei:EntityAddressAddressLine1" id="Fact_ea2c732975bb41d5b6c2e878a8a5f0dc" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">20 Iouliou Kaisara Str</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressPostalZipCode" id="Fact_44ed57385ceb45009dc6a5befb5c5e64" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">19002</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressAddressLine2" id="Fact_4d0411685f464e2ba6d9d490ca99c6bb" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">Paiania</ix:nonNumeric> <ix:nonNumeric name="dei:EntityAddressCityOrTown" id="Fact_8c03f600e16d4e1b8e98db23abbbe237" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember">Athens</ix:nonNumeric>, <ix:nonNumeric name="dei:EntityAddressCountry" id="Fact_a70a58ac315641dd91a1636bd7c2821d" contextRef="c20250101to20251231_EntityAddressesAddressTypeAxis_BusinessContactMember" format="ixt-sec:countrynameen">Greece</ix:nonNumeric></p>
                <p style="font-variant: normal; text-align: center; margin: 0pt;"></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align:top;width:24.1%;">
                <p style="font-variant: normal; text-align: center; margin: 0pt;">(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</p>
              </td>

  </tr>


</table>
        <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;&#160; <br/>
        </div>

        <div>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;"> </p>
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Securities registered or to be registered pursuant to Section 12(b) of the Act.</div>

          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">


  <tr>

    <td style="width: 32.01%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Title of each class</div>
                </td>

    <td style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Trading Symbol(s)</div>
                </td>

    <td style="width: 2%; vertical-align: bottom; text-align: center; padding-bottom: 2px;">
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: bottom; text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">Name of each exchange</div>
                  <div style="font-family: 'Times New Roman'; font-size: 10pt;">on which registered</div>
                </td>

  </tr>

  <tr>

    <td style="width: 32.01%; vertical-align: top; white-space: nowrap;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_fe81a82d85ef4fc5b2d4be90df3cb2ed" contextRef="c20250101to20251231_StatementClassOfStockAxis_CommonStockMember">Common Stock, par value $0.01 per share</ix:nonNumeric></div>
                </td>

    <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:TradingSymbol" id="Fact_01c1ebdf1d694036a64b1954a07a76ab" contextRef="c20250101to20251231_StatementClassOfStockAxis_CommonStockMember">TOPS</ix:nonNumeric><br/>
                  </div>
                </td>

    <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">
                    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The <ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_36d43fbc9b9f4e1497d7c66bd08337cc" contextRef="c20250101to20251231_StatementClassOfStockAxis_CommonStockMember" format="ixt-sec:exchnameen">NYSE American LLC</ix:nonNumeric></div>
                  </div>
                </td>

  </tr>

  <tr>

    <td style="width: 32.01%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">
                    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:Security12bTitle" id="Fact_2c757161921c464ab83b68c8552fba6d" contextRef="c20250101to20251231_StatementClassOfStockAxis_PreferredStockPurchaseRightsMember">Preferred Stock Purchase Rights</ix:nonNumeric><br/>
                    </div>
                  </div>
                </td>

    <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: top; text-align: center;"><br/>
                </td>

    <td style="width: 2%; vertical-align: top;">
                  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
                </td>

    <td style="width: 32%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">
                    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">The <ix:nonNumeric name="dei:SecurityExchangeName" id="Fact_6828f83a8bca4634a466b47c036a4761" contextRef="c20250101to20251231_StatementClassOfStockAxis_PreferredStockPurchaseRightsMember" format="ixt-sec:exchnameen">NYSE American LLC</ix:nonNumeric></div>
                  </div>
                </td>

  </tr>


</table>
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Securities registered or to be registered pursuant to Section 12(g) of the Act.</div>

          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">


  <tr>

    <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NONE</div>
                </td>

  </tr>

  <tr>

    <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Title of class)</div>
                </td>

  </tr>


</table>
          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.</div>

          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0); border-spacing: 0;">


  <tr>

    <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NONE</div>
                </td>

  </tr>

  <tr>

    <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt;">(Title of class)</div>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;"> <br/>
          </p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the close of the period covered by the
            annual report.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">As of December 31, 2025, <ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" id="Fact_e188a1dd0436467c97480f2ac5b3c4df" contextRef="c20251231_StatementClassOfStockAxis_CommonStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction> shares of common stock, par value $0.01 per share, and <ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" id="Fact_ff0e39f242d44d04b5ec5095ce21edf9" contextRef="c20251231_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction> Series D Preferred Shares, par value $0.01 per share, were outstanding.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;">Yes</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;"><ix:nonNumeric name="dei:EntityWellKnownSeasonedIssuer" id="Fact_28bc6c6fc747457b88ee719c1ac1e5e3" contextRef="c20250101to20251231">No</ix:nonNumeric><br/>
                  </p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13
            or 15(d) of the Securities Exchange Act of 1934.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;">Yes</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;"><ix:nonNumeric name="dei:EntityVoluntaryFilers" id="Fact_d55426329ac24f95bc65e2bef60e3405" contextRef="c20250101to20251231">No</ix:nonNumeric><br/>
                  </p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Note &#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange
            Act of 1934 from their obligations under those Sections.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
            of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;"><ix:nonNumeric name="dei:EntityCurrentReportingStatus" id="Fact_f2287ee4d97a4b8ba6b7eaedf7c8521b" contextRef="c20250101to20251231">Yes</ix:nonNumeric><br/>
                  </p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;">No</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
            405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;"><ix:nonNumeric name="dei:EntityInteractiveDataCurrent" id="Fact_29c8bb39996d4389b8761a89ba836775" contextRef="c20250101to20251231">Yes</ix:nonNumeric><br/>
                  </p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;">No</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
            company.&#160; See the definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer,&#8221; and &#8220;emerging growth company&#8221; in Rule 12b-2 of the Exchange Act.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 50%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;">Large accelerated filer&#160;&#160;&#9744;</p>
                </td>

    <td style="width: 50%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;">Accelerated filer&#160; &#9744;</p>
                </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;"><ix:nonNumeric name="dei:EntityFilerCategory" id="Fact_3d28668d6e94482d8b14baf5ee2e810c" contextRef="c20250101to20251231" format="ixt-sec:entityfilercategoryen">Non-accelerated filer</ix:nonNumeric>&#160; &#9746;</p>
                </td>

    <td style="width: 50%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;">Emerging growth company&#160; <ix:nonNumeric name="dei:EntityEmergingGrowthCompany" id="Fact_26525cf64d4f4434b7e97325990e3383" contextRef="c20250101to20251231" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has
            elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided pursuant to Section 13(a) of the Exchange Act. &#9744;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">&#8224; The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards Board to its Accounting
            Standards Codification after April 5, 2012.</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness of its
            internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. <ix:nonNumeric name="dei:IcfrAuditorAttestationFlag" id="Fact_4570888b9335405d8f20e96e13d0d9cb" contextRef="c20250101to20251231" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></p>
          <p style="margin: 0pt; font-variant: normal;"><br/>
          </p>
          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether
              the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. <ix:nonNumeric name="dei:DocumentFinStmtErrorCorrectionFlag" id="Fact_a9f5a252cf7847d58e6b72955d185f67" contextRef="c20250101to20251231" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Indicate by check mark whether any of those error corrections are restatements that required a
              recovery analysis of incentive-based compensation received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></div>

          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;"> <br/>
          </p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 1.5%; vertical-align: top;">
                  <p style="margin: 0pt; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

    <td style="width: 22.7%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;"><ix:nonNumeric name="dei:DocumentAccountingStandard" id="Fact_9927ec7af9054eeea8b8b58edc79af15" contextRef="c20250101to20251231">U.S. GAAP</ix:nonNumeric><br/>
                  </p>
                </td>

  </tr>

  <tr>

    <td style="width: 1.5%; vertical-align: top;">
                  <p style="margin: 0pt; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 22.7%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;">International Financial Reporting Standards as issued by the International Accounting Standards Board</p>
                </td>

  </tr>

  <tr>

    <td style="width: 1.5%; vertical-align: top;">
                  <p style="margin: 0pt; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 22.7%; vertical-align: top;">
                  <p style="margin: 0pt; font-variant: normal;">Other</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected
            to follow:</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: middle;">
                  <p style="margin: 0pt; text-align: right; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 25%; vertical-align: middle;">
                  <p style="margin: 0pt; font-variant: normal; text-align: center;">Item 17</p>
                </td>

    <td style="width: 25%; vertical-align: middle;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 25%; vertical-align: middle;">
                  <p style="margin: 0pt; font-variant: normal;">Item 18</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;">Yes</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;"><ix:nonNumeric name="dei:EntityShellCompany" id="Fact_c81f603875b04c06941e6f249e4d1a07" contextRef="c20250101to20251231" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric><br/>
                  </p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;">No</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-family: 'Times New Roman'; font-variant: normal;">&#9746;</p>
                </td>

  </tr>


</table>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <p style="margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-variant: normal;">Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the
            Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. N/A<br/>
          </p>
          <p style="margin: 0pt; font-variant: normal;">&#160;</p>
          <table cellspacing="0" cellpadding="0" border="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; margin-right: auto; margin-left: auto; border-spacing: 0;">


  <tr>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: right; font-variant: normal;">Yes</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: center; font-family: 'Times New Roman'; font-variant: normal;">&#9744;</p>
                </td>

    <td style="width: 25%; vertical-align: top;">
                  <p style="margin: 0pt; text-align: left; font-variant: normal;">No</p>
                </td>

    <td style="width: 25%; vertical-align: top;">&#9744;</td>

  </tr>


</table>
          <div> <br/>
          </div>

        </div>

        <div>
          <hr style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"/></div>

        <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
          <div class="BRPFPageBreak" style="page-break-after: always;">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div>
        <div>
          <div style="text-align: center; color: #000000; font-weight: bold;">TABLE OF CONTENTS<a id="TABLEOFCONTENTS"><!--Anchor--></a><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"></sup></div>

          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#PARTI">PART I</a></div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">1<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 1.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#IDENTITYOFDIRECTORSSENIOR">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">1<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 2.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#OFFERSTATISTICSANDEXPECTE">OFFER STATISTICS AND EXPECTED TIMETABLE</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">1<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 3.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#KEYINFORMATION">KEY INFORMATION</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">1<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 4.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#INFORMATIONONTHECOMPANY">INFORMATION ON THE COMPANY</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">38<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 4A.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#UNRESOLVEDSTAFFCOMMENTS">UNRESOLVED STAFF COMMENTS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">59<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 5.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#OPERATINGANDFINANCIALREVI">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">59<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 6.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#DIRECTORSSENIORMANAGEMENT">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">80<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 7.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#MAJORSHAREHOLDERSANDRELAT">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">83<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 8.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#FINANCIALINFORMATION">FINANCIAL INFORMATION</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">88<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 9.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#THEOFFERANDLISTING">THE OFFER AND LISTING</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">89<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 10.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#ADDITIONALINFORMATION">ADDITIONAL INFORMATION</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">89<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 11.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#QUANTITATIVEANDQUALITATIV">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">111<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 12.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#DESCRIPTIONOFSECURITIESOT">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">112<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#PARTII">PART II</a></div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">112<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 13.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#DEFAULTSDIVIDENDARREARAGE">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">112<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 14.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#MATERIALMODIFICATIONSTOTH">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">112<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 15.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#CONTROLSANDPROCEDURES">CONTROLS AND PROCEDURES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">112<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#RESERVED">Reserved</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">114<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16A.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#AUDITCOMMITTEEFINANCIALEX">AUDIT COMMITTEE FINANCIAL EXPERT</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">114<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16B.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#CODEOFETHICS">CODE OF ETHICS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">114<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16C.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#PRINCIPALACCOUNTANTFEESAN">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">114<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16D.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#EXEMPTIONSFROMTHELISTINGS">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">115<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16E.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#PURCHASESOFEQUITYSECURITI">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">115<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16F.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#CHANGEINREGISTRANTSCERTIF">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">115<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16G.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#CORPORATEGOVERNANCE">CORPORATE GOVERNANCE</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">115<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16H.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#MINESAFETYDISCLOSURE">MINE SAFETY DISCLOSURE</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">116<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16I.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#DISCLOSUREREGARDINGFOREIG">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">116<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 16J.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#ITEM16J.">INSIDER TRADING POLICIES</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">116<br/>
                </td>

  </tr>

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    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 16K.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#ITEM16K.">CYBERSECURITY</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">116<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#PARTIII">PART III</a></div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">117<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 17.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#ITEM17.">FINANCIAL STATEMENTS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">117<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);">ITEM 18.</div>
                </td>

    <td style="width: 85%; vertical-align: top; background-color: rgb(204, 238, 255);">
                  <div style="color: rgb(0, 0, 0);"><a href="#ITEM18.">FINANCIAL STATEMENTS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; background-color: rgb(204, 238, 255); text-align: right;">117<br/>
                </td>

  </tr>

  <tr>

    <td style="width: 10%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);">ITEM 19.</div>
                </td>

    <td style="width: 85%; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0);"><a href="#ITEM19.EXHIBITS">EXHIBITS</a></div>
                </td>

    <td style="width: 5%; vertical-align: top; text-align: right;">118<br/>
                </td>

  </tr>


</table>
          <div><br/></div>

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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <!--PROfilePageNumberReset%LCR%2%%%-->
          <div style="text-align: center; color: #000000; font-weight: bold;">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Matters discussed in this Annual Report on Form 20-F (the &#8220;Annual Report&#8221;) may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 (the
            &#8220;PSLRA&#8221;), provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives,
            goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">TOP Ships Inc. desires to take advantage of the safe harbor provisions of the PSLRA and is including this cautionary statement in connection with this safe harbor legislation.
            This Annual Report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial performance. When used in this Annual
            Report, statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as &#8220;anticipate,&#8221; &#8220;believe,&#8221; &#8220;expect,&#8221; &#8220;intend,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;project,&#8221; &#8220;plan,&#8221; &#8220;potential,&#8221;
            &#8220;continue,&#8221; &#8220;possible,&#8221; &#8220;likely,&#8221; &#8220;may,&#8221; &#8220;should&#8221; and similar words, phrases or expressions identify forward-looking statements, and the negatives of those words, phrases, or expressions, or statements that events, conditions, or results &#8220;can,&#8221;
            &#8220;will,&#8221; &#8220;may,&#8221; &#8220;must,&#8221; &#8220;would,&#8221; &#8220;could&#8221; or &#8220;should&#8221; occur or be achieved and similar expressions in connection with any discussion, expectation, or projection of future operating or financial performance, costs, regulations, events, or trends
            identify forward-looking statements. The absence of these words does not mean that a statement is not forward-looking. Without limiting the generality of the foregoing, all statements in this Annual Report concerning or relating to estimated
            and projected earnings, margins, costs, expenses, expenditures, cash flows, growth rates, future financial results and liquidity are forward-looking statements. In addition, we, through our senior management, from time to time may make
            forward-looking public statements concerning our expected future operations and performance and other developments.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The forward-looking statements in this Annual Report are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without
            limitation, management&#8217;s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are
            inherently subject to significant risks, uncertainties and contingencies that are described more fully in &#8220;Item 3. Key Information&#8212;D. Risk Factors,&#8221; are difficult or impossible to predict and are beyond our control, we cannot assure you that we
            will achieve or accomplish these expectations, beliefs or projections.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition to these assumptions and matters discussed elsewhere herein and in the documents incorporated by reference herein, important factors that, in our view, could cause
            actual results to differ materially from those discussed in the forward-looking statements include the following:</div>

          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our ability to maintain or develop new and existing customer relationships with major refined product importers and exporters, major crude oil companies and major commodity traders, including our ability
                    to enter into long-term charters for our vessels;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our future operating and financial results;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our future vessel acquisitions, our business strategy and expected and unexpected capital spending or operating expenses, including any dry-docking, crewing, bunker costs and insurance costs;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our financial condition and liquidity, including our ability to pay amounts that we owe and to obtain financing in the future to fund capital expenditures, acquisitions and other general corporate
                    activities;</div>
                </td>

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          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">oil and chemical tanker industry trends, including fluctuations in charter rates and vessel values and factors affecting vessel supply and demand;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our ability to take delivery of, integrate into our fleet, and employ any newbuildings we may acquire or order in the future and the ability of shipyards to deliver vessels on a timely basis;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the aging of our vessels and resultant increases in operation and dry-docking costs;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the ability of our vessels to pass classification inspections and vetting inspections by oil majors and big chemical corporations;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">significant changes in vessel performance, including increased vessel breakdowns;</div>
                </td>

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          <div> <br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">ii</span></div>

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              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the creditworthiness of our charterers and the ability of our contract counterparties to fulfill their obligations to us;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our ability to repay outstanding indebtedness, to obtain additional financing and to obtain replacement charters for our vessels, in each case, at commercially acceptable rates or at all;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes to governmental rules and regulations or actions taken by regulatory authorities and the expected costs thereof;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our ability to comply with additional costs and risks related to our environmental, social and governance policies;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">potential liability from litigation and our vessel operations, including purported discharge of pollutants;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in general economic and business conditions;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events, including &#8220;trade wars,&#8221; piracy, acts by terrorists or other hostilities
                    or conflicts, including the war in Ukraine, the war between Israel and Hamas, war between the United States and Iran and between Israel and Iran, the Houthi crisis in and around the Red Sea, current instability in Venezuela and Iran and
                    potential tensions between the U.S. and Greenland, Denmark, the European Union (the &#8220;EU&#8221;), or Venezuela;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in production of or demand for oil and petroleum products and chemicals, either globally or in particular regions;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the strength of world economies and currencies, including fluctuations in charter hire rates and vessel values;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">potential liability from future litigation and potential costs due to our vessel operations, including due to any environmental damage and vessel collisions;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our ability to successfully expand into and achieve expected results from the integrations of new lines of business;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">fluctuations in real estate values and the conditions of the global residential real estate market;</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
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    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the length and severity of public health threats, epidemics and pandemics and other disease outbreaks and their impact on the demand for commercial seaborne transportation and the condition of the
                    financial markets and governmental responses thereto; and</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 20.25pt;"><br/>
                </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">and other important factors discussed in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221; or described from time to time in the reports filed by us with the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;).</div>
                </td>

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</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Should one or more of the foregoing risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those
            projected in these forward-looking statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to,
            or effects, on us. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. All forward-looking statements in this Annual Report are qualified in their entirety by the
            cautionary statements contained in this Annual Report.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Any forward-looking statements contained herein are made only as of the date of this Annual Report, and except to the extent required by applicable law or regulation we
            undertake no obligation to publicly update or revise any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events, except as
            may be required under applicable laws. If one or more forward-looking statements are updated, no inference should be drawn that additional updates will be made with respect to those or other forward-looking statements. New factors emerge from
            time to time, and it is not possible for us to predict all or any of these factors. Further, we cannot assess the impact of each such factor on our business or the extent to which any factor, or combination of factors, may cause actual results
            to be materially different from those contained in any forward-looking statement.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">iii</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <!--PROfilePageNumberReset%Num%1%%%-->
          <div style="text-align: center; color: #000000; font-weight: bold;">PART I<a id="PARTI"><!--Anchor--></a></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">Unless the context otherwise requires, as used in this Annual Report, the terms &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; refer to TOP Ships Inc. and all of its
            subsidiaries, and &#8220;TOP Ships Inc.&#8221; refers only to TOP Ships Inc. and not to its subsidiaries. We use the term deadweight ton (&#8220;dwt&#8221;) in describing the size of vessels. Dwt, expressed in metric tons each of which is equivalent to 1,000
            kilograms, refers to the maximum weight of cargo and supplies that a vessel can carry. We use the term gross tonnage, in describing the size of yachts. Gross tonnage, unlike dwt, does not have a physical unit like tons or cubic meters. Instead,
            it is a number derived from a mathematical formula calculated based on the International Tonnage Convention of 1969 and is used to measure a ship&#8217;s enclosed volume. References to our &#8220;Fleet Manager&#8221; or &#8220;CSI&#8221; are to Central Shipping Inc., a
            related party of ours, which performs the day-to-day management of our fleet.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">Throughout this Annual Report, the conversion from Euros (&#8220;&#8364;&#8221;) to U.S. dollars (&#8220;$&#8221;) is based on the U.S. dollar/Euro exchange rate of 1.1734 as of December
            31, 2025, unless otherwise specified.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">References in this Annual Report to our common shares and earnings per share amounts, as well as warrant shares eligible for purchase under our warrants and
            exercise price of said warrants in this report, are adjusted to reflect the consolidation of our common shares through reverse stock splits, including the 12-to-1 reverse stock split which became effective as of September 29, 2023.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic;">References in this Annual Report to the terms &#8220;ship&#8221; or &#8220;vessel&#8221; do not include reference to yachts and references in this Annual Report to the terms
            &#8220;maritime industry&#8221; or &#8220;shipping industry&#8221; do not include the yachting industry. We use the term &#8220;fleet&#8221; in describing our tanker vessels to the exclusion of any yachts that may be owned by us or purchased by us in the future.</div>

          <div><br/>
          </div>

          <a id="IDENTITYOFDIRECTORSSENIOR"><!--Anchor--></a>
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 1.</td>

    <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</div>
                </td>

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</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

          <div><br/>
          </div>

          <a id="OFFERSTATISTICSANDEXPECTE"><!--Anchor--></a>
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 2.</td>

    <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">OFFER STATISTICS AND EXPECTED TIMETABLE</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

          <div><br/>
          </div>

          <a id="KEYINFORMATION"><!--Anchor--></a>
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 3.</td>

    <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">KEY INFORMATION</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">[Reserved]</div>
                </td>

  </tr>


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          <div><br/>
          </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Capitalization and Indebtedness</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Not applicable.</div>

          <div>&#160;</div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Reasons for the Offer and Use of Proceeds</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

          <div><br/>
          </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">D.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Risk Factors</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The following risks relate principally to the industry in which we operate and our business in general. The occurrence of any of these risks could materially and adversely
            affect our business, financial condition or operating results and the trading price of our common shares.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">1</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; color: #000000;"><span style="font-weight: bold;">Summary of Risk Factors</span></div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The international tanker industry has historically been both cyclical and volatile.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The current state of the world financial market and current economic conditions could have a material adverse impact on our results of operations, financial condition and cash flows.</div>
                </td>

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</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our financial results may be adversely affected by the outbreak of epidemic and pandemic diseases and the related governmental responses thereto.</div>
                </td>

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</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The market value of our vessels, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur losses if we decide to sell them following a decline in their market
                    values or we may be required to write down their carrying value, which will adversely affect our earnings.</div>
                </td>

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</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">An over-supply of tanker capacity may lead to reductions in asset prices, charter hire rates and profitability.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Volatility of SOFR could affect our profitability, earnings and cash flows.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or feasibility of doing business.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</div>
                </td>

  </tr>


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Increasing growth of electric vehicles could lead to a decrease in trading and the movement of crude oil and petroleum products worldwide.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our vessels may suffer damage due to the inherent operational risks of the tanker industry and we may experience unexpected dry-docking costs, which may adversely affect our business and financial
                    condition.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We are subject to international safety regulations and requirements imposed by classification societies and the failure to comply with these regulations may subject us to increased liability, may
                    adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</div>
                </td>

  </tr>


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S. government or other governmental authorities, it could lead to monetary
                    fines or adversely affect our business, reputation and the market for our common shares.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Recent actions by the U.S. and China imposing new port fees could have a material adverse effect on our operations and financial results.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Political instability, terrorist or other attacks, war, international hostilities and public health threats can affect the tanker industry, which may adversely affect our business.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Acts of piracy on ocean-going vessels could adversely affect our business.</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely affect our business and results of operations. Additionally, if
                    these systems fail or become unavailable for any significant period of time, our business could be harmed.</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our financing arrangements contain restrictive covenants that may limit our liquidity and corporate activities, which could limit our operational flexibility and have an adverse effect on our financial
                    condition and results of operations.</div>
                </td>

  </tr>


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Servicing current and future debt will limit funds available for other purposes and could impair our ability to react to changes in our business.</div>
                </td>

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    <td style="width: 18pt;"><br/>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Delays or defaults by the shipyards in the construction of any newbuildings could increase our expenses and diminish our net income and cash flows.</div>
                </td>

  </tr>


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our President, Chief Executive Officer and Director has significant influence over us, and a trust established for the benefit of his family may be deemed to beneficially own, directly or indirectly, 100%
                    of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We have been subject to litigation in the past and we may be subject to similar or other litigation in the future.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">As of the date of this Annual Report our operating fleet consists of four tankers and one megayacht. Any limitation in the availability or operation of these vessels could have a material adverse effect
                    on our business, results of operations and financial condition.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such counterparties to meet their obligations could cause us to suffer losses or negatively
                    impact our results of operations and cash flows.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">New lines of business may subject us to additional risks.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">As a potential owner of real estate, we may be subject to the risks inherent in the ownership and operation of real estate and the construction and development of real estate.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our ability to obtain additional debt financing may be dependent on our ability to charter our vessels, the performance of our charters and the creditworthiness of our charterers.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The industry for the operation of tanker vessels and the transportation of oil, petroleum products and chemicals is highly competitive and we may not be able to compete for charters with new entrants or
                    established companies with greater resources.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We maintain cash with a limited number of financial institutions, including financial institutions that may be located in Greece, which will subject us to credit risk.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We may be unable to attract and retain key management personnel and other employees in the international tanker shipping industry, which may negatively impact the effectiveness of our management and our
                    results of operations.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of operations, cash flows, financial condition and available cash.</div>
                </td>

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          <div><br/></div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">2</span></div>

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              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could affect our cash flow and financial condition.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">An increase in operating costs could decrease earnings and available cash.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The aging of our fleet may result in increased operating costs in the future, which could adversely affect our earnings.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Inflation could adversely affect our operating results and financial condition.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Rising fuel prices may adversely affect our profits.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Unless we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a vessel&#8217;s useful life, which would adversely affect our business, results of
                    operations and financial condition.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect our earnings.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our recent acquisition of a megayacht entails certain risks and uncertainties associated with our entry into ownership of a new class of vessels and we cannot assure you that we will manage such risks
                    successfully.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We may not have adequate insurance to compensate us if we lose any vessels that we acquire.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity associations.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Increasing regulation as well as scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies may impose additional costs on us or expose us to
                    additional risks.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">A shift in consumer demand from crude oil and petroleum products towards other energy sources or changes to trade patterns for crude oil and refined petroleum products may have a material adverse effect
                    on our business.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Technological innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessels.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Maritime claimants could arrest our vessels or yachts or vessels or yachts we may acquire, which could interrupt our cash flow.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Governments could requisition our vessels during a period of war or emergency, resulting in loss of earnings.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">U.S. federal tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which could have adverse U.S. federal income tax consequences to U.S. shareholders.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977 (the &#8220;FCPA&#8221;), could result in fines, criminal penalties, and an adverse effect on our business.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Changing laws and evolving reporting requirements could have an adverse effect on our business.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We are a &#8220;foreign private issuer,&#8221; which could make our common shares less attractive to some investors or otherwise harm our stock price.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The market price and trading volume of our common shares may continue to be highly volatile, which could lead to a loss of all or part of a shareholder&#8217;s investment.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">There is no guarantee of a continuing public market for you to resell our common shares.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The NYSE American may delist our common shares from its exchange which could limit your ability to make transactions in our securities and subject us to additional trading restrictions.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We have issued common shares in the past through various transactions and we may do so in the future without shareholder approval, which may dilute our existing shareholders, depress the trading price of
                    our securities and impair our ability to raise capital through subsequent equity offerings.</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Issuance of preferred shares with voting or conversion rights may adversely affect the voting power of our common shareholders, have a dilutive effect on them and have the effect of discouraging, delaying
                    or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</div>
                </td>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Future issuance of common shares may trigger anti-dilution provisions in our Series G Preferred Shares and affect the interests of our common shareholders.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law and as a result, shareholders may have fewer rights and protections under Marshall
                    Islands law than under a typical jurisdiction in the United States.</div>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">As a Marshall Islands corporation with principal executive offices in Greece and subsidiaries in the Marshall Islands and other offshore jurisdictions, our operations may be subject to economic substance
                    requirements.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our By-laws provide that the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for certain disputes between us and our shareholders, which could limit our shareholders&#8217;
                    ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We may not achieve the intended benefits of having a forum selection provision if it is found to be unenforceable.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Anti-takeover provisions in our organizational documents could have the effect of discouraging, delaying or preventing a merger, amalgamation or acquisition, which could reduce the market price of our
                    common shares.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">We are dependent on our Fleet Manager to perform the day-to-day management of our fleet.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our Fleet Manager is a privately held company and there may be limited or no publicly available information about it.</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">Our Fleet Manager may have conflicts of interest between us and its other clients.</div>
                </td>

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          <div> <br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">3</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">RISKS RELATED TO OUR INDUSTRY</span></div>

          <div><br/>
          </div>

          <div style="text-indent: 21.35pt; margin-left: 14.65pt; font-style: italic; font-weight: bold;">The international tanker industry has historically been both cyclical and volatile.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The international tanker industry in which we operate is cyclical, with attendant volatility in charter hire rates, vessel values and industry profitability. For tanker vessels,
            the degree of charter rate volatility has varied widely. The Baltic Dirty Tanker Index (the &#8220;BDTI&#8221;), a U.S. dollar daily average of charter rates issued by the Baltic Exchange that takes into account input from brokers around the world
            regarding crude oil fixtures for various routes and oil tanker vessel sizes, has been volatile. In 2025, the BDTI reached a high of 1,468 and a low of 799.&#160; The Baltic Clean Tanker Index, or BCTI, a comparable index to the BDTI but for
            petroleum product fixtures, has similarly been volatile. In 2025, the BCTI reached a high of 885 and a low of 534. Although the BDTI and BCTI were 3,727 and 1,947, respectively as of March 27, 2026, there can be no assurance that the tanker
            charter market will continue to increase, and the market could again decline. Recent heightened volatility in charter prices has resulted primarily from the war between Russia and Ukraine and sanctions on Russian exports of crude oil and
            petroleum products, and the current instability in Venezuela and war in Iran, and there is great uncertainty about the future impact of those events. Additionally, the war between Israel and Hamas and the war between Israel and Iran and between
            the United States and Iran have resulted in increased tensions in the Middle East region, including missile attacks by the Houthis on vessels in the Red Sea and Gulf of Aden and potentially prolonged disruption of shipping through the Strait of
            Hormuz, a waterway essential to the shipment of crude oil and refined petroleum. Political, economic, and social instability in Venezuela and the resultant sanctions or other measures imposed in response, including the on-going U.S. campaign of
            seizing Venezuela-linked oil tankers and potential further U.S. military and political intervention, may disrupt the global tanker industry. Such circumstances have had and could in the future result in adverse consequences for the tanker
            industry. In general, volatility in charter rates depends, among other factors, on (i) supply and demand for tankers, (ii) the demand for crude oil and petroleum products, (iii) the inventories of crude oil and petroleum products in the United
            States and in other industrialized nations, (iv) oil refining volumes, (v) oil prices, and (vi) any restrictions on crude oil production imposed by the Organization of the Petroleum Exporting Countries (&#8220;OPEC&#8221;), and non-OPEC oil producing
            countries.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Currently, all our tanker vessels are employed on time charters. However, changes in spot rates and time charter rates can affect the revenues we receive from operations in the
            event our charterers default or seek to renegotiate the charter hire, as well as the value of our vessels, or vessels we acquire, even if our vessels are employed under long-term time charters. Our ability to re-charter our vessels, or vessels
            we acquire on the expiration or termination of their time or bareboat charters and the charter rates payable under any renewal or replacement charters will depend upon, among other things, economic conditions in the tanker markets and several
            other factors outside of our control and we cannot guarantee that any renewal or replacement charters we enter into will be sufficient to allow us to operate our vessels profitably. If we are not able to obtain new contracts in direct
            continuation with existing charters or for newly acquired vessels, or if new contracts are entered into at charter rates substantially below the existing charter rates or on terms otherwise less favorable compared to existing contracts terms,
            our revenues and profitability could be adversely affected and we may not be able to comply with the financial covenants in our financing arrangements. A decline in charter hire rates will also likely cause the value of our vessels, or vessels
            we acquire to decline which could lead us to record impairment adjustments to the carrying values of our fleet.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Fluctuations in charter rates and vessel values result from changes in the supply and demand for vessels and changes in the supply and demand for oil, chemicals and other
            liquids our vessels carry. Factors affecting the supply and demand for our vessels, or vessels we acquire are outside of our control and are unpredictable. The nature, timing, direction and degree of changes in the tanker industry conditions
            are also unpredictable.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">4</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify;"><span style="text-decoration: underline;">Factors that influence demand for tanker vessel capacity include:</span></div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">supply and demand for oil petroleum products and chemicals&#160; carried;</div>
                </td>

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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in oil production and refining capacity resulting in shifts in trade flows for oil products;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">oil prices;</div>
                </td>

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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the distance oil petroleum products and chemicals are to be moved by sea;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">any restrictions on crude oil production imposed by OPEC and non-OPEC oil producing countries;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">global and regional economic and political conditions, including &#8220;trade wars&#8221; and developments in international trade, national oil reserves policies, fluctuations in industrial and agricultural
                    production, armed conflicts and work stoppages;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">increases in the production of oil in areas linked by pipelines to consuming areas, the extension of existing, or the development of new pipeline systems in markets we may serve, or the conversion of
                    existing non-oil pipelines to oil pipelines in those markets;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">increases in the production of oil in Venezuela and other oil producing countries or areas;</div>
                </td>

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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">worldwide and regional availability of refining capacity and inventories;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">environmental and other legal and regulatory developments;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">economic slowdowns caused by public health events or inflationary pressures and resultant governmental responses;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">currency exchange rates;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">weather, natural disasters and other acts of God;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">increased use of renewable and alternative sources of energy;</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">competition from alternative sources of energy, other shipping companies and other modes of transportation; and</div>
                </td>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars or other conflicts, including the wars between Russia and Ukraine and between Israel and Hamas; war
                    between Israel and Iran and between the United States and Iran; the Houthi crisis in and around the Red Sea, ongoing political, economic, and social instability in Venezuela and Iran and potential tensions between the U.S. and
                    Greenland, Denmark or Venezuela.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify;"><span style="text-decoration: underline;">The factors that influence the supply of tanker capacity include:</span></div>

          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the number of newbuilding deliveries;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">current and expected newbuilding orders for vessels;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the scrapping rate of older vessels;</div>
                </td>

  </tr>


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the availability of financing for new or secondhand tankers;</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the price of steel;</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">speed of vessel operation;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">vessel freight rates, which are affected by factors that may affect the rate of newbuilding, scrapping and laying up of vessels;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the price of steel and vessel equipment;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">technological advances in the design, capacity propulsion technology, and fuel consumption efficiency of vessels;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">potential conversion of vessels for alternative use;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in environmental and other regulations that may limit the useful lives of vessels;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">port or canal congestion;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">national or international regulations that may effectively cause reductions in the carrying capacity of vessels or early obsolescence of tonnage;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">environmental concerns and regulations, including ballast water management, low sulfur fuel consumption regulations, and reductions in CO2 emissions;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the number of vessels that are out of service at a given time, namely those that are laid-up, drydocked, awaiting repairs or otherwise not available for hire, including those that are in dry-dock for the
                    purpose of installing exhaust gas cleaning systems, known as scrubbers; and</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18.95pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in global petroleum production.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">5</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The factors affecting the supply and demand for tankers have been volatile and are outside of our control, and the nature, timing and degree of changes in industry conditions
            are unpredictable. Market conditions have been volatile in recent years and continued volatility may reduce demand for transportation of oil over longer distances and increase the supply of tankers, which may have a material adverse effect on
            our business, financial condition, results of operations, cash flows, ability to pay dividends and existing contractual obligations.</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The current state of the world financial market and current economic conditions could have a material adverse impact on our results of operations, financial
            condition and cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Various macroeconomic factors, including rising inflation, higher interest rates, global supply chain constraints and the effects of
            overall economic conditions and uncertainties such as those resulting from the current and future conditions in the global financial markets, could adversely affect our results of operations, financial condition and ability to pay dividends.
            Inflation and rising interest rates may negatively impact us by increasing our operating costs and our cost of borrowing. Interest rates, the liquidity of the credit markets and the volatility of the capital markets could also affect the
            operation of our business and our ability to raise capital on favorable terms, or at all. Adverse economic conditions also affect demand for goods and oil. Reduced demand for these or other products could result in significant decreases in
            rates we obtain for chartering our vessels. In addition, the cost for crew members, oils and bunkers and other supplies may increase. Furthermore, we may experience losses on our holdings of cash and investments due to failures of financial
            institutions and other parties. Difficult economic conditions may also result in a higher rate of losses on our accounts receivable due to credit defaults. As a result, downturns in the worldwide economy could have a material adverse effect on
            our business, results of operations, financial condition, and ability to pay dividends.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">The world economy continues to face a number of challenges, including the wars between Ukraine and Russia, and Israel and Hamas;
            political, economic, and social instability in Venezuela and the U.S. responses thereto&#8212;including vessel seizures and military and political intervention; war between the United States and Iran, and Israel and Iran and tensions in and around
            the Red Sea and Russia and North Atlantic Treaty Organization (&#8220;NATO&#8221;) country tensions; China and Taiwan disputes; United States and China trade relations; instability between Iran and the West; hostilities between the United States and North
            Korea, Venezuela, Greenland and Denmark; political unrest and conflict in the Middle East, the South China Sea region and other geographic countries and areas; terrorist or other attacks (including threats thereof) around the world; war (or
            threatened war) or international hostilities; epidemics or pandemics; and banking crises or failures. See also &#8220;&#8212;Our financial results may be adversely affected by the outbreak of epidemic and pandemic diseases and the related governmental
            responses thereto.&#8221; In addition, the continuing war in Ukraine, the length and breadth of which remains highly unpredictable, has led to increased economic uncertainty amidst fears of a more generalized military conflict or significant
            inflationary pressures, due to the increases in fuel and grain prices following the sanctions imposed on Russia. Furthermore, it is difficult to predict the intensity and duration of the war between Israel and Hamas or the Houthi rebel attacks
            on shipping in and around the Red Sea and their impact on the world economy is uncertain. On October 9, 2025, Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and
            Hamas, which if sustained, could reduce regional instability in the Eastern Mediterranean. However, whether the ceasefire will be sustained or will result in a lasting de-escalation of tensions in the region is unknown. Such events may have
            unpredictable consequences and contribute to instability in the global economy or cause a decrease in worldwide demand for certain goods and, thus, shipping. In July 2025, the Houthis pledged to target ships belonging to any company that
            conducts business with Israeli ports, and in September 2025 used a cruise missile and two drones to target a container ship.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">In Europe, concerns regarding the possibility of sovereign debt defaults by European Union (&#8220;EU&#8221;), member countries, although generally
            alleviated, have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union, the U.S. and other parts of the world. The withdrawal of the UK from the European Union (&#8220;Brexit&#8221;),
            further increases the risk of additional trade protectionism. Brexit, or similar events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes in currency exchange rates,
            tariffs, treaties and other regulatory matters could in turn adversely impact our business, operating results, cash flows and financial condition.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">6</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">In addition, the recent economic slowdown in the Asia Pacific region, particularly in China, may exacerbate the effect of the weak
            economic trends in the rest of the world. Before the global economic financial crisis that began in 2008, China had one of the world&#8217;s fastest growing economies in terms of gross domestic product (&#8220;GDP&#8221;), which had a significant impact on
            shipping demand. China&#8217;s GDP growth rate for the year ended December 31, 2022, was approximately 3.0%, one of its lowest rates in 50 years, thought to be mainly caused by the country&#8217;s zero-COVID policy and strict lockdowns. China claims that
            its GDP growth rate for each of the years ended December 31, 2024 and 2025 was approximately 5.0%. Although the Chinese government has implemented economic stimulus measures, it is possible that China and other countries in the Asia Pacific
            region will continue to experience volatile, slowed or even negative economic growth in the near future. Changes in the economic conditions of China, and changes in laws or policies adopted by its government or the implementation of these laws
            and policies by local authorities, including with regards to tax matters and environmental concerns (such as achieving carbon neutrality), could affect vessels that are either chartered to Chinese customers or that call to Chinese ports,
            vessels that undergo drydocking at Chinese shipyards and Chinese financial institutions that are generally active in ship financing, and could have a material adverse effect on our business, operating results, cash flows and financial
            condition.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Furthermore, governments have and may continue to turn to trade barriers to protect their domestic industries against foreign imports,
            thereby depressing shipping demand. In April 2025, the U.S. government announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States
            has the largest trade deficits. Many of these reciprocal tariffs went into effect in August 2025. Some of these tariffs, including the 10% baseline tariff, were imposed under the International Emergency Economic Powers Act (the &#8220;IEEPA&#8221;). In
            February 2026, the Supreme Court of the United States struck down the tariffs imposed under the IEEPA. Although the IEEPA tariffs were ruled illegal, tariffs imposed through other measures still remain in effect. Further, President Trump, using
            the Trade Act of 1974, has implemented a temporary, 150-day, 10% tariff on all imports. The tariff imposed under the Trade Act of 1974 is set to expire on July 24, 2026, and the Trump administration may increase the tariff to 15%. The scope and
            durability of current and future tariff measures are uncertain. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the U.S. government has
            announced and rescinded multiple tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Although we are continuing to monitor the economic effects of such
            announcements, as well as opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Protectionist developments, or the perception that they may occur, may have a material adverse effect on global economic conditions, and
            may significantly reduce global trade.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Moreover, increasing trade protectionism may cause an increase in (i) the cost of goods exported from regions globally, particularly
            from the Asia-Pacific region, (ii) the length of time required to transport goods and (iii) the risks associated with exporting goods. Such increases may further reduce the quantity of goods to be shipped, shipping time schedules, voyage costs
            and other associated costs, which could have an adverse impact on our charterers&#8217; business, operating results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to employ our vessels.
            This could have a material adverse effect on our business, operating results, cash flows and financial condition. See also &#8220;&#8212;Recent actions by the U.S. and China imposing new port fees could have a material adverse effect on our operations and
            financial results.&#8221;</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Credit markets in the United States and Europe have in the past experienced significant contraction, deleveraging and reduced liquidity,
            and there is a risk that the U.S. federal government and state governments and European authorities may continue to implement a broad variety of governmental action and/or introduce new financial market regulations. Global financial markets and
            economic conditions have been, and continue to be, volatile and we face risks associated with the trends in the global economy, such as changes in interest rates, instability in the banking and securities markets around the world, the risk of
            sovereign defaults, and reduced levels of growth, among other factors. Major market disruptions and the current adverse changes in market conditions and regulatory climate worldwide may adversely affect our business, results or operations or
            impair our ability to borrow under any future financial arrangements we may enter into contemplating borrowing from the public and/or private equity and debt markets. Many lenders have increased interest rates, enacted tighter lending
            standards, refused to refinance existing debt at all or on terms similar to current debt and reduced (or in some cases ceased to provide) funding to borrowers and other market participants, including equity and debt investors and, in some
            cases, have been unwilling to provide financing on attractive terms or even at all. Due to these factors, we cannot be certain that financing will be available if needed and to the extent required, on acceptable terms or at all. In the absence
            of available financing or financing in favorable terms, we may be unable to complete vessel acquisitions, take delivery of any newbuilding vessels, take advantage of business opportunities or respond to competitive pressures.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">7</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our financial results may be adversely affected by the outbreak of epidemic and pandemic diseases and the related governmental responses
            thereto.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Global public health threats, such as outbreaks of highly communicable diseases or viruses, outbreaks which have from time to time occurred in various parts of the world in
            which we operate, including China, could disrupt global financial markets and economic conditions and adversely impact our operations, the timing of completion of any outstanding or future newbuilding projects, as well as the operations of our
            customers.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">For example, the outbreak of COVID-19 caused severe global disruptions, with governments in affected countries imposing travel bans, quarantines and other emergency public
            health measures. Although the incidence and severity of COVID-19 and its variants have diminished over time, similar restrictions, and future prevention and mitigation measures against outbreaks of epidemic and pandemic diseases, are likely to
            have an adverse impact on global economic conditions, which could materially and adversely affect our future operations. As a result of such measures, our vessels may not be able to call on, or disembark from, ports located in regions affected
            by the outbreak. In addition, we may experience severe operational disruptions and delays, unavailability of normal port infrastructure and services including limited access to equipment, critical goods and personnel, disruptions to crew
            changes, quarantine of ships and/or crew, counterparty solidity, closure of ports and custom offices, as well as disruptions in the supply chain and industrial production, which may lead to reduced cargo demand, among other potential
            consequences attendant to epidemic and pandemic diseases.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The extent to which our business, operating results, cash flows, financial condition, financings, value of our vessels or vessels we may acquire and ability to pay dividends may
            be negatively affected by future pandemics, epidemics or other outbreaks of infectious diseases is highly uncertain and will depend on numerous evolving factors that we cannot predict, including, but not limited to (i) the duration and severity
            of the infectious disease outbreak; (ii) the imposition of restrictive measures to combat the outbreak and slow disease transmission; (iii) the introduction of financial support measures to reduce the impact of the outbreak on the economy; (iv)
            shortages or reductions in the supply of essential goods, services or labor; and (v) fluctuations in general economic or financial conditions tied to the outbreak, such as a sharp increase in interest rates or reduction in the availability of
            credit. We cannot predict the effect that future infectious disease outbreak, pandemic or epidemic may have on our business, operating results, cash flows and financial condition, which could be material and adverse.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The market value of our vessels, and those we may acquire in the future, may fluctuate significantly, which could cause us to incur losses
            if we decide to sell them following a decline in their market values or we may be required to write down their carrying value, which will adversely affect our earnings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The fair market value of our vessels, or vessels we may acquire, may increase and decrease depending on the following factors:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">general economic and market conditions affecting the shipping industry;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">prevailing level of charter rates;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">competition from other shipping companies;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">types, sizes and ages of vessels;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the availability of other modes of transportation;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">supply and demand for vessels;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">shipyard capacity and slot availability;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">cost of newbuildings;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">price of steel;</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">exchange rate levels;</div>
                </td>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">number of tankers scrapped;</div>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">governmental or other regulations; and</div>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><span style="color: #000000;">technological advances </span><span style="color: #231F20;">and the development, availability, and cost of nuclear power, natural gas, coal, renewable energy, and other alternative sources of energy</span><span style="color: #000000;">.</span></div>
                </td>

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          <div><br/>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">8</span></div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Dislocations in the supply of and demand for tankers as a result of the war in Ukraine and sanctions on Russian exports have resulted in greatly increased volatility in tanker
            asset prices. Furthermore, the war between Israel and Hamas, the war between the United States and Iran and the Houthi rebel attacks on shipping in the Red Sea have an uncertain impact on the supply and demand for tankers. If we sell any of our
            vessels, or any vessel we may acquire, at a time when vessel prices have fallen, the sale price may be less than the vessel&#8217;s carrying amount in our financial statements, in which case we will realize a loss. Vessel prices can fluctuate
            significantly, and in the case where the market value falls below the carrying amount, we will evaluate the vessel for a potential impairment adjustment. If the estimate of undiscounted cash flows, excluding interest charges, expected to be
            generated by the use of the vessel is less than its carrying amount, we may be required to write down the carrying amount of the vessel to its fair value less costs to sell in our financial statements and incur a loss and a reduction in
            earnings even if we do not immediately sell the vessel. See &#8220;Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Results&#8212;Critical Accounting Estimates&#8212;Impairment of Vessels.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, our financing arrangements require us to satisfy financial covenants, including requirements based on the market value of our vessels and our liquidity. Declines of
            market values of our vessels may affect our ability to comply with various covenants and could also limit the amount of funds we are permitted to borrow under our current or future loan arrangements. If we breach the financial and other
            covenants under any of our financing arrangements, our financiers could accelerate our indebtedness and foreclose on vessels in our fleet, which would significantly impair our ability to continue to conduct our business. If our indebtedness
            were accelerated in full or in part, it may be very difficult for us to refinance our debt or obtain additional financing and we could lose our vessels if our financiers foreclose upon their liens, which would adversely affect our business,
            financial condition, and ability to continue our business and pay dividends.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">An over-supply of tanker capacity may lead to reductions in asset prices, charter hire rates and profitability.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;">The market supply of tankers is affected by a number of factors such as demand for energy resources, crude oil, petroleum products and chemicals, as well as strong
              overall economic growth of the world economy. If the capacity of new tankers delivered exceeds the capacity of such tankers being scrapped and lost, vessel capacity will increase, which could lead to reductions in asset prices and charter
              rates. The impact of the sanctions on Russian exports of crude oil and petroleum products is uncertain and has generated increased volatility in the supply of tankers available for worldwide trade. As of </span>March 27<span style="color: rgb(0, 0, 0);">, 2026, newbuilding orders have been placed for an aggregate of approximately </span>19.8<span style="color: rgb(0, 0, 0);">% of the existing global tanker fleet, with the bulk of deliveries expected during 2027.</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">An over-supply of oil tankers would increase the oil tanker charter hire rate volatility and we may not be able to find profitable charters for our vessels, or vessels we may
            acquire, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and our ability to pay dividends.</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Volatility of SOFR could affect our profitability, earnings and cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The majority of our financing agreements are based on the Secured Overnight Financing Rate (&#8220;SOFR&#8221;), in line with current market practice in our industry.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">An increase in SOFR, including as a result of interest rate increases that could be effected by the United States Federal Reserve in response to rising inflation, would affect
            the amount of interest payable under our existing financing agreements, which, in turn, could have an adverse effect on our profitability, earnings, cash flow and ability to pay dividends. Furthermore, as a secured rate backed by government
            securities, SOFR may be less likely to correlate with the funding costs of financial institutions. As a result, parties may seek to adjust spreads relative to SOFR in underlying contractual arrangements. If SOFR performs differently than
            expected or if our lenders insist on a different reference rate to replace SOFR, that could increase our borrowing costs (and administrative costs to reflect the transaction), which would have an adverse effect on our profitability, earnings,
            and cash flows. Alternative reference rates may behave in a similar manner or have other disadvantages or advantages in relation to our future indebtedness and the transition to other alternative reference rates in the future could have a
            material adverse effect on us.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In order to manage any future exposure to interest rate fluctuations, we may from time to time use interest rate derivatives to effectively fix any floating rate debt
            obligations. However, no assurance can be given that the use of these derivative instruments, if any, may effectively protect us from adverse interest rate movements. The use of interest rate derivatives may affect our results through mark to
            market valuation of these derivatives. Also, adverse movements in interest rate derivatives may require us to post cash as collateral, which may impact our free cash position, and have the potential to cause us to breach covenants in our
            financing agreements that require maintenance of certain financial positions and ratios.</div>

          <div><br/>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">9</span></div>

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          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We are subject to complex laws and regulations, including environmental regulations that can adversely affect the cost, manner or
            feasibility of doing business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our operations are subject to numerous laws and regulations in the form of international conventions and treaties, national, state and local laws and national and international
            regulations in force in the jurisdictions in which our vessels will operate or are registered, which can significantly affect the operation of our vessels. These regulations include, but are not limited to the International Convention for the
            Prevention of Pollution from Ships of 1973, as from time to time amended (&#8220;MARPOL&#8221;), including the designation of Emission Control Areas (&#8220;ECAs&#8221;), thereunder, the International Convention on Load Lines of 1966 (the &#8220;LL Convention&#8221;), the
            International Convention on Civil Liability for Oil Pollution Damage of 1969 (the &#8220;CLC&#8221;), the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &#8220;Bunker Convention&#8221;), the International Convention for the Safety of
            Life at Sea of 1974 (&#8220;SOLAS&#8221;), the International Safety Management Code for the Safe Operation of Ships and for Pollution Prevention (the &#8220;ISM Code&#8221;), the International Convention for the Control and Management of Ships&#8217; Ballast Water and
            Sediments (the &#8220;BWM Convention&#8221;), the U.S. Oil Pollution Act of 1990 (&#8220;OPA&#8221;), the Comprehensive Environmental Response, Compensation and Liability Act (&#8220;CERCLA&#8221;), the U.S. Clean Water Act (the &#8220;CWA&#8221;), the U.S. Clean Air Act (including its
            amendments of 1977 and 1990, the &#8220;CAA&#8221;), the U.S. Outer Continental Shelf Lands Act, the U.S. Maritime Transportation Security Act of 2002 (the &#8220;MTSA&#8221;), and European Union regulations. Compliance with such laws, regulations and standards, where
            applicable, may require installation of costly equipment or operational changes and may affect the resale value or useful lives of our vessels. We may also incur additional costs in order to comply with other existing and future regulatory
            obligations, including, but not limited to, costs relating to air emissions, the management of ballast waters, maintenance and inspection, development and implementation of emergency procedures and insurance coverage or other financial
            assurance of our ability to address pollution incidents. These costs could have a material adverse effect on our business, results of operations, cash flows and financial condition. A failure to comply with applicable laws and regulations may
            result in administrative and civil penalties, criminal sanctions or the suspension or termination of our operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Environmental laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject us to liability without regard to
            whether we were negligent or at fault. Under OPA, for example, owners, operators and bareboat charterers are jointly and severally strictly liable for the discharge of oil within the 200-mile exclusive economic zone around the United States.
            Events such as the 2010 explosion of the <span style="font-style: italic;">Deepwater Horizon</span> and the subsequent release of oil into the Gulf of Mexico, or other events, may result in further regulation of the shipping industry, and
            modifications to statutory liability schemes, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. An oil spill could result in significant liability, including fines, penalties
            and criminal liability and remediation costs for natural resource damages under other federal, state and local laws, as well as third-party damages. We are required to satisfy insurance and financial responsibility requirements for potential
            oil (including marine fuel) spills and other pollution incidents. Although insurance covers certain environmental risks, there can be no assurance that such insurance will be sufficient to cover all such risks or that any claims will not have a
            material adverse effect on our business, results of operations, cash flows and financial condition and our ability to pay dividends, if any, in the future.</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Climate change and greenhouse gas restrictions may adversely impact our operations and markets.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Due to concern over the risk of climate change, a number of countries and the International Maritime Organization (the &#8220;IMO&#8221;) have adopted, or are considering the adoption of,
            regulatory frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap-and-trade regimes, carbon taxes, taxonomy of &#8216;green&#8217; economic activities, increased efficiency standards and
            incentives or mandates for renewable energy.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships to reduce greenhouse gas (&#8220;GHG&#8221;) emissions from ships. The initial strategy
            identifies levels of ambition to reducing greenhouse gas emissions. In April 2025, the IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions. These regulations
            were approved as amendments and submitted for adoption as legally binding, but in October 2025 the IMO&#8217;s Marine Environmental Protection Committee (the &#8220;MEPC&#8221;) agreed to adjourn the meeting on adoption until October 2026.</div>

          <div><br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">10</span></div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Since January 1, 2020, ships must either remove sulfur from emissions or buy fuel with low sulfur content, which may lead to increased
            costs and supplementary investments for ship owners. The interpretation of &#8220;fuel oil used on board&#8221; includes use in main engine, auxiliary engines and boilers. Shipowners may comply with this regulation by (i) using 0.5% sulfur fuels on board,
            which are available around the world but at a higher cost; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied natural gas, which may not be a viable option due to the lack of a
            supply network and high costs involved in this process. While currently all of our vessels have scrubbers installed, costs of compliance with these regulatory changes for any non-scrubber vessels we may acquire may be significant and may have a
            material adverse effect on our future performance, results of operations, cash flows and financial position.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additional greenhouse regulations may result in increased implementation and compliance costs and expenses, such as:</div>

          <div>&#160;</div>

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    <td style="width: 18pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><span style="font-style: italic; color: #000000;">IMO Data Collection System (DCS)</span><span style="color: #000000;">: Since 2019, the IMO data collection system (the &#8220;IMO DCS&#8221;) requires vessels above 5,000 gross tons to report
                      consumption data for fuel oil, hours under way and distance travelled. This IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, and offshore installations. Data is reported annually to the
                      flag state, which is used to calculating a ship&#8217;s operational carbon intensity indicator (&#8220;CII&#8221;).</span></div>
                </td>

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          <div>&#160;</div>

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                </td>

    <td style="width: 18pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><span style="font-style: italic; color: #000000;">Amendments to MARPOL Annex VI</span><span style="color: #000000;">: Beginning in January 2023, Annex VI imposed reporting requirements in connection with the implementation of the
                      Energy Efficiency Existing Ship Index (&#8220;EEXI&#8221;), and CII framework, which amendments became effective on May 1, 2024. Beginning in January 2023, Annex VI requires EEXI and CII certification. The first annual reporting was to be
                      completed in 2023, with initial ratings given in 2024. A review of the effectiveness of these measures is to be completed by January 1, 2026, which may result in further amendments.</span></div>
                </td>

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          <div>&#160;</div>

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                </td>

    <td style="width: 18pt; vertical-align: top;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div><span style="font-style: italic; color: #000000;">Net zero greenhouse emissions in the EU by 2050</span><span style="color: #000000;">: In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim
                      of reaching net zero greenhouse gas emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched &#8220;Fit
                      for 55&#8221; to support the climate policy agenda. Since January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.</span></div>
                </td>

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          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, although the emissions of greenhouse gases from international shipping are not currently subject to the Kyoto Protocol to the United Nations Framework Convention on
            Climate Change, which entered into force in 2005 and required adopting countries to implement national programs to reduce emissions of certain gases, or the Paris Agreement (discussed further below), a new treaty may be adopted in the future
            that includes restrictions on shipping emissions. Compliance with changes in laws, regulations and obligations relating to climate change affects the propulsion options in subsequent vessel designs and could increase our costs related to
            acquiring new vessels and operating and maintaining our existing tanker vessels and require us to install new emission controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas
            emissions program. Revenue generation and strategic growth opportunities may also be adversely affected.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Furthermore, on January 1, 2024 the EU Emissions Trading Scheme (the &#8220;ETS&#8221;), for ships sailing into and out of EU ports came into effect, and the Fuel EU Maritime Regulation
            2023/1805 (&#8220;FuelEU&#8221;) came into effect on January 1, 2025. The ETS is being rolled out gradually: 40% of allowances had to be surrendered in 2025 for the year 2024; 70% of allowances will have to be surrendered in 2026 for the year 2025 and 100%
            of allowances will have to be surrendered in 2027 for the year 2026. The compliance deadline is September 30 of each year. Compliance is on a companywide (rather than per ship) basis and &#8220;shipping company&#8221; is defined widely to capture both the
            ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who assumes all duties and responsibilities for the ship under the ISM Code, as well as the responsibility for full compliance under the ETS and the
            ISM Code. If the latter contractual arrangement is entered into, this needs to be reflected in a certified mandate signed by both parties and presented to the administrator of the scheme. The cap under the ETS captures 100% of the emissions
            from intra-EU maritime voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Furthermore, the EU Emissions Trading Directive
            2023/959/EC makes clear that all maritime allowances must be auctioned and there is no free allocation. 78.4 million emissions allowances were allocated specifically to maritime. In order to continue to manage the administrative aspects of EU
            ETS compliance, we have made significant investments in new systems, including personnel, data management, cost recovery mechanisms and revised service agreement terms and transparent emissions reporting procedures. However, the costs of future
            compliance and of our future EU emissions and costs to purchase an allowance for emissions (if we must purchase in order to comply) are unknown and difficult to predict, and are based on a number of factors, including the size of our fleet, our
            trips within and to and from the EU, and the prevailing cost of allowances.</div>

          <div><br/>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">11</span></div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, on July 25, 2023, the European Council of the European Union adopted FuelEU under the FuelEU Initiative of its &#8220;Fit for 55&#8221; package which sets limitations on the
            acceptable yearly greenhouse gas intensity of the energy used by covered vessels. Among other things, FuelEU requires that, from January 1, 2025, the greenhouse gas intensity of fuel used by covered vessels is reduced by 2%, with additional
            reductions contemplated every five years (up to 80% by 2050). Shipping companies may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance balances from future
            years. By June 30, 2026, a FuelEU Document of Compliance is required to be kept on board a vessel to show compliance. Both the ETS and FuelEU schemes have significant impacts on the management of vessels calling to EU ports, by increasing the
            complexity and monitoring of, and the costs associated with the operation of vessels and by affecting the relationships with our time charterers.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Adverse effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of climate change, may also adversely
            affect demand for our services. For example, increased regulation of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater incentives for use of alternative energy
            sources. In addition, the physical effects of climate change, including changes in weather patterns, extreme weather events, rising sea levels, scarcity of water resources, may negatively impact our operations. Any long-term material adverse
            effect on the oil and gas industry could have a significant financial and operational adverse impact on our business that we cannot predict with certainty at this time.</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Increasing growth of electric vehicles could lead to a decrease in trading and the movement of crude oil and petroleum products worldwide.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The International Energy Agency (the &#8220;IEA&#8221;) noted in its Global EV Outlook 2025 that a total of 25% of all new cars sold are expected to be electric in 2025, up from 18% in
            2024. Electric car sales in 2024 were over 117 million worldwide, up from 13.5 million in 2023. Under the IEA Stated Policies Scenario, the global outlook for the share of electric car sales based on existing policies and firm objectives has
            increased to 50% in 2035. The IEA has stated that oil demand is projected to peak around 2030 before gradually declining. A growth in EVs or a slowdown in imports or exports of crude or petroleum products worldwide may result in decreased
            demand for our vessels and lower charter rates, which could have a material adverse effect on our business, results of operations, cash flows, financial condition and ability to make cash distributions.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our vessels may suffer damage due to the inherent operational risks of the tanker industry and we may experience unexpected dry-docking
            costs, which may adversely affect our business and financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The operation of an ocean-going vessel carries inherent risks. Our vessels and their cargoes are at risk of being damaged or lost because of events such as marine disasters, bad
            weather and other acts of God, business interruptions caused by mechanical failures, grounding, fire, explosions and collisions, human error, war, terrorism, piracy, epidemic and pandemic diseases, quarantine and other circumstances or events.
            These hazards may result in death or injury to persons, loss of revenues or property, the payment of ransoms, environmental damage, higher insurance rates, damage to our customer relationships or delay or re-routing, which may also subject us
            to litigation. In addition, the operation of tankers has unique operational risks associated with the transportation of oil or chemicals. An oil or chemical spill may cause significant environmental damage, and the costs associated with a
            catastrophic spill could exceed the insurance coverage available to us. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited by a terrorist attack, collision, or other cause, due
            to the high flammability and high volume of the oil and chemicals transported in such tankers.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">If our vessels suffer damage, they may need to be repaired at a dry-docking facility. The costs of dry-dock repairs are unpredictable and may be substantial. We may have to pay
            dry-docking costs that our insurance does not cover in full. The loss of earnings while these vessels are being repaired and repositioned, as well as the actual cost of these repairs, would decrease our earnings. In addition, space at
            dry-docking facilities is sometimes limited and not all dry-docking facilities are conveniently located. We may be unable to find space at a suitable dry-docking facility or our vessels may be forced to travel to a dry-docking facility that is
            not conveniently located to our vessels&#8217; positions. The loss of earnings while these vessels are forced to wait for space or to travel to more distant dry-docking facilities would decrease our earnings.</div>

          <div><br/>
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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We are subject to international safety regulations and requirements imposed by classification societies and the failure to comply with
            these regulations may subject us to increased liability, may adversely affect our insurance coverage and may result in a denial of access to, or detention in, certain ports.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The operation of our vessels is affected by the requirements set forth in the ISM Code. The ISM Code requires ship owners, ship managers and bareboat charterers to develop and
            maintain an extensive &#8220;Safety Management System&#8221; that includes the adoption of a safety and environmental protection policy setting forth instructions and procedures for safe operation and describing procedures for dealing with emergencies. We
            expect that any vessels that we acquire in the future will be ISM Code-certified when delivered to us. The failure of a shipowner or bareboat charterer to comply with the ISM Code may subject it to increased liability, may invalidate existing
            insurance or decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports, including United States and European Union ports.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, the hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry. The classification society
            certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and the International Convention for Safety of Life at Sea. If a vessel does not maintain its class
            and/or fails any annual survey, intermediate survey or special survey, the vessel will be unable to trade between ports and will be unemployable, which will negatively impact our revenues and results from operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">If our vessels call on ports located in countries or territories that are the subject of sanctions or embargoes imposed by the U.S.
            government or other governmental authorities, it could lead to monetary fines or adversely affect our business, reputation and the market for our common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our business could be adversely impacted if we are found to have violated economic sanctions under the applicable laws of the European Union, the United States or another
            applicable jurisdiction against countries such as Iran, North Korea and Cuba. U.S. economic sanctions, for example, prohibit a wide scope of conduct, target numerous countries and individuals, and are frequently updated or changed.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Many economic sanctions relate to our business, including prohibitions on certain kinds of trade with countries, such as exportation or re-exportation of commodities, or
            prohibitions against certain transactions with designated nationals who may be operating under aliases or through non-designated companies.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, the U.S. Iran Threat Reduction Act amended the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, to require issuers that file annual or
            quarterly reports under Section 13(a) of the Exchange Act to include disclosure in their annual and quarterly reports as to whether the issuer or its affiliates have knowingly engaged in certain activities prohibited by sanctions against Iran
            or transactions or dealings with certain identified persons. We are subject to this disclosure requirement.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">While our vessels have not called on ports located in countries or territories that are the subject of country-wide or territory-wide sanctions or embargoes imposed by the U.S.
            government or other applicable governmental authorities (&#8220;Sanctioned Jurisdictions&#8221;) in violation of applicable sanctions or embargo laws and although we intend to maintain compliance with all applicable sanctions and embargo laws, and we
            endeavor to take precautions reasonably designed to ensure compliance with such laws, it is possible that, in the future, our vessels may call on ports in Sanctioned Jurisdictions in violation of applicable sanctions or embargo laws on
            charterers&#8217; instructions and without our consent. If such activities result in a violation of sanctions or embargo laws, we could be subject to monetary fines, penalties, or other sanctions, and our reputation and the market for our common
            shares could be adversely affected.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The U.S. sanctions and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe the same activities, and such
            sanctions and embargo laws and regulations may be amended or expanded over time.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In particular, the ongoing war in Ukraine could result in the imposition of further economic sanctions by the United States and the European Union against Russia. Current or
            future counterparties of ours may be affiliated with persons or entities that are or may be in the future the subject of sanctions imposed by the governments of the U.S., European Union, and/or other international bodies. If we determine that
            such sanctions require us to terminate existing or future contracts to which we, or our subsidiaries, are party or if we are found to be in violation of such applicable sanctions, our results of operations may be adversely affected or we may
            suffer reputational harm.</div>

          <div><br/>
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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">13</span></div>

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          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Although we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain such compliance, any such violation
            could result in fines, penalties or other sanctions that could severely impact our ability to access U.S. capital markets and conduct our business, and could result in some investors deciding, or being required, to divest their interest, or not
            to invest, in us. In addition, certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies that have contracts with countries identified by the U.S. government as state
            sponsors of terrorism. The determination by these investors not to invest in, or to divest from, our common shares may adversely affect the price at which our common shares trade. Moreover, our charterers may violate applicable sanctions and
            embargo laws and regulations as a result of actions that do not involve us or our vessels, and those violations could in turn negatively affect our reputation. If a charterer violates sanctions, it is possible that our ship or the ship owner
            may become sanctioned, in which case it would be difficult or impossible for us to trade it or utilize international banking systems, which would adversely affect our business, financial condition, and ability to continue our business and pay
            dividends. Investor perception of the value of our common shares may also be adversely affected by the consequences of war, the effects of terrorism, civil unrest and governmental actions in countries or territories that we operate in.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">Recent actions by the U.S. and China imposing new port fees could have a material adverse effect
            on our operations and financial results.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">In 2025, the United States Trade Representative (the &#8220;USTR&#8221;) put forward significant trade actions under Section 301 of the Trade Act of
            1974 with the aim of addressing China&#8217;s dominance in the maritime, logistics, and shipbuilding industries. These actions have the potential to dramatically increase the port fees and therefore the overall operating expenses for ships calling at
            U.S. ports. Specifically, the USTR has enacted a series of fees that would function as direct increases to port-related costs.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">The action generally includes a fee targeting Chinese owners and operators for each instance a vessel owned or operated by a Chinese
            entity enters a U.S. port. The fee would be calculated at a rate of $50 per net ton of the vessel for each port entrance beginning October 14, 2025 and increasing over time, plateauing at $140 per net ton in 2028.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Another fee focuses on operators with fleets comprised of Chinese-built vessels. Under the action, in the case of a vessel not subject
            to the fees on Chinese owners and operators described above, fees generally would be imposed each time a Chinese-built vessel enters a U.S. port. The fee relevant to our vessels generally would be calculated at a rate of $18 per net ton of the
            vessel for each port entrance beginning October 14, 2025 and increasing over time, plateauing at $33 per net ton in 2028. There are several exceptions to this fee, including for vessels with capacity of 55,000 dwt or less, vessels arriving to
            the US empty or in ballast, and vessels entering a port in the continental United States from a voyage of less than 2,000 nautical miles from a foreign port or point.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">The actual implementation of this action remains uncertain. Specifics, such as applicability to sale and leaseback (&#8220;SLB&#8221;) arrangements
            with Chinese leasing financiers, have not been clarified. Of the four tanker vessels we operate, neither was constructed in China. However, we currently own the shares of the Tanker SPVs (defined below) that have entered into shipbuilding
            contracts, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the purchase of nine 47,499 dwt MR chemical/product oil tankers scheduled for delivery during 2028 and 2029.
            The Newbuilding Tankers&#8217; capacity will be less than 55,000 dwt and therefore meet the current exception to the relative fee. The Tanker SPVs have entered into sale and leaseback financing agreements with two major Chinese leasing companies. All
            our tanker vessels, including the Newbuilding Tankers are subject to SLB arrangements with China-based lessors. In an SLB, the lessor is the registered owner of the vessel. It is currently unclear whether the vessels would be subject to fees on
            Chinese owners due to the SLB arrangements.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">In response to the USTR action, on October 10, 2025, China announced retaliatory port fees, effective October 14, 2025, applicable to
            vessels calling at Chinese ports which are built or flagged in the U.S. or owned or operated by certain U.S.-linked persons. There is significant uncertainty as to the scope of applicability of these new port fees and how they will be
            implemented. On November 10, 2025, U.S. and Chinese authorities suspended the application of each respective set of port fees for one year. Substantial uncertainty remains as to how the port fees will be assessed after the end of the suspension
            period, scheduled for November 10, 2026.</div>

          <div>&#160;</div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">14</span></div>

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          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Further retaliatory measures from China or other nations could further compound disruptions and cost increases within the global
            shipping industry. In addition to direct port fee increases, other retaliatory actions by China or other countries could indirectly impact port-related costs, disrupt global shipping patterns and potentially increase congestion and costs at
            ports worldwide, including U.S. ports.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Given the potential magnitude of these port-related fees and the many uncertainties surrounding their implementation, it is not possible
            at this time to fully predict the ultimate financial impact. However, if the action or similar measures are implemented, port fees for our vessels or vessels we charter and our operating costs for voyages calling at U.S. or Chinese ports could
            materially increase.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Even though port fees are typically borne by the charterer, if port fees are assessed due to our or the lessor&#8217;s ownership of the
            relevant vessel, it is possible that charterers may demand that we bear these costs or otherwise reduce the applicable charter rate. This, in turn, could significantly reduce our profitability, negatively impact our ability to compete
            effectively, and materially and adversely affect our operations and financial results.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Political instability, terrorist or other attacks, war, international hostilities and public health threats can affect the tanker
            industry, which may adversely affect our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">We conduct most of our operations outside of the United States and our business, operating results, cash flows, financial conditions and
            available cash may be adversely affected by changing economic, political, and governmental conditions in the countries and regions in which our vessels or other vessels we may acquire are employed or registered. Moreover, we operate in a sector
            of the economy that is likely to be adversely impacted by the effects of political uncertainty and armed conflicts, including the wars, between Ukraine and Russia, between Israel and Hamas, Hezbollah and Iran between the United States and Iran,
            and between Russia and NATO, China and Taiwan disputes, United States and China trade relations, instability between Iran and the West, hostilities between the United States and North Korea, Greenland, Denmark or Venezuela, political unrest and
            conflicts in the Middle East, the South China Sea region, the Red Sea region (including missile attacks controlled by the Houthis on vessels transiting the Red Sea or Gulf of Aden), and other countries and geographic areas, geopolitical events,
            such as Brexit or another withdrawal from the European Union, terrorist or other attacks (or threats thereof) around the world, and war (or threatened war) or international hostilities. Such events may contribute to further economic instability
            in the global financial markets, international commerce and could also adversely affect our ability to obtain additional financing on terms acceptable to us or at all.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The war between Russia and Ukraine may lead to further regional and international conflicts or armed action. This war has disrupted supply chains and caused instability in the
            energy markets and the global economy, with effects on shipping freight rates, which have experienced volatility. The United States, the United Kingdom, and the European Union, among other countries, have implemented unprecedented economic
            sanctions and other penalties against certain persons, entities, and activities connected to Russia, including removing Russian-based financial institutions from the Society for Worldwide Interbank Financial Telecommunication payment system and
            restricting imports of Russian oil, liquified natural gas, and coal. These sanctions have caused supply disruptions in the oil and gas markets and could continue to cause significant volatility in energy prices, which could result in increased
            inflation and may trigger a recession in the U.S. and China, among other regions. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial
            condition, operating results, and cash flows. Moreover, we will be subject to additional insurance premia in case we transit through or call to any port or area designated as listed areas by the Joint War Committee or other organizations. These
            factors may also result in the weakening of the financial condition of our charterers, suppliers, counterparties, and other agents in the shipping industry. As a result, our business, operating results, cash flows, and financial condition may
            be negatively affected since our operations are dependent on the success and economic viability of our counterparties.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">On January 3, 2026, the U.S. military captured Venezuelan president Nicol&#225;s Maduro in a special military operation and replaced him with
            Venezuela&#8217;s vice president, Delcy Rodr&#237;guez. Under interim president Rodr&#237;guez&#8217;s administration, new sweeping legislation has granted foreign oil companies greater operational control over oil production ventures, reduced the royalties and
            taxes that they pay to Venezuela&#8217;s government, and allowed companies to resolve disputes in international venues rather than in Venezuela&#8217;s legal system. Additionally, beginning in December 2025, the U.S. has carried out an on-going campaign of
            seizing and taking control of Venezuelan-linked oil tankers. It remains uncertain what the geopolitical and economic impacts of U.S. measures to control the production, refining, and global distribution of Venezuela&#8217;s oil products will be.
            Further, the future extent of the U.S. involvement in Venezuela&#8217;s government and oil industry is unclear. While we are monitoring these developments closely, these circumstances lead to increased uncertainties, the effects of which on our
            operations and financial conditions, as well as global oil supply and demand, are difficult if not impossible to predict.</div>

          <div><br/>
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          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The ongoing war between Russia and Ukraine could result in the imposition of further economic sanctions by the United States, the United Kingdom, the European Union, or other
            countries against Russia, trade tariffs, or embargoes with uncertain impacts on the markets in which we operate. In addition, the U.S. and certain other NATO countries have been supplying Ukraine with military aid. U.S. officials have also
            warned of the increased possibility of Russian cyberattacks, which could disrupt the operations of businesses involved in the shipping industry, including ours, and could create economic uncertainty particularly if such attacks spread to a
            broad array of countries and networks. While much uncertainty remains regarding the global impact of the war in Ukraine, it is possible that such tensions could adversely affect our business, financial condition, operating results, and cash
            flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Russian Foreign Harmful Activities Sanctions program includes prohibitions on the import of certain Russian energy products into the United States, including crude oil,
            petroleum, petroleum fuels, oils, liquefied natural gas and coal, as well as prohibitions on all new investments in Russia by U.S. persons, among other restrictions. Furthermore, the United States, the EU and other countries have also
            prohibited a variety of specified services related to the maritime transport of Russian Federation origin crude oil and petroleum products, including trading/commodities brokering, financing, shipping, insurance (including reinsurance and
            protection and indemnity), flagging, and customs brokering. These prohibitions took effect on December 5, 2022 with respect to the maritime transport of crude oil and took effect on February 5, 2023 with respect to the maritime transport of
            other petroleum products. An exception exists to permit such services when the price of the seaborne Russian oil into non-EU countries does not exceed the relevant price cap, but implementation of this price exception relies on a recordkeeping
            and attestation process that allows each party in the supply chain of seaborne Russian oil to demonstrate or confirm that oil has been purchased at or below the price cap. Violations of the price cap policy or the risk that information,
            documentation, or attestations provided by parties in the supply chain are later determined to be false may pose additional risks adversely affecting our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Furthermore, the intensity and duration of the war between Israel and Hamas is difficult to predict and its impact on the world economy and our industry is uncertain. Beginning
            in late 2023, vessels in the Red Sea and Gulf of Aden have been subject to attempted hijackings and attacks by drones and projectiles characterized by Houthi groups in Yemen as a response to the war between Israel and Hamas. An increasing
            number of companies have rerouted their vessels to avoid transiting the Red Sea, incurring greater shipping costs and delays. For vessels transiting the region, war risk premia have increased substantially, and should these attacks continue, we
            could similarly experience a significant increase in our insurance costs and we may not be adequately insured to cover losses from these incidents, however since currently all our vessels are on time charters these increased war premia, if any,
            will be paid by our charterers. While much uncertainty remains regarding the global impact of the war between Israel and Hamas, it is possible that such tensions could result in the eruption of further hostilities in other regions, including in
            and around the Red Sea, and could adversely affect our business, financial conditions, operating results, and cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">On February 28, 2026, the United States and Israel launched strikes against Iran, killing Iran&#8217;s supreme leader Ayatollah Khamenei. In retaliation, Iranian missiles and drones
            targeted Israel and a number of countries that host US military bases&#8212;including Bahrain, the United Arab Emirates, Kuwait, Qatar and Saudi Arabia&#8212;and Hezbollah fired projectiles at Israel. While there is significant uncertainty about the
            duration of the war in Iran, the White House has stated that it may be a protracted engagement. These events have destabilized the region and may lead to significant disruptions across all sectors of the shipping industry. Further, shipping
            through the Strait of Hormuz, a waterway essential to the shipment of crude oil and refined petroleum, may experience prolonged disruption. Iran&#8217;s Islamic Revolutionary Guard Corps has warned vessels to avoid the passage. One of our vessels,
            the M/T Legio X Equestris, chartered to Trafigura, is currently operating within the Persian Gulf. Increased electronic interference may affect navigational and tracking systems, which would heighten the risk of vessel collisions. Although it
            is impossible to predict exactly how this conflict will affect the tanker industry, it is very likely that a prolonged war will have significant impacts across the sector.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In the past, other political conflicts have also resulted in attacks on vessels, mining of waterways, and other efforts to disrupt international shipping, particularly in the
            Arabian Gulf region. The ongoing war in Ukraine has previously resulted in missile attacks on commercial vessels in the Black Sea. The recent outbreak of conflict in and around the Red Sea has also resulted in missile attacks on vessels. Acts
            of terrorism and piracy have also affected vessels trading in regions such as the Gulf of Guinea, the Red Sea, the Gulf of Aden off the coast of Somalia, and the Indian Ocean. Any of these occurrences could have a material adverse impact on our
            future performance, operating results, cash flows, financial position, and our ability to pay cash distributions to our shareholders.</div>

          <div><br/>
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          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Acts of piracy on ocean-going vessels could adversely affect our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Acts of piracy have historically affected ocean-going vessels trading in regions of the world such as the Red Sea, the Gulf of Aden off the coast of Somalia, the Indian Ocean,
            and the Gulf of Guinea region off the coast of Nigeria, which has experienced increased incident of piracy in recent years. Sea piracy incidents continue to occur, particularly in the South China Sea, the Indian Ocean, the Gulf of Guinea, and
            the Strait of Malacca, and there has been a recent resurgence of such incidents in the Gulf of Aden. Acts of piracy could result in harm or danger to the crews that man our vessels and other vessels we may acquire. Additionally, if piracy
            attacks occur in regions in which our vessels and other vessels we may acquire are deployed that are characterized as &#8220;war risk&#8221; zones by insurers or if our vessels and other vessels we may acquire are deployed in Joint War Committee &#8220;war and
            strikes&#8221; listed areas, premia payable for insurance coverage could increase significantly and such insurance coverage may be more difficult to obtain, if available at all. In addition, crew and security equipment costs, including costs that may
            be incurred to employ onboard armed security guards, could increase in such circumstances. Furthermore, while we believe the charterer remains liable for charter payments when a vessel is seized by pirates, the charterer may dispute this and
            withhold charter hire until the vessel is released. A charterer may also claim that a vessel seized by pirates was not &#8220;on-hire&#8221; for a certain number of days and is therefore entitled to cancel the charterparty, a claim that we would dispute.
            We may not be adequately insured to cover losses from these incidents, which could have a material adverse effect on us. In addition, any detention or hijacking as a result of an act of piracy against our vessels and other vessels we may
            acquire, or an increase in cost or unavailability of insurance for our vessels and other vessels we may acquire could have a material adverse impact on our business, financial condition, and operating results.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Increased inspection procedures and tighter import and export controls could increase costs and disrupt our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">International shipping is subject to various security and customs inspections and related procedures in countries of origin and destination. Inspection procedures can result in
            the seizure of, delay in the loading, off-loading or delivery of, the contents of our vessels or the levying of customs duties, fines or other penalties against us. It is possible that changes to inspection procedures could impose additional
            financial and legal obligations on us. Furthermore, changes to inspection procedures could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain types of cargo uneconomical or
            impractical. Any such changes or developments may have a material adverse effect on our business, financial condition, and results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could adversely
            affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The efficient operation of our business is dependent on computer hardware and software systems both onboard our vessels and at our onshore offices. Information systems are
            vulnerable to security breaches by computer hackers and cyber terrorists. We rely on industry-accepted security measures and technology to securely maintain confidential and proprietary information kept on our information systems. However,
            these measures and technology may not adequately prevent cybersecurity breaches, the access, capture or alteration of information by criminals, the exposure or exploitation of potential security vulnerabilities, the installation of malware or
            ransomware, acts of vandalism, computer viruses, misplaced data or data loss. In addition, the unavailability of the information systems or the failure of these systems to perform as anticipated for any reason could disrupt our business and
            could result in decreased performance and increased operating costs, causing our business and results of operations to suffer. Although prior cybersecurity incidents have not had a material adverse impact on our operations or financial
            performance, there can be no assurance that we will be successful in preventing future cybersecurity incidents or in mitigating their effects. Any significant interruption or failure of our information systems or any significant breach of
            security could adversely affect our business, results of operations and financial condition, as well as our cash flows, including cash available for dividends to our stockholders.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, any changes in the nature of cyber threats might require us to adopt additional procedures for monitoring cybersecurity, which could require additional expenses
            and/or capital expenditures. Most recently, the war between Russia and Ukraine has been accompanied by cyber-attacks against the Ukrainian government and other countries in the region. It is possible that these attacks could have collateral
            effects on additional critical infrastructure and financial institutions globally, which could adversely affect our operations. It is difficult to assess the likelihood of such threat and any potential impact at this time.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">The SEC requires the mandatory disclosure of material cybersecurity incidents, as well as cybersecurity governance and risk management practices. A failure to make the required
            disclosure could result in the imposition of injunctions, fines and other penalties by the SEC. Complying with these obligations could cause us to incur substantial costs and could increase negative publicity surrounding any cybersecurity
            incident.</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">17</span></div>

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            </div>

          </div>

          <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">RISKS RELATED TO OUR COMPANY</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our financing arrangements contain restrictive covenants that may limit our liquidity and corporate activities, which could limit our
            operational flexibility and have an adverse effect on our financial condition and results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; color: #000000;">Our financing arrangements in the form of a bank loan for M/Y Para Bellvm and the bareboat charters in connection with the SLBs of our tanker fleet, including the SLBs for the financing of the
            Newbuilding Tankers, contain, and any future financing arrangements we may enter into are expected to contain, customary covenants, events of default and termination event clauses, including cross-default provisions and restrictive covenants
            and performance requirements that may affect our operational and financial flexibility. Such restrictions could affect, and in many respects limit or prohibit, among other things, our ability to incur additional indebtedness, pay dividends,
            create liens, sell assets, or engage in mergers or acquisitions. These restrictions could also limit our ability to plan for or react to market conditions or meet extraordinary capital needs or otherwise restrict corporate activities. There can
            be no assurance that such restrictions will not adversely affect our ability to finance our future operations or capital needs.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our financing facilities require us to maintain specified financial ratios, satisfy financial covenants and contain cross-default clauses and other representations, including
            the following:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">maintain a consolidated leverage ratio of not more than, in respect of the SLBs of M/Ts Julius Caesar, Legio X Equestris, Eco Oceano CA and Eco Marina Del Ray, 85%;</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">maintain minimum free liquidity of, in respect of the SLBs for M/Ts Julius Caesar and Legio X Equestris, $0.55 million, in respect of M/T Eco Oceano CA, $0.4 and, in respect of M/T Eco Marina Del Ray,
                    $0.35 million; and</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">assure no change of control of the company takes place, except with the relevant lessor&#8217;s prior written consent.</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">The bank loan for M/Y Para Bellvm contains (i) an asset cover ratio of 167% up to August 2025, 182% from August 2025 to August 2027 and 200% from August 2027 onwards, (ii) a Debt Servicing Coverage Ratio
                    that should not be less than 1.20:1, where &#8220;Debt Service&#8221; is defined as the aggregate of interest and repayment relating to the HSBC Facility and &#8220;Debt Servicing Coverage Ratio&#8221; means the ratio of EBITDA of the Company to Debt Service.
                    (iii) minimum free liquidity of three months interest service.</div>
                </td>

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</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of December 31, 2025, we are in compliance with all covenants in our financing facilities.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">As a result of these restrictions, or similar restrictions in our future financing arrangements, we may need to seek permission from our lenders and other financing
            counterparties in order to engage in certain corporate actions. Our lenders&#8217; and other financing counterparties&#8217; interests may be different from ours and we may not be able to obtain their permission when needed. This may prevent us from taking
            actions that we believe are in our best interest, which may adversely impact our revenues, results of operations and financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">A failure by us to meet our payment and other obligations, including our financial covenant requirements, could lead to defaults under our financing facilities or any future
            financing facilities. If we are not in compliance with our covenants and we are not able to obtain covenant waivers or modifications, the current or future owners of our leased vessels or the banks that finance our current or future vessels, as
            appropriate, could retake possession of our vessels or require us to pay down our indebtedness to a level where we are in compliance with our covenants or sell vessels in our fleet. Events beyond our control, including changes in the economic
            and business conditions in the shipping markets in which we operate, interest rate developments, changes in the funding costs of our banks, changes in vessel earnings and asset valuations and outbreaks of epidemic and pandemic diseases may
            affect our ability to comply with these covenants. We could lose our vessels if we default on our financing facilities, which would negatively affect our revenues, results of operations and financial condition.</div>

          <div><br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">18</span></div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Servicing current and future debt will limit funds available for other purposes and could impair our ability to react to changes in our
            business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We must dedicate a portion of our cash flow from operations to pay the principal and interest on our indebtedness. These payments limit funds otherwise available for working
            capital, capital expenditures and other purposes. As of December 31, 2025, we had a total indebtedness of $218.5 million, excluding deferred finance fees.Our current or future debt could have other significant consequences on our operations.
            For example, it could:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">increase our vulnerability to general economic downturns and adverse competitive and industry conditions;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">require us to dedicate a substantial portion, if not all, of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow to fund working capital,
                    capital expenditures and other general corporate purposes;</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">limit our flexibility in planning for, or reacting to, changes in our business and the industry in which we operate;</div>
                </td>

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          <div><br/>
          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">place us at a competitive disadvantage compared to competitors that have less debt or better access to capital;</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">limit our ability to raise additional financing on satisfactory terms or at all; and</div>
                </td>

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          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">adversely impact our ability to comply with the financial and other restrictive covenants of our current or future financing arrangements, which could result in an event of default under such agreements.</div>
                </td>

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          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Furthermore, our current or future interest expense will increase if interest rates increase. If we do not have sufficient earnings, we may be required to refinance all or part
            of our current or future debt, sell assets, borrow more money or sell more securities, and we cannot guarantee that the resulting proceeds therefrom, if any, will be sufficient to meet our ongoing capital and operating needs. Because interest
            paid on loans is generally a margin plus a reference rate, such as SOFR, that is subject to change, our actual interest costs would increase as the reference rate increases. During an inflationary period, such as one we are currently
            experiencing, the SOFR or similar reference rate could generally be increased, thus costing us more money to service our debt obligations and reducing our results of operations and cash flow. Any event of default under a financing agreement
            pursuant to which we have granted security could permit the relevant financier to exercise its rights as a secured lender and take the relevant collateral, which may include our vessels.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Delays or defaults by the shipyards in the construction of any newbuildings could increase our expenses and diminish our net income and
            cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of the date of this Annual Report, we have entered into the Tanker SPA (defined below) and acquired shipbuilding contracts
              for the purchase of nine 47,499 dwt MR chemical/product oil tankers.&#160; We may enter into additional contracts for newbuilding vessels in the future. Vessel construction projects are generally subject to risks of delay that are inherent in any
              large construction project, which may be caused by numerous factors, including shortages of equipment, materials or skilled labor, unscheduled delays in the delivery of ordered materials and equipment or shipyard construction, failure of
              equipment to meet quality and/or performance standards, financial or operating difficulties experienced by equipment vendors or the shipyard, unanticipated actual or purported change orders, inability to obtain required permits or approvals,
              design or engineering changes and work stoppages and other labor disputes, adverse weather conditions or any other events of force majeure. Significant delays could adversely affect our financial position, results of operations and cash
              flows. Additionally, failure to complete a project on time may result in the delay of revenue from that vessel, and we may continue to incur costs and expenses related to delayed vessels, such as supervision expenses.</div>

          </div>

          <div><br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">19</span></div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our President, Chief Executive Officer and Director has significant influence over us, and a trust established for the benefit of his
            family may be deemed to beneficially own, directly or indirectly, 100% of our Series D Preferred Shares, and thereby to control the outcome of matters on which our shareholders are entitled to vote.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of the date of this Annual Report, Lax Trust, which is an irrevocable trust established for the benefit of certain family members of our President, Chief Executive Officer
            and Director, Mr. Evangelos J. Pistiolis, may be deemed to beneficially own, directly or indirectly, all of the 100,000 outstanding shares of our Series D Preferred Shares. Each Series D Preferred Share carries 1,000 votes. Central Mare Inc., a
            Company affiliated with the family of Mr. Evangelos J. Pistiolis, may be deemed to beneficially own all of the 14,000 Series G Preferred Shares. 3 Sororibus Trust, an irrevocable trust established for the benefit of certain family members of
            Mr. Pistiolis, may be deemed to beneficially own 2,930,718 of our common shares, and Mr. Pistiolis may be deemed to beneficially own 440,711 common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Based on the Lax Trust&#8217;s beneficial ownership of 100% of our Series D Preferred Shares and Central Mare&#8217;s beneficial ownership of 100% of our Series G Preferred Shares as of the
            date of this Annual Report, and the beneficial ownership of common shares by 3 Sororibus Trust, Mr. Evangelos J. Pistiolis and the Lax Trust may be deemed to beneficially own 83.73% of our total voting power, and the Lax Trust together with
            Central Mare, the 3 Sororibus Trust and Mr. Evangelos J. Pistiolis may be deemed to beneficially own 98.28% of our total voting power, and therefore to control the outcome of matters on which our shareholders are entitled to vote, including the
            election of our directors and other significant corporate actions. The interests of the Lax Trust, 3 Sororibus Trust, the family of Mr. Evangelos J. Pistiolis and Mr. Evangelos J.&#160; Pistiolis may be different from your interests.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We have been subject to litigation in the past and we may be subject to similar or other litigation in the future.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We and certain of our current executive officers were defendants in purported class-action lawsuits in the U.S. District Court for the Eastern District of New York, brought on
            behalf of our shareholders. The lawsuits alleged violations of Sections 9, 10(b), 20(a) and/or 20A of the Exchange Act and Rule 10b-5 promulgated thereunder. These lawsuits were resolved in our favor in 2020.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We may, from time to time, be a party to other litigation in the normal course of business. Monitoring and defending against legal actions, whether or not meritorious, is
            time-consuming for our management and detracts from our ability to fully focus our internal resources on our business activities. In addition, our legal fees and costs incurred in connection with such activities and any legal fees of
            co-defendants for which we are deemed responsible may be significant and we could, in the future, be subject to judgments or enter into settlements of claims for significant monetary damages. A decision adverse to our interests could result in
            the payment of substantial damages and could have a material adverse effect on our cash flow, results of operations and financial position.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">With respect to any litigation, our insurance may not reimburse us or may not be sufficient to reimburse us for the expenses or losses we may suffer in contesting and concluding
            such lawsuit. Furthermore, our insurance does not cover legal fees associated with co-defendants. Substantial litigation costs, including the substantial self-insured retention that we are required to satisfy before any insurance applied to the
            claim, or an adverse result in any litigation may adversely impact our business, operating results or financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">As of the date of this Annual Report our operating fleet consists of four tankers and one megayacht. Any limitation in the availability or
            operation of these vessels could have a material adverse effect on our business, results of operations and financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of the date of this Annual Report, our operating fleet consists of one 50,000 dwt MR product tanker, one 157,000 dwt Suezmax crude oil tanker and two 300,000 dwt Very Large
            Crude Carriers (&#8220;VLCCs&#8221;) as well as one megayacht with a length of 47 meters and a gross tonnage of 499 tons. Our MR product tanker is M/T Eco Marina Del Rey and our Suezmax tanker is M/T Eco Oceano CA. Our VLCC fleet consists of M/T Julius
            Caesar and M/T Legio X Equestris. Our megayacht is M/Y Para Bellvm. Furthermore, we have a 50% interest in M/T Eco Yosemite Park and M/T Eco Joshua Park, two 50,000 dwt product tankers. In addition we have acquired the Newbuilding Tankers. If
            these vessels are unable to generate revenue as a result of off hire time, early termination of the applicable time charter or otherwise, our business, results of operations, financial condition and ability to pay dividends on our common shares
            could be materially adversely affected.</div>

          <div><br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">20</span></div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We expect to be dependent on a limited number of customers for a large part of our revenues, and failure of such counterparties to meet
            their obligations could cause us to suffer losses or negatively impact our results of operations and cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">During 2025, 94.6% of our revenues derived from four charterers, Clearlake Shipping Pte. Ltd. (&#8220;Clearlake&#8221;), Trafigura Maritime Logistics Pte. Ltd. (&#8220;Trafigura&#8221;), Central
            Tankers Chartering Inc. (&#8220;Central Tankers Chartering&#8221;) and Weco Tankers A/S (&#8220;Weco Tankers&#8221;). Such agreements subject us to counterparty risks. The ability of such charterers to perform their obligations under a contract with us will depend on
            a number of factors that are beyond our control and may include, among other things, general economic conditions, the condition of the maritime industry, the overall financial condition of the counterparty, charter rates received for specific
            types of vessels, work stoppages or other labor disturbances and various expenses. The combination of a reduction of cash flow resulting from declines in world trade, a reduction in borrowing bases under reserve-based credit facilities, and the
            lack of availability of debt or equity financing may result in a significant reduction in the ability of charterers to make charter payments to us. In addition, in depressed market conditions, charterers and customers may no longer need a
            vessel that is then under charter or contract or may be able to obtain a comparable vessel at lower rates. As a result, charterers and customers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations
            under those contracts. Should one of our counterparties fail to honor its obligations under agreements with us, we could sustain significant losses that could have a material adverse effect on our business, financial condition, results of
            operations, and cash flows.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">If we fail to manage our planned growth properly, we may not be able to successfully expand our market share.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We intend to continue to grow our fleet in the future in line with our strategy. Our future growth will primarily depend on our ability to:</div>

          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">generate excess cash flow for investment without jeopardizing our ability to cover current and foreseeable working capital needs (including debt service);</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">raise equity and obtain required financing for our existing and new operations;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">identify opportunities in the tanker sector and other seaborne transportation sectors or related sectors;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">locate and acquire suitable vessels;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">identify and consummate acquisitions or joint ventures;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">integrate any acquired business successfully with our existing operations;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our manager&#8217;s ability to hire, train and retain qualified personnel and crew to manage and operate our growing business and fleet;</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">enhance our customer base; and</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">manage expansion.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Growing any business by acquisition presents numerous risks such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified personnel, managing
            relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures. Furthermore, our current operating and financial systems may not be adequate if we implement a plan to expand the size of our
            fleet, and our attempts to improve those systems may be ineffective. We may not be successful in executing our growth plans and we may incur significant additional expenses and losses in connection therewith.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">21</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">New lines of business may subject us to additional risks.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">From time to time, we may implement new lines of business or offer new services within existing lines of business. For instance, in
            November 2025, we entered into a letter of intent for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, the Company&#8217;s President and Chief Executive Officer
            (the Real Estate LOI&#8221;). Under the Real Estate LOI, TOP Ships has been granted an exclusive right, until May 31, 2026, and an option to acquire all or a portion of a portfolio of assets with an estimated aggregate market value in excess of $200
            million. There are substantial risks and uncertainties associated with these efforts, particularly in instances where the markets are competitive or speculative. In developing and marketing new lines of business, we may invest significant time
            and resources. Initial timetables for the development and introduction of new lines of business may not be achieved and price and profitability targets may not prove feasible. New regulatory and compliance regimes may be found to apply to new
            lines of business, and we may not be in compliance. Furthermore, if customers do not perceive our new offerings as providing significant value, they may fail to accept our new lines of business. External factors, such as competitive
            alternatives and shifting market preferences, may also impact the successful implementation of a new line of business. Failure to successfully manage these risks in the development and implementation of new lines of business could have a
            material adverse effect on our business, financial condition and results of operations.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000; font-style: italic; font-weight: bold;">As a potential owner of real estate, we may be subject to the risks inherent in the ownership and
            operation of real estate and the construction and development of real estate.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">We may be subject to the risks inherent in real estate-related businesses and assets. Such investments are subject to the potential for
            deterioration of real estate fundamentals and the risk of adverse changes in local market and economic conditions, which may include changes in supply of and demand for competing properties in an area, changes in interest rates and related
            increases in borrowing costs, changes in the financial resources of tenants, defaults by borrowers or tenants and the lack of availability of mortgage funds, which may render the sale or refinancing of properties difficult or impracticable. In
            addition, investments in real estate and real estate-related businesses and assets may be subject to the risk of environmental liabilities, contingent liabilities upon disposition of assets, casualty or condemnations losses, energy supply
            shortages, natural disasters, climate-related risks (including transition risks and acute and chronic physical risks), acts of God, terrorist attacks, war, pandemics or other public health events (such as epidemics and pandemics), and other
            events that are beyond our control, and various uninsured or uninsurable risks. Further, investments in real estate and real estate-related businesses and assets are subject to changes in law and regulation, including in respect of building and
            environmental laws and other regulations impacting residential real estate investments and changes to tax laws and regulations, including real property and income tax rates and the taxation of business entities and the deductibility of
            corporate interest expense. In addition, if we acquire direct or indirect interests in undeveloped land or underdeveloped real property, which may often be non-income producing, we will be subject to the risks normally associated with such
            assets and development activities, including risks relating to the availability and timely receipt of zoning and other regulatory or environmental approvals, the cost and timely completion of construction (including risks beyond our control,
            such as weather or labor conditions or material shortages) and the availability of both construction and permanent financing on favorable terms. Further, ownership of real estate may increase our risk of direct and/or indirect liability under
            environmental laws that impose, regardless of fault, joint and several liability for the cost of remediating contamination and compensation for damages. In addition, changes in environmental laws or regulations or the environmental condition of
            real estate may create liabilities that did not exist at the time we became the owner of such real estate. Even in cases where we are indemnified against certain liabilities arising out of violations of laws and regulations, including
            environmental laws and regulations, there can be no assurance as to the financial viability of a third party to satisfy such indemnities or our ability to achieve enforcement of such indemnities.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Incidents concerning our yacht, future guests or the yachting industry may negatively impact the satisfaction of our future guests and
            crew and lead to reputational damage.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our yachting operations will involve the risk of incidents and media coverage thereof. Such incidents include, but are not limited to, the improper operation or maintenance of
            yachts; guest and crew illnesses; mechanical failures, fires and collisions; repair delays, groundings and navigational errors; oil spills and other maritime and environmental issues as well as other incidents at sea, while in port or on land,
            which may in the future generate negative publicity or cause voyage disruptions or changes in itineraries, guest and crew discomfort, injury, or death. In addition, these and any other events that impact the travel industry more generally may
            negatively impact the future results of operations, financial condition and cash flows of our yachting business.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">22</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our ability to obtain additional debt financing may be dependent on our ability to charter our vessels, the performance of our charters
            and the creditworthiness of our charterers.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our inability to re-charter our operating or newbuilding vessels, or vessels we may build or acquire, and the actual or perceived credit quality of our charterers, and any
            defaults by them, may materially affect our ability to obtain the additional capital resources that we will require to purchase additional vessels or maintain our existing fleet or may significantly increase our costs of obtaining such capital.
            Our inability to obtain financing, or receiving financing at a higher than anticipated cost, may materially affect our results of operation and our ability to implement our business strategy.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The industry for the operation of tanker vessels and the transportation of oil, petroleum products and chemicals is highly competitive and
            we may not be able to compete for charters with new entrants or established companies with greater resources.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We will employ our tankers and any additional vessels we may acquire in a highly competitive market that is capital intensive and highly fragmented. The operation of tanker
            vessels and the transportation of cargoes shipped in these vessels, as well as the shipping industry in general, is extremely competitive. Competition arises primarily from other vessel owners, including major oil companies as well as
            independent tanker shipping companies, some of whom have substantially greater resources than we do. Competition for the transportation of oil, petroleum products and chemicals can be intense and depends on price, location, size, age, condition
            and the acceptability of the vessel and its operators to the charterers. Due in part to the highly fragmented market, competitors with greater resources could enter and operate larger fleets through consolidations or acquisitions that may be
            able to offer better prices and fleets than us.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We maintain cash with a limited number of financial institutions, including financial institutions that may be located in Greece, which
            will subject us to credit risk.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We maintain all of our cash with a limited number of financial institutions, including institutions that are located in Greece. These financial institutions located in Greece
            may be subsidiaries of international banks or Greek financial institutions. Although concerns relating to the sovereign debt crisis have largely been allayed and Greece has emerged from its bailout programs, the stand-alone financial strength
            of the banks and the anticipated additional pressures stemming from the legacy of the country&#8217;s multi-year debt crisis continue to create uncertain economic prospects.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, only a small portion of cash balances are covered by insurance in the event of default by these financial institutions in Greece or elsewhere. Several banks,
            including banks in the United States and Switzerland, have recently been subject to extraordinary resolution procedures or sale because of the risk of such a default. Furthermore, in the event any of our banks do not allow us to withdraw funds
            in the time and amounts that we want, we may not timely comply with contractual provisions in any of our contracts or our salary obligations, among other things. The occurrence of such a default of any of our banks could have a material adverse
            effect on our business, financial condition, results of operations and cash flows, and we may lose part or all of our cash that we deposit with such banks.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We may be unable to attract and retain key management personnel and other employees in the international tanker shipping industry, which
            may negatively impact the effectiveness of our management and our results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our success depends to a significant extent upon the abilities and efforts of our management team. All of our executive officers are employees of Central Mare Inc. (&#8220;Central
            Mare&#8221;) a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director, and we have entered into agreements with Central Mare for the compensation of Mr. Evangelos J. Pistiolis, our
            Chief Executive Officer and Alexandros Tsirikos, our Chief Financial Officer and Director. The loss of any of these individuals could adversely affect our business prospects and financial condition. Difficulty in hiring and retaining personnel
            could adversely affect our results of operations. We do not maintain &#8220;key man&#8221; life insurance on any of our officers.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">23</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">If labor interruptions are not resolved in a timely manner, they could have a material adverse effect on our business, results of
            operations, cash flows, financial condition and available cash.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our Fleet Manager is responsible for recruiting, mainly through a crewing agent, the senior officers and all other crew members for our vessels and all other vessels we may
            acquire. If not resolved in a timely and cost-effective manner, industrial actions or other labor unrest could prevent or hinder our operations from being carried out as we expect and could have a material adverse effect on our business,
            results of operations, cash flows, financial condition and available cash.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">A drop in spot charter rates may provide an incentive for some charterers to default on their charters, which could affect our cash flow
            and financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">When we enter into a time charter or bareboat charter, rates under that charter are fixed throughout the term of the charter. If the spot charter rates in the tanker shipping
            industry become significantly lower than the time charter equivalent rates that some of our charterers are obligated to pay us under our then existing charters, the charterers may have incentive to default under that charter or attempt to
            renegotiate the charter. If our charterers fail to pay their obligations, we would have to attempt to re-charter our vessels at lower charter rates, and as a result we could sustain significant losses which could have a material adverse effect
            on our cash flow and financial condition, which would affect our ability to meet our current or future loans or current leaseback obligations. If our current or future lenders choose to accelerate our indebtedness and foreclose their liens, or
            if the owners of our sold and leased back vessels choose to repossess vessels in our fleet as a result of a default under the SLBs, our ability to continue to conduct our business would be impaired.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">An increase in operating costs could decrease earnings and available cash.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessel operating costs include the costs of crew, provisions, deck and engine spares and stores, insurance, and maintenance and repairs, which depend on a variety of factors,
            many of which are beyond our control. Some of these costs, primarily relating to insurance and enhanced security measures, have been increasing. If any of our vessels, or vessels we may acquire, suffer damage, they may need to be repaired at a
            dry-docking facility. The costs of dry-docking repairs are unpredictable and can be substantial. Increases in any of these expenses could decrease our earnings and available cash.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The aging of our fleet may result in increased operating costs in the future, which could adversely affect our earnings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In general, the cost of maintaining a vessel in good operating condition increases with the age of the vessel. As our fleet ages, operating and other costs will increase. In the
            case of bareboat charters, operating costs are borne by the bareboat charterer. Cargo insurance rates also increase with the age of a vessel, making older vessels less desirable to charterers. Governmental regulations, including environmental
            regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations or the addition of new equipment to our vessels and may restrict the type of activities in which our vessels may engage. As
            our fleet ages, market conditions might not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">Inflation could adversely affect our operating results and financial condition.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Inflation could have an adverse impact on our operating results and subsequently on our financial condition both directly through the increase of various costs necessary for the
            operation of our vessels, such as crew, repairs and materials, and indirectly through its adverse impact on the world economy in terms of increasing interest rates and slowdown of global growth. If inflationary pressures intensify further, we
            may be unable to raise our charter rates enough to offset the increasing costs of our operations, which would decrease our profit margins. Inflation may also raise our costs of capital, which would result in the deterioration of our financial
            condition.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">24</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Rising fuel prices may adversely affect our profits.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Fuel is a significant expense if vessels are under voyage charter or if consumed during ballast days. Moreover, the cost of fuel will affect the profit we can earn on the
            short-term or spot market. Upon redelivery of vessels at the end of a time charter, we may be obliged to repurchase the fuel on board at prevailing market prices, which could be materially higher than fuel prices at the inception of the time
            charter period. As a result, an increase in the price of fuel may adversely affect our profitability. The price and supply of fuel is unpredictable and fluctuates based on events outside our control, including geopolitical events, supply and
            demand for oil and gas, actions by OPEC and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns, and environmental concerns. Further, fuel may become much more expensive in the
            future, which may reduce the profitability and competitiveness of our business versus other forms of transportation, such as truck or rail.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Unless we set aside reserves or are able to borrow funds for vessel replacement, our revenue will decline at the end of a
              vessel</span>&#8217;<span style="font-weight: bold; font-style: italic;">s useful life, which would adversely affect our business, results of operations and financial condition.</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Unless we maintain reserves or are able to borrow or raise funds for vessel replacement, we will be unable to replace the vessels in our fleet upon the expiration of their
            remaining useful lives. We estimate that each of our vessels has a useful life of up to 25 years from the date of its initial delivery from the shipyard with the exception of&#160; mega yachts for which the estimated useful life is 30 years. In case
            we acquire secondhand vessels, they are depreciated from the date of their acquisition through their remaining estimated useful life. Our cash flows and income are dependent on the revenues earned by the chartering of our vessels, or vessels we
            may acquire, to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives, our business, results of operations, and financial condition will be materially and adversely affected.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Purchasing and operating secondhand vessels may result in increased operating costs and vessels off-hire, which could adversely affect our
            earnings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We may expand our fleet through the acquisition of secondhand vessels. While we rigorously inspect previously owned or secondhand vessels prior to purchase, this does not
            normally provide us with the same knowledge about their condition and cost of any required (or anticipated) repairs that we would have had if these vessels had been built for and operated exclusively by us. Accordingly, we may not discover
            defects or other problems with such vessels prior to purchase. Any such hidden defects or problems, when detected, may be expensive to repair, and if not detected, may result in accidents or other incidents for which we may become liable to
            third parties. Also, when purchasing previously owned vessels, we do not receive the benefit of warranties from the builders if the vessels we buy are older than one year. In general, the costs to maintain a vessel in good operating condition
            increase with the age and type of the vessel. In the case of chartered-in vessels, we run the same risks.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Governmental regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition of new equipment, to our
            vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our recent acquisition of a megayacht entails certain risks and uncertainties associated with our entry into ownership of a new class of
            vessels and we cannot assure you that we will manage such risks successfully.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In April 2025, we took delivery of a megayacht. We believe market conditions are favorable for investments in this sector and are evaluating additional similar investment
            opportunities, however, there can be no assurance that&#160; we will successfully identify any similar opportunities in the future. The M/Y Para Bellvm and any megayacht we acquire is expected to be employed on short-term charters. Management
            services, including, commercial and technical management for M/Y Para Bellvm are provided by CSI and we expect that such services, for any yacht we acquire will be also provided by CSI. Our management team and CSI has limited experience in the
            megayacht sector. We believe that the experience of our management and CSI in the ownership and operation of tanker and other vessels provides relevant expertise and qualifications in the evaluation of megayacht acquisition opportunities and in
            the operation of megayachts.</div>

          <div><br/>
          </div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We may not have adequate insurance to compensate us if we lose any vessels that we acquire.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">There are a number of risks associated with the operation of ocean-going vessels, including mechanical failure, collision, fire, human error, war, terrorism, piracy, loss of
            life, contact with floating objects, property loss, cargo loss or damage and business interruptions due to political circumstances in foreign countries, hostilities and labor strikes. Any of these events may result in loss of revenues,
            increased costs and decreased cash flows. In addition, the operation of any vessel is subject to the inherent possibility of marine disaster, including oil spills and other environmental mishaps.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We carry insurance for all our vessels and intend to carry insurance for all vessels we acquire against those types of risks commonly insured against by vessel owners and
            operators. These insurances include hull and machinery insurance, protection and indemnity insurance (which includes environmental damage and pollution insurance coverage), freight demurrage and defense and war risk insurance. Reasonable
            insurance rates can best be obtained when the size and the age/trading profile of the fleet is attractive. As a result, rates become less competitive as a fleet downsizes.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We do not currently maintain strike or off-hire insurance, which would cover the loss of revenue during extended vessel off-hire periods, such as those that occur during an
            unscheduled dry-docking due to damage to the vessel from accidents except in cases of loss of hire up to a limited number of days due to war or a piracy event. Other events that may lead to off-hire periods include natural or man-made disasters
            that result in the closure of certain waterways and prevent vessels from entering or leaving certain ports. Accordingly, any extended vessel off-hire, due to an accident or otherwise, could have a material adverse effect on our business and our
            results of operations and operating cash flow.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Changes in the insurance markets attributable to the risk of terrorism in certain locations around the world could make it difficult for us to obtain certain types of coverage.
            In addition, the insurance that may be available to us may be significantly more expensive than our existing coverage.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We may not be adequately insured to cover losses against all risks, which could have a material adverse effect on us. Additionally, our insurers may refuse to pay particular
            claims and our insurance may be voidable by the insurers if we take, or fail to take, certain action, such as failing to maintain certification of our vessels with applicable maritime regulatory organizations. Any significant uninsured or
            underinsured loss or liability could have a material adverse effect on our business, results of operations, cash flows, financial condition, and ability to pay dividends. It may also result in protracted legal litigation.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In the future, we may not be able to obtain adequate insurance coverage at reasonable rates for the vessels we acquire. The insurers may not pay particular claims. Our insurance
            policies also contain deductibles for which we will be responsible as well as limitations and exclusions that may increase our costs or lower our revenue.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We may be subject to increased premium payments, or calls, as we obtain some of our insurance through protection and indemnity
            associations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">We may be subject to increased premium payments, or calls, in amounts based on our claim records and the claim records of our Fleet
            Manager as well as the claim records of other members of the protection and indemnity associations through which we receive insurance coverage for tort liability, including pollution-related liability. In addition, our protection and indemnity
            associations may not have enough resources to cover claims made against them. Our payment of these calls could result in significant expense to us, which could have a material adverse effect on our business, results of operations and financial
            condition.</div>

          <div>&#160;</div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Increasing regulation as well as scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies may
            impose additional costs on us or expose us to additional risks.</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Companies across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional investors, investment funds,
            lenders and other market participants are increasingly focused on ESG practices and in recent years have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related to ESG and
            similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit capital as a result of their assessment of a company&#8217;s ESG practices. Companies which do not adapt to or comply with
            investor, lender or other evolving industry shareholder expectations and standards, or which are perceived to have not responded appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so,
            may suffer from reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely affected.</div>

          <div><br/>
          </div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change, to prioritize sustainable energy
            practices, reduce our carbon footprint and promote sustainability. As a result, we may be required to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested in us and make
            further investments in us, especially given the highly focused and specific trade of crude oil and petroleum product transportation in which we are presently engaged. If we do not meet these standards, our business and/or our ability to access
            capital could be harmed.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">On March 6, 2024, the SEC had adopted final rules to enhance and standardize climate-related and ESG-related disclosures by public
            companies and in public offerings. The final rules would have added extensive and prescriptive disclosure items requiring companies, including foreign private issuers, to disclose climate-related risks and certain emissions. Specifically, the
            rules would have required the inclusion of certain climate-related financial metrics in a note to companies&#8217; audited financial statements. The rules were challenged in federal court before they became effective and ultimately the SEC withdrew
            them in June 2025. While the current SEC leadership was determined to withdraw these rules, the SEC could again change its policy priorities, under a future presidential administration or otherwise, and may propose similar rules in the future,
            in which case the costs of compliance with such new rules could be significant and could have a material adverse effect on our future performance, operating results, cash flows and financial position.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Additionally, certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to&#8239;environmental, social and governance
            factors.&#8239; These limitations in both the debt and equity capital markets may affect our ability to develop as our plans for growth may include accessing the equity and debt capital markets.&#8239; If those markets are unavailable, or if we are unable
            to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our business strategy, which would have a material adverse effect on our financial condition and results of operations and impair our ability
            to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources to monitor, report and comply with wide ranging ESG requirements. The occurrence of any of the foregoing could have a
            material adverse effect on our business and financial condition.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Moreover, from time to time, we may incur additional costs, establish and publicly announce goals and commitments in respect of certain ESG items. While we may create and
            publish voluntary disclosures regarding ESG matters from time to time, many of the statements in those voluntary disclosures are based on hypothetical expectations and assumptions that may or may not be representative of current or actual risks
            or events or forecasts of expected risks or events, including the costs associated therewith. Such expectations and assumptions are necessarily uncertain and may be prone to error or subject to misinterpretation given the long timelines
            involved and the lack of an established single approach to identifying, measuring and reporting on many ESG matters. If we fail to achieve or improperly report on our progress toward achieving our environmental goals and commitments, the
            resulting scrutiny from market participants or regulators could adversely affect our reputation and/or our access to capital.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Additionally, different stakeholder groups have divergent views on ESG matters, which increases the risk that any action or lack thereof
            with respect to ESG matters may be perceived negatively by at least some stakeholders and adversely impact our reputation and business.</div>

          <div>&#160;</div>

          <div style="text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">A shift in consumer demand from crude oil and petroleum products towards other energy sources or changes to trade patterns for crude oil and refined petroleum
            products may have a material adverse effect on our business.</div>

          <div><span style="color: #000000;"> </span><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">A significant portion of our earnings are related to the crude oil and petroleum product industry. A shift in the consumer demand from crude oil towards other energy resources
            such as wind energy, solar energy, hydrogen energy, or nuclear energy will potentially affect the demand for our vessels and any vessel we may acquire in the future. This could have a material adverse effect on our future performance, results
            of operations, cash flows, and financial position.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Seaborne trading and distribution patterns are primarily influenced by the relative advantage of the various sources of production, locations of consumption, pricing
            differentials, and seasonality. Changes to the trade patterns of crude oil and petroleum products may have a significant negative or positive impact on ton-miles and, therefore, the demand for our tanker vessels. This could have a material
            adverse effect on our future performance, results of operations, cash flows, and financial position.</div>

          <div><br/>
          </div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Technological innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of
            our vessels.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our customers, in particular those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers across the entire supply chain,
            including the shipping and transportation segment. Our continued compliance with these standards and quality requirements is vital for our operations. Charter hire rates and the value and operational life of a vessel are determined by a number
            of factors including the vessel&#8217;s efficiency, operational flexibility and physical life. Efficiency includes speed, fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize
            related docking facilities and pass through canals and straits. The length of a vessel&#8217;s physical life is related to its original design and construction, its maintenance and the impact of the stress of operations. If new vessels are built that
            are more efficient or more flexible or have longer physical lives than our vessels, competition from these more technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels, and the
            resale value of our vessels could significantly decrease which may have a material adverse effect on our future performance, results of operations, cash flows and financial position.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The smuggling of drugs or other contraband onto our vessels may lead to governmental claims against us.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our vessels may call in ports where smugglers may attempt to hide drugs and other contraband on vessels, with or without the knowledge of crew members. To the extent our vessels
            are found with contraband, whether inside or attached to the hull of our vessels and whether with or without the knowledge of any of our crew, we may face governmental or other regulatory claims which could have an adverse effect on our
            business, results of operations, cash flows, and financial condition, as well as our ability to maintain cash flows, including cash available for distributions to pay dividends to our shareholders. Under some jurisdictions, vessels used for the
            conveyance of illegal drugs could result in forfeiture of the subject vessel to the government of such jurisdiction.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Maritime claimants could arrest our vessels or yachts or vessels or yachts we may acquire, which could interrupt our cash flow.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Crew members, suppliers of goods and services to a vessel or a yacht, shippers of cargo and other parties may be entitled to a maritime lien against that vessel or yacht for
            unsatisfied debts, claims or damages. In many jurisdictions, a maritime lienholder may enforce its lien by &#8220;arresting&#8221; or &#8220;attaching&#8221; a vessel or yacht through foreclosure proceedings. The arrest or attachment of one or more of our vessels or
            yachts or vessels or yachts we may acquire could result in a significant loss of earnings for the related, if applicable, off-hire period. In addition, in jurisdictions where the &#8220;sister ship&#8221; theory of liability applies, a claimant may arrest
            the vessel or yacht which is subject to the claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel or yacht, which is any vessel or yacht owned or controlled by the same owner. In countries with &#8220;sister ship&#8221; liability laws, claims might be
            asserted against us or any of our vessels or yachts for liabilities of any other vessel or yacht that we own.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Governments could requisition our vessels during a period of war or emergency, resulting in loss of earnings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">A government could requisition our vessels for title or hire. Requisition for title occurs when a government takes control of a vessel and becomes the owner. Requisition for
            hire occurs when a government takes control of a vessel and effectively becomes the charterer at dictated charter rates. Generally, requisitions occur during a period of war or emergency. Although we would be entitled to compensation in the
            event of a requisition, the amount and timing of payment of such compensation is uncertain. Government requisition of any of our vessels or vessels we may acquire could negatively impact our revenues should we not receive adequate compensation.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">U.S. federal tax authorities could treat us as a </span>&#8220;<span style="font-weight: bold; font-style: italic;">passive
              foreign investment company,</span>&#8221;<span style="font-weight: bold; font-style: italic;"> which could have adverse U.S. federal income tax consequences to U.S. shareholders.</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">A foreign corporation will be treated as a &#8220;passive foreign investment company&#8221; (&#8220;PFIC&#8221;) for U.S. federal income tax purposes if either (1) at least 75% of its gross income for
            any taxable year consists of certain types of &#8220;passive income&#8221; or (2) at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive income.&#8221; For purposes of these tests, &#8220;passive
            income&#8221; includes dividends, interest, gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection with the active conduct of a trade or
            business. Income derived from the performance of services does not constitute &#8220;passive income&#8221; for this purpose. U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax regime with respect to the income derived by
            the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of their shares in the PFIC.</div>

          <div><br/>
          </div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We believe that we were not a PFIC for our 2025 taxable year and do not expect to be treated as a PFIC in subsequent taxable years. In this regard, we intend to treat the gross
            income we derive or are deemed to derive from our time chartering activities as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities does not constitute &#8220;passive income,&#8221; and
            the assets that we own and operate in connection with the production of that income do not constitute passive assets. There is substantial legal authority supporting this position including case law and United States Internal Revenue Service
            (&#8220;IRS&#8221;) pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However, it should be noted that there is also authority which characterizes time charter
            income as rental income rather than services income for other tax purposes. Accordingly, no assurance can be given that the IRS or a court of law will accept our position, and there is a risk that the IRS or a court of law could determine that
            we are a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if there were to be changes in the nature and extent of our operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our U.S. shareholders may face adverse U.S. federal income tax consequences and certain information reporting obligations if we were treated as a PFIC. Under the PFIC rules,
            unless those shareholders make an election available under the U.S. Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), (which election could itself have adverse consequences for such shareholders, as discussed below under &#8220;Item 10.
            Additional Information&#8212;E. Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;The QEF Election&#8221;), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary income plus interest upon
            excess distributions and upon any gain from the disposition of their common shares, as if the excess distribution or gain had been recognized ratably over the shareholder&#8217;s holding period of the common shares. See &#8220;Item 10. Additional
            Information&#8212;E. Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;Passive Foreign Investment Company Status and Significant Tax Consequences&#8221; for a more comprehensive discussion of the U.S. federal income tax consequences to U.S.
            shareholders if we are treated as a PFIC.</div>

          <div><br/>
          </div>

          <div style="color: #000000; font-style: italic; font-weight: bold;">We may be subject to U.S. federal income tax on our U.S. source income, which would reduce our earnings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">Under the Code, 50% of the gross shipping income of a vessel owning or chartering corporation, such as ourselves and our subsidiaries, that is attributable to transportation
            that begins or ends, but that does not both begin and end, in the United States is characterized as U.S. source shipping income, and such income is subject to a 4% U.S. federal income tax without allowance for deduction, unless that corporation
            qualifies for exemption from tax under Section 883 of the Code.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We intend to take the position that we qualified for the exemption from the 4% tax under Section 883 of the Code for our 2025 taxable year. However, there are factual
            circumstances beyond our control that could cause us to lose the benefit of the exemption and thereby become subject to U.S. federal income tax on our U.S. source shipping income. Due to the factual nature of the issues involved, we may not
            qualify for exemption under Section 883 of the Code for 2026 or any future taxable year.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Failure to comply with the U.S. Foreign Corrupt Practices Act of 1977 (the &#8220;FCPA&#8221;), could result in fines, criminal penalties, and an
            adverse effect on our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">We operate throughout the world, including countries known to have a reputation for corruption.&#160; We are committed to doing business in accordance with applicable anti-corruption
            laws and have adopted a code of business conduct and ethics which is consistent and in full compliance with the FCPA. We are subject, however, to the risk that we, our affiliated entities or their respective officers, directors, employees and
            agents may take actions determined to be in violation of such anti-corruption laws, including the FCPA.&#160; Any such violation could result in substantial fines, sanctions, civil and/or criminal penalties, curtailment of operations in certain
            jurisdictions, and might adversely affect our business, results of operations or financial condition.&#160; In addition, actual or alleged violations could damage our reputation and ability to do business.&#160; Furthermore, detecting, investigating, and
            resolving actual or alleged violations is expensive and can consume significant time and attention of our senior management.</div>

          <div><br/>
          </div>

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            </div>

          </div>

          <div style="margin-left: 39.85pt; font-style: italic; font-weight: bold;">Changing laws and evolving reporting requirements could have an adverse effect on our business.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Changing laws, regulations and standards relating to reporting requirements, including the European Union General Data Protection
            Regulation (&#8220;GDPR&#8221;), may create additional compliance requirements for us. To maintain high standards of corporate governance and public disclosure, we have invested in, and continue to invest in, reasonably necessary resources to comply with
            evolving standards.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">GDPR broadens the scope of personal privacy laws to protect the rights of European Union citizens and requires organizations to report
            on data breaches within 72 hours and be bound by more stringent rules for obtaining the consent of individuals on how their data can be used. Non-compliance with GDPR may expose entities to significant fines or other regulatory claims which
            could have an adverse effect on our business, and results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">We are a &#8220;foreign private issuer,&#8221; which could make our Common Shares less attractive to some
            investors or otherwise harm our stock price.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.3pt; margin-left: 0.3pt; color: #000000;">We are a &#8220;foreign private issuer,&#8221; as such term is defined in Rule 405 under the Securities Act. As a &#8220;foreign private issuer&#8221; the rules
            governing the information that we disclose differ from those governing U.S. corporations pursuant to the Exchange Act. We are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing significant
            events within four days of their occurrence. On December 18, 2025, the Holding Foreign Insiders Accountable Act was enacted as part of the National Defense Authorization Act for Fiscal Year 2026, mandating directors and officers, of foreign
            private issuers to file Section 16(a) reports (Forms 3, 4, and 5) with the SEC to report beneficial ownership interests in companies, effective on March 18, 2026. In addition, our officers, directors and principal shareholders are exempt from
            the &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act and related rules with respect to their purchase and sales of our securities. Our exemption from certain provisions of the rules of Section 16 of the Exchange Act
            regarding sales of Common Shares by insiders means that you may have less data in this regard than shareholders of U.S. companies that are subject to the Exchange Act. Moreover, we are exempt from the proxy rules, and proxy statements that we
            distribute will not be subject to review by the SEC. Accordingly, there may be less publicly available information concerning us than there is for other U.S. public companies that are not foreign private issuers. These exemptions and scaled
            disclosure requirements are not related to our status as an emerging growth company and will continue to be available to us even if we no longer qualify as an emerging growth company but remain a foreign private issuer. These factors could make
            our Common Shares less attractive to some investors or otherwise harm our stock price.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.4pt; margin-left: 0.4pt; color: #000000;">On June 4, 2025, the SEC issued a concept release seeking public comment on whether to amend the current eligibility criteria for
            foreign private issuer status under the U.S. securities laws to better balance investor protection and capital formation. This marks the first comprehensive review of the FPI regulatory framework since 2008 and signals a potential material
            shift in the FPI regulatory framework. While no rule changes have been proposed yet, any future amendments could impact our eligibility to qualify as a foreign private issuer.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.5pt; margin-left: 0.5pt; color: #000000;">We could lose our foreign private issuer status under U.S. securities laws. The regulatory and compliance costs to us under U.S.
            securities laws as a U.S. domestic issuer may be significantly higher. We would then also be required to file periodic reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than
            the forms available to a foreign private issuer. We may then also be required to modify certain of our policies to comply with good or required governance practices associated with U.S. domestic issuers. Such conversion and modifications will
            involve additional costs.</div>

          <div>&#160;</div>

          <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">RISKS RELATED TO OUR COMMON SHARES</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">The market price and trading volume of our common shares may continue to be highly volatile, which could lead to a loss of
              all or part of a shareholder</span>&#8217;<span style="font-weight: bold; font-style: italic;">s investment.</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.6pt; margin-left: 0.6pt; color: #000000;">The market price of our common shares has fluctuated widely since our common shares began trading in July of 2004 until April 2024 on
            the Nasdaq Capital Market (&#8220;Nasdaq&#8221;) followed by trading on the NYSE American LLC (the &#8220;NYSE American&#8221;), commencing in April 2024.</div>

          <div>&#160;</div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">30</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.7pt; margin-left: 0.7pt; color: #000000;">The market price of our common shares is affected by a variety of factors, including:</div>

          <div><br/>
          </div>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">fluctuations in interest rates;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">fluctuations in the availability or the price of oil and chemicals;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">fluctuations in foreign currency exchange rates;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">announcements by us or our competitors;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in our relationships with customers or suppliers;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">actual or anticipated fluctuations in our semi-annual and annual results and those of other public companies in our industry;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in United States or foreign tax laws;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">international sanctions, embargoes, import and export restrictions, nationalizations, piracy and wars or other conflicts, including the wars in Ukraine and Iran and instability in Venezuela.</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">actual or anticipated fluctuations in our operating results from period to period;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">shortfalls in our operating results from levels forecast by securities analysts;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">market conditions in the shipping industry and the general state of the securities markets;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">business interruptions caused by the outbreak of epidemic and pandemic disease or the wars in Ukraine and Iran;</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">mergers and strategic alliances in the shipping industry;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in government regulation;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">a general or industry-specific decline in the demand for, and price of, shares of our common shares resulting from capital market conditions independent of our operating performance;</div>
                </td>

  </tr>


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the loss of any of our key management personnel;</div>
                </td>

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</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our failure to successfully implement our business plan;</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">issuance of shares; and</div>
                </td>

  </tr>


</table>
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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">stock splits / reverse stock splits.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.7pt; margin-left: 0.7pt; color: #000000;">In addition, over the last few years, the stock market has experienced price and volume fluctuations, including due to factors relating
            to the outbreak of COVID-19 and the wars in Ukraine and Iran, and this volatility has sometimes been unrelated to the operating performance of particular companies. As a result, there is a potential for rapid and substantial decreases in the
            price of our common shares, including decreases unrelated to our operating performance or prospects. During 2025, the closing price of our common shares experienced a high of $8.66 in June 13, 2025 and a low of $4.51 in December 31, 2025. This
            market and share price volatility relating to general economic, market or political conditions, has and could further reduce the market price of our common shares in spite of our operating performance and could also increase our cost of
            capital, which could prevent us from accessing debt and equity capital on terms acceptable to us or at all.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">In addition, the market price and trading volume of our common shares have very recently and at certain other times in the past exhibited, and may continue to exhibit, extreme
            volatility, including within a single trading day. We believe certain past instances of trading volatility reflect market and trading dynamics unrelated to our operating business or prospects and outside of our control. Such volatility could
            cause purchasers of our common shares to incur substantial losses. We are unable to predict when such instances of trading volatility will occur or how long such dynamics may last. Under these circumstances, we would caution you against
            investing in our common shares unless you are prepared to incur the risk of incurring substantial losses.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.8pt; margin-left: 0.8pt; color: #000000;">A portion of our common shares may be traded by short sellers which may put pressure on the supply and demand for our common shares,
            creating further price volatility. In particular, a possible &#8220;short squeeze&#8221; due to a sudden increase in demand of our common stock that largely exceeds supply may lead to sudden extreme price volatility in our common shares. Investors may
            purchase our common shares to hedge existing exposure in our common shares or to speculate on the price of our common shares. Speculation on the price of our common shares may involve long and short exposures. To the extent aggregate short
            exposure exceeds the number of common shares available for purchase in the open market, investors with short exposure may have to pay a premium to repurchase our common shares for delivery to lenders of our common shares. Those repurchases may
            in turn, dramatically increase the price of our common shares until investors with short exposure are able to purchase additional common shares to cover their short position. This is often referred to as a &#8220;short squeeze.&#8221; Following such a
            short squeeze, once investors purchase the shares necessary to cover their short position, the price of our common shares may rapidly decline. A short squeeze could lead to volatile price movements in our shares that are not directly correlated
            to the performance or prospects of our company and could cause purchasers of our common shares to incur substantial losses.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">31</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.9pt; margin-left: 0.9pt; color: #000000;">Further, shareholders may institute securities class action litigation following periods of market volatility. If we were involved in
            securities litigation, we could incur substantial costs and our resources and the attention of management could be diverted from our business.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">There is no guarantee of a continuing public market for you to resell our common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1pt; margin-left: 1pt; color: #000000;">Our common shares currently trade on the NYSE American. We cannot assure you that an active and liquid public market for our common shares
            will continue and you may not be able to sell your common shares in the future at the price that you paid for them or at all. The price of our common shares may be volatile and may fluctuate due to factors such as:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">actual or anticipated fluctuations in our results and those of other public companies in our industry;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">mergers and strategic alliances in the shipping industry;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">market conditions in the shipping industry and the general state of the securities markets;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">changes in government regulation;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">shortfalls in our operating results from levels forecast by securities analysts; and</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">announcements concerning us or our competitors.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.1pt; margin-left: 1.1pt; color: #000000;">Further, a lack of trading volume in our stock may affect investors&#8217; ability to sell their shares. Our common shares have periodically
            had low daily trading volumes in the market. As a result, investors may be unable to sell all or any of their shares in the desired time period, or may only be able to sell such shares at a significant discount to the previous closing price.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">The NYSE American may delist our common shares from its exchange which could limit your ability to make transactions in our securities and
            subject us to additional trading restrictions.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.2pt; margin-left: 1.2pt; color: #000000;">Our common shares are listed on the NYSE American. In order to maintain our listing, we must generally maintain certain share price,
            financial and share distribution targets, including maintaining a minimum amount of shareholders&#8217; equity and a minimum number of public shareholders. In addition to these objective standards, the NYSE American may delist the securities of any
            issuer if, in its opinion, the issuer&#8217;s financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make
            continued listing on the NYSE American inadvisable; if the issuer sells or disposes of principal operating assets or ceases to be an operating company; if an issuer fails to comply with the NYSE American&#8217;s listing requirements; if an issuer&#8217;s
            common stock sells at what the NYSE American considers a &#8220;low selling price&#8221; for a substantial period of time; or if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its opinion, inadvisable.
            It is possible that we could fail to satisfy one or more of these requirements. We may receive notices from the NYSE American that we have failed to meet its requirements, and proceedings to delist our shares could be commenced. For example,
            during the period that our common shares traded on Nasdaq, most recently on April 21, 2023, we received written notification from Nasdaq indicating that because the closing bid price of our common shares for the last 30 consecutive business
            days was below $1.00 per share, we no longer met the minimum bid price requirement under Nasdaq rules. On some occasions we were able to regain compliance within the grace period prescribed by Nasdaq pursuant to a reverse stock split. For
            example, on September 29, 2023, we effectuated a 12-to-1 reverse stock split in order to regain compliance with Nasdaq Listing Rule 5450(a)(1), which we obtained on October 16, 2023. For more information, please see &#8220;Item 4. Information on the
            Company&#8212;A. History and Development of the Company.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.3pt; margin-left: 1.3pt; color: #000000;">A decline in the closing price of our common shares on the NYSE American could result in suspension or delisting procedures in respect
            of our common shares. The commencement of suspension or delisting procedures by an exchange remains, at all times, at the discretion of such exchange and would be publicly announced by the exchange. If a suspension or delisting were to occur,
            there would be significantly less liquidity in the suspended or delisted securities. In addition, our ability to raise additional necessary capital through equity or debt financing would be greatly impaired. Furthermore, with respect to any
            suspended or delisted common shares, we would expect decreases in institutional and other investor demand, analyst coverage, market making activity and information available concerning trading prices and volume, and fewer broker-dealers would
            be willing to execute trades with respect to such common shares. A suspension or delisting would likely decrease the attractiveness of our common shares to investors and constitute a breach under certain of our credit agreements as well as
            constitute an event of default under certain classes of our preferred stock and would cause the trading volume of our common shares to decline, which could result in a further decline in the market price of our common shares.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.3pt; margin-left: 1.3pt; color: #000000;">Finally, if the volatility in the market continues or worsens, it could have a further adverse effect on the market price of our common
            shares, regardless of our operating performance.</div>

          <div><br/>
          </div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We have issued common shares in the past through various transactions and we may do so in the future without shareholder approval, which
            may dilute our existing shareholders, depress the trading price of our securities and impair our ability to raise capital through subsequent equity offerings.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.4pt; margin-left: 1.5pt; color: #000000;">We have already sold large quantities of our common shares and securities convertible into common shares, pursuant to previous public
            and private offerings of our equity and equity-linked securities. We currently have an effective registration statement on Form F-3 (333-290238), for the registered sale of $200 million of our securities&#160;of which we have sold $4.0 million.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">In addition, the outstanding October 2022 Warrants (defined below) are exercisable to purchase up to 89,393 common shares at an exercise
            price of $81.00 per share, the outstanding Class C Warrants (defined below)&#160; are exercisable to purchase up to 561,991 common shares at an exercise price of $16.20 per share and the outstanding February 2023 Warrants (defined below) are
            exercisable to purchase up to 837,094 common shares at an exercise price of $16.20 per share.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Purchasers of the common shares we sell, as well as our existing shareholders, will experience significant dilution if we sell shares at
            prices significantly below the price at which they invested. In addition, we may issue additional common shares or other equity securities of equal or senior rank in the future in connection with, among other things, debt prepayments, future
            vessel acquisitions or any future equity incentive plan, without shareholder approval, in a number of circumstances. Our existing shareholders may experience significant dilution if we issue shares in the future at prices below the price at
            which previous shareholders invested.</div>

          <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Further, as contemplated by the Tanker SPA (defined below),&#160;we have issued 14,000 Series G Preferred Shares to Central Mare,
              that as of March 31, 2026, are convertible into 5,537,975 common shares, as may be further adjusted. Under certain circumstances, Central Mare can also demand the current outstanding consideration&#160;of $19.6 million to be settled in Series G
              Preferred Shares. The Series G Preferred Shares are convertible into our common shares, at our option. As of the date of this Annual Report, there are 14,000 Series G Preferred Shares outstanding. For a description of the Series G Preferred
              Shares, see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Description of Series G Perpetual Convertible Preferred Shares.&#8221;</div>

          </div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our issuance of additional shares of common shares or other equity securities of equal or senior rank would have the following effects:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">our existing shareholders&#8217; proportionate ownership interest in us will decrease;</div>
                </td>

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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the amount of cash available for dividends payable on the shares of our common shares may decrease;</div>
                </td>

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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the relative voting strength of each previously outstanding common share may be diminished; and</div>
                </td>

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          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">the market price of the shares of our common shares may decline.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The market price of our common shares could decline due to sales, or the announcements of proposed sales, of a large number of common
            shares in the market, including sales of common shares by our large shareholders or by holders of securities convertible into common shares, or the perception that these sales could occur. These sales or the perception that these sales could
            occur could also depress the market price of our common shares and impair our ability to raise capital through the sale of additional equity securities or make it more difficult or impossible for us to sell equity securities in the future at a
            time and price that we deem appropriate. We cannot predict the effect that future sales of common shares or other equity-related securities would have on the market price of our common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.8pt; margin-left: 1.8pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation, as amended, authorizes our Board of Directors to, among other things, issue
            additional shares of common or preferred stock or securities convertible or exchangeable into equity securities, without shareholder approval. We may issue such additional equity or convertible securities to raise additional capital. The
            issuance of any additional shares of common or preferred stock or convertible securities could be substantially dilutive to our shareholders. Moreover, to the extent that we issue restricted stock units, stock appreciation rights, options or
            warrants to purchase our common shares in the future and those stock appreciation rights, options or warrants are exercised or as the restricted stock units vest, our shareholders may experience further dilution. Holders of shares of our common
            shares have no preemptive rights that entitle such holders to purchase their <span style="font-style: italic;">pro rata</span> share of any offering of shares of any class or series and, therefore, such sales or offerings could result in
            increased dilution to our shareholders.</div>

          <div><br/>
          </div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">33</span></div>

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              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000; font-style: italic; font-weight: bold;">Issuance of preferred shares with voting or conversion rights may adversely affect the voting
            power of our common shareholders, have a dilutive effect on them and have the effect of discouraging, delaying or preventing a merger or acquisition, which could adversely affect the market price of our common shares.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.6pt; margin-left: 0.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation currently authorizes our Board of Directors to issue preferred shares in one or
            more series and to determine the rights, preferences, privileges and restrictions, with respect to, among other things, dividends, conversion, voting, redemption, liquidation and the number of shares constituting any series without
            shareholders&#8217; approval. Our outstanding Series D Preferred Shares have voting rights superior to those of the common shares and, as contemplated by the Tanker SPA (defined below), we have issued 14,000 Series G Preferred Shares to Central Mare
            and we may be required to issue additional Series G Preferred Shares, which have voting rights superior to those of the common shares and are convertible into common shares at our option. The issuance of preferred shares with voting and
            conversion rights adversely affects the voting power of the holders of common shares and may have a dilutive effect on common shareholders. Further, the issuance of preferred shares with superior voting rights may discourage, delay or prevent a
            merger or acquisition that shareholders may consider favorable. This could substantially impede the ability of public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common shares
            and our shareholders&#8217; ability to realize any potential change of control premium.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.7pt; margin-left: 0.7pt; color: #000000; font-style: italic; font-weight: bold;">Future issuance of common shares may trigger anti-dilution provisions in our Series G Preferred
            Shares and affect the interests of our common shareholders.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 0.6pt; margin-left: 0.6pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The Series G Preferred Shares contain anti-dilution provisions that can be triggered by securities we may issue, including
              common shares, convertible preferred shares, and warrants, depending on the offering price of equity issuances, the conversion price or formula of convertible shares or the exercise price or formula of warrants. Any issuance below the then
              applicable conversion price of the Series G Preferred Shares, could result in an adjustment downward of the Series G Preferred Shares conversion price and an increase in the number of common shares each Series G Share is converted into. These
              adjustments could affect the interests of our common shareholders and the trading price for our common shares. Furthermore the Series G Preferred Shares holders have the option to replace the fixed conversion price with a variable conversion
              price, namely 80% of the lowest daily Volume-Weighted Average Price (&#8220;VWAP&#8221;) of our common shares over the 20 consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice (but in no
              event can this variable conversion price be less than $0.60 (&#8220;Floor Price&#8221;)) and purchase such proportionate number of shares based on the variable conversion price in effect on the date of conversion. If using the variable conversion price
              of the Series G Preferred Shares, as of March 31, 2026, the Series G Preferred Shares have a conversion price of $2.53 and are convertible into 5,537,975 common shares, as may be further adjusted. Moreover, future issuance of other equity or
              debt convertible into or issuable or exchangeable for common shares at a price per share less than the then current conversion price of the Series G Preferred Shares would result in similar adjustments.&#8221;</div>

          </div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We are incorporated in the Republic of the Marshall Islands, which does not have a well-developed body of corporate law and as a result,
            shareholders may have fewer rights and protections under Marshall Islands law than under a typical jurisdiction in the United States.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our corporate affairs are governed by our Third Amended and Restated Articles of Incorporation, as amended, our By-laws, and by the
            Marshall Islands Business Corporations Act (the &#8220;BCA&#8221;). The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United States. However, there have been few judicial cases in the Republic of the
            Marshall Islands interpreting the BCA. The rights and fiduciary responsibilities of directors under the law of the Republic of the Marshall Islands are not as clearly established as the rights and fiduciary responsibilities of directors under
            statutes or judicial precedent in existence in certain United States jurisdictions. Shareholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law, of the State of Delaware and
            other states with substantially similar legislative provisions, our public shareholders may have more difficulty in protecting their interests in the face of actions by management, directors or controlling shareholders than would shareholders
            of a corporation incorporated in a United States jurisdiction.</div>

          <div><br/>
          </div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">As a Marshall Islands corporation with principal executive offices in Greece and subsidiaries in the Marshall Islands and other offshore
            jurisdictions, our operations may be subject to economic substance requirements.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The Council of the European Union (the &#8220;Council&#8221;) routinely publishes a list of &#8220;non-cooperative jurisdictions&#8221; for tax purposes, which
            includes countries that the Council believes need to improve their legal framework and to work towards compliance with international standards in taxation. In February 2023, the Republic of the Marshall Islands, among other countries, was
            placed by the EU on the list of non-cooperative jurisdictions for lacking in the enforcement of economic substance requirements, and was subsequently removed from such list in October 2023. EU member states have agreed upon a set of measures,
            which they can choose to apply against the listed countries, including increased monitoring and audits, withholding taxes and non-deductibility of costs, and although we are not currently aware of any such measures being adopted, they can be
            adopted by one or more EU members states in the future. The European Commission has stated it will continue to support member states&#8217; efforts to develop a more coordinated approach to sanctions for the listed countries. EU legislation prohibits
            certain EU funds from being channeled or transited through entities in non-cooperative jurisdictions.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We are a Marshall Islands corporation with principal executive offices in Greece. The Marshall Islands has enacted economic substance
            regulations with which we may be obligated to comply. Those regulations require certain entities that are not otherwise tax resident elsewhere that carry out particular activities to comply with an economic substance test whereby the entity
            must show that it (i) is directed and managed in the Marshall Islands in relation to that relevant activity, (ii) carries out core income-generating activity in relation to that relevant activity in the Marshall Islands (although it is being
            understood and acknowledged by the regulators that income-generating activities for shipping companies will generally occur in international waters), and (iii) having regard to the level of relevant activity carried out in the Marshall Islands,
            has (a) an adequate amount of expenditures in the Marshall Islands, (b) adequate physical presence in the Marshall Islands and (c) an adequate number of qualified employees in the Marshall Islands.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">If we fail to comply with our obligations under these regulations or any similar law applicable to us in any other jurisdictions, we
            could be subject to financial penalties and spontaneous disclosure of information to foreign tax officials or, with respect to the Marshall Islands economic substance requirements, revocation of the formation documents and dissolution of the
            applicable non-compliant Marshall Islands entity or struck from the register of companies in related jurisdictions. Any of the foregoing could be disruptive to our business and could have a material adverse effect on our business, financial
            conditions and operating results. Accordingly, any implementation of, or changes to, any of the economic substance regulations that impact us could increase the complexity and costs of carrying on business in these jurisdictions, and thus could
            adversely affect our business, financial condition or results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We do not know what actions the Marshall Islands may take, if any, to remove itself from the list of &#8220;non-cooperative jurisdictions&#8221; if
            it should be placed back on the list, how quickly the EU would react to any changes in regulations of the Marshall Islands; or how EU banks or other counterparties will react while we or our subsidiaries remain as entities organized and
            existing under the laws of the Marshall Islands during a period if the Marshall Islands is again placed on the list of &#8220;non-cooperative jurisdictions.&#8221; The effect of the EU list of non-cooperative jurisdictions, and any noncompliance by us with
            legislation or regulations adopted by the Marshall Islands to achieve removal from the list, could have a material adverse effect on our business, financial conditions and operating results.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">It may not be possible for investors to serve process on or enforce U.S. judgments against us.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We and all of our subsidiaries are incorporated in jurisdictions outside the U.S. and substantially all of our assets and those of our
            subsidiaries are located outside the U.S. In addition, all of our directors and officers are non-residents of the U.S., and all or a substantial portion of the assets of these non-residents are located outside the U.S. As a result, it may be
            difficult or impossible for U.S. investors to serve process within the U.S. upon us, our subsidiaries or our directors and officers or to enforce a judgment against us for civil liabilities in U.S. courts. In addition, you should not assume
            that courts in the countries in which we or our subsidiaries are incorporated or where our assets or the assets of our subsidiaries are located (1) would enforce judgments of U.S. courts obtained in actions against us or our subsidiaries based
            upon the civil liability provisions of applicable U.S. federal and state securities laws or (2) would enforce, in original actions, liabilities against us or our subsidiaries based on those laws.</div>

          <div><br/>
          </div>

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            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Our By-laws provide that the High Court of the Republic of Marshall Islands shall be the sole and exclusive forum for
              certain disputes between us and our shareholders, which could limit our shareholders</span>&#8217;<span style="font-weight: bold; font-style: italic;"> ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or
              employees.</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our By-laws provide that, unless we consent in writing to the selection of an alternative forum, the High Court of the Republic of
            Marshall Islands shall be the sole and exclusive forum for (i) any shareholders&#8217; derivative action or proceeding brought on behalf of the Corporation, including any such action arising under the Exchange Act or the Securities Act (ii) any
            action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Corporation to the Corporation or the Corporation&#8217;s shareholders, (iii) any action asserting a claim arising pursuant to any provision
            of the Business Corporations Act of the Republic of the Marshall Islands, or (iv) any action asserting a claim governed by the internal affairs doctrine. This forum selection provision may limit a shareholder&#8217;s ability to bring a claim in a
            judicial forum that it finds favorable for disputes with us or our directors, officers, or other employees, which may discourage lawsuits with respect to such claims.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We may not achieve the intended benefits of having a forum selection provision if it is found to be unenforceable.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our Bylaws include a forum selection provision as described under the section herein entitled &#8220;Item 10. Additional Information&#8212;B.
            Memorandum and Articles of Association.&#8221; However, the enforceability of similar forum selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a
            court could find the forum selection provision contained in our Bylaws to be inapplicable or unenforceable in such action. In particular, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
            any duty or liability created by the Exchange Act or the rules and regulations thereunder. In addition, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or
            liability created by the Securities Act or the rules and regulations thereunder. Shareholders&#8217; derivative actions, including those arising under the Exchange Act or Securities Act, are subject to our forum selection provision. To the extent
            that the exclusive forum provision would apply to restrict the courts in which our shareholders may bring claims arising under the Exchange Act or the Securities Act and the rules and regulations thereunder, there is uncertainty as to whether a
            court would enforce such a provision. Investors cannot waive compliance with the federal securities laws and the rules and regulations promulgated thereunder. If a court were to find the forum selection provision to be inapplicable to, or
            unenforceable in respect of, one or more of the specified types of actions or proceedings, we may incur additional costs associated with resolving such action in other jurisdictions, which could adversely affect our business, financial
            condition and results of operations.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Anti-takeover provisions in our organizational documents could have the effect of discouraging, delaying or preventing a merger,
            amalgamation or acquisition, which could reduce the market price of our common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Several provisions of our Third Amended and Restated Articles of Incorporation, as amended, and Amended and Restated By-laws could make
            it difficult for our shareholders to change the composition of our Board of Directors in any one year, preventing them from changing the composition of management. In addition, the same provisions may discourage, delay or prevent a merger or
            acquisition that shareholders may consider favorable.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">These provisions include:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">authorizing our Board of Directors to issue &#8220;blank check&#8221; preferred stock without stockholder approval, including preferred shares with superior voting rights, such as the Series D Preferred Shares and
                    the Series G Preferred Shares;</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">providing for a classified Board of Directors with staggered, three-year terms;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">prohibiting cumulative voting in the election of directors;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">authorizing the removal of directors only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for the directors;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">prohibiting shareholder action by written consent unless the written consent is signed by all shareholders entitled to vote on the action;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">limiting the persons who may call special meetings of shareholders;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">establishing advance notice requirements for nominations for election to our Board of Directors or for proposing matters that can be acted on by shareholders at shareholder meetings; and</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">restricting business combinations with interested shareholders.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">In addition, we have entered into a stockholders rights agreement that makes it more difficult for a third party to acquire a
            significant stake in the Company without the support of our Board of Directors. See &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Stockholders Rights Agreement.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The above anti-takeover provisions and the provisions of our stockholders rights agreement could substantially impede the ability of
            public shareholders to benefit from a change in control and, as a result, may adversely affect the market price of our common shares and your ability to realize any potential change of control premium.</div>

          <div><br/>
          </div>

          <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">36</span></div>

            <div class="BRPFPageBreak" style="page-break-after: always;">
              <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">RISKS RELATED TO OUR RELATIONSHIP WITH OUR FLEET MANAGER AND ITS AFFILIATES</span></div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">We are dependent on our Fleet Manager to perform the day-to-day management of our fleet.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our executive management team, provided by Central Mare, consists of Evangelos J. Pistiolis, our Chief Executive Officer and Alexandros
            Tsirikos, our Chief Financial Officer and Director. We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Furthermore, upon delivery of any vessels we may acquire, we
            expect to subcontract their day-to-day management to our Fleet Manager. Our Fleet Manager is a related party affiliated with the family of Mr. Evangelos J. Pistiolis. We are dependent on our Fleet Manager for the technical and commercial
            operation of our fleet as well as for all accounting and reporting functions and the loss of our Fleet Manager&#8217;s services or its failure to perform obligations to us could materially and adversely affect the results of our operations. If our
            Fleet Manager suffers material damage to its reputation or relationships it may harm our ability to:</div>

          <div><br/>
          </div>

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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">continue to operate our vessels and service our customers;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">renew existing charters upon their expiration;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">obtain new charters;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">obtain financing on commercially acceptable terms;</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">obtain insurance on commercially acceptable terms;</div>
                </td>

  </tr>


</table>
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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">maintain satisfactory relationships with our customers and suppliers; and</div>
                </td>

  </tr>


</table>
          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0);">successfully execute our growth strategy.</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our Fleet Manager is a privately held company and there may be limited or no publicly available information about it.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our Fleet Manager is a privately held company. The ability of our Fleet Manager to provide services for our benefit will depend in part
            on its own financial strength. Circumstances beyond our control could impair our Fleet Manager&#8217;s financial strength, and there may be limited publicly available information about its financial condition. As a result, an investor in our common
            shares might have little advance warning of problems affecting our Fleet Manager, even though these problems could have a material adverse effect on us.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">Our Fleet Manager may have conflicts of interest between us and its other clients.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We subcontract the day-to-day vessel management of our fleet, including crewing, maintenance and repair to our Fleet Manager. Our Fleet
            Manager may provide similar services for vessels owned by other shipping companies, and it also may provide similar services to companies with which our Fleet Manager is affiliated. These responsibilities and relationships could create
            conflicts of interest between our Fleet Manager&#8217;s performance of its obligations to us, on the one hand, and our Fleet Manager&#8217;s performance of its obligations to its other clients, on the other hand. These conflicts may arise in connection
            with the crewing, supply provisioning and operations of the vessels in our fleet versus vessels owned by other clients of our Fleet Manager. In particular, our Fleet Manager may give preferential treatment to vessels owned by other clients
            whose arrangements provide for greater economic benefit to our Fleet Manager. These conflicts of interest may have an adverse effect on our results of operations.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">37</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <a id="INFORMATIONONTHECOMPANY"><!--Anchor--></a>
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  <tr>

    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 4.</td>

    <td style="width: auto; vertical-align: top;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">INFORMATION ON THE COMPANY</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">History and Development of the Company</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our predecessor, Ocean Holdings Inc., was formed as a corporation in January 2000 under the laws of the Republic of the Marshall Islands
            and renamed Top Tankers Inc. in May 2004. In December 2007, Top Tankers Inc. was renamed TOP Ships Inc. Our common shares are currently listed on the NYSE American under the symbol &#8220;TOPS.&#8221; The current address of our principal executive office
            is 20 Iouliou Kaisara Str, 19002 Paiania, Athens, Greece. The telephone number of our registered office is +30 210 812 8107. The SEC maintains a website that contains reports, proxy and information statements, and other information that we file
            electronically at http://www.sec.gov. Our website is https://www.topships.org. The information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part of this Annual Report.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On January 13, 2023, March 6, 2023 and April 19, 2023, we redeemed 1,000,000, 1,016,667 and 174,454 of our Series F Non-Convertible
            Perpetual Preferred Shares (&#8220;Series F Preferred Shares&#8221;) for an aggregate amount of approximately $12.0 million, $12.2 million and $2.1 million, payable in cash respectively.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On February 14, 2023, we entered into a securities purchase agreement with several institutional investors to purchase approximately
            $13.6 million of our units in a registered direct offering at a price of $16.20 per unit. Each unit consisted of one common share and warrants to purchase one common share (the &#8220;February 2023 Warrants&#8221;). The February 2023 Warrants were
            immediately exercisable, will expire five years from the date of issuance and have an exercise price of $16.20 per common share, subject to adjustment. Additionally, pursuant to the terms of our Class C Common Stock Purchase Warrants (&#8220;Class C
            Warrants&#8221;) issued to investors on December 6, 2022, we agreed to reduce the exercise price per common share under the Class C Warrants to $16.20 per common share from an original exercise price of $24.00 per common share. The offering closed on
            February 16, 2023.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On March 1, 2023, we announced that for the period commencing from March 1, 2023 to December 31, 2023 we would not conduct any new
            equity offerings, public or private, conduct any reverse stock splits (except to the extent our Board of Directors deemed advisable for the sole purpose of remaining compliant with Nasdaq continued listing requirements), pay any bonuses to our
            executive management and that neither the CEO nor his affiliates would sell any common shares.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On April 21, 2023, we received a written notification from Nasdaq indicating that because the closing bid price of our common shares for
            the last 30 consecutive business days was below $1.00 per share, we no longer met the minimum bid price requirement under Nasdaq rules. On September 29, 2023 we effectuated a 12-to-1 reverse stock split in order to regain compliance with Nasdaq
            Listing Rule 5450(a)(1). As a result, we regained compliance on October 16, 2023.</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000;">On July 12, 2023, we entered into an agreement to extend the duration of the time charter parties with Clearlake Shipping Pte Ltd for a fixed term of a minimum of 30 months and a maximum of 36
            months for the vessels M/T Eco West Coast and M/T Eco Malibu. The daily rate of the extended period was agreed at $32,850.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On September 29, 2023, we effected a 12-to-1 reverse stock split of our common shares, which was authorized at our annual meeting of
            shareholders held on September 5, 2022. There was no change in the number of our authorized common shares. All share amounts in this report, not including amounts incorporated by reference, have been retroactively adjusted to reflect this
            reverse stock split.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On November 22, 2023, we announced our agreement to extend the duration of the time charter parties for the vessels M/T Julius Caesar
            and M/T Legio X Equestris. Specifically, the firm period was extended for approximately three years at a daily rate of $41,500 per vessel with two additional years at the charterer&#8217;s option.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On December 7, 2023, we announced the issuance of 2,930,718 common shares following the conversion of all of our Series E Preferred
            shares held by the Lax Trust. Following this conversion, we currently have no Series E Preferred Shares outstanding.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On December 10, 2023, our board of directors granted to our Chief Executive Officer a bonus of $5.0 million as incentive compensation.
            The bonus was paid to our Chief Executive Officer on January 26, 2024.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">38</span></div>

            <div style="page-break-after: always;" class="BRPFPageBreak">
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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; color: #000000;">On December 14, 2023, we consummated an SLB with AVIC in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T Eco West Coast. For
            more information, see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-indent: 36pt; color: #000000;">On December 20, 2023, we consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T
            Eco Malibu. For more information, see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On January 16 and January 23, 2024, we exercised our purchase options under the CMBFL SLB and took full ownership of M/Ts Julius Caesar
            and Legio X Equestris for $48.6 million and $49.3 million, respectively. Following the purchase of the vessels that was funded with cash and a short-term revolving bridge loan from HSBC (the &#8220;HSBC Bridge&#8221;), on January 18 and January 25, 2024 we
            concluded SLBs (the &#8220;New CMBFL SLBs&#8221;) for the financing of M/Ts Julius Caesar and Legio X Equestris, respectively, from the same institution China Merchants Bank Financial Leasing Co. Ltd. (&#8220;CMBFL&#8221;). The consideration from the New CMBFL SLBs
            amounted to $125 million ($62.5 million per vessel). For more information, see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On February 6, 2024, we redeemed 3,659,627 of our Series F Preferred Shares (representing all of our outstanding Series F Preferred
            Shares) for an aggregate amount of approximately $43.9 million, payable in cash. As of the date hereof, no Series F Preferred Shares remain outstanding.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On April 24, 2024, we transferred the listing of our common shares from Nasdaq to the NYSE American.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On May 1, 2024, we consummated an SLB with CMBFL, for our vessel M/T Eco Marina Del Rey. Following the sale, we have bareboat chartered
            back the vessel for a period of seven years. For more information, see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On May 24, 2024, we entered into an Equity Distribution Agreement with Maxim Group LLC, as sales agent, under which we may offer and
            sell, from time to time through Maxim Group LLC, up to $5.8 million of our common shares, par value $0.01 per share. As of the date of this report, we have sold 804,322 common shares under the Equity Distribution Agreement.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On July 12, 2024, we entered into a share purchase agreement (the &#8220;Para Bellvm SPA&#8221;) with an affiliate of Mr. Evangelos J. Pistiolis for
            the purchase of the shares of the ship owning company that owns 100% of the megayacht M/Y Para Bellvm for a consideration of $20.0 million (the &#8220;Para Bellvm Consideration&#8221;). The M/Y Para Bellvm was delivered to us on April 11, 2025.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On April 11, 2025, we entered into a share purchase agreement (the &#8220;New Yacht SPA&#8221;) for the purchase of 100% of the ship owning company
            that has entered into a shipbuilding contract for the newbuilding megayacht M/Y Sanlorenzo &#8220;1150Exp,&#8221; Roman Explorer Inc., a Marshall Islands corporation (&#8220;Roman Explorer&#8221;),&#160; with expected delivery in the second quarter of 2027 (the
            &#8220;Newbuilding Yacht&#8221;), for a consideration of $27.0 million (the &#8220;New Yacht Consideration&#8221;). On the Closing Date, we settled $9.3 million of the New Yacht Consideration by netting-off the New Yacht LOI Advance (as defined below) and paying $5.3
            million to Mr. Evangelos J. Pistiolis. As of November 13, 2025 we had settled the remaining amount of the New Yacht Consideration. See &#8220;Item 7. Major shareholders and related party transactions &#8212; B. Related Party Transactions.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.6pt; color: #000000;">On October 9, 2024 and January 23, 2025, our board of directors granted to our Chief Executive Officer a bonus of $4.0 and $2.0 million
            respectively, as incentive compensation for the year ended December 31, 2024, of which $4.0 million were settled in October 2024 and $2.0 million were settled in January 2025.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt;"><span style="color: #000000;">On June 4, 2025, Rubico filed a Registration Statement on Form 20-F (the &#8220;Registration Statement&#8221;) with the SEC in
              connection with its potential spin-off from us (the &#8220;Spin-Off&#8221;). The Registration Statement was declared effective by the SEC on June 23, 2025. On </span>June 23<span style="color: rgb(0, 0, 0);">, 2025, Rubico&#8217;s application to list its
              common shares on the Nasdaq Capital Market was approved. To effect the Spin-Off, we contributed the vessel-owning subsidiary Athenean Empire Inc. (the &#8220;Athenean Empire Predecessor&#8221;), owner of M/T Eco Malibu, and the vessel-owning subsidiary
              Roman Empire Inc. (&#8220;Roman Empire Predecessor&#8221;), owner of the M/T Eco West Coast, to Rubico, in connection with the distribution of all of Rubico&#8217;s issued and outstanding common shares, par value $0.01 (including the related preferred stock
              purchase rights), to our shareholders and certain warrant holders. Our common shareholders (and warrant holders on an as-exercised basis) received one Rubico common share for every two of our common shares held at the close of business on </span>June






















            16<span style="color: rgb(0, 0, 0);">, 2025. See &#8220;Item 7. Major shareholders and related party transactions &#8212; B. Related Party Transactions.&#8221;</span></div>

          <div>&#160;</div>

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            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">39</span></div>

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            <div class="BRPFPageHeader" style="width: 100%;">
              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On August 1, 2025, we entered into four SLBs with China Huarong Shipping Financial Leasing Co Ltd.&#160; (&#8220;Huarong&#8221;), for the refinancing of
            the M/T Julius Caesar, the M/T Legio X Equestris, the M/T Eco Oceano CA and the M/T Eco Marina Del Ray (the &#8220;New Huarong SLBs&#8221;). Consummation of the New Huarong SLBs took place on October 31, 2025 for M/T Eco Marina Del Rey, November 6, 2025
            for M/T Eco Oceano CA, October 17, 2025 for M/T Julius Caesar and October 24, 2025 for M/T Legio X Equestris . Following the sales, we have bareboat chartered back the M/Ts Julius Caesar, Legio X Equestris and Eco Oceano CA for a period of ten
            years and M/T Eco Marina Del Ray for a period of seven years at bareboat hire rates of $3.0 million per annum for the M/Ts Julius Caesar and Legio X Equestris, $2.2 million per annum for the M/T Eco Oceano CA and $2.1 million per annum for M/T
            Eco Marina Del Ray, plus interest based on Term SOFR plus a margin of 1.95% per annum. Under the terms of the New Huarong SLBs, we will have the option to buy back the vessels following the end of the first year at purchase price stipulated in
            the New Huarong SLBs&#8212;depending on when the option is exercised&#8212;and at the end of the ten-year period for M/Ts Julius Caesar, Legio X Equestris and Eco Oceano CA and at the end of the seven-year period for M/T Eco Marina Del Ray we have an
            obligation to buy back the vessels for $38.5 million per vessel for M/Ts Julius Caesar and Legio X Equestris, $20 million for M/T Eco Oceano CA and $13 million for M/T Eco Marina Del Ray. The consideration from the New CMBFL SLBs amounted to
            $207 million ($68.5million for each of the M/Ts Julius Caesar and Legio X Equestris, $42.0 million for M/T Eco Oceano and $28.0 million for M/T Eco Marina Del Ray. For more information, see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.6pt;">On August 7, 2025, we entered into guarantees in connection with the entry by Rubico&#8217;s vessel&#8209;owning subsidiaries, Athenean Empire Inc. and Roman Empire
            Inc., into SLBs <span style="color: rgb(0, 0, 0);">with Huarong for the purpose of refinancing indebtedness relating to M/T Eco West Coast and M/T Eco Malibu, respectively, pursuant to which we guaranteed, among other things, their obligations
              under the SLBs in an aggregate amount of $84.0 million.</span></div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On October 17, 2025 our board of directors granted to our Chief Executive Officer a bonus of $6.0 million as incentive compensation for
            the year ended December 31, 2025, which was settled on October 20, 2025.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On November 10, 2025, we entered into an agreement to extend the duration of the time charter party with Weco Tankers for a fixed term
            of three years for the vessel M/T Eco Marina Del Ray. The daily rate will be $20,500 until May 1, 2027 and $18,250 for the three years thereafter.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt;"><span style="color: #000000;">On November 21, 2025, we entered into the Real Estate LOI for the potential acquisition of certain residential real estate
              assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. Under the Real Estate LOI, we have been granted an exclusive right and an option to acquire all or a portion of a
              portfolio of assets with an estimate aggregate market value in excess of $200 million. The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to fair market value as determined by two
              independent appraisals. On </span>November 24, 2025, December 2, 2025 and January 5, 2026<span style="color: rgb(0, 0, 0);">, we made advance cash payments of $9.0 million, $2.5 million and $12.0 million respectively to be credited against
              the acquisition price or refunded to the extent we do not elect to exercise the purchase option. The option initially expired 90 days following this advance payment and on March 24, 2026 it was extended up to May 31, 2026. The entry into the
              Real Estate LOI was approved by a special committee composed of independent members of our Board of Directors. The exercise of the purchase option remains subject to the approval of our special committee. During the option period the special
              committee will conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors. See Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to our Company&#8212;New lines of business
              may subject us to additional risks.&#8221; and Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to our Company&#8212;As a potential owner of real estate, we may be subject to the risks inherent in the ownership and operation of real estate and the
              construction and development of real estate.&#8221; and &#8220;Item 7. Major shareholders and related party transactions &#8212; B. Related Party Transactions.&#8221;</span></div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On December 4, 2025, we entered into a letter of intent (the &#8220;Newbuilding LOI&#8221;) for the potential acquisition by Rubico from us of the
            shares of Roman Explorer, which has entered into a shipbuilding contract for the Newbuilding Yacht. Rubico paid a $4.0 million advance to be credited against the purchase price.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On December 31, 2025, we entered into a share purchase agreement (the &#8220;Newbuilding SPA&#8221;) with Rubico, to sell Roman Explorer
              for a purchase price of $38.0 million (the &#8220;Newbuilding Yacht Consideration&#8221;) payable in installments over a period of 300 days following our entry into the Newbuilding SPA. Under certain circumstances we can demand the payment of
              installments in the form of newly-issued Series E Perpetual Convertible Preferred Shares of Rubico. Upon signing the Newbuilding SPA, Rubico settled $19.5 million of the Newbuilding Yacht Consideration by netting the $4.0 million advance and
              by paying $15.5 million and further installment payments of $9.0 million were made in 2026, with consummation of the purchase and sale of Roman Explorer&#8217;s shares under the Newbuilding SPA taking place on March 31, 2026. The outstanding amount
              from theNewbuilding Yacht Consideration, as of the date of this annual report, is $9.5 million. A special independent committee composed of independent members of our Board of Directors negotiated and approved the sale, after obtaining a
              fairness opinion from an independent financial advisor.</div>

          </div>

          <div>&#160;</div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">40</span></div>

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              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">On December 31, 2025, we entered into an agreement to amend the duration of the time charter party with Central Tankers Chartering for a
            fixed term of five years starting from January 1, 2026, for the vessel M/T Eco Oceano CA. The daily rate for the amended period was increased to $30,000. Prior to the amendment, the duration of the time charter was until March 2037 and the
            daily rate was $24,500. As part of the amendment Central Tankers Chartering has a purchase option exercisable only during February 2027 for $70 million. The amendment was approved by an independent committee of our Board of Directors which
            obtained a fairness opinion from an independent financial advisor.</div>

          <div>&#160;</div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.8pt; margin-left: 2.4pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 18, 2026, we entered into a share purchase agreement (the &#8220;Tanker SPA&#8221;) with Central Mare, a related party
              affiliated with Mr. Evangelos J. Pistiolis, to purchase the shares of certain entities (the &#8220;Tanker SPVs&#8221;) that have entered into shipbuilding contracts, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China
              Shipbuilding Trading Co., Ltd. for the purchase of nine 47,499 dwt MR chemical/product oil tankers (the &#8220;Newbuilding Tankers&#8221;). The Newbuilding Tankers are scheduled for delivery during 2028 and 2029. The purchase price for all of the Tanker
              SPVs is $41.1 million of which $6.0 million was paid in cash upon the execution of the Tanker SPA, $1.5 million was paid in cash in March, 2026 and $14.0 million was settled through the issuance of 14,000 Series G Preferred Shares on March
              31, 2026; the remaining $19.6 million balance of the purchase price is payable no later than April 15, 2026. Under certain circumstances Central Mare can demand the payment of installments in the form of newly-issued Series G Preferred
              Shares. For a description of the Series G Preferred Shares, see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Description of Series G Perpetual Convertible Preferred Shares.&#8221; Furthermore, the form of the
              Certificate of Designation of the Series G Preferred Shares is filed as an exhibit to this Annual Report. Central Mare has also secured time charter employment with a major oil trader for all nine vessels, starting from their delivery and for
              a firm duration of seven years, with&#160; charterer&#8217;s option to extend for four additional years. As a condition to closing of the acquisition of the Tanker SPVs, Central Mare has arranged for sale and leaseback financing agreements with two
              major Chinese leasing companies. The financings amount to, in aggregate, 85% of the installments payable under the shipbuilding contracts for the nine newbuilding tanker vessels, that is also applied to the pre delivery installments. The
              aggregate amount of installments payable under the nine shipbuilding contracts is $406.8 million of which $61.0 million had been settled as of the date of this annual report. The financings bear an effective interest rate of Term SOFR plus a
              margin of 1.80%. Under the financings, upon delivery of each vessel we will make quarterly installment payments of $0.5 million per vessel over a period of 10 years with a balloon payment of $18.2 million for each vessel payable together with
              the last installment. We have also provided a corporate guarantees in favor of each of the leasing companies.</div>

          </div>

          <div><br/>
          </div>

          <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="color: rgb(0, 0, 0); font-weight: bold;">Business Overview</div>
                </td>

  </tr>


</table>
          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We are an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil,
            petroleum products (clean and dirty) and bulk liquid chemicals. Our tanker operating fleet has a total capacity of 857,000 dwt. As of the date of this Annual Report, our tanker operating fleet consists of one 50,000 dwt product/chemical tanker,
            Marina Del Rey, one 157,000 dwt Suezmax tanker, the M/T Oceano CA, two 300,000 dwt VLCCs, M/T Julius Caesar and M/T Legio X Equestris, and we also own 50% interests in two 50,000 dwt product tankers, M/T Eco Yosemite Park and M/T Joshua Park.
            All of our tanker vessels are IMO-certified and are capable of carrying a wide variety of oil products including chemical cargos which we believe make our vessels attractive to a wide base of charterers.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">
            <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In addition, in April 2025 we took delivery of a megayacht that has a length of 47 meters and a gross tonnage of 499 tons with
              5 guest cabins and is able to accommodate 12 guests and 10 crew.</div>

          </div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">For more information, please see &#8220;Item 4. Information on the Company&#8212;A. History and Development of the Company.&#8221;</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We intend to continue to review the market in order to identify potential acquisition targets in line with our strategy.</div>

          <div><br/>
          </div>

          <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We believe we have established a reputation in the international ocean transport industry for operating and maintaining vessels with
            high standards of performance, reliability and safety. We have assembled a management team comprised of executives who have extensive experience operating large and diversified fleets of tankers and who have strong ties to a number of national,
            regional and international oil companies, charterers and traders.</div>

          <div><br/>
          </div>

          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">41</span></div>

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              <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
              </div>

            </div>

          </div>

          <div>
            <div style="color: #000000; font-weight: bold;">Our Tanker Fleet</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The following tables present our fleet of tanker vessels as of the date of this Annual Report:</div>

            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Operating MR Tanker Vessels on SLBs (treated as financings):</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 20.23%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="color: #000000; font-weight: bold;">Name</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Deadweight</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Charterer</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; border-bottom: #000000 2px solid; white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">End of firm</div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">period</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;"><span style="font-weight: bold;">Charterer</span>&#8217;<span style="font-weight: bold;">s</span></div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">Optional Periods</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Gross Rate fixed</div>
                    <div style="text-align: center; color: #000000; font-weight: bold;"> period / options</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="color: #000000;">M/T Eco Marina Del Rey</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">50,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000;">WECO Tankers</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #000000;">May 2030</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">1 year</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">$20,500 until May 2027, $18,250 until May 2030/$20,000</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Operating Suezmax Vessels on SLBs (treated as operating leases):</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 20.23%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000; font-weight: bold;">Name</div>
                  </td>

    <td style="width: 11%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Deadweight</div>
                  </td>

    <td style="width: 15.12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Charterer</div>
                  </td>

    <td style="width: 15.14%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">End of firm</div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">period</div>
                  </td>

    <td style="width: 15%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;"><span style="font-weight: bold;">Charterer</span>&#8217;<span style="font-weight: bold;">s</span></div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">Optional Periods</div>
                  </td>

    <td style="width: 24%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Gross Rate fixed</div>
                    <div style="text-align: center; color: #000000; font-weight: bold;"> period / Options</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">M/T Eco Oceano CA</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">157,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">Central Tankers Chartering</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">December 2030</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">none</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">$30,000</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Operating VLCC Vessels on SLBs (treated as financings):</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 20.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000; font-weight: bold;">Name</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Deadweight</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Charterer</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">End of firm</div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">period</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;"><span style="font-weight: bold;">Charterer</span>&#8217;<span style="font-weight: bold;">s Optional</span></div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">Periods</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Gross Rate fixed </div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">period / options</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">M/T Julius Caesar</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">300,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">Trafigura</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">January 2028</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">1+1 years</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">$41,500 / $44,000 / $46,000</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000;">M/T Legio X Equestris</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;">300,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;">Trafigura</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;">March 2028</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;">1+1 years</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;">$41,500 / $44,000 / $46,000</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Operating Joint Venture MR Tanker fleet (50% owned):</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 20.23%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000; font-weight: bold;">Name</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Deadweight</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Charterer</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">End of firm period</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000;"><span style="font-weight: bold;">Charterer</span>&#8217;<span style="font-weight: bold;">s</span></div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">Optional Periods</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Gross Rate fixed </div>
                    <div style="text-align: center; color: #000000; font-weight: bold;">period / options</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">M/T Eco Yosemite Park</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">50,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">Clearlake</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">August 2031</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">1+1 years</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #000000;">$19,500 / $18,650 / $19,900</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 20.23%; vertical-align: bottom;">
                    <div style="color: #000000;">M/T Eco Joshua Park</div>
                  </td>

    <td style="width: 11%; vertical-align: bottom;">
                    <div style="text-align: center; color: #000000;">50,000</div>
                  </td>

    <td style="width: 15.12%; vertical-align: bottom;">
                    <div style="text-align: center; color: #000000;">Clearlake</div>
                  </td>

    <td style="width: 15.14%; vertical-align: bottom;">
                    <div style="text-align: center; color: #000000;">August 2031</div>
                  </td>

    <td style="width: 15%; vertical-align: bottom;">
                    <div style="text-align: center; color: #000000;">1+1 years</div>
                  </td>

    <td style="width: 24%; vertical-align: bottom;">
                    <div style="text-align: center; color: #000000;">$19,500 / $18,650 / $19,900</div>
                  </td>

  </tr>


</table>
            <div><br/></div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">42</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="color: #212529; font-weight: bold;"><span style="text-decoration: underline;">Vessels under construction</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td rowspan="2" style="width: 9.73%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="color: #212529; font-weight: bold;">Name</div>
                  </td>

    <td rowspan="2" style="width: 11.75%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Deadweight</div>
                  </td>

    <td rowspan="2" style="width: 8.98%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Delivery</div>
                    <div style="text-align: center; color: #212529; font-weight: bold;"> date</div>
                  </td>

    <td rowspan="2" style="width: 17.98%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Shipyard</div>
                  </td>

    <td rowspan="2" style="width: 10.36%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Charterer</div>
                  </td>

    <td rowspan="2" style="width: 8.42%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">End of </div>
                    <div style="text-align: center; color: #212529; font-weight: bold;">firm</div>
                    <div style="text-align: center; color: #212529; font-weight: bold;"> period</div>
                  </td>

    <td style="width: 11.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;"><span style="font-weight: bold;">Charterer</span>&#8217;<span style="font-weight: bold;">s</span></div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Gross Rate</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 11.74%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">Optional</div>
                    <div style="text-align: center; color: #212529; font-weight: bold;"> Periods</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #212529; font-weight: bold;">fixed period/options</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #212529;">Hull no. 25110054</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q2 2028</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q2 2035</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle;">
                    <div style="color: #212529;">Hull no. 25110055</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q4 2028</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q4 2035</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #212529;">Hull no. 25110056</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q1 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q1 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle;">
                    <div style="color: #212529;">Hull no. 25110057</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q2 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q2 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #212529;">Hull no. 25110058</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q2 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q2 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$19,250/ <br/>
                      $19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle;">
                    <div style="color: #212529;">Hull no. 25110059</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q2 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q2 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,250/ <br/>
                      $19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #212529;">Hull no. 25110060</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q3 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q3 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle;">
                    <div style="color: #212529;">Hull no. 25110061</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q4 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">Q4 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>

  <tr>

    <td rowspan="3" style="width: 9.73%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="color: #212529;">Hull no. 25110063</div>
                  </td>

    <td rowspan="3" style="width: 11.75%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">47,499</div>
                  </td>

    <td rowspan="3" style="width: 8.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q4 2029</div>
                  </td>

    <td rowspan="3" style="width: 17.98%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Guangzhou Shipyard International Company Limited</div>
                  </td>

    <td rowspan="3" style="width: 10.36%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Trafigura</div>
                  </td>

    <td rowspan="3" style="width: 8.42%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">Q4 2036</div>
                  </td>

    <td rowspan="3" style="width: 11.74%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">1+1+1+1 years</div>
                  </td>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$18,750 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: center; color: #212529;">$19,000 /</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 21.04%; vertical-align: middle; background-color: #CCEEFF;">
                    <div style="text-align: center; color: #212529;">$19,250/ </div>
                    <div style="text-align: center; color: #212529;">$19,500/$19,750</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">43</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">All the tankers in our operating fleet are equipped with engines of modern design with improved Specific Fuel Oil Consumption (SFOC)
              and in compliance with the latest emission requirements, fitted with energy saving improvements in the hull, propellers and rudder as well as equipment that further reduces fuel consumption and emissions certified with an improved Energy
              Efficiency Design Index (Phase 2 compliance level as minimum). Vessels with this combination of technologies, introduced from certain shipyards, are commonly referred to as eco vessels. We believe that recent advances in shipbuilding design
              and technology makes these latest generation vessels more fuel-efficient than older vessels in the global fleet that compete with our vessels for charters, providing us with a competitive advantage. Furthermore, all of our operating vessels
              are fitted with ballast water treatment equipment and exhaust gas cleaning systems (scrubbers).</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.6pt; color: #000000;">The following table presents our mega yacht as of the date of this Annual Report:</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 30.58%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="color: #000000; font-weight: bold;">Name</div>
                  </td>

    <td style="width: 23.14%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">GT</div>
                  </td>

    <td style="width: 23.14%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Length overall</div>
                  </td>

    <td style="width: 23.14%; vertical-align: top; border-bottom: #000000 2px solid;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Guests</div>
                  </td>

  </tr>

  <tr>

    <td style="width: 30.58%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="color: #000000;">M/Y Para Bellvm</div>
                  </td>

    <td style="width: 23.14%; vertical-align: bottom; background-color: #CCEEFF;">
                    <div style="text-align: center;">499.0</div>
                  </td>

    <td style="width: 23.14%; vertical-align: top; background-color: #CCEEFF;">
                    <div style="text-align: center;">47 meters</div>
                  </td>

    <td style="width: 23.14%; vertical-align: top; background-color: #CCEEFF;">
                    <div style="text-align: center;">12</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Management of our Fleet</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our Fleet Manager provides all operational, technical and commercial management services for our fleet. Please see &#8220;Item 18. Financial
              Statements&#8212;Note 5&#8212;Transactions with Related Parties.&#8221;</div>

            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Officers, Crewing and Employees</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">As of the date of this Annual Report we do not employ any shore-based employees. Our executive officers and a number of administrative
              employees are provided according to an agreement with Central Mare. Please see &#8220;Item 18. Financial Statements&#8212;Note 5&#8212;Transactions with Related Parties.&#8221; In addition, our Fleet Manager is responsible for recruiting, mainly through a crewing
              agent, the senior officers and all other crew members for our vessels and our megayacht. We believe the streamlining of crewing arrangements will ensure that all our vessels will be crewed with experienced seamen that have the qualifications
              and licenses required by international regulations and shipping conventions.</div>

            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">The International Shipping Industry</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The seaborne transportation industry is a vital link in international trade, with ocean going vessels representing the most efficient
              and often the only method of transporting large volumes of basic commodities and finished products. Demand for tankers is dictated by world oil demand and trade, which is influenced by many factors, including international economic activity;
              geographic changes in oil production, processing, and consumption; oil price levels; inventory policies of the major oil and oil trading companies; and strategic inventory policies of countries such as the United States, China and India.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Shipping demand, measured in ton-miles, is a product of (a) the amount of cargo transported in ocean going vessels, multiplied by (b)
              the distance over which this cargo is transported. The distance is the more variable element of the ton-mile demand equation and is determined by seaborne trading patterns, which are principally influenced by the locations of production and
              consumption. Seaborne trading patterns are also periodically influenced by geopolitical events that divert vessels from normal trading patterns, as well as by inter-regional trading activity created by commodity supply and demand imbalances.
              Tonnage of oil shipped is primarily a function of global oil consumption, which is driven by economic activity as well as the long-term impact of oil prices on the location and related volume of oil production. Tonnage of oil shipped is also
              influenced by transportation alternatives (such as pipelines) and the output of refineries.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt;"><span style="color: #000000;">Demand for tankers and tonnage of oil shipped is primarily a function of global oil consumption, which is driven by
                economic activity, as well as the long-term impact of oil prices on the location and related volume of oil production. Global oil demand returned to limited growth in 2010 and has since been expanding at a modest pace, as a steady rise in
                Asia has outweighed decreasing demand in Europe and in the United States, with a notable exception for 2020 and 2021 in which years the COVID-19 epidemic dramatically reduced oil demand. According to the International Energy Agency, global
                oil demand increased to </span>103.5<span style="color: #000000;"> million barrels/day in 2025, compared to </span>102.6<span style="color: #000000;"> million barrels/day in 2024.</span></div>

            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">44</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We strategically monitor developments in the tanker industry on a regular basis and, subject to market demand, will seek to enter into
              shorter or longer time or bareboat charters according to prevailing market conditions.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We will compete for charters on the basis of price, vessel location, size, age and condition of the vessel, as well as on our
              reputation as an operator. We will arrange our time charters and bareboat charters through the use of brokers, who negotiate the terms of the charters based on market conditions. We will compete primarily with owners of tankers in the MR
              Product Tanker, Suezmax and VLCC class sizes. Ownership of tankers is highly fragmented and is divided among major oil companies and independent vessel owners.</div>

            <div><br/>
            </div>

            <div style="margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">The Yachting Industry</span></div>

            <div>&#160;</div>

            <div style="margin-right: 0.1pt; margin-left: 0.1pt; color: rgb(0, 0, 0); text-align: justify;">The yachting industry comprises of the design, construction, sale, charter and operation of recreational vessels ranging from smaller leisure yachts
              to large luxury mega yachts. It is a global luxury and leisure marine market that has exhibited sustained growth in recent years, driven by increasing wealth among high&#8209;net&#8209;worth individuals and expanding yacht charter activities.</div>

            <div>&#160;</div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Seasonality</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Historically, oil and oil products trade and, therefore, charter rates increased in the winter months and eased in the summer months
              as demand for oil and oil products in the Northern Hemisphere rose in colder weather and fell in warmer weather. The tanker industry, in general, has become less dependent on the seasonal transport of heating oil than a decade ago as new uses
              for oil and oil products have developed, spreading consumption more evenly over the year. This is most apparent from the higher seasonal demand during the summer months due to energy requirements for air conditioning and motor vehicles. This
              seasonality may affect operating results. However, to the extent that our vessels are chartered at fixed rates on a long-term basis, seasonal factors will not have a significant direct effect on our business.</div>

            <div><br/>
            </div>

            <div style="color: rgb(0, 0, 0); text-align: justify;">The yachting and yacht charter markets exhibit seasonality, with a majority of activity clustered in defined peak periods each year. The majority of annual charter bookings occur during the
              summer months, leading to significantly lower utilization and revenues in off&#8209;peak months. In the Mediterranean, summer charter demand (typically from May through October) accounts for the bulk of annual bookings due to favorable weather and
              holiday travel patterns. In contrast, winter season peaks occur in tropical and Southern Hemisphere destinations like the Caribbean around December and January, aligning with holiday travel.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; margin-right: 1.6pt; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Risk of Loss and Liability Insurance</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">General</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss or
              damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other
              environmental mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited liability upon shipowners, operators and bareboat charterers of any vessel trading in the
              exclusive economic zone of the United States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and operators trading in the United States market. We carry insurance coverage
              as customary in the shipping industry. However, not all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage at reasonable rates.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Hull and Machinery Insurance</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">We procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution
              insurance and war risk insurance and freight, demurrage and defense insurance for our fleet. We generally do not maintain insurance against loss of hire (except for certain charters for which we consider it appropriate), which covers business
              interruptions that result in the loss of use of a vessel.</div>

            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">45</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Protection and Indemnity Insurance</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Protection and indemnity insurance is provided by mutual protection and indemnity associations (&#8220;P&amp;I Associations&#8221;) and covers our
              third-party liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury, illness or death of crew, passengers and other third parties, loss or damage to cargo, claims
              arising from collisions with other vessels, damage to other third-party property such as fixed and floating objects, pollution arising from oil or other substances and salvage, towing and other related costs, including wreck removal.
              Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and indemnity mutual associations (&#8220;P&amp;I Associations&#8221;).</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Our current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 12 P&amp;I
              Associations that comprise the International Group insure approximately 90% of the world&#8217;s commercial tonnage and have entered into a pooling agreement to reinsure each association&#8217;s liabilities. The International Group&#8217;s website states that
              the Pool provides a mechanism for sharing all claims in excess of US $10 million up to, currently, approximately US$8.9 billion. As a member of a P&amp;I Association, which is a member of the International Group, we are subject to calls
              payable to the associations based on our claim records as well as the claim records of all other members of the individual associations and members of the shipping pool of P&amp;I Associations comprising the International Group.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;">Environmental and Other Regulations</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Government regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international
              conventions and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are registered relating to safety and health and environmental protection including the storage, handling,
              emission, transportation and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural resources. Compliance with such laws, regulations and other requirements entails
              significant expense, including vessel modifications and implementation of certain operating procedures.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">A variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include
              the local port authorities (applicable national authorities such as the United States Coast Guard (the &#8220;USCG&#8221;), harbor master or equivalent), classification societies, flag state administrations (countries of registry) and charterers,
              particularly terminal operators. Certain of these entities require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain necessary permits or approvals could require us to
              incur substantial costs or result in the temporary suspension of the operation of one or more of our vessels.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Increasing environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required
              to maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training of our officers and crews and compliance with United States and international regulations. We believe that the
              operation of our vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material permits, licenses, certificates or other authorizations necessary for the conduct of our
              operations. However, because such laws and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying with these requirements, or the impact of these requirements on the
              resale value or useful lives of our vessels. In addition, a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or regulation that could negatively affect our
              profitability.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">International Maritime Organization (IMO)</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">The IMO, the United Nations (the &#8220;UN&#8221;) agency for maritime safety and the prevention of pollution by vessels, adopted MARPOL, SOLAS
              the LL Convention and the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&#8220;STCW&#8221;). MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage,
              air emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable to dry bulk, tanker and LNG carriers, among other vessels, and is divided into six Annexes, each of which
              regulates a different source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk, in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage
              management, respectively; and Annex VI, lastly, relates to air emissions.</div>

            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">46</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
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              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Since 2014, the MEPC amendments to MARPOL Annex I Condition Assessment Scheme have required compliance with the 2011 International
              Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil Tankers (&#8220;ESP Code&#8221;), which provides for enhanced inspection programs. Effective July 1, 2024, amendments to the ESP Code became effective, addressing
              inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic;">Air Emissions</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">In September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets
              limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &#8220;deliberate emissions&#8221; of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo
              tanks and the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows for special areas to be established with more stringent controls on sulfur emissions, as explained
              below. Emissions of &#8220;volatile organic compounds&#8221; from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000) of certain substances (such as polychlorinated biphenyls) are also prohibited. We
              believe that all of our vessels are currently compliant in all material respects with these regulations.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">MEPC adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting
              substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board
              ships. Effective January 1, 2020, there has been a global limit of 0.5% m/m sulfur oxide emissions (reduced from 3.50%). This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels or exhaust gas cleaning systems
              (&#8220;EGCS&#8221;). Ships are required to obtain bunker delivery notes and International Air Pollution Prevention Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit the carriage
              of bunkers above 0.5% sulfur on ships became effective on March 1, 2020. Fuels with higher sulfur content than required by Reg. 14 of Annex VI can still be delivered to a ship, provided the ship uses equivalent measures, such as an EGCS.
              Additional amendments to Annex VI revising, among other terms, the definition of &#8220;Sulphur content of fuel oil&#8221; (if the flashpoint is under 70&#176;C) and &#8220;low-flashpoint fuel&#8221; and pertaining to the sampling and testing of onboard fuel oil, became
              effective in April 2022. Amendments to Annex VI requiring bunker delivery notes to include a flashpoint of fuel oil or a statement that the flashpoint has been measured at or above 70&#176;C as mandatory information became effective on May 1,
              2024. Additional amendments intended to prevent the supply of oil fuel not complying with SOLAS flashpoint requirements and adding new definitions regarding probability of ignition became effective January 1, 2026. These regulations subject
              ocean-going vessels to stringent emissions controls and may cause us to incur substantial costs.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">MEPC 77 adopted a non-binding resolution which urges member states and ship operators to voluntarily use distillate or other cleaner
              alternative fuels or methods of propulsion that are safe for ships and could contribute to the reduction of black carbon emissions from ships when operating in or near the Arctic.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.5pt; margin-left: 1.5pt; color: #000000;">Sulfur content standards are even stricter within certain ECAs. As of January 1, 2015, ships operating within an ECA were not
              permitted to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently, the IMO has designated five ECAs, including specified portions of the Baltic Sea area, North Sea
              area, North American area and United States Caribbean Sea area. In December 2022, the Committee adopted Resolution MEPC.361(79) establishing a new ECA for the Mediterranean Sea as a whole. These amendments entered into force on May 1, 2025.
              At MEPC 82, the IMO adopted additional amendments to Annex VI designating the Canadian Arctic and the Norwegian Sea as ECAs, which entered into force on March 1, 2026, taking effect on March 1, 2027. Ocean-going vessels in these areas will be
              subject to stringent emission controls and ocean-going vessels trading in ECAs are subject to increased operational costs due to the higher price of fuel with low sulfur content and this may cause us to incur additional costs. Other areas in
              China are subject to local regulations that impose stricter emission controls. If other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines or port operations by vessels
              are adopted by the U.S. Environmental Protection Agency (the &#8220;EPA&#8221;) or the states where we operate, compliance with these regulations could entail significant capital expenditures or otherwise increase the costs of our operations.</div>

            <div>&#160;</div>

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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">MEPC 79 adopted amendments to Annex VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG
              reduction measure, including attained EEXI, CII and rating values to the IMO DCS, which became effective May 1, 2024. MEPC 80 adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships with enhanced targets to mitigate harmful
              emissions. The revised IMO GHG Strategy comprises a common ambition to ensure an uptake of alternative zero and near-zero GHG fuels by 2030 and to achieve net-zero emissions from international shipping by 2050. The IMO net-zero framework was
              approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for emissions. These regulations were approved as amendments and submitted for adoption as legally binding, but in October 2025 the MEPC agreed to
              adjourn the meeting on adoption until October 2026.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Amended Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on
              their date of installation. Now Annex VI provides for a three-tier reduction in NOx emissions from marine diesel engines, with the final tier (Tier III) to apply to engines installed on vessels constructed on or after January 1, 2016 and
              which operate in the North American ECA or the U.S. Caribbean Sea ECA, to vessels constructed on or after January 1, 2021 and operating in the Baltic Sea ECA or North Sea ECA, to vessels with keels laid on or after January 1, 2025 operated in
              the Canadian Arctic ECA, and to certain vessels as early as March 1, 2026 and operating in the Norwegian Sea ECA, as well as ECAs designated in the future by the IMO. The EPA promulgated equivalent (and in some senses stricter) emissions
              standards in late 2009. Additionally, amendments to Annex II, which strengthen discharge requirements for cargo residues and tank washings in specified sea areas (including North West European waters, Baltic Sea area, Western European waters
              and Norwegian Sea), came into effect in January 2021.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">As determined at the MEPC 70, Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above 5,000
              gross tonnage (&#8220;GT&#8221;) to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data collection having commenced on January 1, 2019. The IMO used such data as the first step in its roadmap (through
              2023) for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">As of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required to
              develop and implement Ship Energy Efficiency Management Plans (&#8220;SEEMPS&#8221;) and new ships must be designed in compliance with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&#8220;EEDI&#8221;).
              Additionally, MEPC 75 adopted amendments to MARPOL Annex VI which brought forward the effective date of the EEDI&#8217;s &#8220;phase 3&#8221; requirements to April 1, 2022, for several ship types, including gas carriers, general cargo ships, and LNG carriers,
              with the remaining vessels required to comply from January 1, 2025. MEPC 81 adopted amendments to the guidelines for the development of SEEMPs, including methodology for collecting data. These amendments went into effect on August 1, 2025.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Additionally, MEPC 76 adopted amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. The
              revised Annex VI entered into force in November 2022 and includes requirements to assess and measure the energy efficiency of all ships and set the required attainment values, with the goal of reducing the carbon intensity of international
              shipping. The requirements include (1) a technical requirement to reduce carbon intensity based on a new EEXI, and (2) operational carbon intensity reduction requirements based on a new operational CII. The attained EEXI is required to be
              calculated for ships of 400 gross tonnage and above, in accordance with different values set for ship types and categories. With respect to the CII requirement, which took effect from January 1, 2023, ships of at least 5,000 gross tonnage are
              required to document and verify their actual annual operational CII achieved against a determined required annual operational CII. The EEXI and CII certification requirements entered into effect on January 1, 2023. MEPC 79 adopted amendments
              to Annex VI on the reporting of mandatory values related to the implementation of the IMO short-term GHG reduction measure, including attained EEXI, CII and rating values to the IMO DCS, which became effective on May 1, 2024.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">MEPC 76 also adopted amendments requiring ships of 5,000 gross tonnage and above to revise their SEEMP to include methodology for
              calculating the ship&#8217;s attained annual operation CII and the required annual operational CII, on or before June 1, 2023. MEPC 76 also approved amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil by
              ships in Arctic waters on and after July 1, 2024. For ships subject to Regulation 12A (oil fuel tank protection), the prohibition will become effective on or after July 1, 2029.</div>

            <div><br/>
            </div>

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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Pursuant to the IMO&#8217;s short-term targets for the reduction of greenhouse gas emissions in the shipping industry by 2030, we may incur
              costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that could require the installation of expensive emission control systems and could adversely affect our business, results of
              operations, cash flows and financial condition.</div>

            <div>&#160;</div>

            <div style="text-align: justify; color: #000000; font-style: italic;">Safety Management System Requirements</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation of
              Liability for Maritime Claims (the &#8220;LLMC&#8221;) sets limitations of liability for a loss of life, personal injury or property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Under the ISM Code, our operations are also subject to environmental standards and requirements. The ISM Code requires the party with
              operational control of a vessel to develop an extensive safety management system that includes, among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for operating its
              vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or
              bareboat charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage for the affected vessels and may result in a denial of access to, or detention in, certain ports.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The Military Sealift Command adopted amendments to modernize the Global Maritime Distress and Safety System, which entered into force
              on January 1, 2024. The amendments, which include amendments to SOLAS, may require vessel owners/operators to ensure their radio equipment is compliant.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The ISM Code requires that vessel operators obtain a Safety Management Certificate (an &#8220;SMC&#8221;) for each vessel they operate. This
              certificate evidences compliance by a vessel&#8217;s management with the ISM Code requirements for a safety management system. No vessel can obtain an SMC unless its manager has been awarded a Document of Compliance (&#8220;DOC&#8221;) issued by each flag
              state (or a Recognized Organization on behalf of the flag administration), under the ISM Code. We have obtained applicable DOCs for our offices and SMCs for all of our vessels. Each DOC and SMC are renewed as required.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Amendments to SOLAS chapter II-2, which are intended to prevent the supply of oil fuel not complying with SOLAS flashpoint requirements, requiring that ships carrying oil fuel
              must, prior to bunkering, be provided with a declaration certifying that the oil fuel supplied is in conformity with SOLAS regulation II-2/4.2.1, entered into effect on January 1, 2026.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Regulation II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have
              adequate strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10 entered into force in 2012, and starting on July 1, 2016 apply to new oil tankers and bulk
              carriers. Regulation II-1/3-10 requires that all oil tankers and bulk carriers of at least 150 meters in length, for which the building contract is placed on or after July 1, 2016, satisfy applicable structural requirements conforming to the
              functional requirements of the International Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers. Amendments to the International Code on the Enhanced Programme of Inspections during Surveys of Bulk Carriers and Oil
              Tankers, 2011 became effective and address inconsistencies on examination of ballast tanks at annual surveys for bulk carriers and oil tankers.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Amendments to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in
              compliance with the International Maritime Dangerous Goods Code (&#8220;IMDG Code&#8221;). Effective January 1, 2018, the IMDG Code includes (1) updates to the provisions for radioactive material, reflecting the latest provisions from the International
              Atomic Energy Agency, (2) new marking, packing and classification requirements for dangerous goods and (3) new mandatory training requirements. Amendments which took effect on January 1, 2020, also reflect the latest material from the UN
              Recommendations on the Transport of Dangerous Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups and (3) special provisions for carriage of lithium batteries and of vehicles powered by
              flammable liquid or gas. Additional amendments to the IMDG Code relating to the segregation requirements for certain substances and classification and transport of carbon came into effect in June 2022. Updates to the IMDG Code, in line with
              the updates to the United Nations Recommendations on the Transport of Dangerous Goods, which set the recommendations for all transport modes, became effective January 1, 2024. In May 2024, the last IMDG Code amendment was adopted, covering
              additional provisions for ships carrying dangerous goods. The amendment became effective on January 1, 2026.</div>

            <div>&#160;</div>

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            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The IMO has also adopted the STCW. As of February 2017, all seafarers are required to meet the STCW standards and be in possession of
              a valid STCW certificate. Flag states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW requirements into their class rules, to undertake surveys to confirm compliance.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Actions by the IMO&#8217;s Maritime Safety Committee and United States agencies indicate that cybersecurity regulations for the maritime
              industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats. For example, effective January 2021, cyber-risk management systems must be incorporated by ship-owners and managers. Additional
              requirements apply to U.S. flagged vessels. This might cause companies to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures. The impact of such regulations is hard
              to predict at this time.</div>

            <div>&#160;</div>

            <div style="text-align: justify; color: #000000; font-style: italic;">Pollution Control and Liability Requirements</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial
              waters of the signatories to such conventions. For example, the IMO adopted the BWM Convention in 2004. The BWM Convention entered into force globally on September 8, 2017. The BWM Convention requires ships to manage their ballast water to
              remove, render harmless or avoid the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Specifically, ships over 400 gross tons generally must comply with a &#8220;D-1 standard,&#8221; requiring the exchange of ballast water only in
              open seas and away from coastal waters. The &#8220;D-2 standard&#8221; specifies the maximum amount of viable organisms allowed to be discharged, and compliance dates vary depending on the IOPP renewal dates. For most ships, compliance with the D-2
              standard involves installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast Water Management systems (&#8220;BWMS&#8221;), which include systems that make use of chemical, biocides, organisms or biological mechanisms,
              or which alter the chemical or physical characteristics of the Ballast Water, must be approved in accordance with IMO Guidelines (Regulation D-3). Pursuant to the BWM Convention amendments that entered into force in October 2019, BWMS
              installed on or after October 28, 2020 shall be approved in accordance with BWMS Code, while BWMS installed before October 23, 2020 must be approved taking into account guidelines developed by the IMO or the BWMS Code. MEPC 72&#8217;s amendments to
              the BWM Convention requires all ships to meet the D-2 standard.&#160; The cost of compliance could increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge of ballast
              water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast
              exchange, or undertake some alternate measure, and to comply with certain reporting requirements. Amendments to the BWM Convention concerning commissioning testing of BWMS became effective in 2022, and other amendments concerning the form of
              the Ballast Water Record Book entered into force on February 1, 2025.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The IMO adopted the CLC, as amended by different Protocols in 1976, 1984, and 1992, and amended in 2000. Under the CLC and depending
              on whether the country in which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s registered owner may be strictly liable for pollution damage caused in the territorial waters of a contracting state by discharge of
              persistent oil, subject to certain exceptions. The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special Drawing Rights. The limits on liability have since been amended so
              that the compensation limits on liability were raised. The right to limit liability is forfeited under the CLC where the spill is caused by the shipowner&#8217;s actual fault and under the 1992 Protocol where the spill is caused by the shipowner&#8217;s
              intentional or reckless act or omission where the shipowner knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering the liability of the owner in a sum equivalent to an
              owner&#8217;s liability for a single incident. We have protection and indemnity insurance for environmental incidents. P&amp;I Associations in the International Group issue the required Bunkers Convention &#8220;Blue Cards&#8221; to enable signatory states to
              issue certificates. We will ensure that our vessels are in possession of a CLC State issued certificate attesting that the required insurance coverage is in force as required by law.</div>

            <div>&#160;</div>

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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The IMO also adopted the Bunker Convention to impose strict liability on ship owners (including the registered owner, bareboat
              charterer, manager or operator) for pollution damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered owners of ships over 1,000 gross tons to maintain insurance for
              pollution damage in an amount equal to the limits of liability under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the LLMC). With respect to non-ratifying states,
              liability for spills or releases of oil carried as fuel in a ship&#8217;s bunkers typically is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Ships are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions,
              such as the United States where the Bunker Convention has not been adopted, various legislative schemes or common law govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Anti</span>&#8209;<span style="font-style: italic;">Fouling Requirements</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">In 2001, the IMO adopted the International Convention on the Control of Harmful Anti&#8209;fouling Systems on Ships (the &#8220;Anti&#8209;fouling
              Convention&#8221;), which entered into force on September 17, 2008, and prohibits the use of organotin compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross tons engaged in
              international voyages are required to undergo an initial survey before the vessel is put into service or before an International Anti&#8209;fouling System Certificate is issued for the first time and subsequent surveys are required when the
              anti&#8209;fouling systems are altered or replaced. In 2023, amendments to the Anti-fouling Convention came into effect which include controls on the biocide cybutryne: ships shall not apply cybutryne or re-apply anti-fouling systems containing
              cybutryne from January 1, 2023.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">We have obtained Anti-fouling System Certificates for our vessels that are subject to the Anti-fouling Convention.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic;">Compliance Enforcement</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Noncompliance with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may
              lead to decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM
              Code by applicable deadlines will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this Annual Report, each of our vessels is ISM Code certified. However, there can be no assurance that such
              certificates will be maintained in the future. The IMO continues to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the IMO and what effect, if any, such regulations
              might have on our operations.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">United States Regulations</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic;">The U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">OPA established an extensive regulatory and liability regime for the protection and clean-up of the environment from oil spills. OPA
              affects all &#8220;owners and operators&#8221; whose vessels trade or operate within the U.S., its territories and possessions or whose vessels operate in U.S. waters, which includes the U.S.&#8217;s territorial sea and its 200-nautical mile exclusive economic
              zone around the U.S. The U.S. has also enacted CERCLA, which applies to the discharge of hazardous substances other than oil, except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &#8220;owner and operator&#8221; in the
              case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</div>

            <div><br/>
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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Under OPA, vessel owners and operators are &#8220;responsible parties&#8221; and are jointly, severally and strictly liable (unless the spill
              results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers
              (fuel). OPA defines these other damages broadly to include:</div>

            <div><br/>
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    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(i)</td>

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                    <div style="color: #000000;">injury to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</div>
                  </td>

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                  </td>

    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(ii)</td>

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                    <div style="color: #000000;">injury to, or economic losses resulting from, the destruction of real and personal property;</div>
                  </td>

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    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(iii)</td>

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                    <div style="color: #000000;">net loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal property, or natural resources;</div>
                  </td>

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                  </td>

    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(iv)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">loss of subsistence use of natural resources that are injured, destroyed or lost;</div>
                  </td>

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    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(v)</td>

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                    <div style="color: #000000;">lost profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources; and</div>
                  </td>

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    <td style="width: 27pt; vertical-align: top; color: rgb(0, 0, 0);">(vi)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">net cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection from fire, safety or health hazards, and loss of subsistence use of
                      natural resources.</div>
                  </td>

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            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">OPA contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. Effective March 2023, the USCG
              adjusted the limits of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability to the greater of $2,500 per gross ton or $21,521,000 (subject to periodic adjustment for inflation), for non-tank
              vessels, edible oil tank vessels, and any oil spill response vessels, to the greater of $1,300 per gross ton or $1,076,000 (subject to periodic adjustment for inflation). These limits of liability do not apply if an incident was proximately
              caused by the violation of any applicable U.S. federal safety, construction or operating regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship) or a responsible party&#8217;s gross
              negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of the
              incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the
              Intervention on the High Seas Act.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">CERCLA contains a similar liability regime whereby owners and operators of vessels are liable for clean-up, removal and remedial
              costs, as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with assessing the same, and health assessments or health effects studies. There is no liability if the discharge
              of a hazardous substance results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous
              substance as cargo and the greater of $300 per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total cost of response and damages) if the release or threat of release of a
              hazardous substance resulted from willful misconduct or negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations. The limitation on liability also does not apply
              if the responsible person fails or refused to provide all reasonable cooperation and assistance as requested in connection with response activities where the vessel is subject to OPA.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">OPA and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require
              owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and
              operators may satisfy their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or a guarantee. We comply and plan to comply going forward with the USCG&#8217;s financial
              responsibility regulations by providing applicable certificates of financial responsibility.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The 2010 <span style="font-style: italic;">Deepwater Horizon</span> oil spill in the Gulf of Mexico resulted in additional regulatory
              initiatives or statutes, including higher liability caps under OPA, new regulations regarding offshore oil and gas drilling and a pilot inspection program for offshore facilities. However, several of these initiatives and regulations have
              been or may be revised. For example, the U.S. Bureau of Safety and Environmental Enforcement&#8217;s revised Production Safety Systems Rule (&#8220;PSSR&#8221;), effective December 27, 2018, modified and relaxed certain environmental and safety protections
              under the 2016 PSSR. Compliance with any new requirements of OPA and future legislation or regulations applicable to the operation of our vessels could negatively impact the cost of our operations and adversely affect our business.</div>

            <div>&#160;</div>

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            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">OPA specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring
              within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable
              waterway have enacted environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge of oil or a release of a hazardous substance. These laws may be more stringent than U.S.
              federal law. Moreover, some states have enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases, states which have enacted this type of legislation have not yet issued
              implementing regulations defining vessel owners&#8217; responsibilities under these laws. We intend to comply with all applicable state regulations in the ports where our vessels call.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">We currently maintain pollution liability coverage insurance in the amount of $1 billion per incident for each of our vessels. If the
              damages from a catastrophic spill were to exceed our insurance coverage, that could have an adverse effect on our business and results of operation.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic;">Other United States Environmental Initiatives</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The CAA requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants. The
              CAA requires states to adopt State Implementation Plans some of which regulate emissions resulting from vessel loading and unloading operations which may affect our vessels.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The CWA prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a
              duly-issued permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes substantial liability for the costs of removal, remediation and damages and complements the remedies
              available under OPA and CERCLA. In 2015, the EPA expanded the definition of &#8220;waters of the United States&#8221; (&#8220;WOTUS&#8221;), thereby expanding federal authority under the CWA. In August 2023, the EPA and Department of the Army issued a final rule to
              amend the revised WOTUS definition to conform the definition of WOTUS to the U.S. Supreme Court&#8217;s interpretation of the CWA in its decision dated May 25, 2023. The final rule became effective September 8, 2023 and operates to limit the CWA.
              On March 12, 2025, the EPA announced it would work with the U.S. Army Corp of Engineers to review the definition of WOTUS and undertake a rulemaking process to revise the definition of WOTUS. On November 17, 2025, the EPA and Army Corps
              proposed a new definition of WOTUS to align with the Supreme Court&#8217;s decision, narrowing federal jurisdiction and clarifying exclusions. Public comments closed on January 5, 2026 and will be taken into consideration as federal agencies take
              final action on the rule.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation of
              equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering
              U.S. Waters. The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels within United States waters pursuant to the Vessel Incidental Discharge Act (&#8220;VIDA&#8221;), which was
              signed into law on December 4, 2018 and requires that the USCG develop implementation, compliance and enforcement regulations regarding ballast water. On October 26, 2020, the EPA published a Notice of Proposed rulemaking for Vessel
              Incidental Discharge National Standards of Performance under VIDA, and in November 2020, held virtual public meetings. On October 18, 2023, the EPA published a Supplemental Notice to the Vessel Incidental Discharge National Standards of
              Performance, which shares new ballast water information that the EPA received from the USCG. On September 20, 2024, the EPA finalized national standards of performance for non-recreational vessels 79-feet in length and longer with respect to
              incidental discharges and on October 9, 2024, these Vessel Incidental Discharge National Standards of Performance were published. Within two years of publication, the USCG is required to develop corresponding implementing regulations.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Therefore, until new USCG regulations are final and enforceable, non-military, non-recreational vessels greater than 79 feet in length
              must continue to comply with the requirements of the 2013 VGP, including submission of a Notice of Intent (&#8220;NOI&#8221;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for all of our vessels where required.
              Compliance with the EPA, U.S. Coast Guard and state regulations requires the installation of ballast water treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial cost or
              may otherwise restrict our vessels from entering U.S. waters. Our vessels are equipped with ballast water treatment systems, which are subject to functionality monitoring and treated ballast water sampling and analysis, in compliance with the
              requirements stipulated in 2013 VGP.</div>

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            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">European Union Regulations</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">In October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting
              substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of
              a polluting substance may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions apply to warships or where human safety or that of the ship is in danger. Criminal
              liability for pollution may result in substantial penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council of April 29, 2015 (amending EU Directive 2009/16/EC) governs the
              monitoring, reporting and verification of carbon dioxide emissions from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and report carbon dioxide emissions annually, which
              may cause us to incur additional expenses. As of January 2019, large ships calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information. The system entered into force on March 1, 2018.
              July 2020 saw the European Parliament&#8217;s Committee on Environment, Public Health and Food Safety vote in favor of the inclusion of vessels of 5,000 gross tons and above in the EU Emissions Trading System (in addition to voting for a revision
              to the monitoring, reporting and verification of CO&#8322; emissions). In September 2020, the European Parliament adopted the proposal from the European Commission to amend the regulation on monitoring carbon dioxide emissions from maritime
              transport. From January 1, 2025, Regulation (EU) 2015/757 of the European Parliament and of the Council on the monitoring, reporting and verification of carbon dioxide emissions from maritime transport (&#8220;EU MRV&#8221;) mandated monitoring and
              reporting of GHG emissions for ships between 400GT and 5,000GT (general cargo and offshore ships).</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">On July 14, 2021, the European Commission published a package of draft proposals as part of its &#8220;Fit for 55&#8221; environmental legislative
              agenda and as part of the wider EU Green Deal growth strategy. There are two key initiatives relevant to maritime arising from the proposals: (a) a bespoke emissions trading scheme for maritime (ETS) which commenced in 2024 and applies to all
              ships above a gross tonnage of 5,000; and (b) a FuelEU regulation which seeks to require all ships above a gross tonnage of 5,000 to carry on board a &#8220;FuelEU certificate of compliance&#8221; starting June 30, 2026 as evidence of compliance with the
              limits on the greenhouse gas intensity of the energy used on-board by a ship and with the requirements on the use of on-shore power supply at berth. ETS was agreed in December 2022 and FuelEU was passed into law on July 25, 2023 and entered
              into force on January 1, 2025.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">More specifically, ETS is to apply gradually over the period from 2024 2026. 40% of allowances had to be surrendered in 2025 for the
              year 2024; 70% of allowances will have to be surrendered in 2026 for the year 2025; 100% of allowances will have to be surrendered in 2027 for the year 2026. Compliance is to be on a company-wide (rather than per ship) basis and &#8220;shipping
              company&#8221; is defined widely to capture both the ship owner and any contractually appointed commercial operator/ship manager/bareboat charterer who not only assume full compliance for ETS but also under the ISM Code. If the latter contractual
              arrangement is entered into, this needs to be reflected in a certified mandate signed by both parties and presented to the administrator of the scheme. The first compliance deadline was September 30, 2025 and, going forward, compliance is
              required on September 30 of each year. The cap under the ETS is set by taking into account EU MRV system emissions data for the years 2018 and 2019, adjusted, from year 2021 and is to capture 100% of the emissions from intra-EU maritime
              voyages; 100% of emissions from ships at berth in EU ports and 50% of emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Over time, amendments have emerged that will allow 100% of non-EU
              emissions to be caught, as a result of the IMO&#8217;s recent failure to introduce global market measures. In addition, the EU MRV system is also being revised such that the scope of ships to be monitored will now extend to those that are 400GT and
              more. The reason for this is because the ETS will likely apply to ships that are between 400GT and 5,000GT starting from <span style="font-style: italic;">circa</span> 2027. EU MRV already captures cargo and offshore vessels between 400GT
              and 5,000GT as of January 1, 2025. The first deadline for the surrender of allowances was September 30, 2025, with a few shipping companies missing the deadline for opening a Maritime Operator Holding Account on time and incurring penalties
              of &#8364;100 per each unreported ton of carbon. From a risk management perspective, new systems, personnel, data management systems, costs recovery mechanisms, revised service agreement terms and emissions reporting procedures have been put in
              place across the industry, at significant cost, to continue to manage the administrative aspect of ETS compliance.</div>

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            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Additionally, on July 25, 2023, the European Council of the European Union adopted FuelEU under the FuelEU Initiative of its &#8220;Fit for
              55&#8221; package which sets limitations on the acceptable yearly greenhouse gas intensity of the energy used by covered vessels. Due to delays in the incorporation of the regulation into the Agreement on the European Economic Area (&#8220;EEA&#8221;), there
              will be delays in its implementation in Europe. Among other things, the Maritime Fuel Regulation requires that greenhouse gas intensity of fuel used by covered vessels is reduced by 2% starting January 1, 2025, with additional reductions
              contemplated every five years (up to 80% by 2050). Shipping companies may enter into pooling mechanisms with other shipping companies in order to achieve compliance, bank surplus emissions and borrow compliance balances from future years.
              Decisions whether to pool, bank or borrow Fuel EU compliance balances will have to be made by April 30, 2026. A FuelEU Document of Compliance is required to be kept on board a vessel to show compliance by June 30, 2026. Both the ETS and
              FuelEU schemes have significant impact on the management of the vessels calling to EU ports, by increasing the complexity and monitoring of, and costs associated with the operation of vessels and affecting the relationships with our time
              charterers.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Responsible recycling and scrapping of ships are becoming increasingly important issues for shipowners and charterers alike as the
              industry strives to replace old ships with cleaner, more energy efficient models. The recognition of the need to impose recycling obligations on the shipping industry is not new. In 2009, the IMO adopted the Hong Kong Ship Recycling
              Convention (the &#8220;Hong Kong Convention&#8221;), which sets standards for ship recycling. Concerned at the lack of progress in satisfying the conditions needed to bring the Hong Kong Convention into force, the EU published its own Ship Recycling
              Regulation 1257/2013 (&#8220;SRR&#8221;) in 2013, with a view to facilitating early ratification of the Hong Kong Convention both within the EU and in other countries outside the EU.&#160; The 2013 regulations are vital to responsible ship recycling in the
              EU. SRR requires that, from December 31, 2020, all existing ships sailing under the flag of EU member states and non-EU flagged ships calling at an EU port or anchorage must carry on-board an Inventory of Hazardous Materials with a
              certificate or statement of compliance, as appropriate. For EU-flagged vessels, a certificate (either an Inventory Certificate or Ready for Recycling Certificate) will be necessary, while non-EU flagged vessels will need a Statement of
              Compliance. Now that the Hong Kong Convention has been ratified and entered into force on June 26, 2025, it is expected the EU Ship Recycling Regulation will be reviewed in light of this. Notably, the Hong Kong Convention has seen weak
              implementation and poor results to date, suggesting the EU may elect not to alter its regulation for the moment.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of
              high-risk ships, as determined by type, age and flag as well as the number of times the ship has been detained. The European Union also adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for
              repeated offenses. The regulation also provided the European Union with greater authority and control over classification societies, by imposing more requirements on classification societies and providing for fines or penalty payments for
              organizations that failed to comply. Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary engines. The EU Directive 2016/802 of the Council of May 11, 2016
              introduced requirements parallel to those in Annex VI relating to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at berths in the Baltic, the North Sea, and the English
              Channel (the so-called &#8220;SOx-Emission Control Area&#8221;). As of January 2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5% maximum sulfur content.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">EU Directive 2004/35/CE (as amended) regarding the prevention and remedying of environmental damage addresses liability for
              environmental damage (including damage to water, land, protected species and habitats) on the basis of the &#8220;polluter pays&#8221; principle. Operators whose activities caused the environmental damage are liable for the damage (subject to certain
              exceptions). With regard to specified activities causing environmental damage, operators are strictly liable. The directive applies where damage has already occurred and where there is an imminent threat of damage. The directive requires
              preventative and remedial actions, and that operators report environmental damage or an imminent threat of such damage.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas
              emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the Fit for 55 (described above) to support the
              climate policy agenda.</div>

            <div>&#160;</div>

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                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">On November 10, 2022, the EU Parliament adopted the Corporate Sustainability Reporting Directive (the &#8220;CSRD&#8221;). EU member states have
              18 months to integrate it into national law. The CSRD creates new, detailed sustainability reporting requirements and will significantly expand the number of EU and non-EU companies subject to the EU sustainability reporting framework. The
              required disclosures will go beyond environmental and climate change reporting to include social and governance matters (for example, respect for employee and human rights, anti-corruption and bribery, corporate governance and diversity and
              inclusion). In addition, it will require disclosure regarding the due diligence processes implemented by a company in relation to sustainability matters and the actual and potential adverse sustainability impacts of an in-scope company&#8217;s
              operations and value chain. The CSRD will apply on a phased basis, starting from the financial year 2024 through 2028, to large EU and non-EU undertakings subject to certain financial and employee thresholds being met (as described below).
              Following the publication of the Omnibus package of proposals on February 26, 2025, which are designed to simplify EU regulations and cut red tape, the application of all reporting requirements in the CSRD for companies that are due to report
              in 2026 and 2027 has been postponed to 2028 (in respect of the 2027 financial year). The Omnibus package was approved by the EU Parliament on December 16, 2025 and will simplify compliance for small and medium-sized entities and all companies
              with up to 1,000 employees and less than EUR 450 million turnover will be outside the scope of the CSRD. For companies that are in scope, the European Commission will adopt a delegated act to revise and simplify the existing sustainability
              reporting standards. The CSRD will now apply to (a) EU undertakings and non-EU issuers, who on an individual or group basis, have more than EUR 450 million net turnover and more than 1,000 employees on average during the financial year; and
              (b) non-EU ultimate parent undertakings that have more than EUR 450 million net turnover generated in the EU (individually or on a consolidated basis) for each of their last two consecutive financial years; and an EU subsidiary or a branch in
              the EU with more than EUR 200 million net turnover in the preceding financial year. New systems, personnel, data management systems and reporting procedures will have to be put in place, at significant cost, to prepare for and manage the
              administrative aspect of CSRD compliance.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">A new Corporate Sustainability Due Diligence Directive (&#8220;CSDDD&#8221;) was also adopted on July 25, 2024 as part of the Fit for 55 Package
              and establishes a corporate due diligence duty. CSDDD was to apply to large companies with more than 1,000 employees and the turnover threshold EUR450 million. However, following the approval of the Omnibus agreement on December, 16, 2025,
              CSDDD is now expected to apply from July 26, 2029 and the thresholds have now been revised to only apply to (a) EU undertakings that have or&#8212;if they are an ultimate parent undertaking, their group&#8212;has more than EUR 1.5 billion net turnover,
              and more than 5,000 employees on average during the financial year; and (b) non-EU undertakings that have or&#8212;if they are an ultimate parent undertaking, their group&#8212;has more than EUR 1.5 billion net turnover generated in the EU. The aim of
              CSDDD is to foster sustainable and responsible corporate behavior and to anchor human rights and environmental considerations in companies&#8217; operations and corporate governance. The new rules endeavor to ensure that businesses address adverse
              impacts of their actions, including in their value chains inside and outside Europe. New systems, personnel, data management systems and reporting procedures will have to be put in place, at significant cost, to prepare for and manage the
              administrative aspect of CSDDD compliance.</div>

            <div>&#160;</div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">International Labor Organization</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The International Labor Organization is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&#8220;MLC
              2006&#8221;). A Maritime Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships of 500 gross tonnage or greater and/or engaged in international trade. We believe that our
              vessels are in substantial compliance with and are certified to meet MLC 2006 and its amendments.</div>

            <div>&#160;</div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Greenhouse Gas Regulation</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Currently, the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations
              Framework Convention on Climate Change (this task having been delegated to the IMO), which entered into force in 2005 and pursuant to which adopting countries have been required to implement national programs to reduce greenhouse gas
              emissions with targets extended through 2020. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse gas emissions. The 2015 United
              Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from ships. On January 20, 2025, President Donald Trump signed an
              executive order initiating the United States&#8217; withdrawal from the Paris Agreement, which took effect on January 27, 2026.</div>

            <div><br/>
            </div>

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                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">At MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy for the
              reduction of greenhouse gas emissions from ships was approved. In accordance with this roadmap, at MEPC 80 in July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships, which revoked the 2018 initial strategy.
              The 2023 IMO GHG Strategy identified a number of levels of ambition, including (1) decreasing the carbon intensity from ships through implementation of further phases of energy efficiency for new ships; (2) reducing carbon dioxide emissions
              from transport work, as an average across international shipping, by at least 40% by 2030, compared to 2008 and (3) adoption of zero or near-zero GHG emission technologies, fuels, and/or energy sources, striving to represent 10% of the energy
              sources used by international shipping by 2030; and (4) to reach net-zero GHG emissions by or around 2050. The IMO net-zero framework was approved by MEPC 83, including the new fuel standard for ships and a global pricing mechanism for
              emissions. These measures were submitted for adoption as legally binding, but in October 2025 the MEPC agreed to adjourn the meeting on adoption until 2026. The pricing mechanism could be in the form of a global carbon levy or in the form of
              a global emissions trading scheme thus removing the need for the existing fragmented and localized schemes as are present in the EU, China, Japan and Singapore. The UK too is considering introducing a UK-based emissions trading scheme to
              apply from July 1, 2026 for ships above 5,000GT but for domestic voyages only (i.e. voyages taking place between two UK ports). These regulations could cause us to incur additional substantial expenses.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">As noted above, at the MEPC 70 meeting in October 2016, IMO DCS was adopted which requires ships above 5,000 gross tons to report
              consumption data for fuel oil, hours under way and distance travelled. Unlike the EU MRV (see below), the IMO DCS covers any maritime activity carried out by ships, including dredging, pipeline laying, ice-breaking, fish-catching and
              off-shore installations. The SEEMPs of all ships covered by the IMO DCS must include a description of the methodology for data collection and reporting. After each calendar year, the aggregated data is reported to the flag state. If the data
              has been reported in accordance with the requirements, the flag state issues a statement of compliance to the ship. Flag states subsequently transfer this data to an IMO ship fuel oil consumption database, which is part of the Global
              Integrated Shipping Information System platform. IMO will then produce annual reports, summarizing the data collected. Thus, currently, data related to the GHG emissions of ships above 5,000 gross tons calling at ports in the EEA must be
              reported in two separate, but largely overlapping, systems: the EU MRV, which has applied since 2018, and the IMO DCS &#8211; which has applied since 2019. The proposed revision of Regulation (EU) 2015/757 adopted on February 4, 2019 aims to align
              and facilitate the simultaneous implementation of the two systems however it is still not clear when the proposal will be adopted.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The IMO&#8217;s MEPC 76 adopted amendments to Annex VI requiring ships to reduce their greenhouse gas emissions. The Revised MARPOL Annex VI
              entered into force on November 1, 2022. The revised Annex VI includes carbon intensity measures (requirements for ships to calculate their EEXI) following technical means to improve their energy efficiency and to establish their annual
              operational carbon intensity indicator and rating. MEPC 79 adopted amendments to Annex VI to revise the IMO DCS and reporting requirements in connection with the implementation of the EEXI and the CII framework, these amendments became
              effective on May 1, 2024.</div>

            <div>&#160;</div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">In 2021, the EU adopted a European Climate Law (Regulation (EU) 2021/1119), establishing the aim of reaching net zero greenhouse gas
              emissions in the EU by 2050, with an intermediate target of reducing greenhouse gas emissions by at least 55% by 2030, compared to 1990 levels. In July 2021, the European Commission launched the Fit for 55 (described above) to support the
              climate policy agenda.<span style="font-size: 12pt;">&#160;</span>Starting in January 2018, large ships over 5,000 gross tonnage calling at EU ports have been required to collect and publish data on carbon dioxide emissions and other information.
              As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from the maritime sector in the European Union&#8217;s carbon market are also forthcoming.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">In the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to
              limit greenhouse gas emissions from certain mobile sources and proposed regulations to limit greenhouse gas emissions from large stationary sources. The EPA or individual U.S. states could enact environmental regulations that could negatively
              affect our operations. For example, the EPA held a public hearing in January 2023 on a proposal to achieve comprehensive emissions reductions and in December 2023, issued a final rule to sharply reduce emissions of methane and other air
              pollution from oil and natural gas operations, including storage vessels. In 2024, the EPA issued a final Waste Emissions Charge rule to reduce methane emissions, applicable to waste emissions from high-emitting oil and gas facilities. On
              March 14, 2025, a joint Congressional resolution, signed by President Trump, disapproved the 2024 Waste Emissions Charge Rule, such that it is no longer in effect. The EPA is evaluating options and obligations with respect to implementing CAA
              section 136(c-g) (pertaining to methane emissions and waste reduction).</div>

            <div>&#160;</div>

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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Any passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we
              operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions of greenhouse gases could require us to make significant financial expenditures which we cannot predict with
              certainty at this time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change may result in sea level changes or certain weather events.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Vessel Security Regulations</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Since the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance
              vessel security such as the U.S. Maritime Transportation Security Act of 2002 (&#8220;MTSA&#8221;).</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation of certain security requirements
              aboard vessels operating in waters subject to the jurisdiction of the United States and at certain ports and facilities, some of which are regulated by the EPA.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">Similarly, Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates
              compliance with the International Ship and Port Facilities Security Code (the &#8220;ISPS Code&#8221;). The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally, a vessel must attain an
              International Ship Security Certificate (&#8220;ISSC&#8221;) from a recognized security organization approved by the vessel&#8217;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry at a port until they
              obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example, on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related
              information from among similarly equipped ships and shore stations, including information on a ship&#8217;s identity, position, course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the
              vessel but only alert the authorities on shore and, in our case, our Fleet Manager; the development of vessel security plans; ship identification number to be permanently marked on a vessel&#8217;s hull; a continuous synopsis record kept onboard
              showing a vessel&#8217;s history including the name of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the ship&#8217;s identification number, the port at which the ship is registered
              and the name of the registered owner(s) and their registered address; and compliance with flag state security certification requirements.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel
              security measures, provided such vessels have on board a valid ISSC that attests to the vessel&#8217;s compliance with the SOLAS Convention security requirements and the ISPS Code. Future security measures could have a significant negative
              financial impact on us.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">All vessels have been issued with ISSC, which is subject to verifications that have ensured that the security system and any
              associated security equipment of the vessel fully complies with the applicable requirements of MTSA and the ISPS Code, is in satisfactory condition and fit for the service for which the vessel is intended.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships,
              notably off the coast of Somalia, including the Gulf of Aden and the Red Sea and the Arabian Sea areas and the West Africa area including the Gulf of Guinea. Substantial loss of revenue and other costs may be incurred as a result of detention
              of a vessel or additional security measures, and the risk of uninsured losses could significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management Practices to Deter Piracy,
              notably those contained in the BMP Maritime Security Guidelines.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;">Inspection by Classification Societies</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">The hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry.
              The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance
              coverage and lending that a vessel be certified &#8220;in class&#8221; by a classification society that is a member of the International Association of Classification Societies (&#8220;IACS&#8221;). The IACS has adopted harmonized Common Structural Rules (the
              &#8220;Rules&#8221;), which apply to oil tankers and bulk carriers constructed on or after July 1, 2015. The Rules attempt to create a level of consistency between IACS Societies. All of our vessels are certified as being &#8220;in class&#8221; by their respective
              Classification Societies (e.g., DNV, American Bureau of Shipping, Lloyd&#8217;s Register of Shipping).</div>

            <div>&#160;</div>

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              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">A vessel must undergo annual surveys, intermediate surveys, dry-dockings and special surveys. In lieu of a special survey, a vessel&#8217;s
              machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period. Every vessel is also required to be dry-docked every 30 to 36 months for inspection of the underwater parts of
              the vessel. If any vessel does not maintain its class and/or fails any annual survey, intermediate survey, dry-docking or special survey, the vessel will be unable to carry cargo between ports and will be unemployable and uninsurable, which
              could cause us to be in violation of certain covenants in our financing arrangements. Any such inability to carry cargo or be employed, or any such violation of covenants, could have a material adverse impact on our financial condition and
              results of operations.</div>

            <div><br/>
            </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Organizational Structure</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">We are a Marshall Islands corporation with principal executive offices located at 20 Iouliou Kaisara Str, 19002 Paiania, Athens,
              Greece. Our significant wholly owned subsidiaries as of December 31, 2025 are listed in Exhibit 8.1 to this Annual Report.</div>

            <div><br/>
            </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">D.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Property, Plants and Equipment</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">For a list of the vessels of our fleet, please see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Our Fleet&#8221; above and for a
              description of our major encumbrances on our fleet please see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities.&#8221;</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">We do not own any real estate property.</div>

            <div><br/>
            </div>

            <a id="UNRESOLVEDSTAFFCOMMENTS"><!--Anchor--></a>
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 4A.</td>

    <td style="width: auto; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">UNRESOLVED STAFF COMMENTS</div>
                  </td>

  </tr>


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            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; margin-right: 1.6pt; margin-left: 1.6pt; color: #000000;">None.</div>

            <div><br/>
            </div>

            <a id="OPERATINGANDFINANCIALREVI"><!--Anchor--></a>
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    <td style="width: 54pt; vertical-align: top; color: rgb(0, 0, 0); font-weight: bold;">ITEM 5.</td>

    <td style="width: auto; vertical-align: top;">
                    <div style="color: #000000; font-weight: bold;">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</div>
                  </td>

  </tr>


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            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The following presentation of management&#8217;s discussion and analysis is intended to discuss our financial condition, changes in financial condition and results of operations,
              and should be read in conjunction with our historical consolidated financial statements and their notes included in this annual report.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">For a discussion of our results for the year ended December 31, 2024 compared to the year ended December 31, 2023, please see &#8220;Item 5. Operating and Financial Review and
              Prospects &#8211; A. Operating Results &#8211; Results of Operations for the Fiscal Years Ended December 31, 2023 and 2024&#8221; contained in our annual report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange
              Commission on April 14, 2025.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ
              materially from those anticipated in these forward-looking statements as a result of certain factors, such as those set forth in &#8220;Item 3. Key Information&#8212;Risk Factors&#8221; and elsewhere in this report.</div>

            <div><br/>
            </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Operating Results</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Business Overview and Fleet Information</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Following the acquisition of M/Y Para Bellvm on April 11, 2025, we determined that we operate in two reportable segments: (i) the tanker segment and (ii) the megayacht
              segment. These reportable segments reflect our internal organization and the way our chief operating decision maker (&#8220;CODM&#8221;), who is our Chief Executive Officer, reviews and analyzes our operating results and allocates capital within the
              Company. The CODM assesses segment performance using key financial measures, including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment,
              control costs and determine capital allocation. Based on these segment performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet
              expansion or disposals, and optimizing cost efficiencies to enhance profitability and overall segment performance.</div>

            <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">59</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Further, the maritime transport of crude oil and the megayacht operation have different characteristics and the nature of trade, trading routes, charterers and cargo handling
              differ in important respects. Therefore, the chartering of a megayacht such as M/Y Para Bellvm constitutes a different service and does not have similar economic characteristics to the tanker segment. We do not disclose geographic information
              relating to either of our segments because when we charter either a tanker or M/Y Para Bellvm to a charterer, the charterer is free, subject to certain exemptions, to trade or, in the case of M/Y Para Bellvm travel, with the vessel worldwide
              and as a result the disclosure of geographic information is impracticable.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Factors Affecting our Results of Operations</span></div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">We believe that the important measures for analyzing trends in the results of our operations consist of the following:</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Calendar days</span>. We define calendar days as the total number of days the vessels were in our possession for the relevant period. Calendar days are an
              indicator of the size of our fleet during the relevant period and affect both the amount of revenues and expenses that we record during that period.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Available days. </span>We define available days as the number of calendar days less the aggregate number of days that our vessels are off-hire due to scheduled
              repairs, or scheduled guarantee inspections in the case of newbuildings, vessel upgrades or special or intermediate surveys and the aggregate amount of time that we spend positioning our vessels. Companies in the shipping industry generally
              use available days to measure the number of days in a period during which vessels should be capable of generating revenues. Our calculation of Available Days may not be comparable to that reported by other companies due to differences in
              methods of calculation.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Operating days. </span>We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due
              to unforeseen technical circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period that our vessels actually generate revenues. Our calculation of Operating Days may not be comparable to that
              reported by other companies due to differences in methods of calculation.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Fleet utilization. </span>We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that
              period. The shipping industry uses fleet utilization to measure a company&#8217;s efficiency in finding suitable employment for its vessels and minimizing the number of days that its vessels are off-hire for reasons other than scheduled repairs or
              scheduled guarantee inspections in the case of newbuildings, vessel upgrades, special or intermediate surveys and vessel positioning. We believe monitoring Fleet utilization assists management in making decisions regarding areas where we may
              be able to improve efficiency and increase revenue and as such provides useful information to investors regarding the efficiency of our operations.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">TCE Revenues / TCE Rates. </span>We define TCE, or time charter equivalent, revenues as revenues minus voyage expenses. Voyage expenses primarily consist of
              port, canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by a charterer under a time charter, as well as commissions. We believe that presenting revenues net of voyage expenses neutralizes the
              variability created by unique costs associated with particular voyages or the deployment of vessels on the spot market and facilitates comparisons between periods on a consistent basis. We calculate daily TCE rates by dividing TCE revenues by
              operating days for the relevant time period. TCE revenues include demurrage revenue, which represents fees charged to charterers associated with our spot market voyages when the charterer exceeds the agreed upon time required to load or
              discharge a cargo. Our calculation of TCE may not be similar to other method of calculation of other companies.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">In the shipping industry, economic decisions are based on vessels&#8217; deployment upon anticipated TCE rates, and industry analysts typically measure shipping freight rates in
              terms of TCE rates. This is because under time-charter and bareboat contracts the customer usually pays the voyage expenses, while under voyage charters the ship-owner usually pays the voyage expenses, which typically are added to the hire
              rate at an approximate cost. Consistent with industry practice, we use TCE rates because it provides a means of comparison between different types of vessel employment and, therefore, assists our decision-making process.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">60</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">In evaluating our financial condition, we focus on the below measures to assess our historical operating performance and we use future estimates of the same measures to assess
              our future financial performance. In assessing the future performance of our fleet, the greatest uncertainty relates to future charter rates at the expiration of a vessel&#8217;s present period employment, whether under a time charter or a bareboat
              charter. Decisions about future purchases and sales of vessels are based on the availability of excess internal funds, the availability of financing and the financial and operational evaluation of such actions and depend on the overall state
              of the shipping market and the availability of relevant purchase candidates.</div>

            <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The following table sets forth our selected other operating data for the periods indicated.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">FLEET DATA (consolidated)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total number of vessels at end of period (including leased vessels)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">5</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Average number of vessels<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">7.8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total calendar days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,928</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,854</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total available days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,886</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,854</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total operating days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,848</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total time charter days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,689</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Fleet utilization</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">99.97</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.11%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">99.80</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1.44%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">AVERAGE DAILY RESULTS (consolidated)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter equivalent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">29,157</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">27,357</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">6,518</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">6,445</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">General and administrative expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000;">2,564</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="color: #000000;">2,669</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">FLEET DATA (tanker segment)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Total number of vessels at end of period (including leased vessels)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">4</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Average number of vessels<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">7.1</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Total calendar days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">2,928</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">2,589</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Total available days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,886</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,589</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Total operating days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">2,583</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Total time charter days for fleet</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">2,583</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Fleet utilization</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">99.97</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">99.78</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 76%; vertical-align: middle; white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td style="width: 9%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; margin-right: 5pt; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 76%; vertical-align: middle; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">AVERAGE DAILY RESULTS (tanker segment)</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 76%; vertical-align: middle; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter equivalent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">$</div>
                  </td>

    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right; color: #000000;">29,157</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">$</div>
                  </td>

    <td style="width: 9%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                    <div style="text-align: right; color: #000000;">28,831</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 76%; vertical-align: middle; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                  </td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: right; color: #000000;">6,518</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td style="width: 9%; vertical-align: middle;">
                    <div style="text-align: right; color: #000000;">6,598</div>
                  </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">61</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div>
              <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; padding-left: 9pt; padding-bottom: 2px; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                      <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0); font-weight: bold;">FLEET DATA (megayacht segment)</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total number of vessels at end of period (including leased vessels)</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">1</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Average number of vessels<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">0.7</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total calendar days for fleet</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">265</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total available days for fleet</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">265</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total operating days for fleet</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">265</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Total time charter days for fleet</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                      <div style="color: #000000;">106</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                      <div style="color: rgb(0, 0, 0);">Fleet utilization</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">-</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                      <div style="color: #000000;">100.00</div>
                    </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                      <div style="color: #000000;">%</div>
                    </td>

  </tr>


</table>
            </div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-left: 9pt; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0); font-weight: bold;">AVERAGE DAILY RESULTS (megayacht segment)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Time charter equivalent<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">12,996</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 76%; white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0);">Vessel operating expenses<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">
                    <div style="color: #000000;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">4,955</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(1)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">Average number of vessels is the number of vessels that constituted our fleet (including chartered in vessels) for the relevant period, as measured by the sum of the number of days each vessel was a part of
                      our fleet during the period divided by the number of calendar days in that period.</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">Time charter equivalent rate, or TCE rate, is a measure of the average daily revenue performance of a vessel. Our definition of TCE may not be the same as reported by other companies in the shipping industry
                      or other industries. Our method of calculating TCE rate is determined by dividing TCE revenues by operating days for the relevant time period. TCE revenues are revenues minus voyage expenses. Voyage expenses primarily consist of port,
                      canal and fuel costs that are unique to a particular voyage, which would otherwise be paid by the charterer under a time charter contract, but are payable by us in the case of a voyage charter, as well as commissions. TCE revenues and
                      TCE rate, non-U.S. GAAP measures, are standard shipping industry performance measures that provide additional supplemental information in conjunction with shipping revenues, the most directly comparable U.S. GAAP measure. We use TCE
                      rates and TCE revenues to compare period-to-period changes in our performance and it assists investors and our management in evaluating our financial performance. The following table reconciles our net revenues from vessel to TCE
                      rate.</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(3)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">Operating expenses include crew wages and related costs, insurance, repairs and maintenance, spares and consumable stores, tonnage taxes and value added tax, or VAT, and other miscellaneous expenses. Daily
                      vessel operating expenses are calculated by dividing vessel operating expenses by fleet calendar days for the relevant time period. Our ability to control our fixed and variable expenses, including our daily vessel operating expenses,
                      also affects our financial results.</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(4)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">Daily general and administrative expenses are calculated by dividing general and administrative expenses by fleet calendar days for the relevant time period.</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">62</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">U.S. dollars in thousands, except average daily time charter equivalent and total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic; font-weight: bold;">On a consolidated basis</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total Revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">86,127</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">80,415</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less:</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">(2,008</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">(2,501</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter equivalent revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">84,119</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">77,914</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,848</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Average Daily Time Charter Equivalent (TCE)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">29,157</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">27,357</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">U.S. dollars in thousands, except average daily time charter equivalent and total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic; font-weight: bold;">Tanker Segment</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total Revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">86,127</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">76,064</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less:</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">(2,008</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">(1,594</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter equivalent revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">84,119</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">74,470</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,885</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">2,583</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Average Daily Time Charter Equivalent (TCE)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">29,157</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">28,831</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">U.S. dollars in thousands, except average daily time charter equivalent and total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic; font-weight: bold;">Megayacht Segment</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total Revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">4,351</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less:</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">(907</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Time charter equivalent revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">3,444</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255);">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Total operating days</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">
                    <div style="color: #000000;">265</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Average Daily Time Charter Equivalent (TCE)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: bold;">
                    <div>$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">$</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">12,996</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">*Non-US GAAP Measures</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">This report describes Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), which is not a measure prepared in accordance with U.S. GAAP (i.e., a &#8220;Non-US
              GAAP&#8221; measure). We define EBITDA as earnings before interest, taxes, depreciation<span style="font-style: italic;">,</span> and amortization.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">EBITDA is a non-U.S. GAAP financial measure that is used as a supplemental financial measure by management and external users of financial statements, such as investors, to
              assess our financial and operating performance. We believe that this non-U.S. GAAP financial measure assists our management and investors by increasing the comparability of our performance from period to period. This is achieved by excluding
              the potentially disparate effects between periods or companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possibly changing financing methods, capital structure and
              historical cost basis and which items may significantly affect net income between periods. We believe that including EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in us and other investment
              alternatives and (b) monitoring our ongoing financial and operational strength.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">63</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">EBITDA is not a measure of financial performance under U.S. GAAP, does not represent and should not be considered as an alternative to net income, operating income, cash flow
              from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. EBITDA as presented below may not be comparable to similarly titled measures of other companies. See below for a reconciliation of
              EBITDA to Net Income, the most directly comparable U.S. GAAP measure.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;">EBITDA*</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">(Expressed in thousands of U.S. Dollars)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">EBITDA</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">41,399</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">38,378</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Reconciliation of Net Income to EBITDA</span></div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: middle; padding-bottom: 2px;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">(Expressed in thousands of U.S. Dollars)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; color: #000000; font-weight: bold;">2024</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
                    <div style="text-align: right; color: #000000; font-weight: bold;"> 2025</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net income</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">5,034</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000; font-weight: bold;">3,086</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Add: Vessel depreciation</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">13,336</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                    <div style="color: #000000;">12,271</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Add: Interest and finance costs</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">23,496</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000;">23,406</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%; background-color: #CCEEFF;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Less: Interest income</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(467</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(385</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 76%;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">EBITDA</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000; font-weight: bold;">41,399</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                    <div style="color: #000000; font-weight: bold;">38,378</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Time Charter Revenues</span></div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our Time charter revenues are driven primarily by the number and size of vessels in our fleet, the number of operating days during which our vessels generate revenues and the
              amount of daily charterhire that our vessels earn under charters, which, in turn, are affected by a number of factors, including our decisions relating to vessel acquisitions and disposals, the amount of time that we spend positioning our
              vessels, the amount of time that our vessels spend in dry-dock undergoing repairs, maintenance and upgrade work, the duration of the charter, the age, condition and specifications of our vessels, levels of supply and demand in the global
              transportation market for oil and oil products and other factors affecting spot market charter rates such as vessel supply and demand imbalances.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessels operating on period charters, time charters or bareboat charters provide more predictable cash flows but can yield lower profit margins than vessels operating in the
              short-term, or spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market, either directly or through a pool arrangement, could generate revenues that are less predictable,
              but could enable us to capture increased profit margins during periods of improvements in charter rates, although we could be exposed to the risk of declining charter rates, which could have a materially adverse impact on our financial
              performance. If we employ vessels on period charters, future spot market rates may be higher or lower than the rates at which we have employed our vessels on period time charters.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Under a time charter, the charterer typically pays us a fixed daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and
              canal charges. We remain responsible for paying the chartered vessel&#8217;s operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes and other
              miscellaneous expenses, and we also pay commissions to CSI, one or more unaffiliated ship brokers and in-house brokers associated with the charterer for the arrangement of the relevant charter.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">64</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Under a bareboat charter, the vessel is chartered for a stipulated period of time, which gives the charterer possession and control of the vessel, including the right to
              appoint the master and the crew. Under bareboat charters, all voyage and operating costs are paid by the charterer.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The time charter considerations apply for megayachts with the exception that the term of each charter is short compared to the tanker vessels due to the nature of the
              industry.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of the date of this annual report, all our vessels are bareboat chartered-in under our SLB arrangements which are accounted for as financings except for one mega yacht that
              is financed under a bank loan. We may in the future operate vessels in the spot market until the vessels have been chartered under appropriate medium to long-term charters.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Voyage Expenses</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Voyage expenses primarily consist of port charges, including canal dues, bunkers (fuel costs) and commissions. All these expenses, except commissions, are paid by the
              charterer under a time charter or bareboat charter contract. The amount of voyage expenses is primarily driven by the routes that the vessels travel, the amount of ports called on, the canals crossed and the price of bunker fuels paid.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Operating Lease Expenses</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Operating lease expenses represent operating lease payments for vessels we had bareboat chartered-in via operating lease agreements.</div>

            <div>&#160;</div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Vessel Operating Expenses</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores,
              tonnage taxes and VAT, and other miscellaneous expenses. We analyze vessel operating expenses on a U.S. dollar per day basis. Additionally, vessel operating expenses can fluctuate due to factors beyond our control, such as unplanned repairs
              and maintenance attributable to damage or regulatory compliance and factors which may affect the shipping industry in general, such as developments relating to insurance premiums, or developments relating to the availability of crew.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Dry-docking Costs</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Dry-docking costs relate to regularly scheduled intermediate survey or special survey dry-docking, necessary to preserve the quality of our vessels as well as to comply with
              international shipping standards and environmental laws and regulations. Dry-docking costs can vary according to the age of the vessel, the location where the dry-dock takes place, shipyard availability, local availability of manpower and
              material, and the billing currency of the yard. Please see &#8220;Item 18. Financial Statements&#8212;Note 2&#8212;Significant Accounting Policies.&#8221; In the case of tankers, dry-docking costs may also be affected by new rules and regulations. For further
              information please see &#8220;Item 4. Information on the Company&#8212;B. Business Overview&#8212;Environmental Regulations.&#8221;</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Management Fees&#8212;Related Parties</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Since January 1, 2019, we have outsourced all operational, technical and commercial functions relating to the chartering and operation of our vessels to CSI, a related party
              controlled by the family of Mr. Evangelos J. Pistiolis, We outsourced the above functions pursuant to a letter agreement between CSI and Top Ships Inc., and management agreements between CSI and our vessel-owning subsidiaries on the same
              date. Each new vessel that entered our fleet after that date also entered into a management agreement with CSI. See &#8220;Item 7. Major shareholders and related party transactions &#8212; B. Related Party Transactions.&#8221;</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">65</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">General and Administrative Expenses</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our general and administrative expenses include executive compensation paid to Central Mare for the compensation of our executive officers and a number of administrative
              staff, bonuses to our management, office rent, legal and auditing costs, regulatory compliance costs, other miscellaneous office expenses, non-cash stock compensation, and corporate overhead. Central Mare provides the services of the
              individuals who serve in the position of Chief Executive Officer and Chief Financial Officer as well as a number of administrative employees. For further information please see &#8220;Item 18. Financial Statements&#8212;Note 5&#8212;Transactions with Related
              Parties.&#8221;</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">A portion of our general and administrative expenses are denominated in Euros and are therefore affected by the conversion rate of the U.S. dollar versus the Euro.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Inflation</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">Although inflation has had a moderate impact on our vessel operating expenses and corporate overheads, management does not consider inflation to be a significant risk to
              direct costs in the current and foreseeable economic environment. Oil transportation is a specialized area, and the number of vessels is increasing. There will therefore be an increased demand for qualified crew, and this could lead to
              inflationary pressure on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs to preserve liquidity and encourage suppliers and service providers
              to lower rates and prices in the event of a downturn.</div>

            <div><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">Interest and Finance Costs</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">We incur interest expense on outstanding indebtedness under our SLBs and our bank loans, which we include in interest and finance costs. We also incur finance costs in
              establishing those SLBs and bank loans which are deferred and amortized over the period of the respective facility. The amortization of the finance costs is presented in interest and finance costs.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;">Main components of managing our business and main drivers of profitability</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The management of financial, general and administrative elements involved in the conduct of our business and ownership of our vessels requires the following main components:</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">management of our financial resources, including banking relationships, i.e., administration of SLBs, bank loans and bank accounts;</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">management of our accounting system and records and financial reporting;</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">administration of the legal and regulatory requirements affecting our business and assets; and</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">management of the relationships with our service providers and customers.</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The principal factors that affect our profitability, cash flows and shareholders&#8217; return on investment include:</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">charter rates and periods of charter hire for our tankers;</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">utilization of our tankers (earnings efficiency);</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">levels of our tanker&#8217;s operating expenses and dry-docking costs;</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">depreciation and amortization expenses;</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">financing costs; and</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">fluctuations in foreign exchange rates.</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">66</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">RESULTS OF OPERATIONS FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2025</span></div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="color: #000000;">The following table depicts changes in the results of operations for 2024 compared to 2025.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">(Expressed in thousands of U.S. Dollars)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">Year Ended December 31,</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-weight: bold;">change</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;"> 2024</span></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">2025</span></div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; white-space: nowrap;">
                    <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">YE24 v YE25</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); text-align: center; white-space: nowrap;">$</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-style: italic;">&#160;</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: rgb(0, 0, 0); font-style: italic; text-align: center;">%</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total charter revenues</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">86,127</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">80,415</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(5,712</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">-7</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">2,008</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">2,501</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">493</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">25</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Operating lease Expense</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">10,869</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">10,301</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">(568</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">-5</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel operating expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">19,086</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">18,395</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(691</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">-4</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 52%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dry-docking costs</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">3,152</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">-</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">(3,152</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">-100</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel depreciation</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">13,336</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">12,271</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(1,065</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">-8</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Management fees-related parties</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">2,266</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">3,050</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">784</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">35</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">General and administrative expenses</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">7,506</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">7,617</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">111</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">1</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Operating income</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">27,904</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">26,280</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(1,624</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">-6</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest and finance costs</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(23,496</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(23,406</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">90</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">0</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Interest income</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">467</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">385</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">(82</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000;">-18</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Equity gain/(loss) in unconsolidated joint ventures</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">159</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(173</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">(332</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">-209</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                    <div style="color: #000000;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total other expenses, net</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(22,870</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(23,194</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(324</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">1</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">%</div>
                  </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Net income</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">5,034</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">3,086</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">(1,948</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">)</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">-39</div>
                  </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 4px; white-space: nowrap;">
                    <div style="color: #000000; font-weight: bold;">%</div>
                  </td>

  </tr>


</table>
            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="color: #000000; font-style: italic; font-weight: bold;">Year on Year Comparison of Operating Results</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">1.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Total charter revenues</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Total charter revenues decreased by $5.7 million, or 7%, compared to the same period in 2024, due to the decrease in fleet operating
              days to 2,848 in 2025 compared to 2,885 in 2024 due to the following:</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">The consummation of the spin-off on August 1, 2025, that resulted in M/T Eco West Coast and M/T Eco Malibu leaving the Company decreased the calendar, available and operating days of the said vessels by 306
                      days (153 days each) that contributed to a total decrease in revenues of $10.1 million</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">The expiration of the operating lease agreements for vessels M/T Eco Bel Air and M/T Eco Beverly Hills in December 15, 2025, and December 22, 2025 respectively, that decreased the calendar, available and
                      operating days by 25 days that contributed to a total decrease in revenues of $0.6 million</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">The 4 off hire days of M/T Eco West Coast in July 2025 and the 2 off hire days of M/T Eco Bel Air in September 2025 contributed to a decrease in revenues of $0.2 million.</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: -24.85pt; margin-left: 72pt;"><span style="color: #000000;"> </span><br/>
            </div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The above decreases in revenues were offset by the following:</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">The purchase of M/Y Para Bellvm on April 11, 2025, added an additional $4.4 million of revenue.</div>
                  </td>

  </tr>


</table>
            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000;">During 2024, M/T Eco Bel Air and M/T Eco Beverly Hills underwent their scheduled dry-docks resulting&#160; in off hire days and an aggregate reduction in revenues of $0.8 million&#160; compared to 2025.</div>
                  </td>

  </tr>


</table>
            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">2.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Vessel depreciation</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Vessel depreciation decreased by $1.1 million, or 8%, compared to the same period in 2024, due to the consummation of the spin-off on
              August 1, 2025 that decreased the calendar days of vessels M/T Eco West Coast and M/T Eco Malibu by 306 days (153 days each) which contributed to a total decrease in depreciation expense of $1.8 million. This decrease was offset by higher&#160;
              depreciation expense of $0.7 million, resulting from the acquisition&#160; of M/Y Para Bellvm on April 11, 2025.</div>

            <div><span style="color: #000000;"> </span><br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">67</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">3.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Voyage expenses</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Voyage expenses increased by $0.5 million, or 25%, compared to the same period in 2024, mainly due to an increase of $0.9 million as a
              result of the&#160; purchase of M/Y Para Bellvm on April 11, 2025 which due to the nature of the megayacht industry incurs&#160; higher idle days compared to tankers (being days during which the vessels are not chartered and voyage expenses are borne
              by us) and higher commissions resulting in increased voyage expenses. This increase was offset by the fact that M/Ts Marina Del Rey, Eco Bel Air and Eco Beverly Hills underwent their scheduled dry-docking in 2024. During the dry dockings
              off-hire period, all bunkers that the vessels use are not borne by the vessel&#8217;s charterers but by us, resulting in increased bunker expenses of $0.4 million.</div>

            <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">4.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Dry-docking costs</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, no vessels underwent any dry-docking while during the year ended December 31, 2024, M/Ts Marina Del Rey, Eco Bel Air and Eco Beverly
              Hills underwent their scheduled dry-docking, resulting in Dry-docking costs of $3.2 million ($0.7 million, $1.2 million and $1.3 million per vessel respectively).</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">5.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Operating Lease Expense</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Operating Lease expense decreased by $0.6 million or 5% compared to the same period in 2024 due to the expiration of the operating
              lease agreements for vessels M/T Eco Bel Air and M/T Eco Beverly Hills in December 15, 2025 and December 22, 2025 compared to the year ended December 31, 2024 when the operating lease agreements were in force for the whole period.</div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">6.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Management fees-related parties</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">
              <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">During the year ended December 31, 2025, Management fees- related parties increased by $0.8 million or 35% compared to the
                same period in 2024 due to the Sale and Purchase commissions amounting a total of $0.8 million, charged by CSI in connection with the purchase of M/Y Para Bellvm and the sale of the Newbuilding Yacht, as per the signed management
                agreements.</div>

            </div>

            <div><br/>
            </div>

            <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                  </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">7.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                    <div style="color: #000000; font-weight: bold;">Equity gain/ (loss) in unconsolidated joint ventures</div>
                  </td>

  </tr>


</table>
            <div style="text-align: justify; text-indent: 36pt; color: #000000;">The decrease of $0.3 million or 209% in 2025 compared to the same period in 2024 is mainly attributable&#160; to the fact that both 50% owned vessels underwent their scheduled
              dry-docking in 2025 resulting&#160; in a reduction to the income attributable to the Company by $0.8 million. This decrease was offset by a $0.5 million decrease in the amortization of basis difference related to the value of the contracted time
              charter agreements of both vessels on acquisition due to expiration of the firm period of the respective agreements in April 2025. For further information please see &#8220;Item 18. Financial Statements&#8212;Note 16&#8212;Investments in Unconsolidated Joint
              Ventures.&#8221;</div>

            <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
            </div>

            <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
              <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">68</span></div>

              <div style="page-break-after: always;" class="BRPFPageBreak">
                <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

              <div class="BRPFPageHeader" style="width: 100%;">
                <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                </div>

              </div>

            </div>

            <div>
              <div>
                <div style="text-align: justify; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">SEGMENT OPERATING INCOME FOR THE FISCAL YEARS ENDED DECEMBER 31, 2024 AND 2025</span></div>

                <div><br/>
                </div>

                <div style="color: #000000; font-weight: bold;">The following table depicts changes in the operating income for 2024 compared to 2025 for the tanker segment.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">(Expressed in thousands of U.S. Dollars)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">Year Ended December 31,</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">change</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;"> 2024</span></div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">2025</span></div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">YE24 v YE25</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); font-style: italic; text-align: center; white-space: nowrap;">$<br/>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-style: italic;"><br/>
                        </div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: rgb(0, 0, 0); font-style: italic; text-align: center;">%</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Total charter revenues</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">86,127</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">76,064</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">(10,063</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">-12</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Voyage expenses</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">2,008</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">1,594</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">(414</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">-21</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Operating lease Expense</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">10,869</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">10,301</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">(568</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">-5</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel operating expenses</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">19,086</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">17,082</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">(2,004</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">-10</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 52%; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Dry-docking costs</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">3,152</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">(3,152</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">-100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Vessel depreciation</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">13,336</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">11,586</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">(1,750</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">-13</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Management fees-related parties direct</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">1,906</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">1,734</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">(172</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">
                        <div style="color: #000000;">-9</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Segment Operating income*</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">35,770</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">33,767</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">(2,003</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">-6</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">%</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: #000000;">*</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000;">Does not include General and administrative expenses and Management fees related parties-indirect. See &#8220;Consolidated Results of Operations&#8221; above and &#8220;Item 18. Financial Statements&#8212;Note 18&#8212;Segment
                          Reporting.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="color: #000000; font-style: italic; font-weight: bold;">Year on Year Comparison of Operating Results</div>

                <div><br/>
                </div>

                <div><span style="font-weight: bold; font-style: italic; color: #000000;">1.</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; <span style="font-weight: bold; font-style: italic; color: #000000;">Total charter revenues</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Total charter revenues of the tanker segment decreased by $10.1 million, or 12%, compared to the same period in 2024, due to the
                  decrease in fleet operating days to 2,583 in 2025 compared to 2,885 in 2024 due to the following:</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The consummation of the spin-off on August 1, 2025, that resulted in M/T Eco West Coast and M/T Eco Malibu leaving the Company which decreased the calendar, available and operating days of the said
                          vessels by 306 days (153 days each) that contributed to a total decrease in revenues of $10.1 million</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The expiration of the operating lease agreements for vessels M/T Eco Bel Air and M/T Eco Beverly Hills on December 15, 2025, and December 22, 2025, respectively, that decreased the calendar, available
                          and operating days by 25 days that contributed to a total decrease in revenues of $0.6 million</div>
                      </td>

  </tr>


</table>
                <div> <br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The 4 off hire days of M/T Eco West Coast in July 2025 and the 2 off hire days of M/T Eco Bel Air in September 2025 contributed to a decrease in revenues of $0.2 million.</div>
                      </td>

  </tr>


</table>
                <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The above decreases in revenues were offset by the following:</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 36pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">During 2024 vessels, M/T Eco Bel Air and M/T Eco Beverly Hills underwent their scheduled dry-docks that resulted in off hire days and reduced their revenues by $0.8 million in aggregate, when compared to
                          2025.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div><span style="font-weight: bold; font-style: italic; color: #000000;">2.</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<span style="font-weight: bold; font-style: italic; color: #000000;">Vessel depreciation</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Vessel depreciation of the tanker segment decreased by $1.8 million, or 13%, compared to the same period in 2024, due to the
                  consummation of the spin-off on August 1, 2025 that decreased the calendar days of vessels M/T Eco West Coast and M/T Eco Malibu by 306 days (153 days each) that contributed to a total decrease in depreciation expense of $1.8 million.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">69</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div><span style="font-weight: bold; font-style: italic; color: #000000;">3.</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <span style="font-weight: bold; font-style: italic; color: #000000;">Voyage expenses</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, Voyage expenses of the tanker segment decreased by $0.4 million, or 21%, compared to the same period in 2024, mainly because M/Ts
                  Marina Del Rey, Eco Bel Air and Eco Beverly Hills underwent their scheduled dry-docking in 2024. During the dry dockings off-hire period, all bunkers that the vessels use are not borne by the vessel&#8217;s charterers but by us, resulting in
                  increased bunker expenses of $0.4 million.</div>

                <div><br/>
                </div>

                <div><span style="font-weight: bold; font-style: italic; color: #000000;">4.</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <span style="font-weight: bold; font-style: italic; color: #000000;">Dry-docking costs</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Refer to discussion under &#8216;Results of Operations for the fiscal years ended December 31 2024 and 2025&#8217;- &#8216;Dry-docking costs.&#8217;</div>

                <div><br/>
                </div>

                <div><span style="font-weight: bold; font-style: italic; color: #000000;">5.</span>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; <span style="font-weight: bold; font-style: italic; color: #000000;">Vessel Operating Expenses</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">During the year ended December 31, 2025, vessel operating&#160; expenses for the tanker segment decreased by $2.0 million or 10% due to the consummation of the spin-off on
                  August 1, 2025 that decreased the calendar days of vessels M/T Eco West Coast and M/T Eco Malibu by 306 days (153 days each) that contributed to a total decrease in vessel operating expenses of $2.0 million.</div>

                <div><br/>
                </div>

                <div style="color: #000000; font-weight: bold;">The following table depicts changes in the operating income for 2024 compared to 2025 for the megayacht segment.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;">


  <tr>

    <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">(Expressed in thousands of U.S. Dollars)</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">Year Ended December 31,</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">change</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;"> 2024</span></div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;"><span style="text-decoration: underline;">2025</span></div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="6" style="vertical-align: middle; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-style: italic; font-weight: bold;">YE24 v YE25</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); text-align: center; font-style: italic; white-space: nowrap;">$<br/>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000; font-style: italic;"><br/>
                        </div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: rgb(0, 0, 0); font-style: italic; text-align: center;">%</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">Total charter revenues</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                        <div style="color: #000000; font-weight: bold;">4,351</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                        <div style="color: #000000; font-weight: bold;">4,351</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0);">
                        <div style="color: #000000; font-weight: bold;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">Voyage expenses</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: rgb(0, 0, 0);">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">907</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">907</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; white-space: nowrap;">
                        <div style="color: #000000;">Vessel operating expenses</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: rgb(0, 0, 0);">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">1,313</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">1,313</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">Vessel depreciation</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: rgb(0, 0, 0);">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">685</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">685</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">
                        <div style="color: #000000;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; white-space: nowrap;">
                        <div style="color: #000000;">Management fees-related parties-direct</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: rgb(0, 0, 0);">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">178</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">178</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">
                        <div style="color: #000000;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>

  <tr>

    <td valign="bottom" colspan="1" style="vertical-align: middle; width: 52%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">
                        <div style="color: #000000; font-weight: bold;">Segment Operating income**</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                        <div style="color: rgb(0, 0, 0); font-weight: bold;">-</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                        <div style="color: #000000; font-weight: bold;">1,268</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                        <div style="color: #000000;">1,268</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 4px double rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); background-color: rgb(204, 238, 255);">
                        <div style="color: #000000;">100</div>
                      </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: #CCEEFF; white-space: nowrap;">
                        <div style="color: #000000;">%</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="color: #000000;">**Does not include General and administrative expenses and Management fees related parties-indirect. See &#8220;Consolidated Results of Operations&#8221; above and &#8220;Item 18. Financial Statements&#8212;Note 18&#8212;Segment Reporting</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We entered the megayacht business on April 11, 2025, and, accordingly, no comparative financial information exists for the year ended December 31, 2024.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-style: italic; font-weight: bold;">1.</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000; font-style: italic; font-weight: bold;">Total charter revenues</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Time charter revenue for the megayacht segment is generated since the acquisition of M/Y Para Bellvm on April 11, 2025, and relates to revenues from the chartering of the
                  respective megayacht.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-style: italic; font-weight: bold;">2.</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000; font-style: italic; font-weight: bold;">Vessel depreciation</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">&#160;Vessel depreciation for the megayacht segment in 2025 relates to the depreciation expense from the purchase of M/Y Para Bellvm from April 11, 2025.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">70</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-style: italic; font-weight: bold;">3.</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000; font-style: italic; font-weight: bold;">Voyage expenses</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Voyage expenses for the megayacht segment were incurred from M/Y Para Bellvm from April 11, 2025, and relates to bunkers and port expenses during idle days along with
                  commissions on revenues.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-style: italic; font-weight: bold;">4.</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000; font-style: italic; font-weight: bold;">Vessel Operating Expenses</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Vessel operating expenses for the megayacht segment relate to expenses incurred from the management of M/Y Para Bellvm from CSI since its acquisition on April 11, 2025,
                  and include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes and VAT, and other miscellaneous expenses.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000; font-style: italic; font-weight: bold;">5.</td>

    <td style="width: auto; vertical-align: top;">
                        <div style="color: #000000; font-style: italic; font-weight: bold;">Management fees-related parties-direct</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Management fees-related parties-direct for the megayacht segment relate to expense incurred from the operation of M/Y Para Bellvm since its acquisition on April 11, 2025,
                  and relate to the outsourcing of all operational, technical and commercial functions relating to the chartering and operation of M/Y Para Bellvm to CSI.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Our Fleet&#8212;Illustrative Comparison of Possible Excess of Carrying Value Over Estimated Charter-Free Market Value of Certain Vessels</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">In Note 2 to our consolidated financial statements included herein we discuss our policy for impairing the carrying values of our vessels. During the past few years, the
                  market values of vessels have experienced particular volatility, with substantial declines in many vessel classes. As a result, the charter-free market value, or basic market value, of certain of our vessels may have declined below those
                  vessels&#8217; carrying value. However, we would not impair those vessels&#8217; carrying value under our accounting impairment policy due to our belief that future undiscounted cash flows expected to be earned by such vessels over their operating
                  lives would exceed such vessels&#8217; carrying amounts. During the past two years, since the market values of our tankers have been materially over their carrying amounts and the fair value of the megayacht M/Y Para Bellvm was higher compared
                  to its carrying value, there was no need to follow through with an undiscounted cash flows analysis due to the absence of impairment indications for all the vessels of our fleet.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of December 31, 2024 and 2025, we believe that the basic charter-free market values of our owned operating vessels are higher than the vessels&#8217; carrying value by
                  approximately 52.8% and 59.5%, respectively.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our estimates of basic charter-free market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected they would be
                  certified in class without notations of any kind. Our estimates are based on the estimated market values for the vessels received from third-party independent shipbrokers approved by our financing providers. Vessel values are highly
                  volatile. Accordingly, our estimates may not be indicative of the current or future basic market value of the vessels or prices that could be achieved if the vessels were to be sold.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Please see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to our Industry&#8212;The international oil tanker industry has historically been both cyclical and volatile&#8221;
                  and the discussion herein under the heading &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to Our Industry.&#8221;</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Liquidity and Capital Resources</div>
                      </td>

  </tr>


</table>
                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Since our formation, our principal sources of funds have been equity provided by our shareholders through equity offerings or at the market sales, operating cash flow,
                  long-term borrowing, including SLBs and short-term borrowings. Our principal use of funds has been capital expenditures to establish and grow our fleet, maintain the quality of our vessels, comply with international shipping standards and
                  environmental laws and regulations and fund working capital requirements.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">71</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our business is capital intensive, and its future success will depend on our ability to maintain a high-quality fleet through the acquisition of newer vessels and the
                  selective sale of older vessels. Our practice has been to acquire vessels using a combination of funds received from equity investors and bank debt, including SLBs secured by title on our vessels. Future acquisitions are subject to
                  management&#8217;s expectation of future market conditions, our ability to acquire vessels on favorable terms and our liquidity and capital resources.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of December 31, 2025, we had an indebtedness of $216.6 million, which after excluding unamortized financing fees and debt discounts amounts to a total indebtedness of
                  $218.5 million. As of December 31, 2025, our cash and cash equivalent balances amounted to $22.2 million, held in U.S. Dollar accounts, $1.9 million of which are classified as restricted cash.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">As of the date of this annual report our remaining contractual commitments for the acquisition of our newbuilding MR
                    Tankers are $345.8 million ($nil in 2026 since the first instalment of a total of $61.0 million is already settled by the Company, $22.6 million in 2027, $126.6 million in 2028 and $196.6 million in 2029) which are financed at 85%, as a
                    result of the conclusion of the sale and leaseback financing agreements with two major Chinese leasing companies. Furthermore, the Company has an additional contractual obligation to Central Mare Inc., as seller of the newbuilding MR
                    Tankers contracts, of $19.6 million that is due on April 15, 2026 for which Central Mare may demand the payment in the form of newly-issued Series G Preferred Shares and thus for the portion settled as such, no cash outflow will be
                    required&#160;(please see &#8220;Item 18. Financial Statements&#8212;Note 19&#8212;Subsequent Events&#8221;). We expect to finance our liquidity needs and our unfinanced contractual commitments with operational cash flow, debt or equity issuances, or a combination
                    thereof. Hence in our opinion, will be able to finance our obligations that become due in the twelve-month period ending one year after December 31, 2025.</div>

                </div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our long-term liquidity requirements relate to expenditure relating to the operation and maintenance of our vessels and financing our capital commitments. Anticipated
                  sources of funding for our long-term liquidity requirements include cash flows from operations and debt or equity issuances. Additional routine or strategic acquisitions may require the incurrence of additional indebtedness, including
                  debt issuances, and/or additional equity issuances, which may be dilutive to our common shareholders.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Working Capital Requirements and Sources of Capital</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of December 31, 2025, we had a working capital deficit (current assets less current liabilities) of $15.5 million, which included an amount of $3.2 million relating to
                  pre-collected revenue that is included in Unearned revenue in the accompanying consolidated balance sheets. This amount represents a current liability that does not require future cash settlement.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Tanker SPA was consummated after December 31, 2025 and, as a result, we assumed commitments of approximately $61.0 million relating to the Newbuilding Tankers that
                  fall within the 12-month period following December 31, 2025, which have been settled as of the date of this Annual Report. Approximately $51.9 million of this amount is financed pursuant to the sale and leaseback financings we entered
                  into in connection with our acquisition of the Tanker SPVs.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our operating cash flow, is expected to decrease when compared to the same period in 2025, since on August 1, 2025 we consummated the spin-off of Rubico and contributed
                  two of our vessels (M/T Eco Malibu and M/T Eco West Coast) and furthermore, the operating lease of vessels M/Ts Eco Beverly Hills and Eco Bel Air expired in December 2025. This operating cash flow decrease will be partially offset by the
                  full year of operations of M/Y Parra Bellvm, that was purchased in April 2025 and by lower interest expense resulting from the refinancing of our fleet in 2025 at lower interest margin rates and the anticipated lower SOFR relative to the
                  2025 average.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">72</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Cash Flow Information</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Cash and cash equivalents and restricted cash were $11.6 million and $22.2 million as of December 31, 2024 and 2025 respectively.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">Net Cash from Operating Activities</span>.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Net cash provided by operating activities increased by $9.1 million, or 52.6%, for 2025 to $26.4 million, compared to $17.3 million for 2024.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">&#160;Adjustments to reconcile net income to net cash provided by operating activities for the year ended December 31, 2025, totaled $29.4 million. This consisted mainly of
                  $12.3 million of depreciation expenses, $9.7 million of amortization of right of use assets from operating leases, $2.7 million of debt prepayment fees and $4.6 million of amortization and write offs of deferred financing costs and debt
                  discounts. The cash inflow from operations was increased by a $1.5 million decrease in current assets and offset by a $7.5 million decrease in current liabilities.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Adjustments to reconcile net income to net cash provided by operating activities for the year ended December 31, 2024, totaled $25.9 million. This consisted mainly of
                  $13.3 million of depreciation expenses,<span style="font-size: 12pt;">&#160;</span>$9.8 million of amortization of right of use assets from operating leases and $2.8 million of amortization and write offs of deferred financing costs and debt
                  discounts. The cash inflow from operations was offset by a $10.9 million decrease in current liabilities and a $2.8 million increase in current assets.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">Net Cash from Investing Activities</span>.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Net cash used in investing activities in the year ended December 31, 2025 was $1.3 million consisting of $11.5 million of cash
                  paid for advances for asset acquisition from related parties, $9.0 million loan provided to related party and $9.3 million of cash paid for advances for vessels under construction, offset by $9.0 million collection of loan from related
                  party and the $19.5 million consideration received for the disposal of assets to related parties that was consummated in March 31, 2026. .</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.2pt; margin-left: 0.2pt; color: #000000;">Net cash used in investing activities in the year ended December 31, 2024, was $12.4 million, consisting of $24.0 million of cash
                  paid for advances for asset acquisition from related parties, offset by $11.6 million of return of investments in unconsolidated joint ventures.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">Net Cash from Financing Activities</span>.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Net cash used in financing activities in the year ended December 31, 2025 was $14.5 million, consisting of $22.7 million
                    of net consideration paid in excess of purchase price over book value, $193.2 million of principal payments and prepayments of long term debt, $1.8 million in payments of financing costs, $2.7 million of debt prepayment fees, $1.0
                    million of cash that was retained by Rubico Inc. on the spin-off distribution date and $0.1 million of payments for equity issuance costs. These were offset by $207.0 million proceeds from long term debt.</div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Net cash used in financing activities in the year ended December 31, 2024 was $33.2 million, consisting of $134.0 million of principal payments and prepayments of long
                  term, $43.9 million of payments for our Series F Preferred Shares redemptions, $28.0 million of prepayments of short-term debt, $4.9 million repayment of Vessel fair value participation liability, $3.3 million in payments of financing
                  costs and $0.1 million of payments for equity issuance costs. These were offset by $153.0 million proceeds from long term debt and $28.0 million proceeds from short term debt.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Please see &#8220;Item 5. Operating and Financial Review and Prospects&#8212;A. Operating Results&#8221; in our Annual Report on Form 20-F, filed on April 14, 2025, where the 2024 cash flow
                  information may be found.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">73</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Debt Facilities</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">For a more complete description of debt facilities entered into in the year ended December 31, 2025, as well as for a description of debt facilities entered into before
                  the year ended December 31, 2025, please see &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Debt facilities repaid during the years ended December 31, 2024, and 2025</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">HSBC Bridge Loan</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On January 15, 2024, we entered into the HSBC Bridge Loan with HSBC Private Bank (Suisse) SA for the purpose of partially financing the purchase of M/Ts Julius Caesar and
                  Legio X Equestris, following the exercise of our purchase options under the CMBFL SLB (see &#8220;&#8212; New CMBFL SLBs&#8221;).&#160; Under the HSBC Bridge Loan, we drew down $20.0 million on January 16, 2024, for the purchase of M/T Julius Caesar (which
                  amount we repaid on January 18, 2024) and another $8.0 million on January 23, 2024, for the purchase of M/T Legio X Equestris (which amount we repaid on January 25, 2024). The HSBC Bridge Loan was for a maximum amount of $24.0 million at
                  any time, carried an interest of 3% plus term SOFR and was guaranteed by Mr. Evangelos J. Pistiolis. For his guarantee, Mr. Evangelos J. Pistiolis charged us a 1% fee on the amounts drawn down under the HSBC Bridge Loan.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">New Debt facilities</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">HSBC Facility</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 7, 2023, the shipowning company that owns the M/Y Para Bellvm entered into a credit facility with HSBC
                    Private Bank (Suisse) Sa (&#8220;HSBC&#8221;) for Euro 14.3 million for the financing of the M/Y Para Bellvm. This facility was drawn down in full and upon acquisition of the M/Y Parra Bellvm on April 11, 2025, was assumed by us. The credit
                    facility is repayable in 28 consecutive quarterly instalments of Euro 0.4 million commencing in November 2023, plus a balloon instalment of Euro 4.3 million payable together with the last instalment. The facility contains various
                    covenants, including (i) an asset cover ratio of 167% up to August 2025, 182% from August 2025 to August 2027 and 200% from August 2027 onwards, (ii) Debt Servicing Coverage Ratio shall be not less than 1.20:1, where &#8220;Debt Service&#8221; is
                    defined as the aggregate of interest and repayment relating to the HSBC Facility and &#8220;Debt Servicing Coverage Ratio&#8221; means the ratio of EBITDA to Debt Service. (iii) minimum free liquidity of three months interest service.</div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">New Financings Committed under Sale and Leaseback Agreements</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">New Huarong Facility</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On October 17, October 24, October 31 and November 6, 2025, we consummated SLBs with China Huarong Shipping Financial Leasing Co Ltd. (&#8220;Huarong&#8221; and the &#8220;New Huarong
                  Facility&#8221;) in the aggregate amount of $207.0 million for the purpose of refinancing the M/Ts Julius Caesar ($68.5 million), Legio X Equestris ($68.5 million), Eco Marina Del Rey ($28.0 million) and Eco Oceano CA ($42.0 million)
                  respectively. The duration of the New Huarong Facility is ten years (except for M/T Marina Del Rey which is for seven years) at monthly bareboat hire rates of $0.3 million for each of the M/Ts Julius Caesar and Legio X Equestris and $0.2
                  million for each of the M/Ts Eco Marina Del Rey and Eco Oceano CA , plus interest based on the three months Term SOFR plus 1.95% per annum and at the end of the 10-year period (or 7-year period for M/T Eco Marina Del Rey) we have an
                  obligation to buy back the vessels for $38.5 million for each of M/T Julius Caesar and M/T Legio X Equestris, $13.0 million for M/T Eco Marina Del Rey and $20.0 million for M/T Eco Oceano CA. We also have continuous options, after the
                  first year, to buy back the vessels at purchase prices stipulated in the New Huarong Facility depending on when the option will be exercised. Concurrently with the entry into the New Huarong Facility,&#8239;we&#8239;entered into guarantees in
                  connection with the entry by Rubico&#8217;s vessel owning subsidiaries, Roman Empire Inc. and Athenean Empire Inc., into SLBs with Huarong for the purpose of refinancing indebtedness relating to M/T Eco West Coast and M/T Eco Malibu,
                  respectively, pursuant to which we guaranteed, among other things, their obligations under the SLBs in an aggregate amount of $84.0 million. The New Huarong Facility has similar customary covenants and event of default clauses as the SLBs
                  that preceded them, as further described in &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">74</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Newbuilding Tankers Facilities</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 18, 2026, we entered into the Tanker SPA. As a condition to closing of the acquisition of the Tanker SPVs,
                    Central Mare has arranged for sale and leaseback financing agreements with two major Chinese leasing companies, which we entered into on March 9 and March 18, 2026, respectively. These Newbuilding Tankers Facilities amount to, in
                    aggregate $345.8 million, being 85% of the instalments payable under the shipbuilding contracts that is also applied to the pre-delivery installments. The aggregate amount of instalments payable under the shipbuilding contracts is
                    $406.8 million. The Newbuilding Tankers Facilities bear an interest rate of Term SOFR plus a margin of 1.80%. Under this financing, upon delivery of each vessel, we will make quarterly instalment payments of $0.5 million over a period
                    of 10 years with a balloon payment of $18.2 million payable together with the last instalment. In addition, we have provided corporate guarantees in favour of the leasing companies.</div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Financings Committed under Sale and Leaseback Agreements repaid during the years ended December 31, 2024 and 2025</span></div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> CMBFL Facility</span></div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On January 16 and January 23, 2024, we exercised our purchase options under the CMBFL SLB and took full ownership of M/Ts Julius Caesar and Legio X Equestris for $48.6
                  million and $49.3 million, respectively. Following the purchase of the vessels that was funded with cash and the HSBC Bridge Loan, on January 18 and January 25, 2024, we concluded SLBs (the &#8220;New CMBFL SLBs&#8221;) for the financing of M/Ts
                  Julius Caesar and Legio X Equestris respectively from the same institution (CMBFL). The duration of the New CMBFL SLBs was eight years and we had continuous options, after the first year, to buy back the vessels at purchase prices
                  stipulated in the New CMBFL SLBs depending on when the option would be exercised. At the end of the eight-year period, we had an option to buy back the vessels for a consideration of $37.5 million per vessel. The New CMBFL SLBs had a
                  fixed bareboat hire rate of $7.3 million per annum, which included both interest and repayment. The consideration from the New CMBFL SLBs amounted to $125.0 million ($62.5 million per vessel) and the SLBs had similar customary covenants
                  and event of default clauses as the SLBs that preceded them with CMBFL, as further described in &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt.&#8221; On October 17 and October 24, 2025, we exercised our purchase option for the M/Ts Julius Caesar
                  and Legio X Equestris for $58.2 million for each vessel, using part of the proceeds from the New Huarong Facility.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Cargill Facility</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On June 29, 2018, we entered into an SLB and a five-year time charter with Cargill, a non-affiliated party, for our newbuilding vessel M/T Eco Marina Del Rey delivered in
                  March 2019. Consummation of the SLB took place on the vessel&#8217;s delivery date. Following the sale, we bareboat chartered back the vessel at a bareboat hire rate of $8,600 per day and simultaneously the vessel commenced its five-year time
                  charter with Cargill. As part of this transaction, we had the obligation to buy back the vessel at the end of the five-year period for $22.7 million. The facility also contained a fair value appreciation sharing provision, whereby we had
                  to share with Cargill 25% of the excess of the fair market value of the vessel over a predetermined amount amortized on a daily basis to the facility&#8217;s maturity or to when the vessel was sold. We purchased the vessel on May 1, 2024, for
                  $22.7 million and settled the fair value participation (that as of the date of the purchase was $5.0 million) with funds from the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> CMBFL Facility (see
                  below).</div>

                <div><span style="text-decoration: underline;"><br/>
                  </span></div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
                    CMBFL Facility</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">On May 1, 2024, we consummated an SLB with CMBFL (the &#8220;2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
                  CMBFL Facility&#8221;), for M/T Eco Marina Del Rey. Following the sale, we bareboat chartered back the vessel for a period of seven years at bareboat hire rates comprising of 28 consecutive quarterly installments of $0.5 million and a balloon
                  payment of $14.0 million payable together with the last installment, plus interest based on the three months term SOFR plus 2.60%. As part of this transaction, we had continuous options to buy back the vessel at purchase prices stipulated
                  in the bareboat agreement depending on when the option would be exercised and at the end of the seven-year period we had an option to buy back the vessel at a cost represented by the balloon payment. The gross proceeds from the sale were
                  $28.0 million. On October 31, 2025, we exercised our purchase option for the M/T Eco Marina Del Rey for $25.5 million using part of the proceeds from the New Huarong Facility.</div>

                <div>&#160;</div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">75</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">AVIC Sale and Leaseback</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On March 2, 2022, we entered into an SLB with AVIC, for our newbuilding vessel Eco Oceano Ca. Consummation of the SLB
                    took place on March 4, 2022. Following the sale, we had bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 40 consecutive quarterly instalments of $0.68 million and a balloon payment of
                    $21.2 million payable together with the last instalment, plus interest based on the three months LIBOR plus 3.00%. As part of this transaction, we had continuous options to buy back the vessel at purchase prices stipulated in the
                    bareboat agreement depending on when the option would be exercised and at the end of the ten-year period, we had an obligation to buy back the vessel at a cost represented by the balloon payment. On November 6, 2025, we exercised our
                    purchase option for the M/T Eco Oceano Ca for $38.0 million using part of the proceeds from the New Huarong Facility.</div>

                </div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
                    AVIC Sale and Leaseback</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On December 14, 2023, we consummated an SLB with AVIC in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over the M/T Eco West Coast.
                  We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly instalments of $0.18 million and a balloon payment of $19.0 million payable together with the last instalment,
                  plus interest based on Term SOFR plus 2.65% per annum. As part of this transaction, we had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised.
                  At the end of the ten-year period, we had an obligation to buy back the vessel at a cost represented by the balloon payment. The outstanding balance of the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>&#160;
                  AVIC Sale and Leaseback on the spin-off distribution date, amounting to $37.3 million, was transferred to Rubico following completion of the Spin-Off.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Huarong Sale and Leaseback</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On December 20, 2023, we consummated an SLB with Huarong (the &#8220;Huarong SLB&#8221;) in the amount of $41.0 million, for the purpose of refinancing the indebtedness secured over
                  the M/T Eco Malibu. We bareboat chartered back the vessel for a period of ten years at bareboat hire rates comprising of 120 consecutive monthly instalments of $0.18 million and a balloon payment of $19.0 million payable together with the
                  last instalment, plus interest based on Term SOFR plus 2.50% per annum. As part of this transaction, we had continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option
                  would be exercised. At the end of the ten-year period, we had an obligation to buy back the vessel at a cost represented by the balloon payment. The outstanding balance of the Huarong SLB on the spin off distribution date, amounting to
                  $37.5 million, was transferred to Rubico following completion of the Spin-Off.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Covenant Compliance</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">As of December 31, 2025, we were in compliance with all covenants with respect to our financing facilities.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Operating Leases</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On December 1 and December 10, 2020, we sold and leased back M/T Eco Beverly Hills and M/T Eco Bel Air, respectively, to an unaffiliated third party (the &#8220;Navigare
                  Lease&#8221;). Each vessel was chartered back on a bareboat basis for five years at a bareboat hire of $16,750 per day for the first two years, $14,000 per day for the next two years and $10,000 per day for the fifth year. We did not have any
                  option or obligation to buy back the vessels. The abovementioned sale and leaseback transactions contained customary covenants and event of default clauses, including cross-default provisions, change of control provisions (whereby Mr.
                  Evangelos J. Pistiolis could not control less than 50.1% of the voting rights of the Company) and restrictive covenants and performance requirements. Part of these covenants was a requirement to maintain a minimum liquidity of $4 million
                  at all times which was certified bi-annually. As of December 22, 2025, the Navigare Lease expired and both M/T Eco Beverly Hills and M/T Eco Bel Air were delivered to their owner.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Please see &#8220;Item 18. Financial Statements&#8212;Note 6&#8212;Leases&#8221; for more detailed information.</div>

                <div>&#160;</div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">76</span></div>

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                    </div>

                  </div>

                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Research and Development, Patents and Licenses, Etc.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">None.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">D.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Trend Information</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Tankers</div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our results of operations depend primarily on the charter rates earned by our vessels. Over the course of 2025, the BDTI reached a high of 1,468 and a low of 799 while the
                  BCTI reached a high of 885 and a low of 534. Historically and even more so since the start of the financial crisis in 2008 the performance of the BDTI and the BCTI have been characterized by high volatility. Although the BDTI and the BCTI
                  were 3,727 and 1,947 respectively as of March 27, 2025, there can be no assurance that the tanker charter market will continue to increase, and the market could again decline.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The war in Ukraine has amplified the volatility in the tanker market. In the short term, the effect of the invasion of Ukraine has been positive for the tanker market, yet
                  the overall longer term effect on ton-mile demand is uncertain given that cargoes exported previously from Russia will need to be substituted by cargoes from different sources due to the oil and oil products embargo enacted by the United
                  States, the European Union and the United Kingdom.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.9pt; margin-left: 1.9pt; color: #000000;">The ongoing military conflict between Israel and Hamas has had a direct and indirect impact on the trade of crude oil and refined
                  petroleum products. In addition, since November 2023, vessels in and around the Red Sea have faced an increasing number of attempted hijackings and attacks by drones and projectiles launched from Yemen which armed Houthi groups have
                  claimed responsibility for and which have resulted in casualties and sunken or damaged vessels. Under a May 2025 agreement, the Houthi militant group declared that it would stop targeting most commercial ships crossing the Red Sea,
                  although in July 2025 the Houthis pledged to target ships belonging to any company that conducts business with Israeli ports, and in September 2025 used a cruise missile and two drones to target a container ship. On October 9, 2025,
                  Israel, Hamas, the United States and other countries in the region agreed to a framework for a ceasefire in Gaza between Israel and Hamas, which, if sustained, could reduce regional instability in the Eastern Mediterranean. However,
                  whether the ceasefire will be sustained or will result in a lasting de-escalation of tensions in the region is unknown. Such events may have unpredictable consequences and contribute to instability in the global economy or cause a
                  decrease in worldwide demand for certain goods and, thus, shipping. Heightened security risks because of attacks on merchant vessels transiting through the Red Sea to or from the Suez Canal has led to an increase in ton-mile demand for
                  vessels as more vessel owners are opting to re-route their vessels around the Cape of Good Hope.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.9pt; margin-left: 1.9pt; color: #000000;">On February 28, 2026, the United States and Israel launched strikes against Iran, killing Iran&#8217;s supreme leader Ayatollah
                  Khamenei. In retaliation, Iranian missiles and drones targeted Israel and a number of countries that host US military bases&#8212;including Bahrain, the United Arab Emirates, Kuwait, Qatar and Saudi Arabia&#8212;and Hezbollah fired projectiles at
                  Israel. While there is significant uncertainty about the duration of the war in Iran, the White House has stated that it may be a protracted engagement. These events have destabilized the region and may lead to significant disruptions
                  across all sectors of the shipping industry. Further, shipping through the Strait of Hormuz, a waterway essential to the shipment of crude oil and refined petroleum, may experience prolonged disruption. Iran&#8217;s Islamic Revolutionary Guard
                  Corps has warned vessels to avoid the passage. One of our vessels, the M/T Legio X Equestris, chartered to Trafigura, is currently operating within the Persian Gulf. Increased electronic interference may affect navigational and tracking
                  systems, which would heighten the risk of vessel collisions. Although it is impossible to predict exactly how this conflict will affect the tanker industry, it is very likely that a prolonged war will have significant impacts across the
                  sector.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.9pt; margin-left: 1.9pt; color: #000000;">In general, war and global conflicts can have direct and indirect impact on the trade of crude oil and refined petroleum products.
                  The effect, if any, of any particular war or conflict is hard to predict in consequences, severity and length of time, but could have an impact on shipping and the tanker market.</div>

                <div>&#160;</div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">77</span></div>

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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.9pt; margin-left: 1.9pt; color: #000000;">Inflation has had a moderate impact on our vessel operating expenses and corporate overheads. It is anticipated that insurance
                  costs, which have risen over the last three years, may well continue to rise over the next few years. Oil transportation is a specialized area and the number of vessels is increasing. There will therefore be an increased demand for
                  qualified crew and this has and will continue to put inflationary pressure on crew costs. However, in a shipping downturn, costs subject to inflation can usually be controlled because shipping companies typically monitor costs to preserve
                  liquidity and encourage suppliers and service providers to lower rates and prices in the event of a downturn.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.9pt; margin-left: 1.9pt; color: #000000;">
<div>Significant changes or developments in U.S. laws and policies, such as laws and policies surrounding international trade, foreign
                  affairs and investment in the territories and countries where we or our customers operate, or the perception that they may occur, can depress shipping demand and amplify volatility in the tanker market. In April 2025, the U.S. government
                  announced a baseline tariff of 10% on products imported from all countries and an additional individualized reciprocal tariff on the countries with which the United States has the largest trade deficits. Many of these reciprocal tariffs
                  went into effect in August 2025. Some of these tariffs, including the 10% baseline tariff, were imposed under the International Emergency Economic Powers Act (the &#8220;IEEPA&#8221;). In February 2026, the Supreme Court of the United States struck
                  down the tariffs imposed via the IEEPA. Although the IEEPA tariffs were ruled illegal, tariffs imposed through other measures still remain in effect. Further, President Trump, using the Trade Act of 1974, has implemented temporary,
                  150-day 10% tariff on all imports. The tariff imposed under the Trade Act of 1974 are set to expire on July 24, 2026, and the Trump administration may increase the tariff to 15%. The scope and durability of current and future tariff
                  measures are uncertain. Increased tariffs by the United States have led and may continue to lead to the imposition of retaliatory tariffs by foreign jurisdictions. Additionally, the U.S. government has announced and rescinded multiple
                  tariffs on several foreign jurisdictions, which has increased uncertainty regarding the ultimate effect of the tariffs on economic conditions. Although we are continuing to monitor the economic effects of such announcements, as well as
                  opportunities to mitigate their related impacts, costs and other effects associated with the tariffs remain uncertain.<br/></div>

                  <div>
                    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
                    </div>

                    <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Megayachts</div>

                  </div>

                  <div><br/></div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">The global superyacht market continues to exhibit a concentrated fleet structure, with the 30&#8211;40 metre segment representing
                  approximately 63% of vessels currently in operation. Yachts within the 40&#8211;50 metre category account for an additional 21%, while vessels exceeding 80 metres comprise roughly 3% of the global fleet. In aggregate, more than 5,000 luxury
                  yachts over 24 metres are currently in operation worldwide, reflecting the sustained expansion of the sector over the past several decades. Between 2010 and 2020, new&#8209;build deliveries averaged approximately 100 new yachts annually,
                  demonstrating relatively consistent shipyard output during that period. The commercial charter market has expanded in parallel, with over 2,300 yachts exceeding 20 metres participating in the global superyacht charter fleet, contributing
                  to increased competition and greater emphasis on differentiation among commercially operated vessels.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">The recreational and megayacht markets are entering 2026 in a phase of measured normalization following the demand surge experienced
                  during the post&#8209;pandemic period and the subsequent macroeconomic tightening that followed. Available market forecasts anticipate that the broader recreational boating sector will maintain a compound annual growth rate of approximately 5%
                  over the medium term, supported by growth in high&#8209;net&#8209;worth populations, continued expansion in marine tourism activity, and rising adoption of shared&#8209;use, fractional ownership, and charter models. Despite these supportive long&#8209;term
                  trends, near&#8209;term demand conditions remain influenced by ongoing economic uncertainty, which has moderated discretionary spending and contributed to softer new&#8209;build activity in certain regions.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Several structural developments continue to influence competitive dynamics and cost structures across the sector. These include
                  increased adoption of hybrid and alternative propulsion systems, evolving environmental regulations&#8212;particularly those governing emissions and operating restrictions in protected marine areas&#8212;and the accelerating integration of advanced
                  connectivity and automation technologies. Management believes these factors are shaping a market environment characterized by more selective customer demand, an increased emphasis on operational efficiency and sustainability, and
                  continued opportunity for growth within differentiated, higher&#8209;value segments. However, the persistence of broader macroeconomic volatility could continue to affect order timing, charter activity, and overall fleet utilization, which may
                  impact our operating results in future periods.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">For further discussion of industry trends, refer to industry disclosure under &#8220;Item 4. Information on the Company&#8212;B. Business Overview.&#8221;</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">78</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">E.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Critical Accounting Estimates</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in
                  accordance with U.S. GAAP. The preparation of those financial statements requires us to make estimates and judgments that affect the reported amount of assets and liabilities, revenues and expenses and related disclosure of contingent
                  assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under different assumptions or conditions.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Critical accounting estimates are those that reflect significant judgments or uncertainties and potentially result in materially different results under different
                  assumptions and conditions. We have described below what we believe are our most critical accounting estimates that involve a higher degree of judgment and the methods of their application. For a description of all our significant
                  accounting estimates, see Note 2 to our consolidated financial statements included herein.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">Vessel depreciation.</span> We record the value of our vessels at their cost (which includes the contract price, pre-delivery costs
                  incurred during the construction of newbuildings, capitalized interest and any material expenses incurred upon acquisition such as initial repairs, improvements and delivery expenses to prepare the vessel for its initial voyage) less
                  accumulated depreciation. We depreciate our vessels on a straight-line basis over their estimated useful lives, estimated to be 25 years from the date of initial delivery from the shipyard, except for the megayacht for which the estimated
                  useful life is 30 years. Depreciation is based on cost of the vessel less its residual value which is estimated to be $430 per light-weight ton. An increase in the estimated useful life of a vessel or in its residual value would have the
                  effect of decreasing the annual depreciation charge and extending it into later periods. A decrease in the useful life of a vessel or in the residual value would have the effect of increasing the annual depreciation charge. The estimated
                  residual value of the vessels may not represent the fair value at any one time since market prices of light-weight tons tend to fluctuate.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">A decrease in the useful life of the vessel may occur as a result of poor vessel maintenance performed, harsh ocean-going and weather conditions that the vessel is subject
                  to, or poor quality of the shipbuilding yard. When regulations place limitations on the ability of a vessel to trade on a worldwide basis, the vessel&#8217;s useful life is adjusted at the date such regulations become effective. Weak freight
                  markets may result in owners scrapping more vessels and scrapping them earlier due to unattractive returns. An increase in the useful life of the vessel may result from superior vessel maintenance performed, favorable ocean-going and
                  weather conditions the vessel is subjected to, superior quality of the shipbuilding yard, or high freight rates which result in owners scrapping the vessels later due to attractive cash flows.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">Impairment of vessels:</span> We evaluate the existence of impairment indicators whenever events or changes in circumstances indicate
                  that the carrying values of our long-lived assets are not recoverable. Such indicators of potential impairment include vessel sales and purchases, business plans and overall market conditions. If there are indications for impairment
                  present, we determine undiscounted projected net operating cash flows for each vessel and compare it to the vessel&#8217;s carrying value. If the carrying value of the related vessel exceeds its undiscounted future net cash flows, the carrying
                  value is reduced to its fair value.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The carrying values of our vessels may not represent their fair market value at any point in time since the market prices of second-hand vessels tend to fluctuate with
                  changes in charter rates and the cost of newbuildings.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Although we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, such assumptions are highly subjective. There can be no
                  assurance as to how long charter rates and vessel values will remain at their current levels or whether they will improve or decrease by any significant degree. Charter rates may be at depressed levels for some time, which could adversely
                  affect our revenue and profitability, and future assessments of vessel impairment.</div>

                <div><span style="color: #000000;"> </span><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">79</span></div>

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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">In order to perform the undiscounted cash flow test for our vessels, we make assumptions about future charter rates, commissions, vessel operating expenses, dry-dock
                  costs, fleet utilization, scrap rates used to calculate estimated proceeds at the end of vessels&#8217; useful lives and the estimated remaining useful lives of the vessels. These assumptions are based on historical trends as well as future
                  expectations. The projected net operating cash flows for our tanker vessels are determined by considering the charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the
                  unfixed days (based on the ten year historical averages of the one-year, three-year and five-year time charter rates) over the remaining useful life of each vessel, which we estimate to be 25 years from the date of initial delivery from
                  the shipyard. The projected net operating cash flows for our yacht vessel are determined by considering the charter revenues from existing time charters for the fixed&#160; days, if any and an estimated daily time charter equivalent for the
                  unfixed days (based on the historical averages of the respective yacht and projections derived from yacht brokers) over the remaining useful life of our yacht, which we estimate to be 30 years from the date of initial delivery from the
                  shipyard.&#160; The expected outflows for scheduled vessels&#8217; maintenance and vessel operating expenses are based on historical data, adjusted annually assuming an average annual inflation derived from the most recent twenty-year average
                  consumer price index. Effective fleet utilization, average commissions, dry-dock costs and scrap values are also based on historical data.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">In both 2024 and 2025, the charter-free market values of our tankers were materially over their carrying value. Furthermore, in 2025 the basic charter-free market value of
                  our owned megayacht exceeded its carrying value. As such we had no indicators of potential impairment and did not perform the undiscounted cash flow test for any vessel of our fleet. Therefore, for the years ended December 31, 2024 and
                  2025, this is not considered a critical accounting estimate.</div>

                <div><br/>
                </div>

                <div style="text-indent: 36pt; color: #000000;">Also see &#8220;Item 18. Financial Statements&#8212;Note 2&#8212; Significant Accounting Policies&#8221;</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="DIRECTORSSENIORMANAGEMENT"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 6.</div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Directors and Senior Management</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Set forth below are the names, ages and positions of our directors, executive officers and key employees. Members of our Board of
                  Directors are elected annually on a staggered basis and each director elected holds office for a three-year term.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Officers are elected from time to time by vote of our Board of Directors and hold office until a successor is elected.</div>

                <div><br/>
                </div>

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    <td style="width: 42.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="color: #000000; font-weight: bold;">Name</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; color: #000000;"><span style="font-weight: bold;">Age</span></div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="color: #000000; font-weight: bold;">Position</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Evangelos J. Pistiolis</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; color: #000000;">53</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Director, President, Chief Executive Officer</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 42.86%; vertical-align: bottom;">
                        <div style="color: #000000;">Alexandros Tsirikos</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom;">
                        <div style="text-align: center; color: #000000;">51</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom;">
                        <div style="color: #000000;">Director, Chief Financial Officer</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Konstantinos Karelas</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; color: #000000;">52</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Independent Non-Executive Director</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 42.86%; vertical-align: bottom;">
                        <div style="color: #000000;">Maria Zoupou</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom;">
                        <div style="text-align: center;">50</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom;">
                        <div style="color: #000000;">Independent Non-Executive Director</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Paolo Javarone</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 12.24%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; color: #000000;">53</div>
                      </td>

    <td style="width: 1.02%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 42.86%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="color: #000000;">Independent Non-Executive Director</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Biographical information with respect to each of our directors and executives is set forth below.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><span style="font-weight: bold;">Evangelos J. Pistiolis</span> founded our Company in 2000, is our President and Chief Executive
                  Officer, and has served on our Board of Directors since July 2004. Mr. Pistiolis graduated from Southampton Institute of Higher Education in 1999, where he studied shipping operations and from Technical University of Munich in 1994 with a
                  bachelor&#8217;s degree in mechanical engineering. His career in shipping started in 1992 when he was involved with the day-to-day operations of a small fleet of drybulk vessels. From 1994 through 1995, he worked at Howe Robinson &amp; Co.
                  Ltd., a London shipbroker specializing in container vessels. While studying at the Southampton Institute of Higher Education, Mr. Pistiolis oversaw the daily operations of Compass United Maritime Container Vessels, a ship management
                  company located in Greece.</div>

                <div><br/></div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">80</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><span style="font-weight: bold;">Alexandros Tsirikos</span> has served as our Chief Financial Officer since April 1, 2009. Mr.
                  Tsirikos is a U.K. qualified Chartered Accountant (ACA) and has been employed by TOP Ships Inc. since July 2007 as our Corporate Development Officer. Prior to joining TOP Ships Inc., Mr. Tsirikos was a manager with PricewaterhouseCoopers
                  (&#8220;PwC&#8221;) where he worked as a member of the PwC Advisory team and the PwC Assurance team, thereby drawing experience both from consulting as well as auditing. As a member of PwC&#8217;s Advisory team, he led and participated in numerous projects
                  in the public and the private sectors, including strategic planning and business modeling, investment analysis and appraisal, feasibility studies, costing and project management. As a member of the PwC&#8217;s Assurance team, Mr. Tsirikos was
                  part of the International Financial Reporting Standards (&#8220;IFRS&#8221;) technical team of PwC Greece and lead numerous IFRS conversion projects for listed companies. He holds a Master&#8217;s of Science in Shipping Trade and Finance from City
                  University of London and a bachelor&#8217;s degree with honors in Business Administration from Boston University in the United States. He speaks English, French and Greek.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><span style="font-weight: bold;">Konstantinos Karelas</span> has served on our Board of Directors and has been member of the Audit
                  Committee since April 2014. Since 2008, Mr. Karelas has served as the President and CEO of Europe Cold Storages SA, one of the leading companies in the field of refrigeration logistics.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><span style="font-weight: bold;">Maria Zoupou </span>has served on our Board of Directors and has been a member of the Audit
                  Committee, Compensation Committee and Nominating and Governance Committee since August1, 2025. Ms. Zoupou has more than 26 years of international business experience in the areas of finance and banking. She has served in executive
                  positions of Alpha Finance investment bank and of Alpha Bank in Athens and in London with a main focus in private banking and compliance departments and has been instrumental in structuring products and processes of the banks private
                  banking department. Ms. Zoupou holds a Diploma in Public Relations and Executive Studies from the University of Sunderland and a Diploma in Public Relations from the Greek American Institute.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><span style="font-weight: bold;">Paolo Javarone</span> has served on our Board of Directors since September 1, 2014. Mr. Javarone is a
                  member of the Italian Shipbrokers Association. From 2015, Mr. Javarone has been working for Shipping 360 Ltd, a boutique shipbroking company with offices in London and Monaco and before that he has been working since 2000 for Sernavimar
                  S.R.L., one of the most reputable shipbroking houses in Italy, which cooperates with many of the oil major companies and trading associations of the industry. From 1994 to 2000, Mr. Javarone worked for Genoa Sea Brokers in the tanker wing
                  of the company specializing in clean petroleum products and edible markets. Previously, Mr. Javarone worked for S.a.n.a. Eur, a company based in Rome, Italy, where he was tasked with supplying energy and offshore supply. Before S.a.n.a.,
                  Mr. Javarone worked for Sidermar di Navigazione S.P.A. in the dry cargo field. Mr. Javarone holds a Shipbroker degree from National Agents Association Shipbroking School in Italy and a degree in Shipping Economics and Law from Nautical
                  Maritime School in Italy.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Compensation</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On September 1, 2010, we entered into separate agreements with Central Mare, pursuant to which Central Mare furnishes our two
                  executive officers and a number of managerial and administrative employees as described below. During the fiscal year ended December 31, 2025, we paid to the members of our senior management and to our directors aggregate compensation of
                  $0.4 million and declared a $6.0 million bonus to our Chief Executive Officer, which was paid on October 20, 2025. We do not have a retirement plan for our officers or directors and we did not issue any stock options or other securities
                  to them as part of compensation for the fiscal year ended December 31, 2025.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Under the terms of the agreement for the provision of our Chief Executive Officer, we are obligated to pay annual base salary. The
                  initial term of the agreement expired on August 31, 2014 and is automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then
                  applicable term. If our Chief Executive Officer&#8217;s employment is terminated without cause, he is entitled to certain personal and household security costs. If he is removed from our Board of Directors or not re-elected, then his employment
                  terminates automatically without prejudice to Central Mare&#8217;s rights to pursue damages for such termination. In the event of a change of control, the Chief Executive Officer is entitled to receive a cash payment of ten million Euros. The
                  agreement also contains death and disability provisions. In addition, the Chief Executive Officer is subject to non-competition and non-solicitation undertakings.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">81</span></div>

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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Under the terms of the agreement for the provision of our Chief Financial Officer, we are obligated to pay annual base salary. The
                  initial term of the agreement expired on August 31, 2012, and is automatically extended for successive one-year terms unless Central Mare or we provide notice of non-renewal at least sixty days prior to the expiration of the then
                  applicable term. If our Chief Financial Officer is removed from our Board of Directors or not re-elected, then his employment terminates automatically without prejudice to Central Mare&#8217;s rights to pursue damages for such termination. In
                  the event of a change of control, our Chief Financial Officer is entitled to receive a cash payment equal to three years&#8217; annual base salary. The agreement also contains death and disability provisions. In addition, our Chief Financial
                  Officer is subject to non-competition and non-solicitation undertakings.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Board Practices</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Our Board of Directors is divided into three classes. Members of our Board of Directors are elected annually on a staggered basis, and
                  each director elected holds office for a three-year term. We currently have two executive directors and three independent non-executive directors. The terms of our Class I directors, Maria Zoupou and Evangelos J. Pistiolis, expire at the
                  annual general meeting of shareholders in 2026. The terms of our Class II directors, Paolo Javarone and Konstantinos Karelas, expire at the annual general meeting of shareholders in 2027. The term of our Class III director, Alexandros
                  Tsirikos, expires at the annual general meeting of shareholders in 2028.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Committees of our Board of Directors</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">We currently have an audit committee composed of three independent members, who are responsible for reviewing our accounting controls
                  and recommending to our Board of Directors the engagement of our outside auditors. Konstantinos Karelas, Paolo Javarone and Maria Zoupou (Chairman), whose biographical details are included in &#8220;Item 6. Directors, Senior Management and
                  Employees&#8221; of this Annual Report, are the members of the audit committee, and our Board of Directors has determined that they are independent under the NYSE American corporate governance rules.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Our compensation committee and nominating and governance committees are currently composed of the following three members:
                  Konstantinos Karelas, Paolo Javarone and Maria Zoupou. The compensation committee carries out our Board of Directors&#8217; responsibilities relating to compensation of our executive and non-executive officers and provides such other guidance
                  with respect to compensation matters as the committee deems appropriate. The nominating and governance committee assists our Board of Directors in: (i) identifying, evaluating and making recommendations to our Board of Directors
                  concerning individuals for selections as director nominees for the next annual meeting of stockholders or to otherwise fill vacancies on our Board of Directors; (ii) developing and recommending to our Board of Directors a set of corporate
                  governance guidelines and principles applicable to us; and (iii) reviewing our overall corporate governance and recommending improvements to our Board of Directors from time to time.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">As a foreign private issuer, we are exempt from certain NYSE American requirements that are applicable to U.S. domestic companies. For
                  a listing and further discussion of how our corporate governance practices differ from those required of U.S. companies listed on the NYSE American, please see &#8220;Item 16G. Corporate Governance.&#8221;</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">D.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Employees</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">We have no direct employees, while our two executive officers and a number of managerial and administrative employees are furnished to
                  us pursuant to agreements with Central Mare, as described above. Our Fleet Manager ensures that all seamen have the qualifications and licenses required to comply with international regulations and shipping conventions, and that our
                  vessels employ experienced and competent personnel. As of December 31, 2023, 2024 and 2025, we employed 178, 170 and 86 sea-going employees, indirectly through our Fleet Manager.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">E.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Share Ownership</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">The common shares beneficially owned by our directors and senior managers and/or companies affiliated with these individuals are
                  disclosed in &#8220;Item 7. Major Shareholders and Related Party Transactions&#8212;A. Major Shareholders.&#8221;</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">82</span></div>

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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">F.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Disclosure of a registrant&#8217;s action to recover erroneously awarded compensation.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000;">None.</div>

                <div style="text-align: justify; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="MAJORSHAREHOLDERSANDRELAT"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 7.</div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Major Shareholders</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2.1pt;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">The following table sets forth the beneficial ownership of our voting securities, comprised of our common shares and
                    Series D Preferred Shares, as of the date of this Annual Report, held by: (i) each person or entity that we know beneficially owns 5% or more of our common shares and (ii) all our executive officers, directors and key employees as a
                    group. Beneficial ownership is determined in accordance with the SEC&#8217;s rules. In computing percentage ownership of each person, common shares subject to options held by that person that are currently exercisable or convertible, or
                    exercisable or convertible within 60 days are deemed to be beneficially owned by that person. These shares, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other person. On February 18,
                    2026, we entered into the Tanker SPA to purchase the Tanker SPVs, the companies that will acquire ownership of the Newbuilding Tankers. Upon consummation of the Tanker SPA in March 2026, we settled $14.0 million of the consideration for
                    the Tanker SPA by issuing 14,000 Series G Preferred Shares. As of the date of this Annual Report, 14,000 Series G Preferred Shares are outstanding. All shareholders of common stock are entitled to one vote for each common share held and
                    holders of our Series D Preferred Shares and Series G Preferred Shares are entitled to 1,000 votes per Series D Preferred Share or Series G Preferred Share held.&#160; Percentages in the table below are based on 5,430,519 common shares,
                    14,000 Series G Preferred Shares and 100,000 Series D Preferred Shares outstanding as of March 31, 2026.</div>

                </div>

                <div><br/>
                </div>

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    <td style="width: 39%; vertical-align: bottom;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-weight: bold;">Name and Address of Beneficial Owner</div>
                      </td>

    <td style="width: 38%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000; font-weight: bold;">Number of Shares Owned</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td colspan="2" style="vertical-align: bottom;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">Percentage</div>
                        <div style="text-align: center; color: #000000; font-weight: bold;">of Class</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>

    <td colspan="2" style="vertical-align: bottom; white-space: nowrap;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">Percentage</div>
                        <div style="text-align: center; color: #000000; font-weight: bold;">of Total</div>
                        <div style="text-align: center; color: #000000; font-weight: bold;">Voting </div>
                        <div style="text-align: center; color: #000000; font-weight: bold;">Power</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 39%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Lax Trust <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                      </td>

    <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">100,000 Series D Preferred Shares <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">100%</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">83.7</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000;">3%</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 39%; vertical-align: bottom;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">3 Sororibus Trust<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(2)</sup></div>
                      </td>

    <td style="width: 38%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">2,930,718 Common Shares</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">53.97%</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">2.4</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">
                        <div style="color: #000000;">5%</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 39%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Evangelos J. Pistiolis<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(3)</sup></div>
                      </td>

    <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">440,711 Common Shares</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">8.12%</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">0.3</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000;">7%</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 39%; vertical-align: bottom;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Central Mare Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (5)</sup></div>
                      </td>

    <td style="width: 38%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">14,000 Series G Preferred Shares</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">100%</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom;">
                        <div style="text-align: right; color: #000000;">11.7</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">
                        <div style="color: #000000;">2%</div>
                      </td>

  </tr>

  <tr>

    <td style="width: 39%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Executive officers, directors and key employees<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(4)</sup></div>
                      </td>

    <td style="width: 38%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">0 Common Shares</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">0.00%</div>
                      </td>

    <td style="width: 0.61%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255);">&#160;</td>

    <td style="width: 9.48%; vertical-align: bottom; background-color: rgb(204, 238, 255);">
                        <div style="text-align: right; color: #000000;">0.0</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: rgb(204, 238, 255); white-space: nowrap;">
                        <div style="color: #000000;">0%</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div>
                  <hr style="height: 2px; width: 8%; color: #000000; background-color: #000000; text-align: center; border: none; margin-left: auto; margin-right: auto;"/></div>

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  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(1)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The Lax Trust is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. The business address of the
                          Lax Trust is Level 3, 18 Stanley Street, Auckland 1010, New Zealand. The above percentage of total voting power is based on 100,000,000 votes carried by the outstanding Series D Preferred Shares (1,000 votes per Series D Preferred
                          Share held).</div>
                      </td>

  </tr>


</table>
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  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The above information is derived, in part, from the Amendment No. 39 to the 13D/A filed with the SEC on February 14, 2024. 3 Sororibus Trust is an irrevocable trust established for the benefit of certain
                          family members of Mr. Evangelos J. Pistiolis. The business address of 3 Sororibus Trust is 31 Kitiou Kyprianou, 3036, Limassol, Cyprus. 3 Sororibus Trust is the sole shareholder of Family Trading Inc. (&#8220;Family Trading&#8221;), a
                          Marshall Islands corporation, and may be deemed to beneficially own all of the common shares beneficially owned by Family Trading.</div>
                      </td>

  </tr>


</table>
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  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(3)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">The above information is derived, in part, from the Amendment No. 39 to the 13D/A filed with the SEC on February 14, 2024.</div>
                      </td>

  </tr>


</table>
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  <tr>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(4)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">Excludes the shares held by Mr. Evangelos J. Pistiolis that are reported elsewhere in this table.</div>
                      </td>

  </tr>


</table>
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                        <div style="color: #000000;">Central Mare Inc. is a company affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. The business address of Central Mare is Trust Company
                          Complex, Ajeltake Road, Ajeltake Island, Majuro MH 96960, Republic of the Marshall Islands. No holder of Series G Preferred Shares may exercise voting rights pursuant to Series G Preferred Shares that would result in the aggregate
                          voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series G Perpetual Convertible Preferred Shares, common shares or otherwise) to exceed 19.99% of the total number of votes
                          eligible to be cast on any matter submitted to a vote of our shareholders.</div>
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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">83</span></div>

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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt;"><span style="color: #000000;">As of </span>March 31<span style="color: #000000;">, 2026, we had one shareholder of record, Cede &amp; Co, which is
                    located in the United States and held an aggregate of 5,430,519 of our common shares, representing 100% of our outstanding common shares. We believe that the shares held by Cede &amp; Co. include common shares beneficially owned by both
                    holders in the United States and non-U.S. beneficial owners. We are not aware of any arrangements the operation of which may at a subsequent date result in our change of control.</span></div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

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                        <div style="color: #000000; font-weight: bold;">Related Party Transactions</div>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Please also see &#8220;Item 18. Financial Statements&#8212;Note 5&#8212;Transactions with Related Parties.&#8221;</div>

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                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold; font-style: italic;">(a)</span>&#160;<span style="font-weight: bold; font-style: italic;">Central Mare</span> &#8211;<span style="font-weight: bold; font-style: italic;">
                    Executive Officers and Other Personnel Agreements</span></div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On September 1, 2010, we entered into separate agreements with Central Mare, a related party affiliated with the family of our
                  President, Chief Executive Officer and Director, Mr. Evangelos J. Pistiolis, pursuant to which Central Mare provides us with our executive officers (Chief Executive Officer, Chief Financial Officer) and certain managerial and
                  administrative employees .</div>

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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">The fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 were $0.4 million per
                  year.</div>

                <div><br/>
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                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold; font-style: italic;">(b) Central Shipping Inc. (</span>&#8220;<span style="font-weight: bold; font-style: italic;">CSI</span>&#8221;<span style="font-weight: bold; font-style: italic;">) </span>&#8211;<span style="font-weight: bold; font-style: italic;"> Letter Agreement and Management Agreements</span></div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On January 1, 2019, we entered into a letter agreement with CSI (&#8220;CSI Letter Agreement&#8221;), a related party affiliated with the family
                  of Mr. Evangelos J. Pistiolis and on the same date we entered into management agreements (the &#8220;CSI Management Agreements&#8221;), between CSI and our vessel-owning subsidiaries respectively. The CSI Letter Agreement can only be terminated
                  subject to an eighteen-month advance notice, subject to a termination fee equal to twelve months of fees payable under the CSI Letter Agreement.</div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Pursuant to the CSI Letter Agreement, as well as the CSI Management Agreements concluded between CSI and our vessel-owning
                  subsidiaries, we pay a management fee of $670 per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing three months before the vessel is scheduled to be delivered by
                  the shipyard. In addition, the CSI Management Agreements provide for payment to CSI of: (i) $609 per day for superintendent visits plus actual expenses; (ii) a chartering commission of 1.25% on all freight, hire and demurrage revenues;
                  (iii) a commission of 1.00% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee of 0.2% on derivative agreements and loan financing or refinancing. CSI also performs supervision services for
                  all of our newbuilding vessels while the vessels are under construction, for which we pay CSI the actual cost of the supervision services plus a fee of 7% of such supervision services.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">CSI provides, at cost, all accounting, reporting and administrative services. Finally, the CSI Letter Agreement provides for a
                  performance incentive fee for the provision of management services to be determined at our discretion. The CSI Management Agreements have an initial term of five years, after which they will continue to be in effect until terminated by
                  either party subject to an eighteen-month advance notice of termination. Pursuant to the terms of the CSI Management Agreements, all fees payable to CSI are adjusted annually according to the US Consumer Price Inflation (&#8220;CPI&#8221;) of the
                  previous year and, if CPI is less than 2%, then a 2% increase is effected and if CPI is more than 5%, then a 5% increase is effected.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt;"><span style="color: #000000;">On </span>July 15<span style="color: #000000;">, 2025, prior to the consummation of the Spin-Off, Rubico entered into a
                    letter agreement with our Fleet Manager, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director, that details the terms on which any vessels it may acquire will be
                    managed. Both the Athenean Empire Inc. and the Roman Empire Inc., Rubico&#8217;s vessel-owning subsidiaries, have entered into management agreements with our Fleet Manager on May 28, 2020.<br/>
                    <br/>
                  </span></div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">84</span></div>

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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Further, on January 22, 2026, effective as of August 1, 2025, Rubico entered into an executive services agreement with Central Mare, a
                  related party affiliated with the family of Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director, pursuant to which Central Mare will furnish Rubico&#8217;s executive officers.</div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt;"><span style="color: #000000;">The fees charged by and expenses relating to CSI for the years ended December 31, 2023, 2024 and 2025 were $3.4 million,
                    $4.0 million and $</span>4.9<span style="color: #000000;"> million, respectively. For the years ended December 31, 2023, 2024 and 2025.</span></div>

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                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold; font-style: italic;">(c)</span>&#160;<span style="font-weight: bold; font-style: italic;">Issuance of Series E Preferred Shares to Family Trading Inc (</span>&#8220;<span style="font-weight: bold; font-style: italic;">Family Trading</span>&#8221;<span style="font-weight: bold; font-style: italic;">)</span></div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On September 8, 2021, pursuant to a Sale and Purchase Agreement between the Issuer and Zizzy Charter Co. dated September 8, 2021, we
                  issued 2,188 Series E Preferred Shares to Family Trading as partial settlement of the consideration outstanding for the purchase of an additional 65% ownership interest in each of Julius Caesar Inc. and Legio X Inc., each a party to
                  shipbuilding contracts for VLCC Julius Caesar and VLCC Legio X Equestris, respectively, from a party affiliated with Mr. Evangelos J. Pistiolis. On December 6, 2023, Family Trading converted all of its 13,452 Series E Preferred Shares
                  into 2,930,718 Common Shares pursuant to the terms of the Series E Preferred Shares, at a Series E Conversion Price of $4.59. All converted Series E Preferred Shares were cancelled upon conversion and we currently have no Series E
                  Preferred Shares outstanding.</div>

                <div><br/>
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                <div style="text-align: justify; color: #000000; font-style: italic;"><span style="font-weight: bold;">(d)</span>&#160;<span style="font-weight: bold;">Charter Parties with</span>&#160;<span style="font-weight: bold;">Central Tankers Chartering</span></div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt;"><span style="color: #000000;">On January 6, 2021 we acquired a shipowning company from an entity affiliated with Mr. Evangelos J. Pistiolis that owned
                    M/T Eco Oceano CA which was party to a time charter, with Central Tankers Chartering Inc, for a firm duration of five years at a gross daily rate of $32,450, with two optional years at $33,950 and $35,450 at Central Tankers Chartering&#8217;s
                    option. The time charter commenced on the date of delivery. On February 22, 2022 we amended the previously agreed time charter with Central Tankers Chartering and increased its firm period from five years to 15 years and reduced the
                    daily rate from $32,450 to $24,500. This transaction was approved by a special committee of our Board of Directors, of which all of the directors were independent, after obtaining a fairness opinion from an independent financial
                    advisor. On </span>December 31, 2025<span style="color: #000000;">, we further amended the time charter with Central Tankers Chartering, decreasing its firm period to five years, starting from January 1, 2026 and increasing the daily
                    rate to $30,000 per day. This transaction was approved by a special committee of our Board of Directors, of which all of the directors were independent, after obtaining a fairness opinion from an independent financial advisor.</span></div>

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                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(e) Personal Guarantees by Mr. Evangelos J. Pistiolis and Related Amendments to the Series D Preferred Shares.</div>

                <div><br/>
                </div>

                <div style="color: rgb(0, 0, 0); text-align: justify;">As a prerequisite for the Navigare Lease, Mr. Evangelos J. Pistiolis personally guaranteed the performance of the bareboat charters connected to the lease and in exchange, we agreed to
                  indemnify him for any losses suffered as a result of the guarantee provided, and we amended the Certificate of Designation governing the terms of the Series D Preferred Shares, to adjust the voting rights per share of Series D Preferred
                  Shares such that during the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or
                  preferred stock issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare Lease. This personal guarantee came into effect in the case 120 days passed and we were still
                  unable to pay down all amounts due under the Navigare Lease, with the exception of amounts due to Navigare due to a total loss, where in this case the personal guarantee would cover an amount equal to all unpaid charter hire and a further
                  amount equivalent to all future charter hire that would have accrued from the date of the total loss up to the end of the charter period and was callable 200 days after the date of the total loss. Due to the related party nature of the
                  transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by the Company&#8217;s Board of Directors, including all three independent directors. The Navigare Lease and the related personal guarantees
                  terminated in December 2025. Subsequent to the expiration of the Navigare Lease, the amendment to the Certificate of Designations adjusting the voting rights per share of the Series D Preferred Shares was automatically terminated, and the
                  voting rights of the Series D Preferred Shares reverted to their pre-amendment terms.</div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">85</span></div>

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                  <div style="text-align: justify; color: #000000;"><span style="font-weight: bold; font-style: italic;">(f)</span>&#160;<span style="font-weight: bold; font-style: italic;">Issuance of Series F Preferred Shares</span></div>

                  <div style="text-align: justify; color: #000000;"><span style="font-weight: bold; font-style: italic;"> <br/>
                    </span></div>

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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On January 17, 2022, we entered into a stock purchase agreement with Africanus Inc., an affiliate of our CEO for the sale of up to
                  7,560,759 Series F Non-Convertible Perpetual Preferred Shares, par value $0.01, in exchange for (i) the assumption by Africanus Inc. of an amount of $48.0 million of shipbuilding costs for vessels M/T Eco Oceano CA, M/T Julius Caesar and
                  M/T Legio X Equestris, and (ii) settlement of our remaining payment obligations relating to the acquisition in September 8, 2021 of an additional 65% ownership interest in the newbuilding contracts for its two VLCCs, in an amount of up to
                  $27.6 million. A total of 7,200,000 Series F Preferred Shares were issued. On July 8, 2022, we redeemed 865,558 of our Series F Preferred Shares for an aggregate amount of approximately $10.4 million, payable in cash. In December 2022,
                  100% of Africanus Inc shares were transferred to 3 Sororibus Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis. On December 30, 2022, we redeemed 483,694 of our Series
                  F Preferred Shares for an aggregate amount of approximately $5.8 million, payable in cash. On January 13, 2023, we redeemed 1,000,000 of our Series F Preferred Shares for an aggregate amount of approximately $12.0 million, payable in
                  cash. On March 6, 2023, we redeemed 1,016,667 of our Series F Preferred Shares for an aggregate amount of approximately $12.2 million, payable in cash. On April 19, 2023, we redeemed 174,454 of our Series F Preferred Shares for an
                  aggregate amount of approximately $2.1 million, payable in cash. On February 6, 2024, we fully redeemed all of our outstanding 3,659,627 Series F Preferred Shares for an aggregate amount of approximately $43.9 million, payable in cash. As
                  of the date hereof, we have no Series F Preferred Shares outstanding.</div>

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                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(g) HSBC Bridge Guarantee</div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On January 15, 2024 we entered into a bridge loan with HSBC. As a prerequisite for granting the loan HSBC requested a personal
                  guarantee from Mr. Evangelos J. Pistiolis, which he provided in exchange for an arrangement fee of 1.00%.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(h) <a id="z_Hlk220059591"></a>Evangelos J. Pistiolis &#8211; Share Purchase Agreements</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;"><a id="z_Hlk220059576"></a>On June 14, 2024, we entered into a non-binding letter of intent (the &#8220;No-Shop LOI&#8221;), with <a id="z_Hlk223385239"></a>Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling the megayacht M/Y Para Bellvm (100% owned by him) except to us for one month. The consideration for the No-Shop LOI was $1.0
                  million. The No-Shop LOI consideration was applied to the purchase price of the Para Bellvm. On July 12, 2024, we entered into the Para Bellvm SPA with Evangelos J. Pistiolis for the purchase of the shares of the ship owning company that
                  owns 100% of the megayacht M/Y Para Bellvm for a consideration of $20.0 million. The M/Y Para Bellvm was delivered to us on April 11, 2025.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On November 25, 2024 we entered into a non-binding letter of intent (the &#8220;New No-Shop LOI&#8221;), with Mr. Evangelos J.
                    Pistiolis whereby the latter was precluded from marketing or selling the Newbuilding Yacht except to us up to June 30, 2025. The consideration for the New No-Shop LOI was $4.0 million (the &#8220;New Yacht LOI Advance&#8221;). On April 11, 2025 we
                    entered into the New Yacht SPA for the purchase of 100% of the ship owning company that will own the Newbuilding Yacht for a consideration of $27.0 million (the &#8220;New Yacht Consideration&#8221;) and we settled $9.3 million of the New Yacht
                    Consideration by netting of the New Yacht LOI Advance and by paying $5.3 million to Mr. Evangelos J. Pistiolis. The remaining amount of the New Yacht Consideration had been settled by November 13, 2025. Due to the related party nature
                    of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by a special committee of our Board of Directors, consisting of all three of our independent Directors, after obtaining a fairness
                    opinion from an independent financial advisor.</div>

                </div>

                <div>&#160;</div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(i) Contribution and Conveyance Agreement</div>

                <div><br/>
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                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Prior to the consummation of the Spin-Off, we entered into a contribution and conveyance agreement with Rubico (the &#8220;Contribution and
                  Conveyance Agreement&#8221;). Pursuant to the Contribution and Conveyance Agreement, we, in conjunction with the Spin-Off, (i) contributed Athenean Empire Inc. and Roman Empire Inc. and (ii) agreed to indemnify Rubico, Athenean Empire Inc.and
                  Roman Empire Inc. for any and all obligations and other liabilities arising from or relating to the operation, management or employment of M/Ts Eco Malibu and Eco West Coast prior to the effective date of the Spin-Off.</div>

                <div>&#160;</div>

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                <div style="text-align: justify; margin-right: 0.1pt; color: #000000; font-style: italic; font-weight: bold;">(j) Rubico Spin-Off</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On August 11, 2022, Rubico was incorporated by us, under the laws of the Republic of the Marshall Islands to serve as the holding
                  company of the Athenean Empire Predecessor and the Roman Empire Predecessor in connection with the Spin-Off that were contributed to Rubico by us in connection with the Spin-Off. Additionally, in connection with the Spin-Off, the Series D
                  preferred shares of Rubico were distributed to the holder of our Series D Preferred Shares, Lax Trust, to mirror the rights of our Series D Preferred Shares.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">Following the Spin-Off, we and Rubico became independent publicly traded companies. The Spin-Off distribution was <span style="font-style: italic;">pro rata</span> to the beneficial holders of our outstanding common shares and to beneficial holders of our outstanding common stock purchase warrants on an as-exercised basis to the extent such warrants
                  contain anti-dilution provisions conferred an interest equivalent to the Spin-Off distribution, so that such holders maintained the same proportionate interest (on a fully-diluted basis) in each respective class of our shares and Rubico&#8217;s
                  shares both immediately before and immediately after the Spin-Off.</div>

                <div>&#160;</div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(k) Real Estate Letter of Intent</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On November 21, 2025, we entered into the Real Estate LOI for the potential acquisition of certain residential real
                    estate assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, our President, Chief Executive Officer and Director. Under the Real Estate LOI, we have been granted an exclusive right and an option to acquire all or a
                    portfolio of assets with an estimate aggregate market value in excess of $200 million. The purchase price on exercise of the option with respect to any of the properties will be at a 10% discount to fair market value as determined by
                    two independent appraisals. On November 24, 2025, December 2, 2025 and January 5, 2026, we made advance cash payments at an aggregate amount of $23.5 million to be credited against the acquisition price or refunded to the extent we do
                    not elect to exercise the purchase option. The option was to expire 90 days following this advance payment, but was extended on March 24, 2026, up to May 31, 2026. The entry into the Real Estate LOI was approved by a Special Committee
                    composed of independent members of our Board of Directors (the &#8220;Special Committee&#8221;). The exercise of the purchase option remains subject to the approval of our Special Committee. During the option period the Special Committee will
                    conduct a due diligence process and evaluation of the potential transaction taking into account market conditions and other factors.</div>

                </div>

                <div>&#160;</div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">(l) Rubico Inc. &#8211; Letter of Intent / Share Purchase Agreement</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2pt; color: #000000;">On December 4, 2025, we entered into the Newbuilding LOI for the potential acquisition by Rubico from us of the Newbuilding Yacht.
                  Rubico paid a $4.0 million advance that was credited against the New Yacht Consideration.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2pt; margin-left: 2.1pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On December 31, 2025, we entered into the Newbuilding SPA with Rubico to sell Roman Explorer for a purchase price of
                    $38.0 million (the &#8220;Newbuilding Yacht Consideration&#8221;) payable in installments over a period of 300 days following our entry into the Newbuilding SPA. Under certain circumstances we can demand the payment of installments in the form of
                    newly-issued Series E Perpetual Convertible Preferred Shares of Rubico. Upon signing the Newbuilding SPA we settled $19.5 million of the Newbuilding Yacht Consideration by netting the $4.0 million advance and by paying $15.5 million. In
                    2026, further instalment payments of $9.0 million were made and on March 31, 2026, the Newbuilding SPA was consummated. The outstanding consideration from the Newbuilding Yacht Consideration, payable to us as of March 31, 2026, amounts
                    to $9.5 million and is payable up to October 2026 A special independent committee composed of independent members of our Board of Directors negotiated and approved the sale, after obtaining a fairness opinion from an independent
                    financial advisor.</div>

                </div>

                <div>&#160;</div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">87</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="color: #000000; font-style: italic; font-weight: bold;">(m) Central Mare &#8211; Share Purchase Agreement</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.8pt; margin-left: 2.4pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 18, 2026, we entered into the Tanker SPA with Central Mare, a related party affiliated with the family of
                    Mr. Evangelos J. Pistiolis, to purchase each of Roman Shark I Inc., Roman Shark II Inc., Roman Shark III Inc., Roman Shark IV Inc., Roman Shark V Inc., Roman Shark VI Inc., Roman Shark VII Inc., Roman Shark VIII Inc., and Roman Shark X
                    Inc. (the &#8220;Tanker SPVs&#8221;) that have entered into shipbuilding contracts, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the purchase of the Newbuilding Tankers.
                    The Newbuilding Tankers are scheduled for delivery during 2028 and 2029. The purchase price for all of the Tanker SPVs is $41.1 million (the &#8220;Purchase Price&#8221;) of which $6.0 million was paid in cash upon the execution of the Tanker SPA,
                    $1.5 million was paid in cash in March, 2026, and $14.0 million was settled through the issuance of 14,000 Series G Preferred Shares on March 31, 2026, the remaining $19.6 million balance of the Purchase Price is payable no later than
                    April 15, 2026. As contemplated in the Tanker SPA, Central Mare can demand the payment of any unpaid part of the purchase price in the form of newly-issued Series G Preferred Shares. For a description of the Series G Preferred Shares,
                    see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Description of Series G Perpetual Convertible Preferred Shares.&#8221; Furthermore, the form of the Certificate of Designation of the Series G Preferred Shares is
                    filed as an exhibit to this Annual Report. Central Mare has also secured time charter employment with a major oil trader for all nine vessels, starting from their delivery and for a firm duration of seven years, with charterer&#8217;s option
                    to extend for four additional years. As a condition to closing of the acquisition of the Tanker SPVs, Central Mare, has arranged&#160; sale and leaseback financing agreements with two major Chinese leasing companies. The financings amount to
                    an aggregate of 85% of the installments payable under the shipbuilding contracts for the nine newbuilding tanker vessels including pre-delivery instalments. The aggregate amount of installments payable under the nine shipbuilding
                    contracts is $406.8 million. The financings bear an effective interest rate of Term SOFR plus a margin of 1.80%. Under the financings, upon delivery of each vessel we will make quarterly installment payments of $0.5 million per vessel
                    over a period of 10 years with a balloon payment of $18.2 million for each vessel payable together with the last installment. The Company has also provided corporate guarantees in favor of the leasing companies.</div>

                </div>

                <div>&#160;</div>

                <div style="color: #000000; font-style: italic; font-weight: bold;"><a id="z_Hlk216960667"></a><span style="text-decoration: underline;">(n) Rubico Inc. bridge loan (&#8220;Rubico&#160; bridge loan&#8221;)</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; margin-right: 13.5pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">On November 7, 2025 we extended an
                      unsecured short-term credit facility for up to $9.0 million to Rubico Inc. to facilitate the refinancing of its fleet. The facility bore interest of 6.0% per annum, an arrangement fee of 2.0% and a prepayment fee of 1.0% in case that
                      Rubico prepaid the outstanding balance before its original maturity of 90 days after the drawdown date. Rubico prepaid the outstanding amount of $9.0 million on November 12, 2025 together with interest, arrangement fee and prepayment
                      fee amounting in total to $0.3 million.</span></div>

                </div>

                <div><br/>
                </div>

                <div style="color: #000000; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">(o) Rubico Inc. bridge loan (&#8220;Rubico&#160; bridge loan&#8221;)</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; margin-right: 1.8pt; color: #000000;">In connection with the entry of Rubico&#8217;s vessel-owning subsidiaries, Athenean Empire Inc. and Roman Empire Inc., into SLBs with Huarong for the purpose of refinancing
                  indebtedness relating to M/T Eco West Coast and M/T Eco Malibu, respectively, pursuant to which we guaranteed, among other things, their obligations under the SLBs in an aggregate amount of $84.0 million.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Interests of Experts and Counsel</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.1pt; margin-left: 2.1pt; color: #000000;">Not applicable.</div>

                <div>
<div>&#160;
                  </div>
<div>
                    <a id="FINANCIALINFORMATION"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 8.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">FINANCIAL INFORMATION</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Consolidated Statements and Other Financial Information</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">See &#8220;Item 18&#8212;Financial Statements.&#8221;</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">88</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Legal Proceedings</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.2pt; margin-left: 2.2pt; color: #000000;">From time to time, we may be subject to legal proceedings and claims in the ordinary course of business, principally personal
                  injury and property casualty claims. We expect that these claims would be covered by insurance, subject to customary deductibles. Those claims, even if lacking merit, could result in the expenditure of significant financial and managerial
                  resources.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-weight: bold;">Dividend Distribution Policy</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.3pt; margin-left: 2.3pt; color: #000000;">The declaration and payment of any future special dividends shall remain subject to the discretion of our Board of Directors and
                  shall be based on general market and other conditions including our earnings, financial strength and cash requirements and availability.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


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    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Significant Changes</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.4pt; margin-left: 2.4pt; color: #000000;">All significant changes have been included in the relevant sections.</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.4pt; margin-left: 2.4pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="THEOFFERANDLISTING"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 9.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">THE OFFER AND LISTING</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.5pt; margin-left: 2.5pt; color: #000000;">Not applicable except for Item 9.A.4. and Item 9.C.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Share History and Markets</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">From July 23, 2004 to April 23, 2024, the primary trading market for our common shares was Nasdaq. Since April 24, 2024 the
                  primary trading market for our common shares has been the NYSE American, on which our shares are now listed under the symbol &#8220;TOPS.&#8221;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="ADDITIONALINFORMATION"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 10.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">ADDITIONAL INFORMATION</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Share Capital</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Memorandum and Articles of Association</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Purpose</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our purpose is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the BCA. Our
                  Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws, as further amended, do not impose any limitations on the ownership rights of our shareholders.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Authorized Capitalization</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our authorized capital stock consists of 1,000,000,000 common shares, par value $0.01 per share, of which&#160; 4,626,197 shares were
                  issued and outstanding as of December 31, 2025, and 20,000,000 preferred shares with par value of $0.01, of which 100,000 Series D Preferred Shares were issued and outstanding as of December 31, 2025. Our Board of Directors has the
                  authority to establish such series of preferred stock and with such designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in the resolution or
                  resolutions providing for the issue of such preferred stock.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On September 14, 2016, we declared a dividend of one preferred share purchase right for each outstanding common share and adopted
                  a shareholder rights plan, as set forth in a Stockholders Rights Agreement dated as of September 22, 2016, by and between us and Computershare Trust Company, N.A., as rights agent (succeeded by our current transfer agent), described below
                  under the section entitled &#8220;&#8212;Stockholders Rights Agreement.&#8221; In connection with the Stockholders Rights Agreement, we designated 1,000,000 shares as Series A Participating Preferred Stock, none of which were outstanding as of December 31,
                  2025.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">89</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Common Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to
                  preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our Board of Directors out of funds legally available for dividends. Upon
                  our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the holders of our preferred shares having liquidation preferences, if any,
                  the holders of our common shares will be entitled to receive <span style="font-style: italic;">pro rata</span> our remaining assets available for distribution. Holders of our common shares do not have conversion, redemption or preemptive
                  rights to subscribe to any of our securities. The rights, preferences and privileges of holders of our common shares are subject to the rights of the holders of any preferred shares that we may issue in the future.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Preferred Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation authorize our Board of Directors to establish one or more series of
                  preferred shares and to determine, with respect to any series of preferred shares, the terms and rights of that series, including the designation of the series, the number of shares of the series, the preferences and relative,
                  participating, option or other special rights, if any, and any qualifications, limitations or restrictions of such series, and the voting rights, if any, of the holders of the series.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Series D Preferred Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On May 8, 2017, we issued 100,000 shares of Series D Preferred Shares to Tankers Family Inc., a company controlled by Lax Trust,
                  which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, for $1,000 pursuant to a stock purchase agreement. Each Series D Preferred Share has the voting power of one thousand
                  (1,000) common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On April 21, 2017, we were informed by ABN AMRO Bank that we were in breach of a loan covenant that requires that any member of
                  the family of Mr. Evangelos J. Pistiolis, maintain an ownership interest (either directly and/or indirectly through companies beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the
                  Pistiolis family are beneficiaries) of 30% of our outstanding Common Shares. ABN AMRO Bank requested that either the family of Mr. Evangelos J. Pistiolis maintain an ownership interest of at least 30% of the outstanding common shares or
                  maintain voting rights interests of above 50% in us. In order to regain compliance with the loan covenant, we issued the Series D Preferred Shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The Series D Preferred Stock has the following characteristics:</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Conversion.</span> The Series D Preferred Shares are not convertible into
                  common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Voting.</span> Each Series D Preferred Share has the voting power of 1,000
                  common shares. As a prerequisite for the Navigare Lease, Mr. Evangelos J. Pistiolis personally guaranteed the performance of the bareboat charters entered in connection with the lease, under certain circumstances, and in exchange, we
                  amended the Certificate of Designation governing the terms of the Series D Preferred Shares, to adjust the voting rights per share of Series D Preferred Shares such that during the term of the Navigare Lease, the combined voting power
                  controlled by Mr. Evangelos J. Pistiolis and the Lax Trust would not fall below a majority of our total voting power, irrespective of any new common or preferred stock issuances, thereby complying with a relevant covenant of the bareboat
                  charters entered in connection with the Navigare Lease. The Navigare Lease expired in December 2025 and subsequently such provision adjusting the voting power of the Series D Preferred Shares has no effect.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Distributions.</span> The Series D Preferred Shares shall have no dividend or
                  distribution rights.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">90</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">Maturity.</span>
                    The Series D Preferred Shares shall expire and all outstanding Series D Preferred Shares shall be redeemed by us for par value on the date that any financing facility with any financial institution, which requires that any member of the
                    family of Mr. Evangelos J. Pistiolis maintains a specific minimum ownership or voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts
                    or foundations of which any member of the Pistiolis family are beneficiaries) of our issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise
                    redeemable. Currently the SLBs with Huarong and the financing arrangements for the Newbuilding Tankers have similar provisions that are satisfied via the existence of the Series D Preferred Shares.</div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Liquidation, Dissolution or Winding Up.</span> Upon any liquidation,
                  dissolution or winding up of our Company, the Series D Preferred Shares shall have a liquidation preference of $0.01 per share.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The description of the Series D Convertible Preferred Shares is subject to and qualified in its entirety by reference to the
                  Securities Purchase Agreement, Certificate of Designation of the Series D Preferred Shares, and Certificate of Amendment to the Certificate of Designation. Copies of the Securities Purchase Agreement and Certificate of Designation of the
                  Series D Preferred Shares have been filed as exhibits to our Report on Form 6-K filed with the SEC on May 8, 2017. The Certificate of Amendment to the Certificate of Designation was filed as an exhibit to our Report on Form 6-K filed with
                  the SEC on December 4, 2020.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Series F Preferred Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On January 17, 2022, we entered into a stock purchase agreement with Africanus Inc., owned by 3 Sororibus Trust, an irrevocable
                  trust established for the benefit of certain family members of Mr.<span style="font-size: 12pt;">&#160;</span>Evangelos J. Pistiolis, for the sale of up to 7,560,759 Series F Non-Convertible Perpetual Preferred Shares, par value $0.01, in
                  exchange for (i) the assumption by Africanus Inc. of an amount of $48.0 million of shipbuilding costs for vessels M/T Eco Oceano CA (Hull No. 871), M/T Julius Caesar and M/T Legio X Equestris (Hull No. 3214), and (ii) settlement of our
                  remaining payment obligations relating to the acquisition in September 8, 2021 of an additional 65% ownership interest in the newbuilding contracts for its two VLCCs, in an amount of up to $27.6 million.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">A total of 7,200,000 Series F Preferred Shares were issued. On July 8, 2022, we redeemed 865,558 of our Series F Preferred Shares
                  for an aggregate amount of approximately $10.4 million, payable in cash. On December 30, 2022, we redeemed 483,694 of our Series F Preferred Shares for an aggregate amount of approximately $5.8 million, payable in cash. On January 13,
                  2023, we redeemed 1,000,000 of our Series F Preferred Shares for an aggregate amount of approximately $12.0 million, payable in cash. On March 6, 2023, we redeemed 1,016,667 of our Series F Preferred Shares for an aggregate amount of
                  approximately $12.2 million, payable in cash. On April 19, 2023, we redeemed 174,454 of our Series F Preferred Shares for an aggregate amount of approximately $2.1 million, payable in cash. On February 6, 2024, we fully redeemed all of
                  our outstanding 3,659,627 Series F Preferred Shares for an aggregate amount of approximately $43.9 million, payable in cash. Following completion of the redemptions, we have no Series F Preferred Shares outstanding.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of June 2022 Warrants and October 2022 Warrants</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On June 3, 2022, we entered into a securities purchase agreement with a single unaffiliated institutional investor to purchase
                  approximately $7.2 million of our common shares (or pre-funded warrants in lieu thereof) in a registered direct offering and warrants to purchase common shares in a concurrent private placement (the &#8220;June 2022 Warrants&#8221;). On June 7, 2022,
                  we issued 19,583 of our common shares and pre-funded warrants to purchase 40,012 common shares in the registered direct offering, and 14,303,000 warrants (the &#8220;June 2022 Warrants&#8221;) to purchase 59,595 common shares in the concurrent
                  private placement for a purchase price of $120.00 per common share and June 2022 Warrants and $119.976 per pre-funded warrant and June 2022 Warrant.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On October 10, 2022, we entered into a warrant exercise inducement letter agreement (&#8220;Inducement Letter&#8221;) with an accredited
                  investor that was an existing holder of the June 2022 Warrants, wherein the investor agreed to exercise all of the June 2022 Warrants at an exercise price reduced from $120.00 per share to $81.00 per share, in consideration for the
                  issuance of new warrants (the &#8220;October 2022 Warrants&#8221;) to purchase up to an aggregate of 89,393 common shares for a purchase price of $81.00 per common share. The net proceeds of the exercise of the June 2022 Warrants to the Company,
                  after deducting estimated expenses and fees, were approximately $4.5 million.</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">91</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">As of March 31, 2026, the outstanding October 2022 Warrants are exercisable to purchase up to 89,393 common shares at an exercise
                  price of $81.00 per share.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The following description of the characteristics of the October 2022 Warrants is a summary and does not purport to be complete and
                  is qualified by reference to the Form of Common Stock Purchase Warrant attached as an exhibit to our Report on Form 6-K filed with the SEC on October 11, 2022.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercisability</span>. The October 2022 Warrants are exercisable at any time
                  after their original issuance and June 7, 2027. The October 2022 Warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration statement
                  registering the issuance of the common shares underlying the October 2022 Warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act is
                  available for the issuance of such shares, by payment in full in immediately available funds for the number of common shares purchased upon such exercise. If a registration statement registering the issuance of the common shares
                  underlying the October 2022 Warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole
                  discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the warrant. No fractional
                  common shares will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Limitation</span><span style="font-style: italic;">.</span> A holder
                  will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 9.99% of the number of shares of our common shares outstanding immediately after giving effect
                  to the exercise, as such percentage ownership is determined in accordance with the terms of the October 2022 Warrants.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Price</span><span style="font-style: italic;">.</span> The exercise
                  price per whole common share purchasable upon exercise of the October 2022 Warrants is $81.00 per share. The exercise price is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits,
                  stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our shareholders.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Transferability</span><span style="font-style: italic;">.</span> Subject to
                  compliance with any applicable securities laws and the additional conditions set forth in the October 2022 Warrants certificate, the October 2022 Warrants and all rights hereunder are transferable, in whole or in part, upon surrender of
                  the October 2022 Warrants at our principal office or our designated agent, together with a written assignment of the October 2022 Warrants substantially in the form attached thereto duly executed by the holder or its agent or attorney and
                  funds sufficient to pay any transfer taxes payable upon the making of such transfer.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Fundamental Transactions.</span><span style="font-weight: bold;">&#160;</span>In
                  the event of a fundamental transaction, as described in the October 2022 Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or other
                  disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common shares, or any person or group becoming the
                  beneficial owner of 50% of the voting power represented by our outstanding common shares, the holders of the October 2022 Warrants will be entitled to receive upon exercise of the October 2022 Warrants the kind and amount of securities,
                  cash or other property that the holders would have received had they exercised the October 2022 Warrants immediately prior to such fundamental transaction.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Rights as a Shareholder</span><span style="font-style: italic;">.</span>
                  Except as otherwise provided in the October 2022 Warrants or by virtue of such holder&#8217;s ownership of our common shares, the holder of the October 2022 Warrants does not have the rights or privileges of a holder of our common shares,
                  including any voting rights, until the holder exercises the warrant.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Governing Law</span>. The October 2022 Warrants and the October 2022 Warrants
                  Agreement are governed by New York law.</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">92</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Class C Warrants</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On December 6, 2022, we closed a public offering of 562,500 units, each consisting of one of our common shares and Class C
                  Warrants to purchase one common share, at a price of $24.00 per unit. The gross proceeds of the offering to us, before discounts and commissions and estimated offering expenses, were approximately $13.5 million.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">As of March 31, 2026, the outstanding Class C Warrants are exercisable to purchase up to 561,991 common shares at an exercise
                  price of $16.20 per share.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The following description of the characteristics of the Class C Warrants is a summary and does not purport to be complete and is
                  qualified by reference to the Form of Class C Common Stock Purchase Warrant and the Warrant Agency Agreement attached as exhibits to our Report on Form 6-K filed with the SEC on December 14, 2022.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercisability</span>. The Class C Warrants are exercisable at any time after
                  their original issuance and at any time up to the date that is five years after their original issuance. The Class C Warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise
                  notice and, at any time a registration statement registering the issuance of the common shares underlying the Class C Warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from
                  registration under the Securities Act is available for the issuance of such shares, by payment in full in immediately available funds for the number of common shares purchased upon such exercise. If a registration statement registering
                  the issuance of the common shares underlying the Class C Warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available for the issuance of such shares, the
                  holder may, in its sole discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the
                  warrant. No fractional common shares will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Limitation</span><span style="font-style: italic;">.</span> A holder
                  will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 4.99% of the number of shares of our common shares outstanding immediately after giving effect
                  to the exercise, as such percentage ownership is determined in accordance with the terms of the Class C Warrants.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Price</span><span style="font-style: italic;">.</span> The exercise
                  price per whole common share purchasable upon exercise of the Class C Warrants was $24.00 per share. The exercise price is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits, stock
                  combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our shareholders. On February 14, 2023 we entered into a securities
                  purchase agreement with several institutional investors as part of a registered direct equity offering, under which we reduced the exercise price per common share under the outstanding Class C Warrants to $16.20 per common share with all
                  other terms remaining unchanged.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Transferability</span><span style="font-style: italic;">.</span> The Class C
                  Warrants and all rights hereunder are transferable, in whole or in part, upon surrender of the Class C Warrants at our principal office or our designated agent, together with a written assignment of the Class C Warrants substantially in
                  the form attached thereto duly executed by the holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Warrant Agent</span>. The Class C Warrants are issued in registered form
                  under the warrant agency agreement between American Stock Transfer &amp; Trust Company, as warrant agent, and us.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Fundamental Transactions.</span><span style="font-weight: bold;">&#160;</span>In
                  the event of a fundamental transaction, as described in the Class C Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or other
                  disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common shares, or any person or group becoming the
                  beneficial owner of 50% of the voting power represented by our outstanding common shares, the holders of the Class C Warrants will be entitled to receive upon exercise of the Class C Warrants the kind and amount of securities, cash or
                  other property that the holders would have received had they exercised the Class C Warrants immediately prior to such fundamental transaction.</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">93</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Rights as a Shareholder</span><span style="font-style: italic;">.</span>
                  Except as otherwise provided in the Class C Warrants or by virtue of such holder&#8217;s ownership of our common shares, the holder of a Class C Warrant does not have the rights or privileges of a holder of our common shares, including any
                  voting rights, until the holder exercises the warrant.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Governing Law</span>. The Class C Warrants and the Class C Warrant Agreement
                  are governed by New York law.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Description of February 2023 Warrants</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 14, 2023, we entered into a securities purchase agreement with certain unaffiliated institutional investors
                    to purchase up to 837,094 units, each unit consisting of (i) one common share, par value $0.01 per share (each, a &#8220;Common Share&#8221;) of the Company and (ii) warrants to purchase one Common Share in a registered direct offering. On February
                    16, 2023, we issued 837,094 Common Shares and 10,045,185 warrants (the &#8220;February 2023 Warrants&#8221;) to purchase 837,094 common shares with an exercise price of $16.20 per common share. Additionally, since over 80% of the investors in the
                    February 2023 Registered Direct Offering were Class C Warrant holders, we agreed to reduce the exercise price per common share of the Class C Warrants to $16.20 per warrant share from an original exercise price of $24.00 per common
                    share to induce them to participate in the offering.</div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">As of March 31, 2026, the outstanding February 2023 Warrants are exercisable to purchase up to 837,094 common shares at an
                  exercise price of $16.20 per share.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The following description of the characteristics of the February 2023 Warrants is a summary and does not purport to be complete
                  and is qualified by reference to the Form of Common Stock Purchase Warrant attached as an exhibit to our Report on Form 6-K filed with the SEC on February 16, 2023.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercisability</span>. The February 2023 Warrants are exercisable at any time
                  after their original issuance and through February 16, 2028. The February 2023 Warrants are exercisable, at the option of each holder, in whole or in part by delivering to us a duly executed exercise notice and, at any time a registration
                  statement registering the issuance of the common shares underlying the February 2023 Warrants under the Securities Act is effective and available for the issuance of such shares, or an exemption from registration under the Securities Act
                  is available for the issuance of such shares, by payment in full in immediately available funds for the number of common shares purchased upon such exercise. If a registration statement registering the issuance of the common shares
                  underlying the February 2023 Warrants under the Securities Act is not effective or available and an exemption from registration under the Securities Act is not available for the issuance of such shares, the holder may, in its sole
                  discretion, elect to exercise the warrant through a cashless exercise, in which case the holder would receive upon such exercise the net number of common shares determined according to the formula set forth in the warrant. No fractional
                  common shares will be issued in connection with the exercise of a warrant. In lieu of fractional shares, we will pay the holder an amount in cash equal to the fractional amount multiplied by the exercise price.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Limitation</span><span style="font-style: italic;">.</span> A holder
                  will not have the right to exercise any portion of the warrant if the holder (together with its affiliates) would beneficially own in excess of 9.99% of the number of shares of our common shares outstanding immediately after giving effect
                  to the exercise, as such percentage ownership is determined in accordance with the terms of the February 2023 Warrants.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Exercise Price</span><span style="font-style: italic;">.</span> The exercise
                  price per whole common share purchasable upon exercise of the February 2023 Warrants is $16.20 per share. The exercise price is subject to appropriate adjustments in the event of certain stock dividends and distributions, stock splits,
                  stock combinations, reclassifications or similar events affecting our common shares and also upon any distributions of assets, including cash, stock or other property to our shareholders.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Transferability</span><span style="font-style: italic;">.</span> Subject to
                  compliance with any applicable securities laws and the additional conditions set forth in the February 2023 Warrants certificate, the February 2023 Warrants and all rights hereunder are transferable, in whole or in part, upon surrender of
                  the February 2023 Warrants at our principal office or our designated agent, together with a written assignment of the February 2023 Warrants substantially in the form attached thereto duly executed by the holder or its agent or attorney
                  and funds sufficient to pay any transfer taxes payable upon the making of such transfer.</div>

                <div><br/>
                </div>

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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">94</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Fundamental Transactions.</span><span style="font-weight: bold;">&#160;</span>In
                  the event of a fundamental transaction, as described in the February 2023 Warrants and generally including, with certain exceptions, any reorganization, recapitalization or reclassification of our common shares, the sale, transfer or
                  other disposition of all or substantially all of our properties or assets, our consolidation or merger with or into another person, the acquisition of more than 50% of our outstanding common shares, or any person or group becoming the
                  beneficial owner of 50% of the voting power represented by our outstanding common shares, the holders of the February 2023 Warrants will be entitled to receive upon exercise of the February 2023 Warrants the kind and amount of securities,
                  cash or other property that the holders would have received had they exercised the February 2023 Warrants immediately prior to such fundamental transaction.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Rights as a Shareholder</span><span style="font-style: italic;">.</span>
                  Except as otherwise provided in the February 2023 Warrants or by virtue of such holder&#8217;s ownership of our common shares, the holder of a February 2023 Warrants does not have the rights or privileges of a holder of our common shares,
                  including any voting rights, until the holder exercises the warrant.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Governing Law</span>. The February 2023 Warrants and the February 2023
                  Warrants Agreement are governed by New York law.</div>

                <div><br/>
                </div>

                <div>
                  <div style="text-align: justify; color: #000000; font-weight: bold;">Description of Series G Perpetual Convertible Preferred Shares</div>

                </div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 1.8pt; margin-left: 2.4pt; color: #000000;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">On February 18, 2026, we entered into a share purchase agreement (the &#8220;Tanker SPA&#8221;) with Central Mare, a related party
                    affiliated with the family of Mr. Evangelos J. Pistiolis, to purchase the shares of certain entities (the &#8220;Tanker SPVs&#8221;) that have entered into shipbuilding contracts, dated February 3, 2026, with Guangzhou Shipyard International
                    Company Limited and China Shipbuilding Trading Co., Ltd. for the purchase of nine 47,499 dwt MR chemical/product oil tankers. The purchase price for all of the Tanker SPVs is $41.1 million (the &#8220;Purchase Price&#8221;) of which $6.0 million
                    was paid in cash upon the execution of the Tanker SPA, $1.5 million was paid in cash in March, 2026, $14.0 million was settled through the issuance of 14,000 Series G Preferred Shares on March 31, 2026 and the remaining $19.6 million
                    balance of the Purchase Price is payable no later than April 15, 2026. As contemplated by the Tanker SPA, under certain circumstances Central Mare can demand the payment of installments in the form of newly-issued Series G Preferred
                    Shares.</div>

                </div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 3pt; margin-left: 3pt; color: #000000;">The following description of the characteristics of the Series G Preferred Shares is a summary and does not purport to be complete and
                  is qualified by reference to the Form of the Certificate of Designation of Rights, Preferences and Privileges of Series G Perpetual Convertible Preferred Shares attached as an exhibit to our Report on Form 6-K filed with the SEC on
                  February 23, 2026.</div>

                <div>
                  <div style="text-align: justify;"><span style="color: #000000;"> </span><br/>
                  </div>

                </div>

                <div>
                  <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Series G Preferred Shares have the following characteristics:</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="font-style: italic; color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Conversion</span><span style="font-weight: bold;">.</span> The Company has the right, at any time and from time to
                    time, subject to certain conditions, to convert in whole or in part (<span style="font-style: normal;">pro rata</span> among the holders of Series G Preferred Shares) the Series G Preferred Shares then held by such holders into Common
                    Shares at the conversion rate then in effect.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;">
                    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Each Series G Preferred Share is convertible into the number of the Registrant&#8217;s Common Shares equal to the quotient
                      of $1,000 plus any accrued and unpaid dividends divided by the lesser of the following four prices (the &#8220;Series G Conversion Price&#8221;): (i) 120% of the closing price of our common shares on the trading day immediately preceding the
                      first issuance of Series G Preferred Shares, being $3.67 (ii) 80% of the lowest daily VWAP of the common shares over the twenty consecutive trading days expiring on the trading day immediately prior to the date of delivery of a
                      conversion notice, (iii) the conversion price or exercise price per share of any of our then outstanding convertible shares or warrants, (iv) the lowest issuance price of the common shares in any transaction from the date of the
                      issuance of the Series G Preferred Shares onwards, but in no event will the Series G Conversion Price be less than $0.60 (the &#8220;Floor Price&#8221;). The Floor Price is adjusted (decreased) in case of splits or subdivisions of our outstanding
                      shares and is not adjusted in case of reverse stock splits or combinations of our outstanding shares. Finally, the Series G Conversion Price is subject to appropriate adjustment in the event of certain dividends and distributions,
                      stock combinations, reclassifications or similar events affecting the Common shares.</div>

                  </div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="font-style: italic; color: #000000;"> </span><br/>
                  </div>

                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">95</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div>
                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Limitations of Conversion.</span> Holders of the shares of Series G Preferred Shares shall be entitled to convert
                    the Series G Preferred Shares in full, regardless of the beneficial ownership percentage of the holder after giving effect to such conversion.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="font-style: italic; color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Voting</span><span style="font-weight: bold;">.</span> The holders of Series G Preferred Shares are entitled to the
                    voting power of one thousand (1,000) of our common shares per Series G Preferred Share, provided that no holder of Series G Preferred Shares may exercise voting rights pursuant to Series G Preferred Shares that would result in the
                    aggregate voting power of any beneficial owner of such shares and its affiliates (whether pursuant to ownership of Series G Perpetual Convertible Preferred Shares, Common Shares or otherwise) to exceed 19.99% of the total number of
                    votes eligible to be cast on any matter submitted to a vote of our shareholders. The holders of Series G Preferred Shares and the holders of our common shares shall vote together as one class on all matters submitted to a vote of our
                    shareholders. The holders of Series G Preferred Shares otherwise have no special voting rights and their consent shall not be required for taking any corporate action.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="font-style: italic; color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Distributions</span><span style="font-weight: bold;">.</span> The holders of Series G Preferred Shares are entitled
                    to receive certain dividends and distributions paid to holders of common shares on an as-converted basis. Upon any liquidation, dissolution or winding up of the Company, the holders of Series G Preferred Shares shall be entitled to
                    receive the net assets of our Company <span style="font-style: italic;">pari passu</span> with the common shares.</div>

                </div>

                <div><br/>
                </div>

                <div>
                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Redemption</span><span style="font-weight: bold;">.</span> We at our option shall have the right to redeem a portion
                    or all of the outstanding Series G Preferred Shares. We shall pay an amount equal to one thousand dollars ($1,000) per each Series G Preferred Share (the &#8220;Liquidation Amount&#8221;), plus a redemption premium equal to fifteen percent (15%) of
                    the Liquidation Amount being redeemed if that redemption takes place up to and including the first anniversary of the first issuance of Series G Preferred Shares and twenty percent (20%) of the Liquidation Amount being redeemed if that
                    redemption takes place after the first anniversary of the first issuance of Series G Preferred Shares (collectively referred to as the &#8220;Redemption Amount&#8221;). In order to make a redemption, we shall first provide one business day advance
                    written notice to the holders. Upon the expiration of the one business day period, we shall deliver to each holder the Redemption Amount with respect to the amount redeemed.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Series G Preferred Shares shall not be subject to redemption in cash at the option of the holders thereof under any circumstance.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Dividends</span><span style="font-weight: bold;">.</span> The holders of outstanding Series G Preferred Shares shall
                    be entitled to receive out of funds legally available for the purpose, semi-annual dividends payable in cash on the last day of June and December in each year (each such date being referred to herein as a &#8220;Semi Annual Dividend Payment
                    Date&#8221;), commencing on the first Semi Annual Dividend Payment Date in an amount per share (rounded to the nearest cent) equal to fifteen percent (15%) per year of the liquidation amount of the then outstanding Series G Preferred Shares
                    computed on the basis of a 365-day year and the actual days elapsed.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;">Accrued but unpaid dividends shall bear interest at fifteen percent (15%). Dividends paid on the Series G Preferred Shares in an amount less than the total amount of
                    such dividends at the time accrued and payable on such shares shall be allocated <span style="font-style: normal;">pro rata</span> on a share-by-share basis among all such shares at the time outstanding. Our Board of Directors may fix
                    a record date for the determination of holders of Series G Preferred Shares entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the
                    payment thereof.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Transfer Restrictions.</span> The Series G Preferred Shares will be transferable without the consent of the Company,
                    provided the holders of Series G Preferred Shares and their direct and indirect transferees are subject to the transfer restrictions of the Share Purchase Agreement, including that the Series G Preferred Shares shall not be sold or
                    traded on any securities exchange or public market until March 15, 2028 and any transferee must agree to be bound by such terms. Any Common Shares issued on conversion of the Series G Perpetual Convertible Preferred Shares will be
                    subject to the same transfer restrictions under the Share Purchase Agreement.</div>

                  <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                  <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-weight: bold; font-style: italic;">Ranking.</span><span style="font-weight: bold;">&#160;</span>All shares of Series G Preferred Shares shall rank <span style="font-style: normal;">pari passu </span>with all classes of our common shares.</div>

                </div>

                <div>
                  <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt;"><span style="color: #000000;"> </span><br/>
                  </div>

                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">96</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Shareholder Meetings</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under our Amended and Restated By-Laws, annual shareholder meetings will be held at a time and place selected by our Board of
                  Directors. The meetings may be held in or outside of the Marshall Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time exclusively by our Board of
                  Directors. Notice of every annual and special meeting of shareholders shall be given at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Directors</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to
                  vote in the election. Our Third Amended and Restated Articles of Incorporation and Amended and Restated By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Board of Directors must consist of at least one member and not more than twelve, as fixed from time to time by the vote of not
                  less than 66 2/3% of the entire board. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death,
                  resignation, removal, or the earlier termination of his term of office. Our Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for
                  attendance at any meeting or for services rendered to us.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Classified Board</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation provide for the division of our Board of Directors into three classes of
                  directors, with each class as nearly equal in number as possible, serving staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third
                  party from making a tender offer for our shares or attempting to obtain control of our company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of
                  Directors for two years.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Election and Removal</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws require parties other than our Board of
                  Directors to give advance written notice of nominations for the election of directors. Our Third Amended and Restated Articles of Incorporation provide that our directors may be removed only for cause and only upon the affirmative vote of
                  the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for those directors. These provisions may discourage, delay or prevent the removal of incumbent officers and directors.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold;">Dissenters</span>&#8217;<span style="font-weight: bold;"> Rights of Appraisal and Payment</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under the BCA, our shareholders have the right to dissent from various corporate actions, including certain mergers or
                  consolidations or sales of all or substantially all of our assets not made in the usual course of our business, and receive payment of the fair value of their shares, subject to exceptions. For example, the right of a dissenting
                  shareholder to receive payment of the fair value of his shares is not available if for the shares of any class or series of shares, which shares at the record date fixed to determine the shareholders entitled to receive notice of and vote
                  at the meeting of shareholders to act upon the agreement of merger or consolidation, were either (1) listed on a securities exchange or admitted for trading on an interdealer quotation system or (2) held of record by more than 2,000
                  holders. In the event of any further amendment of the articles, a shareholder also has the right to dissent and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting
                  shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution
                  of proceedings in the High Court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which our shares are primarily traded on a local or national securities exchange. The value of the shares of the
                  dissenting shareholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">97</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold;">Shareholders</span>&#8217;<span style="font-weight: bold;"> Derivative Actions</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a
                  derivative action, provided that the shareholder bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. Our Bylaws provide that
                  unless we consent in writing to the selection of alternative forum, the sole and exclusive forum for (i) any shareholders&#8217; derivative action or proceeding brought on behalf of us, including any such action arising under the Exchange Act
                  or the Securities Act (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other of our employees or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the
                  BCA, or (iv) any action asserting a claim governed by the internal affairs doctrine shall be the High Court of the Republic of the Marshall Islands, in all cases subject to the court&#8217;s having personal jurisdiction over the indispensable
                  parties named as defendants. However, the enforceability of similar forum selection provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court
                  could find the forum selection provision contained in our Bylaws to be inapplicable or unenforceable in such action. In particular, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce
                  any duty or liability created by the Exchange Act or the rules and regulations thereunder. In addition, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any
                  duty or liability created by the Securities Act or the rules and regulations thereunder. Shareholders&#8217; derivative actions, including those arising under the Exchange Act or Securities Act, are subject to our forum selection provision. To
                  the extent that the exclusive forum provision would apply to restrict the courts in which our shareholders may bring claims arising under the Exchange Act or the Securities Act and the rules and regulations thereunder, there is
                  uncertainty as to whether a court would enforce such a provision. Investors cannot waive compliance with the federal securities laws and the rules and regulations promulgated thereunder. For more information regarding the risks connected
                  to the forum selection provision in our Bylaws, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to our Common Shares&#8212; We may not achieve the intended benefits of having a forum selection provision if it is found to be
                  unenforceable.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Anti-takeover Provisions of our Charter Documents</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Several provisions of our Third Amended and Restated Articles of Incorporation and Amended and Restated By-Laws may have
                  anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection
                  with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below, could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy
                  contest or otherwise, that a shareholder may consider in its best interest and (2) the removal of incumbent officers and directors.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Business Combinations</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation include provisions which prohibit us from engaging in a business
                  combination with an interested shareholder for a period of three years after the date of the transaction in which the person became an interested shareholder, unless:</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 15.75pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the Board approved either the business combination or the transaction that resulted in the
                          shareholder becoming an interested shareholder;</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 15.75pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding
                          at the time the transaction commenced;</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 15.75pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by the Board and authorized at an annual or
                          special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested shareholder; and</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 15.75pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the shareholder became an interested shareholder prior to the consummation of the initial public offering.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">98</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that any action required or
                  permitted to be taken by our shareholders must be effected at an annual or special meeting of shareholders or by the unanimous written consent of our shareholders.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our Third Amended and Restated Articles of Incorporation and our Amended and Restated By-Laws provide that only our Board of
                  Directors may call special meetings of our shareholders and the business transacted at the special meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for
                  shareholder consideration of a proposal over the opposition of our Board of Directors and shareholder consideration of a proposal may be delayed until the next annual meeting.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under the terms of our Third Amended and Restated Articles of Incorporation, our Board of Directors has authority, without any
                  further vote or action by our shareholders, to issue up to 20,000,000 shares of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of
                  control of our company or the removal of our management.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic; font-weight: bold;">Super-majority Required for Certain Amendments to Our By-Laws</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On February 28, 2007, we amended our by-laws to require that amendments to certain provisions of our by-laws may be made when
                  approved by a vote of not less than 66 2/3% of the entire Board of Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended are provisions governing: the nature of business to be
                  transacted at our annual meetings of shareholders, the calling of special meetings by our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our Board of Directors
                  is elected, the nomination procedures of our Board of Directors, removal of our Board of Directors and the filling of vacancies on our Board of Directors.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Stockholders Rights Agreement</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">On September 14, 2016, our Board of Directors declared a dividend of one preferred share purchase right&#160; (each a &#8220;Right&#8221;), for
                  each outstanding common share and adopted a shareholder rights plan, as set forth in the Stockholders Rights Agreement dated as of September 22, 2016 (the &#8220;Rights Agreement&#8221;), by and between us and Computershare Trust Company, N.A. (now
                  taken over by our new transfer agent, AST), as rights agent.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The Board adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general
                  terms, it works by imposing a significant penalty upon any person or group that acquires 15% or more of our outstanding common shares without the approval of our Board of Directors. If a shareholder&#8217;s beneficial ownership of our common
                  shares as of the time of the public announcement of the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights
                  would become exercisable if at any time after such announcement, the shareholder increases its ownership percentage by 1% or more.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to
                  acquire us without the approval of our Board of Directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of
                  the Rights for a permitted offer, the Rights should not interfere with a merger or other business combination approved by our Board.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note,
                  however, that this description is only a summary, and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 8-A filed by us on September 22, 2016 and incorporated herein by
                  reference. The foregoing description of the Rights Agreement is qualified in its entirety by reference to such exhibit.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">99</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"><span style="font-style: italic;">The Rights</span>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that
                  represent our common shares. New Rights will accompany any new of our common shares issued after October 5, 2016 until the Distribution Date described below.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Exercise Price</span>. Each Right allows its holder to purchase from us one one-thousandth of a
                  share of Series A Participating Preferred Stock (each a &#8220;Series A Preferred Share&#8221;), for an initial exercise price of $50.00, subject to adjustment pursuant to the Rights Agreement (the &#8220;Exercise Price&#8221;), once the Rights become
                  exercisable. This portion of a Series A Preferred Share will give the shareholder approximately the same dividend, voting and liquidation rights as would one common share. Prior to exercise, the Right does not give its holder any
                  dividend, voting, or liquidation rights.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Exercisability</span>. The Rights are not exercisable until ten days after the public
                  announcement that a person or group has become an &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be
                  ownership of the underlying common shares or are reportable for purposes of Regulation 13D of the Exchange Act&#8212;are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the
                  derivative position, to the extent our actual common shares are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights
                  Agreement are excepted from such imputed beneficial ownership.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding
                  common shares, the Rights Agreement &#8220;grandfathers&#8221; their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share certificates (or, in the
                  case of uncertificated shares, by notations in the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our
                  common shares and will be evidenced by book-entry credits or by Rights certificates that we will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000;"><span style="text-decoration: underline;">Series A Preferred Share Provisions</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>

                <div><br/>
                </div>

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    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">not be redeemable;</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

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    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash
                          dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately
                          preceding quarterly dividend payment date; and</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">entitle holders to one vote on all matters submitted to a vote of our shareholders.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The value of one one-thousandth interest in a Series A Preferred Share should approximate the value of one common share.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">100</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000;"><span style="text-decoration: underline;">Consequences of a Person or Group Becoming an Acquiring Person.</span></div>

                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Flip In.</span> If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for
                          the Exercise Price, a number of our common shares (or, in certain circumstances, cash, property or other of our securities) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable
                          following the occurrence of the foregoing event until such time as the Rights are no longer redeemable by us, as further described below.</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances
                  specified in the Rights Agreement, were beneficially owned by an Acquiring Person or certain of its transferees will be null and void.</div>

                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Flip Over</span>. If, after an Acquiring Person obtains 15% or more of our common shares, (i) we merge into another entity; (ii) an acquiring entity merges into us; or
                          (iii) we sell or transfer 50% or more of its assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise
                          Price, a number of our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Notional Shares</span>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a
                          majority of the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to
                          be beneficially owned by the Acquiring Person.</div>
                      </td>

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</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Redemption</span>. Our Board of Directors may redeem the Rights for $0.01 per Right at any time
                  before any person or group becomes an Acquiring Person. If our Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the
                  redemption price of $0.01 per Right. The redemption price will be adjusted if we have a stock dividend or a stock split.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Exchange.</span> After a person or group becomes an Acquiring Person, but before an Acquiring
                  Person owns 50% or more of our outstanding common shares, the Board may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain
                  circumstances, we may elect to exchange the Rights for cash or other of our securities having a value approximately equal to one common share.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Expiration</span>. The Rights expire on the earliest of (i) September 22, 2026; or (ii) the
                  redemption or exchange of the Rights as described above.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Anti-Dilution Provisions</span>. The Board may adjust the purchase price of the Series A
                  Preferred Shares, the number of Series A Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Series A Preferred Shares or our
                  common shares. No adjustments to the Exercise Price of less than 1% will be made.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Amendments</span>. The terms of the Rights and the Rights Agreement may be amended in any
                  respect without the consent of the holders of the Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain
                  exceptions, in order to (i) cure any ambiguities; (ii) correct or supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period
                  pursuant to the Rights Agreement; or (iv) make changes that do not adversely affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="font-style: italic;">Taxes.</span> The distribution of Rights should not be taxable for federal income tax purposes.
                  However, following an event that renders the Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">101</span></div>

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                    </div>

                  </div>

                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">C.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Material Contracts</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">We refer you to &#8220;Item 5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Debt Facilities,&#8221; &#8220;Item
                  5. Operating and Financial Review and Prospects&#8212;B. Liquidity and Capital Resources&#8212;Financing Commitments under Sale and Leaseback Arrangements,&#8221; &#8220;Item 6. Directors, Senior Management and Employees&#8212;B. Compensation&#8221;, &#8220;Item 7. Major
                  Shareholders and Related Party Transactions&#8212;B. Related Party Transactions&#8221;, &#8220;Item 18. Financial Statements&#8212;Note 5&#8212;Transactions with related parties&#8221;, &#8220;Item 18. Financial Statements&#8212;Note 6&#8212;Leases&#8221; and &#8220;Item 18. Financial Statements&#8212;Note
                  7&#8212;Debt&#8221; for a discussion of our material agreements that we have entered into outside the ordinary course of our business.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Certain of these material agreements that are to be performed in whole or in part at or after the date of this Annual Report are
                  attached as exhibits to this Annual Report. Other than these contracts, we have no other material contracts, other than contracts entered into in the ordinary course of business, to which we are a party.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">D.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Exchange controls</div>
                      </td>

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</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The Marshall Islands impose no exchange controls on non-resident corporations.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">E.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Taxation</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The following represents the opinion of our United States and Marshall Islands tax counsel, Watson Farley &amp; Williams LLP, and
                  is a summary of the material Marshall Islands and U.S. federal income tax considerations relevant to a U.S. Holder and a Non-U.S. Holder, each as defined below, with respect to the ownership and disposition of our common shares. The
                  discussion of U.S. federal income tax matters is based on the Code, judicial decisions, administrative pronouncements, and existing and proposed regulations issued by the U.S. Department of the Treasury (the &#8220;Treasury Regulations&#8221;) all of
                  which are subject to change, possibly with retroactive effect. This discussion does not purport to deal with the tax consequences of owning common shares to all categories of investors, some of which, such as financial institutions,
                  regulated investment companies, real estate investment trusts, tax-exempt organizations, insurance companies, persons holding our common shares as part of a hedging, integrated, conversion or constructive sale transaction or a straddle,
                  traders in securities that have elected the mark-to-market method of accounting for their securities, persons liable for the alternative minimum tax or the &#8220;base erosion and anti-avoidance&#8221; tax, dealers in securities or currencies, U.S.
                  Holders, as defined below, whose functional currency is not the U.S. dollar, persons required to recognize income for U.S. federal income tax purposes no later than when such income is included on an &#8220;applicable financial statement&#8221; and
                  investors that own, actually or under applicable constructive ownership rules, 10% or more of the vote or value of our outstanding shares, may be subject to special rules. This discussion deals only with holders who hold the common shares
                  as capital assets. You are encouraged to consult your own tax advisors concerning the overall tax consequences arising in your own particular situation under U.S. federal, state, local or non-U.S. law of the ownership of common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Marshall Islands Tax Consequences</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">We are incorporated in the Republic of the Marshall Islands. In the opinion of our Marshall Islands tax counsel, Watson Farley
                  &amp; Williams LLP, under current Marshall Islands law, we are not subject to tax on income or capital gains, no Marshall Islands withholding tax will be imposed upon payments of dividends by us to our shareholders, and holders of our
                  common shares that are not residents of or domiciled or carrying on any commercial activity in the Republic of the Marshall Islands will not be subject to Marshall Islands tax on the sale or other disposition of our common shares.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">102</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">U.S. Federal Income Taxation of Our Company</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Taxation of Operating Income: In General</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Unless exempt from U.S. federal income taxation under the rules discussed below, a foreign corporation is subject to U.S. federal
                  income taxation in respect of any income that is derived from the use of vessels, from the hiring or leasing of vessels for use on a time, voyage or bareboat charter basis, from the participation in a pool, partnership, strategic
                  alliance, joint operating agreement, code sharing agreement or other joint venture it directly or indirectly owns or participates in that generates such income, or from the performance of services directly related to those uses, which we
                  refer to as &#8220;shipping income,&#8221; to the extent that the shipping income is derived from sources within the United States. For these purposes, 50% of shipping income that is attributable to transportation that begins or ends, but that does
                  not both begin and end, in the United States constitutes income from sources within the United States, which we refer to as &#8220;U.S.-source shipping income.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Shipping income attributable to transportation that both begins and ends in the United States is considered to be 100% from
                  sources within the United States. We are not permitted by law to engage in transportation that produces income which is considered to be 100% from sources within the United States.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Shipping income attributable to transportation exclusively between non-U.S. ports will be considered to be 100% derived from
                  sources outside the United States. Shipping income derived from sources outside the United States will not be subject to any U.S. federal income tax.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">In the absence of exemption from tax under Section 883 of the Code, our gross U.S.-source shipping income generally would be
                  subject to a 4% tax imposed without allowance for deductions as described below.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Exemption of Operating Income from U.S. Federal Income Taxation</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under Section 883 of the Code and the Treasury Regulations thereunder, we will be exempt from U.S. federal income tax on our
                  U.S.-source shipping income if:</div>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(1)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">we are organized in a foreign country, or our &#8220;country of organization,&#8221; that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States; and</div>
                      </td>

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    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">(2)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">either</div>
                      </td>

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    <td style="width: 18pt;">&#160;</td>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">A.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">more than 50% of the value of our stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of our country of organization or of another foreign country that grants an &#8220;equivalent
                          exemption&#8221; to corporations organized in the United States (each such individual a &#8220;qualified shareholder&#8221; and such individuals collectively, &#8220;qualified shareholders&#8221;), which we refer to as the &#8220;50% Ownership Test,&#8221; or</div>
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    <td style="width: 18pt;">&#160;</td>

    <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">B.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">our stock is &#8220;primarily and regularly traded on an established securities market&#8221; in our country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the
                          United States, which we refer to as the &#8220;Publicly-Traded Test.&#8221;</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">The Marshall Islands, the jurisdiction where we and our ship-owning subsidiaries are incorporated, grants an &#8220;equivalent
                  exemption&#8221; to U.S. corporations. Therefore, we will be exempt from U.S. federal income tax with respect to our U.S.-source shipping income if either the 50% Ownership Test or the Publicly-Traded Test is met.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">103</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">In order to satisfy the 50% Ownership Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of
                  its shares is owned, for at least half of the number of days in the non-U.S. corporation&#8217;s taxable year, directly or indirectly, by &#8220;qualified shareholders.&#8221; For this purpose, qualified shareholders are: (1) individuals who are residents
                  (as defined in the Treasury Regulations) of countries, other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent
                  exemption, or (3) certain foreign governments, non-profit organizations, and certain beneficiaries of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the
                  chain of ownership between the shareholder and the taxpayer claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system as permitted under the Treasury Regulations). A corporation
                  claiming the Section 883 exemption based on the 50% Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations). We believe that we
                  satisfied the 50% Ownership Test for the 2025 taxable year and intend to take this position on our U.S. federal income tax return for the 2025 year. This is a factual determination made on an annual basis, and no assurance can be given
                  that we will satisfy the 50% Ownership Test in future taxable years.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">In order to satisfy the Publicly-Traded Test, Treasury Regulations provide, in pertinent part, that stock of a foreign corporation
                  will be considered to be &#8220;primarily traded&#8221; on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds the
                  number of shares in each such class that are traded during that year on established securities markets in any other single country. Our common shares, which are our sole class of issued and outstanding stock that is traded, are traded on
                  the NYSE American. Therefore, in 2025, our common shares were &#8220;primarily traded&#8221; on the NYSE American. The Treasury Regulations also require that our stock be &#8220;regularly traded&#8221; on an established securities market. Under the Treasury
                  Regulations, our stock will be considered to be &#8220;regularly traded&#8221; if one or more classes of our stock representing more than 50% of our outstanding shares, by total combined voting power of all classes of stock entitled to vote and by
                  total combined value of all classes of stock, are listed on one or more established securities markets, which we refer to as the &#8220;listing threshold.&#8221; Our common stock, which is our only class of publicly-traded stock, did not constitute
                  more than 50% of our outstanding shares by vote for the 2025 taxable year, and accordingly, we did not satisfy the listing threshold for the 2025 taxable year.</div>

                <div><br/>
                </div>

                <div style="color: #000000; font-style: italic;">Taxation in the Absence of Exemption under Section 883 of the Code</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">To the extent the benefits of Section 883 of the Code are unavailable, our U.S.-source shipping income, to the extent not
                  considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, would be subject to a 4% tax imposed by Section 887 of the Code on a gross basis, without the benefit of deductions, which we refer
                  to as the &#8220;4% gross basis tax regime.&#8221; Since under the sourcing rules described above, no more than 50% of our shipping income would be treated as being derived from U.S. sources, the maximum effective rate of U.S. federal income tax on
                  our shipping income would never exceed 2% under the 4% gross basis tax regime.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">To the extent the benefits of the exemption under Section 883 of the Code are unavailable and our U.S.-source shipping income is
                  considered to be &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business, as described below, any such &#8220;effectively connected&#8221; U.S.-source shipping income, net of applicable deductions, would be subject to the U.S. federal
                  corporate income tax imposed at a current rate of 21%. In addition, we may be subject to the 30% &#8220;branch profits&#8221; tax on earnings effectively connected with the conduct of such U.S. trade or business, as determined after allowance for
                  certain adjustments.</div>

                <div><br/>
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                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">104</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Our U.S.-source shipping income would be considered &#8220;effectively connected&#8221; with the conduct of a U.S. trade or business only if:</div>

                <div><br/>
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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">We have, or are considered to have, a fixed place of business in the United States involved in the earning of shipping income; and</div>
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                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation, such as the operation of a vessel that follows a published schedule with repeated sailings at
                          regular intervals between the same points for voyages that begin or end in the United States, or, in the case of leasing income, is attributable to such fixed place of business in the United States.</div>
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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">We do not currently have, nor intend to have or permit circumstances that would result in having, any vessel operating to the
                  United States on a regularly scheduled basis. Based on the foregoing and on the expected mode of our shipping operations and other activities, we believe that none of our U.S.-source shipping income will be &#8220;effectively connected&#8221; with
                  the conduct of a U.S. trade or business.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">U.S. Taxation of Gain on Sale of Vessels</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Regardless of whether we qualify for exemption under Section 883 of the Code, we will not be subject to U.S. federal income
                  taxation with respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S. federal income tax principles. In general, a sale of a vessel will be considered to occur
                  outside of the United States for this purpose if title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. It is expected that any sale of a vessel by us will be considered to occur
                  outside of the United States or will otherwise not be subject to U.S. federal income taxation.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">U.S. Federal Income Taxation of U.S. Holders</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">As used herein, the term &#8220;U.S. Holder&#8221; means a beneficial owner of our common shares that is a U.S. citizen or resident, U.S.
                  corporation or other U.S. entity taxable as a corporation, an estate the income of which is subject to U.S. federal income taxation regardless of its source, or a trust (i) if a court within the United States is able to exercise primary
                  jurisdiction over the administration of the trust and one or more U.S. persons have the authority to control all substantial decisions of the trust or (ii) the trust has in effect a valid election to be treated as a United States person
                  for U.S. federal income tax purposes.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If a partnership holds our common shares, the tax treatment of a partner of such partnership will generally depend upon the status
                  of the partner and upon the activities of the partnership. If you are a partner in a partnership holding our common shares, you are encouraged to consult your tax advisor.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Distributions</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Subject to the discussion of PFICs below, any distributions made by us with respect to our common shares to a U.S. Holder will
                  generally constitute dividends to the extent of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Distributions in excess of such earnings and profits will be treated first as a
                  nontaxable return of capital to the extent of the U.S. Holder&#8217;s tax basis in his common shares on a dollar-for-dollar basis and thereafter as capital gain. Because we are not a U.S. corporation, U.S. Holders that are corporations will not
                  be entitled to claim a dividends-received deduction with respect to any distributions they receive from us. Dividends paid with respect to our common shares will generally be treated as &#8220;passive category income&#8221; for purposes of computing
                  allowable foreign tax credits for U.S. foreign tax credit purposes.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Dividends paid on our common shares to a U.S. Holder who is an individual, trust or estate (a &#8220;U.S. Non-Corporate Holder&#8221;) will
                  generally be treated as &#8220;qualified dividend income&#8221; that is taxable to such U.S. Non-Corporate Holder at preferential tax rates provided that (1) the common shares are readily tradable on an established securities market in the United
                  States (such as the NYSE American on which our common shares are traded); (2) we are not a PFIC for the taxable year during which the dividend is paid or the immediately preceding taxable year (as discussed in more detail below); (3) the
                  U.S. Non-Corporate Holder has owned the common shares for more than 60 days in the 121-day period beginning 60 days before the date on which the common shares become ex-dividend; and (4) the U.S. Non-Corporate Holder is not under an
                  obligation to make related payments with respect to positions in substantially similar or related property.</div>

                <div><br/>
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                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">105</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.7pt; color: #000000;">We believe that we were not a PFIC for our 2025 taxable year, and we do not expect to be a PFIC for subsequent taxable years. If
                  we were treated as a PFIC for our 2025 or 2026 taxable year, any dividends paid by us during 2026 will not be treated as &#8220;qualified dividend income&#8221; in the hands of a U.S. Non-Corporate Holder. Any dividends we pay which are not eligible
                  for the preferential rates applicable to &#8220;qualified dividend income&#8221; will be taxed as ordinary income to a U.S. Non-Corporate Holder.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Special rules may apply to any &#8220;extraordinary dividend,&#8221; generally, a dividend paid by us in an amount which is equal to or in
                  excess of 10% of a shareholder&#8217;s adjusted tax basis in (or, in certain circumstances, fair market value of) a common share or dividends received within a one-year period that, in the aggregate, equal or exceed 20% of a shareholder&#8217;s
                  adjusted tax basis (or fair market value upon the shareholder&#8217;s election) in a common share. If we pay an &#8220;extraordinary dividend&#8221; on our common shares that is treated as &#8220;qualified dividend income,&#8221; then any loss derived by a U.S.
                  Non-Corporate Holder from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Sale, Exchange or other Disposition of Common shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Subject to the discussion of PFICs below, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or
                  other disposition of our common shares in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or other disposition and the U.S. Holder&#8217;s tax basis in such stock. Such gain or loss will
                  be treated as long-term capital gain or loss if the U.S. Holder&#8217;s holding period is greater than one year at the time of the sale, exchange or other disposition. Such capital gain or loss will generally be treated as U.S.-source income or
                  loss, as applicable, for U.S. foreign tax credit purposes. A U.S. Holder&#8217;s ability to deduct capital losses is subject to certain limitations.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">3.8% Tax on Net Investment Income</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">A U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser
                  of (1) the U.S. Holder&#8217;s net investment income for the taxable year and (2) the excess of the U.S. Holder&#8217;s modified adjusted gross income for the taxable year over a certain threshold (which in the case of individuals is between $125,000
                  and $250,000). A U.S. Holder&#8217;s net investment income will generally include distributions made by us which constitute a dividend for U.S. federal income tax purposes and gain realized from the sale, exchange or other disposition of our
                  common shares. This tax is in addition to any income taxes due on such investment income. Net investment income generally will not include a U.S. Holder&#8217;s <span style="font-style: italic;">pro rata</span> share of our income and gain if
                  we are a PFIC and that U.S. Holder makes a QEF election, as described below in &#8220;&#8212;The QEF Election&#8221;). However, a U.S. Holder may elect to treat inclusions of income and gain from a QEF election as net investment income. Failure to make
                  this election could result in a mismatch between a U.S. Holder&#8217;s ordinary income and net investment income.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If you are a U.S. Holder that is an individual, estate or trust, you are encouraged to consult your tax advisors regarding the
                  applicability of the 3.8% tax on net investment income to the ownership and disposition of our common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Passive Foreign Investment Company Status and Significant Tax Consequences</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Special U.S. federal income tax rules apply to a U.S. Holder that holds stock in a foreign corporation classified as a PFIC for
                  U.S. federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in which such holder held our common shares, either</div>

                <div><br/>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and rents derived other than in the active conduct of a rental business); or</div>
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    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">at least 50% of the average value of the assets held by the corporation during such taxable year produce, or are held for the production of, passive income.</div>
                      </td>

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                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">106</span></div>

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                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">For purposes of determining whether we are a PFIC, we will be treated as earning and owning our proportionate share of the income
                  and assets, respectively, of any of our subsidiary corporations in which we own at least 25% of the value of the subsidiary&#8217;s stock. Income earned, or deemed earned, by us in connection with the performance of services would not
                  constitute &#8220;passive income&#8221; for these purposes. By contrast, rental income would generally constitute &#8220;passive income&#8221; unless we were treated under specific rules as deriving our rental income in the active conduct of a trade or business.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">In general, income derived from the bareboat charter of a vessel will be treated as &#8220;passive income&#8221; for purposes of determining
                  whether we are a PFIC, and such vessel will be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;&#160; On the other hand, income derived from the time charter of a vessel should not be treated as &#8220;passive
                  income&#8221; for such purpose, but rather should be treated as services income; likewise, a time chartered vessel should generally not be treated as an asset which produces or is held for the production of &#8220;passive income.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">We believe that we were not a PFIC for our 2025 taxable year because we had no bareboat chartered-out vessels and consequently no
                  gross income from vessels on bareboat charter. Furthermore, based on our current assets and activities, we do not believe that we will be a PFIC for the subsequent taxable years. Although there is no legal authority directly on point, and
                  we are not relying upon an opinion of counsel on this issue, our belief is based principally on the position that, for purposes of determining whether we are a PFIC, the gross income we derive or are deemed to derive from the time
                  chartering and voyage chartering activities of our wholly-owned subsidiaries should constitute services income, rather than rental income. Correspondingly, such income should not constitute passive income, and the assets that we or our
                  wholly-owned subsidiaries own and operate in connection with the production of such income, in particular, the vessels, should not constitute passive assets for purposes of determining whether we were a PFIC. We believe there is
                  substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning the characterization of income derived from time charters and voyage charters as services income for other tax purposes. However,
                  there is also authority which characterizes time charter income as rental income rather than services income for other tax purposes. In the absence of any legal authority specifically relating to the statutory provisions governing PFICs,
                  the IRS or a court could disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a PFIC with respect to any taxable year, we cannot assure you that the nature of our
                  operations will not change in the future.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If we are a PFIC for any taxable year, a U.S. Holder will be treated as owning his proportionate share of the stock of any of our
                  subsidiaries which is a PFIC. The PFIC rules discussed below will apply on a company-by-company basis with respect to us and each of our subsidiaries which is treated as a PFIC.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">As discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to
                  different U.S. federal income taxation rules depending on whether the U.S. Holder makes an election to treat us as a &#8220;Qualified Electing Fund,&#8221; which election is referred to as a &#8220;QEF Election.&#8221; As discussed below, as an alternative to
                  making a QEF Election, a U.S. Holder should be able to make a &#8220;mark-to-market&#8221; election with respect to our common shares, which election is referred to as a &#8220;Mark-to-Market Election.&#8221; A U.S. Holder holding PFIC shares that does not make
                  either a &#8220;QEF Election&#8221; or &#8220;Mark-to-Market Election&#8221; will be subject to the Default PFIC Regime, as defined and discussed below in &#8220;&#8212;Taxation of U.S. Holders Not Making a Timely QEF or &#8220;Mark-to-Market&#8221; Election.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If we were to be treated as a PFIC, a U.S. Holder would be required to file IRS Form 8621 to report certain information regarding
                  us.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000; font-style: italic; font-weight: bold;">A U.S. Holder who held our common shares during any period in which we were treated as a PFIC and who neither made a QEF Election
                  nor a Mark-to-Market Election may continue to be subject to the Default PFIC Regime, notwithstanding that we are no longer a PFIC. If you are a U.S. Holder who held our common shares during any period in which we were a PFIC but failed to
                  make either of the foregoing elections, you are strongly encouraged to consult your tax advisor regarding the U.S. federal income tax consequences to you of holding our common shares in periods in which we are no longer a PFIC.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">107</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">The QEF Election</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If a U.S. Holder makes a timely QEF Election, which U.S. Holder we refer to as an &#8220;Electing Holder,&#8221; the Electing Holder must
                  report each year for United States federal income tax purposes such holder&#8217;s <span style="font-style: italic;">pro rata</span> share of our ordinary earnings and our net capital gain, if any, for our taxable year that ends with or within
                  the taxable year of the Electing Holder, regardless of whether or not distributions were made by us to the Electing Holder. The Electing Holder&#8217;s adjusted tax basis in the common shares will be increased to reflect taxed but undistributed
                  earnings and profits. Distributions of earnings and profits that had been previously taxed will result in a corresponding reduction in the adjusted tax basis in the common shares and will not be taxed again once distributed. An Electing
                  Holder would generally recognize capital gain or loss on the sale, exchange or other disposition of our common shares. A U.S. Holder would make a QEF Election with respect to any year that our company is a PFIC by filing one copy of IRS
                  Form 8621 with his United States federal income tax return and a second copy in accordance with the instructions to such form. It should be noted that if any of our subsidiaries is treated as a corporation for U.S. federal income tax
                  purposes, a U.S. Holder must make a separate QEF Election with respect to each such subsidiary.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Taxation of U.S. Holders Making a </span>&#8220;<span style="font-style: italic;">Mark-to-Market</span>&#8221;<span style="font-style: italic;"> Election</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="text-decoration: underline;">Making the Election</span>. Alternatively, if, as is anticipated, our common shares are treated as &#8220;marketable stock,&#8221; a U.S.
                  Holder would be allowed to make a Mark-to-Market Election with respect to the common shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant instructions and related Treasury Regulations. The
                  common shares will be treated as &#8220;marketable stock&#8221; for this purpose if they are &#8220;regularly traded&#8221; on a &#8220;qualified exchange or other market.&#8221;&#160; The common shares will be &#8220;regularly traded&#8221; on a qualified exchange or other market for any
                  calendar year during which they are traded (other than in de minimis quantities) on at least 15 days during each calendar quarter. The NYSE American should be treated as a &#8220;qualified exchange or other market&#8221; for this purpose. However, it
                  should be noted that a separate Mark-to-Market Election would need to be made with respect to each of our subsidiaries which is treated as a PFIC. The stock of these subsidiaries is not expected to be &#8220;marketable stock.&#8221;&#160; Therefore, a
                  &#8220;mark-to-market&#8221; election is not expected to be available with respect to these subsidiaries.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="text-decoration: underline;">Current Taxation and Dividends</span>. If the Mark-to-Market Election is made, the U.S. Holder generally would include as ordinary
                  income in each taxable year the excess, if any, of the fair market value of the common shares at the end of the taxable year over such U.S. Holder&#8217;s adjusted tax basis in the common shares. The U.S. Holder would also be permitted an
                  ordinary loss in respect of the excess, if any, of the U.S. Holder&#8217;s adjusted tax basis in its common shares over their fair market value at the end of the taxable year, but only to the extent of the net amount previously included in
                  income as a result of the Mark-to-Market Election. Any income inclusion or loss under the preceding rules should be treated as gain or loss from the sale of common shares for purposes of determining the source of the income or loss.
                  Accordingly, any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation purposes. A U.S. Holder&#8217;s tax basis in his common shares would be adjusted to reflect any such income or
                  loss amount. Distributions by us to a U.S. Holder who has made a Mark-to-Market Election generally will be treated as discussed above under &#8220;Taxation&#8212;U.S. Federal Income Taxation of U.S. Holders&#8212;Distributions.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;"><span style="text-decoration: underline;">Sale, Exchange or Other Disposition</span>. Gain realized on the sale, exchange, redemption or other disposition of the common
                  shares would be treated as ordinary income, and any loss realized on the sale, exchange, redemption or other disposition of the common shares would be treated as ordinary loss to the extent that such loss does not exceed the net
                  mark-to-market gains previously included in income by the U.S. Holder. Any loss in excess of such previous inclusions would be treated as a capital loss by the U.S. Holder. A U.S. Holder&#8217;s ability to deduct capital losses is subject to
                  certain limitations. Any such gain or loss generally should be treated as U.S.-source income or loss for U.S. foreign tax credit limitation purposes.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">108</span></div>

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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-style: italic;">Taxation of U.S. Holders Not Making a Timely QEF or </span>&#8220;<span style="font-style: italic;">Mark-to-Market</span>&#8221;<span style="font-style: italic;">
                    Election</span></div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Finally, a U.S. Holder who does not make either a QEF Election or a Mark-to-Market Election with respect to any taxable year in
                  which we are treated as a PFIC, or a U.S. Holder whose QEF Election is invalidated or terminated, which U.S. Holder we refer to as a Non-Electing Holder, would be subject to special rules, or the Default PFIC Regime, with respect to (1)
                  any excess distribution (i.e., the portion of any distributions received by the Non-Electing Holder on the common shares in a taxable year in excess of 125% of the average annual distributions received by the Non-Electing Holder in the
                  three preceding taxable years, or, if shorter, the Non-Electing Holder&#8217;s holding period for the common shares), and (2) any gain realized on the sale, exchange, redemption or other disposition of the common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Under the Default PFIC Regime:</div>

                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the excess distribution or gain would be allocated ratably over the Non-Electing Holder&#8217;s aggregate holding period for the common shares;</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the amount allocated to the current taxable year and any taxable year before we became a PFIC would be taxed as ordinary income; and</div>
                      </td>

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                <div><br/>
                </div>

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                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable class of taxpayer for that year, and an interest charge for the
                          deemed tax deferral benefit would be imposed with respect to the resulting tax attributable to each such other taxable year.</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Any distributions other than &#8220;excess distributions&#8221; by us to a Non-Electing Holder will be treated as discussed above under
                  &#8220;&#8212;Distributions.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">These penalties would not apply to a pension or profit sharing trust or other tax-exempt organization that did not borrow funds or
                  otherwise utilize leverage in connection with its acquisition of the common shares. If a Non-Electing Holder who is an individual dies while owning the common shares, such Non-Electing Holder&#8217;s successor generally would not receive a
                  step-up in tax basis with respect to the common shares.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold;">U.S. Federal Income Taxation of </span>&#8220;<span style="font-weight: bold;">Non-U.S. Holders</span>&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">A beneficial owner of our common shares (other than a partnership) that is not a U.S. Holder is referred to herein as a &#8220;Non-U.S.
                  Holder.&#8221;</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Dividends on Common Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on dividends received from us with
                  respect to our common shares, unless that income is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with
                  respect to those dividends, that income is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-style: italic;">Sale, Exchange or Other Disposition of Common Shares</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">Non-U.S. Holders generally will not be subject to U.S. federal income tax or withholding tax on any gain realized upon the sale,
                  exchange or other disposition of our common shares, unless:</div>

                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the gain is effectively connected with a trade or business conducted by the Non-U.S. Holder in the United States. If the Non-U.S. Holder is entitled to the benefits of a U.S. income tax treaty with
                          respect to that gain, that gain is taxable only if it is attributable to a permanent establishment maintained by the Non-U.S. Holder in the United States; or</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition and other conditions are met.</div>
                      </td>

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                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">109</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">If the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, the income from the common
                  shares, including dividends and the gain from the sale, exchange or other disposition of the stock that is effectively connected with the conduct of that trade or business will generally be subject to U.S. federal income tax in the same
                  manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, in the case of a corporate Non-U.S. Holder, the earnings and profits of such Non-U.S. Holder that are attributable to effectively connected
                  income, subject to certain adjustments, may be subject to an additional branch profits tax at a rate of 30%, or at a lower rate as may be specified by an applicable U.S. income tax treaty.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Backup Withholding and Information Reporting</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 2.6pt; margin-left: 2.6pt; color: #000000;">In general, dividend payments, or other taxable distributions, made within the United States to you will be subject to information
                  reporting requirements. In addition, such payments will be subject to backup withholding tax if you are a non-corporate U.S. Holder and you:</div>

                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">fail to provide an accurate taxpayer identification number;</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">are notified by the IRS that you have failed to report all interest or dividends required to be shown on your U.S. federal income tax returns; or</div>
                      </td>

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                <div><br/>
                </div>

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    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">in certain circumstances, fail to comply with applicable certification requirements.</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Non-U.S. Holders may be required to establish their exemption from information reporting and backup withholding by certifying their status on an applicable IRS Form W-8.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">If you sell your common shares to or through a U.S. office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting
                  unless you certify that you are a non-U.S. person, under penalties of perjury, or you otherwise establish an exemption. If you sell your common shares through a non-U.S. office of a non-U.S. broker and the sales proceeds are paid to you
                  outside the United States, then information reporting and backup withholding generally will not apply to that payment. However, U.S. information reporting requirements, but not backup withholding, will apply to a payment of sales
                  proceeds, even if that payment is made to you outside the United States, if you sell your common shares through a non-U.S. office of a broker that is a U.S. person or has some other contacts with the United States. Backup withholding tax
                  is not an additional tax. Rather, you generally may obtain a refund of any amounts withheld under backup withholding rules that exceed your U.S. federal income tax liability by filing a refund claim with the IRS.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Individuals who are U.S. Holders (and to the extent specified in applicable Treasury Regulations, certain individuals who are Non-U.S. Holders and certain U.S. entities)
                  who hold &#8220;specified foreign financial assets&#8221; (as defined in Section 6038D of the Code) are required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all such assets
                  exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher dollar amount as prescribed by applicable Treasury Regulations). Specified foreign financial assets would include, among
                  other assets, our common shares, unless the shares are held through an account maintained with a U.S. financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to be due to
                  reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent specified in applicable Treasury regulations, an individual Non-U.S. Holder or a U.S. entity) that is required to
                  file IRS Form 8938 does not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for the related tax year may not close until three years after the date that the required
                  information is filed. U.S. Holders (including U.S. entities) and Non-U.S. Holders are encouraged to consult their own tax advisors regarding their reporting obligations under this legislation.</div>

                <div><br/>
                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">F.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Dividends and Paying Agents</div>
                      </td>

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                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">110</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

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    <td style="width: 27pt; vertical-align: top; color: #000000;">G.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Statement by Experts</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">H.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Documents on Display</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We file annual reports and other information with the SEC. Our SEC filings are available to the public at the website maintained by the SEC at <span style="text-decoration: underline;">http://www.sec.gov</span>,
                  as well as on our website at <span style="text-decoration: underline;">http://www.topships.org</span>. The information contained on, or that can be accessed through, these websites is not incorporated by reference herein and does not form part of this Annual Report.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">I.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Subsidiary Information</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">J.</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Annual Report to Security Holders</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We are currently not required to provide an annual report to security holders in response to the requirements of Form 6-K.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="QUANTITATIVEANDQUALITATIV"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 11.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Our Risk Management Policy</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Market risks relating to adverse movements in freight rates in the product tanker and crude oil tanker markets are minimized due to the fact that all the vessels in our
                  fleet are under period employment earning fixed time charter rates. Our policy is to continuously monitor our exposure to other business risks, including the impact of changes in interest rates, currency rates, and bunker prices on
                  earnings and cash flows. We assess these risks and, when appropriate, enter into derivative contracts with credit-worthy counterparties to minimize our exposure to the risks. With regard to bunker prices, as our employment policy for our
                  vessels has been and is expected to continue to be with a high percentage of our fleet on period employment, we are not directly exposed with respect to those vessels to increases in bunker fuel prices, as these are the responsibility of
                  the charterer under period charter arrangements.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Interest Rate Risk</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We are exposed to the impact of interest rate changes primarily through our floating-rate borrowings that require us to make interest payments based on SOFR and Euribor
                  (See &#8220;Item 18. Financial Statements&#8212;Note 7&#8212;Debt&#8221;). Furthermore, we may be subject to additional market risks relating to changes in interest rates when we take on additional indebtedness. Significant increases in interest rates could
                  adversely affect operating margins, results of operations and ability to service debt. As of December 31, 2025, our total indebtedness excluding unamortized financing fees and debt discounts was $218.5 million.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt;">
                  <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Based on the amount of our outstanding fluctuating interest rate indebtedness, as of December 31, 2025, a hypothetical
                    one percentage point increase in the U.S. dollar SOFR and the Euribor would increase our interest rate expense for 2026, on an annualized basis, by approximately $2.2 million.</div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Based on the amount of our outstanding fluctuating interest rate indebtedness, as of December 31, 2024, a hypothetical one
                  percentage point increase in the U.S. dollar SOFR would increase our interest rate expense for 2025, on an annualized basis, by approximately $1.4 million.</div>

                <div>&#160;</div>

                <div style="text-align: justify; color: #000000; font-weight: bold;">Foreign Exchange Rate Fluctuation</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;">During 2025 we generated 94.6% of our revenues in U.S. dollars and 5.4% in Euro. We also incur certain expenses in currencies other than U.S. dollars, mainly
                    the Euro. During 2025, approximately </span>94.1<span style="color: #000000;">% of our expenses were in U.S. Dollars, </span>5.5<span style="color: #000000;">% were in Euro and approximately </span>0.4<span style="color: #000000;">%
                    were in other currencies than the U.S. dollar or Euro. For accounting purposes, expenses incurred in other currencies are converted into U.S. dollars at the exchange rate prevailing on the date of each transaction. We have not hedged
                    currency exchange risks associated with our expenses and our operating results could be adversely affected as a result. We constantly monitor the U.S. dollar exchange rate and we try to achieve the most favorable exchange rates from the
                    financial institutions we work with.</span></div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">111</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt;"><span style="color: #000000;">Based on our total expenses for the year ended December 31, 2025 and using as an average exchange rate of $</span>1.13<span style="color: #000000;"> to &#8364;1, a
                  </span>5<span style="color: #000000;">% decrease&#160; in the exchange rate to $</span>1.0735<span style="color: #000000;"> to &#8364;1 would result in an expense savings of approximately $0.2 million. Based on our total revenues in Euros a </span>5<span style="color: #000000;">% decrease in the exchange rate would lead to a decrease in revenues of $0.2 million.</span></div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Based on our total expenses for the year ended December 31, 2024 and using as an average exchange rate of $1.0816 to &#8364;1, a 5% decrease in the exchange rate to $1.0275 to
                  &#8364;1 would result in an expense savings of approximately $0.1 million. Since we had no revenues in Euros an inverse 5% change in the exchange rate would lead to an equivalent additional expense of the same amount.</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="DESCRIPTIONOFSECURITIESOT"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 12.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">DESCRIPTION OF SECURITIES OTHER THAN EQUITY&#160; SECURITIES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

                <div style="text-align: center; color: #000000; font-weight: bold;"><a id="PARTII"></a>PART II</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="DEFAULTSDIVIDENDARREARAGE"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 13.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Neither we nor any of our subsidiaries have been subject to a material default in the payment of principal, interest, a sinking fund or purchase fund installment or any
                  other material default that was not cured within 30 days.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="MATERIALMODIFICATIONSTOTH"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 14.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">On September 14, 2016, we adopted a Stockholders Rights Agreement, pursuant to which each of our common shares includes one preferred stock purchase right that entitles
                  the holder to purchase from us a unit consisting of one-thousandth of a share of our Series A Participating Preferred Stock if any third-party seeks to acquire control of a substantial block of our common shares without the approval of
                  our Board of Directors. See &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8212;Stockholders Rights Agreement&#8221; included in this Annual Report for a description of our Stockholders Rights Agreement.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Please also see &#8220;Item 10. Additional Information&#8212;B. Memorandum and Articles of Association&#8221; for a description of the rights of holders of our October 2022 Warrants, Class
                  C Warrants, February 2023 Warrants, Series D Preferred Shares and Series G Preferred Shares relative to the rights of holders of our common shares.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="CONTROLSANDPROCEDURES"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 15.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">CONTROLS AND PROCEDURES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">a)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Disclosure Controls and Procedures</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Management, under the supervision and with the participation of the Chief Executive Officer and the Chief Financial Officer, evaluated the effectiveness of the design and
                  operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) or 15d-15(e) promulgated under the Exchange Act, as of December 31, 2025.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">The term disclosure controls and procedures are defined under SEC rules as controls and other procedures of an issuer that are designed to ensure that information required
                  to be disclosed by the issuer in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC&#8217;s rules and forms. Disclosure controls and
                  procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the
                  issuer&#8217;s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to
                  the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">112</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our management, including the chief executive and chief financial officer, recognize that any controls and procedures, no matter how well designed and operated, can
                  provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Further, in the design and evaluation of our disclosure controls and procedures our management necessarily was
                  required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not
                  be detected. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives.</div>

                <div>&#160;</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Based on this evaluation, the chief executive officer and chief financial officer concluded that, as of December 31, 2025, our disclosure controls and procedures, which
                  include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to management, including the
                  chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure, were effective in providing reasonable assurance that information that was required to be disclosed by us in
                  reports we file or submit under the Exchange Act was recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">b)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-weight: bold;">Management</span>&#8217;<span style="font-weight: bold;">s Annual Report on Internal Control over Financial Reporting</span></div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) promulgated
                  under the Exchange Act.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision
                  of, our principal executive and principal financial officers and effected by our Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of
                  financial statements for external purposes in accordance with generally accepted accounting principles and includes those policies and procedures that:</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets;</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

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  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts
                          and expenditures are being made only in accordance with authorizations of Company&#8217;s management and directors; and</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

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  <tr>

    <td style="width: 20.25pt;"><br/>
                      </td>

    <td style="width: 27pt; vertical-align: top; color: #000000;">&#9679;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;">Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. A control system, no matter how well designed and
                  operated, can provide only reasonable, not absolute, assurance that the control system&#8217;s objectives will be met. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives. The design
                  of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Further, because of the inherent limitations in all control systems, no evaluation of
                  controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within us have been detected. These inherent limitations include the realities that
                  judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management
                  override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under
                  all potential future conditions. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with
                  the policies or procedures may deteriorate.</div>

                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">113</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
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                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our management with the participation of our Chief Executive Officer and Chief Financial Officer assessed the effectiveness of our internal control over financial
                  reporting as of December 31, 2025, based on the criteria established in Internal Control &#8212; Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. As a result of its assessment, the
                  Chief Executive Officer and Chief Financial Officer concluded that our internal controls over financial reporting are effective as of December 31, 2025.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">c)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Attestation Report of the Registered Public Accounting Firm</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">This Annual Report does not contain an attestation report of our registered public accounting firm regarding internal control over financial reporting. Management&#8217;s report
                  was not subject to attestation by our registered public accounting firm since under the SEC adopting release implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, companies that are non-accelerated filers are
                  exempt from including auditor attestation reports in their Form 20-Fs.</div>

                <div><br/>
                </div>

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  <tr>

    <td style="width: 27pt; vertical-align: top; color: #000000;">d)</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000; font-weight: bold;">Changes in Internal Control over Financial Reporting</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">There were no changes in our internal control over financial reporting that occurred during the period covered by this Annual Report that have materially affected or are
                  reasonably likely to materially affect, our internal control over financial reporting.</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="RESERVED"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">RESERVED</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="AUDITCOMMITTEEFINANCIALEX"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16A.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">AUDIT COMMITTEE FINANCIAL EXPERT</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We have established an audit committee composed of three independent members that are responsible for reviewing our accounting controls and recommending to our Board of
                  Directors the engagement of our outside auditors.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We do not believe it is necessary to have a financial expert, as defined in Item 407 of Regulation S-K, because our Board of Directors has determined that the members of
                  the audit committee have the financial experience and other relevant experience necessary to effectively perform the duties and responsibilities of the audit committee.</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="CODEOFETHICS"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16B.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">CODE OF ETHICS</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Our Board of Directors has adopted a Corporate Code of Business Ethics and Conduct that applies to all employees, directors and officers, which complies with applicable
                  guidelines issued by the SEC. The finalized Code of Ethics has been approved by our Board of Directors and was distributed to all employees, directors and officers. This document is available under the &#8220;Corporate Governance&#8221; tab in the
                  &#8220;Investors Relations&#8221; section of our website at www.topships.org. Information on or accessed through our website does not constitute a part of this Annual Report and is not incorporated by reference herein. We will also provide any person
                  a hard copy of our code of ethics free of charge upon written request. Shareholders may direct their requests to the attention of Mr. Alexandros Tsirikos at our registered address and phone number.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="PRINCIPALACCOUNTANTFEESAN"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16C.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Aggregate fees billed to us for the years ended December 2024 and 2025 represent fees billed by our principal accounting firm, Deloitte Certified Public Accountants S.A.,
                  an independent registered public accounting firm and member of Deloitte Touche Tohmatsu, Limited. Audit and audit related fees represent compensation for professional services rendered for the audit of the consolidated financial
                  statements, fees for the review of interim financial information as well as in connection with the review of registration statements and related consents and comfort letters and any other audit services required for SEC or other
                  regulatory filings. In addition, it includes fees billed for professional services rendered for the audit and reviews of Rubico Inc. Predecessor financial statements, as well as in connection with (i) the issuance of related consents and
                  (ii) the review of Rubico Inc.&#8217;s registration statement. For 2024 and 2025, no other non-audit, tax or other fees were charged.</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 76%; vertical-align: bottom;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000; font-style: italic;">U.S. dollars in thousands,</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td colspan="6" style="width: 22%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">Year Ended</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 76%; vertical-align: bottom;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom;">&#160;</td>

    <td colspan="2" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">2024</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid; white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; border-bottom: #000000 2px solid;">&#160;</td>

    <td colspan="2" style="width: 10%; vertical-align: bottom; border-bottom: #000000 2px solid;">
                        <div style="text-align: center; color: #000000; font-weight: bold;">2025</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 76%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-indent: -7.2pt; margin-left: 7.2pt; color: #000000;">Audit and audit related Fees</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center; color: #000000;">342.0</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF;">&#160;</td>

    <td style="width: 9%; vertical-align: bottom; background-color: #CCEEFF;">
                        <div style="text-align: center;">367.0</div>
                      </td>

    <td style="width: 1%; vertical-align: bottom; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">114</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <div style="text-align: justify; color: #000000;"><span style="font-weight: bold;">Audit Committee&#8217;s Pre-Approval Policies and Procedure</span>s</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; margin-right: 0.1pt; margin-left: 0.1pt; color: #000000;">Our audit committee charter contains pre-approval policies and procedures in compliance with paragraph (c)(7)(i) of Rule 2-01 of
                  Regulation S-X that require our audit committee to review and pre-approve all auditing services and permitted non-auditing services rendered to the Company by its outside auditors (subject to the exception provided in paragraph
                  (c)(7)(i)(C) of Rule 2-01 of Regulation S-X for certain de minimis non-audit services not recognized by the Company at the time of the engagement), in each case including fees. Our audit committee pre-approves all audit, audit-related and
                  non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.</div>

                <div>&#160;</div>

                <div>
                  <div>
                    <a id="EXEMPTIONSFROMTHELISTINGS"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16D.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="PURCHASESOFEQUITYSECURITI"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16E.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">None.</div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;"> <br/>
                </div>

                <div>
                  <div>
                    <a id="CHANGEINREGISTRANTSCERTIF"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16F.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

                <div>
                  <a id="CORPORATEGOVERNANCE"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                          <div style="color: rgb(0, 0, 0); font-weight: bold; text-align: left;">ITEM 16G.</div>
                        </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                          <div style="color: #000000; font-weight: bold;">CORPORATE GOVERNANCE</div>
                        </td>

  </tr>


</table>
                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">We have certified to the NYSE American that our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Republic of the Marshall
                  Islands. Pursuant to an exception under the NYSE American listing standards available to foreign private issuers, we are not required to comply with all of the corporate governance practices followed by U.S. companies under the NYSE
                  American listing standards. Pursuant to Section 110 of the NYSE American LLC Company Guide, we are required to list the significant differences between our corporate governance practices and the NYSE American standards applicable to
                  listed U.S. companies. Set forth below is a list of those differences:</div>

                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Audit Committee. </span>The NYSE American requires, among other things, that a listed company has an audit committee with a minimum of three independent members, at
                          least one of whom meets certain standards of financial sophistication. As permitted under Marshall Islands law, our audit committee consists of three independent directors but we do not designate any one audit committee member as
                          meeting the standards of financial sophistication.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Meetings of Directors.</span> In lieu of holding a meeting of our Board of Directors on at least a quarterly basis and a regularly scheduled meetings of the independent
                          directors, including at least annually in executive session without the presence of non-independent directors and management, we will comply with the provisions of Marshall Islands law and our bylaws, which do not require such
                          regularly scheduled meetings.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Shareholder Approval of Equity Compensation Plans.</span> The NYSE American requires listed companies to obtain prior shareholder approval to adopt or materially revise
                          any equity compensation plan. As permitted under Marshall Islands law, we do not need prior shareholder approval to adopt or revise equity compensation plans.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Share Issuances</span>. In lieu of obtaining shareholder approval prior to the sale, issuance, or potential issuance of common stock (or securities convertible into
                          common stock) at a price less than the greater of book or market value which together with sales by officers, directors or principal shareholders of the issuer equals 20% or more of presently outstanding common stock and the sale,
                          issuance, or potential issuance of common stock (or securities convertible into common stock) equal to 20% or more of presently outstanding stock for less than the greater of book or market value of the stock, we will comply with
                          the provisions of Marshall Islands law, which allows our Board of Directors to approve share issuances.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;" class="DSPFListTable">


  <tr>

    <td style="width: 18pt;"><br/>
                      </td>

    <td style="width: 18pt; vertical-align: top; color: #000000;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                        <div style="color: #000000;"><span style="font-style: italic;">Proxy Statements</span>. As a foreign private issuer, we are not required to solicit proxies or provide proxy statements to the NYSE American pursuant to Marshall
                          Islands law. Consistent with Marshall Islands law and as provided in our bylaws, we will notify our shareholders of meetings between 15 and 60 days before the meeting. This notification will contain, among other things,
                          information regarding business to be transacted at the meeting. In addition, our bylaws provide that shareholders must give us between 120 and 180 days&#8217; advance notice to properly introduce any business at a meeting of the
                          shareholders.</div>
                      </td>

  </tr>


</table>
                <div><br/>
                </div>

                <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
                  <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">115</span></div>

                  <div style="page-break-after: always;" class="BRPFPageBreak">
                    <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                  <div class="BRPFPageHeader" style="width: 100%;">
                    <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                    </div>

                  </div>

                </div>

                <!--PROfilePageNumberReset%Num%116%%%-->
                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Other than as noted above, we are in compliance with all other NYSE American corporate governance standards applicable to U.S. domestic issuers.</div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">If at any time we cease to be a &#8220;foreign private issuer&#8221; under the rules of the NYSE American and the Exchange Act, as applicable, our board of directors will be required
                  to take all action necessary to comply with the NYSE American corporate governance rules.</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="MINESAFETYDISCLOSURE"><!--Anchor--></a>
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    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16H.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">MINE SAFETY DISCLOSURE</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

                <div><br/>
                </div>

                <div>
                  <div>
                    <a id="DISCLOSUREREGARDINGFOREIG"><!--Anchor--></a>
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  <tr style="vertical-align: top;">

    <td style="text-align: right; vertical-align: top; width: 54pt;">
                            <div style="text-align: left; color: #000000; font-weight: bold;">ITEM 16I.<br/>
                            </div>
                          </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                            <div style="color: #000000; font-weight: bold;">DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS</div>
                          </td>

  </tr>


</table>
                  </div>

                </div>

                <div><br/>
                </div>

                <div style="text-align: justify; text-indent: 36pt; color: #000000;">Not applicable.</div>

              </div>

            </div>

          </div>

        </div>

      </div>

      <div><br/></div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <!--Anchor-->
      <a id="ITEM16J."><!--Anchor--></a>
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  <tr>

    <td style="width: 10.72%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 16J.</div>
            </td>

    <td style="width: 89.28%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">INSIDER TRADING POLICIES</div>
            </td>

  </tr>


</table>
      <div><br/>
      </div>

      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We have <ix:nonNumeric name="ecd:InsiderTrdPoliciesProcAdoptedFlag" id="Fact_066e771199a142ffa7818bf1b9a6faef" contextRef="c20250101to20251231" format="ixt:fixed-true">adopted</ix:nonNumeric> an
        insider trading policy, as a component of our Corporate Code of Business Ethics and Conduct, which applies to all of the Company&#8217;s directors, officers and employees as well as their family members, and sets forth procedures governing the purchase,
        sale and other disposition of our securities by such parties. Our insider trading policy is reasonably designed to promote compliance with applicable insider trading laws, rules and regulations, and any listing standards applicable to the Company.
        A copy of our insider trading policy was filed as Exhibit 11.1 to our Annual Report on Form 20-F, filed with the SEC on March 29, 2024.</div>

      <div style="text-align: left;"><br/>
      </div>

      <a id="ITEM16K."><!--Anchor--></a>
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    <td style="width: 10.56%; vertical-align: top; white-space: nowrap;">
              <!--Anchor-->
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 16K.</div>
            </td>

    <td style="width: 89.44%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">CYBERSECURITY</div>
            </td>

  </tr>


</table>
      <div><br/>
      </div>


      <ix:nonNumeric name="cyd:CybersecurityRiskBoardOfDirectorsOversightTextBlock" id="Text_1e166c9d271f4865942e1f051c3cd8f9" contextRef="c20250101to20251231" escape="true" continuedAt="Text_614800530f824fa0bc23d3f605bd1fc61">
<div style="display:none;"><br/></div>
<div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We believe that cybersecurity is fundamental in our operations and, as such, we are committed to maintaining robust governance and
        oversight of cybersecurity risks and to implementing comprehensive processes and procedures for identifying, assessing, and managing material risks from cybersecurity threats <ix:nonNumeric name="cyd:CybersecurityRiskManagementProcessesIntegratedFlag" id="Fact_942282ddf1134d1a87c35225652fb21b" contextRef="c20250101to20251231" format="ixt:fixed-true">as part of our broader risk management system and processes</ix:nonNumeric>. <ix:nonNumeric name="cyd:CybersecurityRiskManagementProcessesIntegratedTextBlock" id="Text_ae62c3246d844d40bcd67fc5ad99b57e" contextRef="c20250101to20251231" escape="true"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">Our cybersecurity risk management strategy prioritizes detection, analysis and
        response to known, anticipated or unexpected threats; effective management of security risks; and resiliency against incidents. With the ever-changing cybersecurity landscape and continual emergence of new cybersecurity threats, our board of
        directors and senior management team ensure that adequate resources are devoted to cybersecurity risk management and the technologies, processes and people that support it. We implement risk-based controls to protect our information, the
        information of our customers, suppliers, and other third parties, our information systems, our business operations, and our vessels.</span></ix:nonNumeric></div>
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      <ix:nonNumeric name="cyd:CybersecurityRiskRoleOfManagementTextBlock" id="Text_4b6f36483d32457ebe4075d43c9a7d54" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_614800530f824fa0bc23d3f605bd1fc62" continuedAt="Text_614800530f824fa0bc23d3f605bd1fc63">
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<div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><ix:nonNumeric name="cyd:CybersecurityRiskManagementExpertiseOfManagementResponsibleTextBlock" id="Text_57ca5bac87384f209d6e6f833a0fb30d" contextRef="c20250101to20251231" escape="true"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;">As part of our cybersecurity risk management system, <ix:nonNumeric name="cyd:CybersecurityRiskThirdPartyOversightAndIdentificationProcessesFlag" id="Fact_d5363bb934344a049d72aa256a95dafd" contextRef="c20250101to20251231" format="ixt:fixed-true">our information &amp; technology management team, led by our senior IT manager with extensive experience managing information &amp; technology systems, tracks and logs privacy and security incidents across our Company, our vessels, our customers, suppliers and other third-party service providers to remediate and resolve any such incidents</ix:nonNumeric>.</span></ix:nonNumeric> Significant incidents are reviewed regularly by our information &amp;
        technology management team to determine whether further escalation is appropriate. We also engage third parties, such as specialized assessors and consultants to audit our information security systems, whose findings are reported to our senior
        management team. Any identified incident assessed as potentially being or potentially becoming material is immediately escalated for further assessment, and then reported to our senior management team who is responsible to assess its overall
        materiality in due time and decide whether further reference to our board of directors is necessary. We further consult with outside counsel as appropriate, including on materiality analysis and disclosure requirements&#8217; matters, and our senior
        management, in cooperation if required with our board of directors, makes the final materiality determinations and disclosure and other compliance decisions.</div>
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      <ix:nonNumeric name="cyd:CybersecurityRiskProcessForInformingBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Text_d2c5d85aff074430a895c4ceee7de6ce" contextRef="c20250101to20251231" escape="true"><ix:nonNumeric name="cyd:CybersecurityRiskBoardCommitteeOrSubcommitteeResponsibleForOversightTextBlock" id="Text_2545a7950cf74cf3bd451b6d9e752946" contextRef="c20250101to20251231" escape="true"><ix:nonNumeric name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleTextBlock" id="Text_01841675ef1c4fcba2d99c6111ae0dc7" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_614800530f824fa0bc23d3f605bd1fc64">
<div style="display:none;"><br/></div>
<div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">As we do not have a dedicated board committee solely focused on cybersecurity, <ix:nonNumeric name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleFlag" id="Fact_d66c9d666549466292aca4ce0cd35584" contextRef="c20250101to20251231" format="ixt:fixed-true">our senior management team has oversight responsibility for risks and incidents relating to cybersecurity threats</ix:nonNumeric>, including compliance with disclosure requirements,
        cooperation with law enforcement, and related effects on financial and other risks, and it reports any material findings and recommendations, as appropriate, to our board of directors for consideration.</div>
</ix:continuation></ix:nonNumeric></ix:nonNumeric></ix:nonNumeric>

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          <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
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      </div>


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<div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Overall, our approach to cybersecurity risk management includes the following key elements:</div>
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                    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(i)</span></div>
                  </td>

    <td style="text-align: left; vertical-align: top; width: auto;">
                    <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Continuous monitoring of cybersecurity threats, both internal and external. through the use of data analytics and network monitoring systems.</div>
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      </div>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(ii)</div>
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    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><ix:nonNumeric name="cyd:CybersecurityRiskManagementThirdPartyEngagedFlag" id="Fact_ed20398ac3324661abeffb360f4c3ece" contextRef="c20250101to20251231" format="ixt:fixed-true">Engagement of third party consultants and other advisors to assist in assessing points of vulnerability of our information security systems.</ix:nonNumeric></div>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iii)</div>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Overall assessment of cybersecurity incidents materiality and potential impact on the company&#8217;s operations and financial condition by our senior
                  management team and our board of directors, in cooperation, if considered necessary, with specialized external consultants.</div>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(iv)</div>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><ix:nonNumeric name="cyd:CybersecurityRiskManagementPositionsOrCommitteesResponsibleReportToBoardFlag" id="Fact_bdb2e10abe964b60bcd68f7687dff7f0" contextRef="c20250101to20251231" format="ixt:fixed-true">Oversight responsibility of cybersecurity risks and compliance with relevant disclosure requirements lies with our senior management team and our board of directors.</ix:nonNumeric><br/>
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                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">(v)</div>
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    <td style="text-align: left; vertical-align: top; width: auto;">
                <div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Training and Awareness &#8211; we have various information technology policies relating to cybersecurity. We also provide employee training that is
                  administered on a periodic and on a case-by-case basis that reinforces our information technology policies, standards and practices, as well as the expectation that employees comply with these policies and identify and report potential
                  cybersecurity risks.</div>
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<div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">We continue to invest in our cybersecurity systems and to enhance our internal controls and processes. <ix:nonNumeric name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantTextBlock" id="Text_3de0d00ee84a48d0b19a8d3da07f62ad" contextRef="c20250101to20251231" escape="true"><span style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000;"><ix:nonNumeric name="cyd:CybersecurityRiskMateriallyAffectedOrReasonablyLikelyToMateriallyAffectRegistrantFlag" id="Fact_b2fbe07ae1aa404fae9afbe736e0054c" contextRef="c20250101to20251231" format="ixt:fixed-false">Our business strategy, results of operations and financial condition have not been materially affected by risks from cybersecurity threats</ix:nonNumeric>, including as a result of previously identified cybersecurity incidents, but we cannot provide assurance that they will not be materially affected in the future by such
        risks or any future material incidents. While we have dedicated appropriate resources to identifying, assessing, and managing material risks from cybersecurity threats, our efforts may not be adequate, may fail to accurately assess the severity of
        an incident, may not be sufficient to prevent or limit harm, or may fail to sufficiently remediate an incident in a timely fashion, any of which could harm our business, reputation, results of operations and financial condition. For more
        information certain risks associated with cybersecurity, see &#8220;Item 3.D. Risk Factors&#8212;Company-Specific Risk Factors&#8212;We rely on our information systems to conduct our business, and failure to protect these systems against security breaches could
        adversely affect our business and results of operations. Additionally, if these systems fail or become unavailable for any significant period of time, our business could be harmed.&#8221;</span></ix:nonNumeric></div>
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      <div><br/>
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      <a id="PARTIII"><!--Anchor--></a>
      <div style="text-align: center; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">PART III</div>

      <div><br/>
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      <a id="ITEM17."><!--Anchor--></a>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 17.</div>
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    <td style="width: 89.08%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">FINANCIAL STATEMENTS</div>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">See Item 18. &#8220;Financial Statements.&#8221;</div>

      <div><br/>
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      <a id="ITEM18."><!--Anchor--></a>
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              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 18.</div>
            </td>

    <td style="width: 89.08%; vertical-align: top;">
              <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">FINANCIAL STATEMENTS</div>
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      <div><br/>
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      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The financial statements beginning on page F-1 are filed as a part of this annual report.</div>

      <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/>
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                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
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                </div>

              </div>

              <div> <a id="ITEM19.EXHIBITS"><!--Anchor--></a>
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                        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;">ITEM 19.</div>
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                        <div style="text-align: left; font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-weight: bold;"><span style="font-weight: bold;">EXHIBITS</span></div>
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                      <div style="color: #000000;">Number</div>
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                      <div style="color: #000000;">Description of Exhibits</div>
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                      <div style="color: #000000;">1.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957411003914/d1207417_6-k.htm">Third Amended and Restated Articles of Incorporation of TOP Ships Inc. (incorporated by
                          reference to Exhibit 99.2 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on June 24, 2011)</a></div>
                    </td>

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    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

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    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957414002672/d1470970_6-k.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          April 17, 2014 (incorporated by reference to Exhibit 99.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on April 18, 2014)</a></div>
                    </td>

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    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

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    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.3</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7130769_ex1-3.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          February 15, 2016 (incorporated by reference to Exhibit 1.3 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 26, 2016)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.4</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846222_ex1-4.htm">Certificate of Correction to the Third Amended and Restated Articles of Incorporation,
                          dated February 14, 2017 (incorporated by reference to Exhibit 1.4 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.5</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846256_ex1-5.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          May 10, 2017 (incorporated by reference to Exhibit 1.5 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.6</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846268_ex1-6.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          June 22, 2017 (incorporated by reference to Exhibit 1.6 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.7</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846276_ex1-7.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          August 2, 2017 (incorporated by reference to Exhibit 1.7 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.8</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846280_ex1-8.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          October 5, 2017 (incorporated by reference to Exhibit 1.8 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.9</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7847947_ex1-9.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          March 23, 2018 (incorporated by reference to Exhibit 1.9 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.10</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957419005516/d8363137_ex99-2.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated August 21, 2019
                          (incorporated by reference to Exhibit 99.2 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on August 22, 2019)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.11</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243113.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation, dated
                          August 7, 2020 (incorporated by reference to Exhibit 1.11 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.12</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000114036123015498/brhc10049816_ex1-12.htm">Articles of Amendment to the Third Amended and Restated Articles of Incorporation,
                          dated September 22, 2022 (incorporated by reference to Exhibit 1.12 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 3, 2023)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.13</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957407001718/d755064_6-k.txt">Amended and Restated By-Laws of the Company (incorporated by reference to Exhibit 99.1 of
                          the Company&#8217;s Current Report on Form 6-K, filed with the SEC on March 9, 2007)</a></div>
                    </td>

  </tr>


</table>
              <div><br/></div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">118</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">1.14</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957414006842/d6255259_6k.htm">Amendment No. 1 to the Amended and Restated By-Laws (incorporated by reference to Exhibit 1
                          of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on November 28, 2014)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957409012723/g1003936_ex2-1.htm">Form of Share Certificate (incorporated by reference to Exhibit 2.1 of the Company&#8217;s
                          Annual Report on Form 20-F, filed with the SEC on June 29, 2009)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322006526/exh_41.htm">Form of October 2022 Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 of
                          the Company&#8217;s Current Report on Form 6-K, filed with the SEC on October 11, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.3</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322008029/exh_44.htm">Form of Class C Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.4 of the
                          Company&#8217;s Current Report on Form 6-K, filed with the SEC on December 14, 2022)</a></div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.4</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184323001011/exh_43.htm">Form of February 2023 Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.3 of
                          the Company&#8217;s Current Report on Form 6-K, filed with the SEC on February 16, 2023)</a></div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.5</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957416015491/d7075398_6-k.htm">Certificate of Designations of Rights, Preferences and Privileges of Series A
                          Participating Preferred Stock of TOP Ships Inc. (incorporated by reference to Exhibit 3.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on September 22, 2016)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.6</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957417003803/d7470254_6-k.htm">Statement of Designation, Preferences and Rights of the Series D Preferred Stock of TOP
                          Ships Inc.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>(incorporated by reference to Exhibit 4.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on May 8, 2017)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.7</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957420007418/d8664360_6-k.htm">Certificate of Amendment to Certificate of Designation of Rights, Preferences and
                          Privileges of Series D Preferred Stock of TOP Ships Inc. (incorporated by reference to Exhibit 3.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on December 4, 2020)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.8</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;">
                        <div style="text-align: left; color: #343434; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ef20060828_ex2-8.htm">Statement of
                            Designation of Rights, Preferences and Privileges of Series G Perpetual Convertible Preferred Shares of TOP Ships Inc.* </a><br/>
                        </div>
                      </div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">2.9</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex2-9.htm">Description of Securities*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957416012626/d7034723_ex4-1.htm">TOP Ships Inc. 2015 Stock Incentive Plan (incorporated by reference to Exhibit 4.1 of
                          the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 26, 2016)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957416015491/d7075398_6-k.htm">Stockholders Rights Agreement with Computershare Trust Company, N.A., as Rights Agent as
                          of September 22, 2016 (incorporated by reference to Exhibit 4.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on September 22, 2016)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.3</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846385_ex4-7.htm">Employment Agreement between TOP Ships Inc. and Central Mare Inc. dated September 1,
                          2010, regarding employment of President and Chief Executive Officer (incorporated by reference to Exhibit 4.7 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.4</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957418002755/d7846536_ex4-8.htm">Employment Agreement between TOP Ships Inc. and Central Mare Inc. dated September 1,
                          2010, regarding employment of Chief Financial Officer (incorporated by reference to Exhibit 4.8 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2018)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.5</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8214366_ex4-105.htm">Management Agreement dated as of January 1, 2019 with Central Shipping Inc., in
                          respect of Hull 8242 (renamed Eco Marina Del Rey) (incorporated by reference to Exhibit 4.105 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 28, 2019)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.6</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213645_ex4-115.htm">Fifth Amendment to the Agreement for Provision of Personnel, dated January 1, 2019,
                          between TOP Ships Inc. and Central Mare Inc. (incorporated by reference to Exhibit 4.115 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 28, 2019)</a></div>
                    </td>

  </tr>


</table>
              <div> <br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">119</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.7</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000091957419002626/d8213080_ex4-116.htm">Letter Agreement from Central Shipping Inc. to TOP Ships Inc. dated as of January 1,
                          2019, in respect of provision of management services (incorporated by reference to Exhibit 4.116 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 28, 2019)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.8</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243120.htm">Loan Agreement for a Secured Floating Interest Rate Loan Facility of up to $37,660,000, dated
                          March 12, 2020, by and among Alpha Bank A.E., California 19 Inc. and California 20 Inc., in relation to the M/T Eco Yosemite Park and M/T Eco Joshua Park (incorporated by reference to Exhibit 4.25 of the Company&#8217;s Annual Report on
                          Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.9</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243121.htm">First Supplemental Agreement in relation to the Loan Agreement dated March 12, 2020, by and
                          among Alpha Bank S.A, California 19 Inc., California 20 Inc., Central Mare Inc. and TOP Ships Inc., in relation to the M/T Eco Yosemite Park and M/T Eco Joshua Park (incorporated by reference to Exhibit 4.26 of the Company&#8217;s
                          Annual Report on Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.10</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243122.htm">Corporate Guarantee, dated December 8, 2020, by and between TOP Ships Inc. and Alpha Bank
                          S.A., in respect of the obligations under the Loan Agreement dated March 12, 2020 (incorporated by reference to Exhibit 4.27 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.11</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322002612/ex_350425.htm">Second Supplemental Agreement dated February 2, 2022, by and between TOP Ships Inc. and Alpha
                          Bank S.A., in respect of the obligations under the Loan Agreement dated March 12, 2020 (incorporated by reference to Exhibit 4.20 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 15, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.12</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243129.htm">Joint Venture Agreement, dated March 11, 2020, by and between Augustus Enterprises Inc.,
                          Just-C Limited and California 19 Inc. relating to the M/T Eco Yosemite Park (incorporated by reference to Exhibit 4.30 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.13</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000143774921009726/ex_243147.htm">Joint Venture Agreement, dated March 11, 2020, by and between Augustus Enterprises Inc.,
                          Just-C Limited and California 20 Inc. relating to the M/T Eco Joshua Park (incorporated by reference to Exhibit 4.31 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 23, 2021)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.14</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322004304/exh_42.htm">Form of Securities Purchase Agreement dated June 3, 2022 between TOP Ships Inc. and certain
                          purchasers thereto (incorporated by reference to Exhibit 4.2 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on June 10, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.15</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322006526/exh_101.htm">Form of Inducement Letter dated October 6, 2022 between TOP Ships Inc. and the warrant holder
                          thereto (incorporated by reference to Exhibit 10.1 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on October 11, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.16</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322008029/exh_42.htm">Form of Securities Purchase Agreement dated December 4, 2022 between TOP Ships Inc. and certain
                          purchasers thereto (incorporated by reference to Exhibit 4.2 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on December 14, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.17</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184322008029/exh_43.htm">Warrant Agency Agreement dated December 6, 2022 between TOP Ships Inc. and American Stock
                          Transfer &amp; Trust Company, LLC (incorporated by reference to Exhibit 4.3 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on December 14, 2022)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.18</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000117184323001011/exh_42.htm">Form of Securities Purchase Agreement dated February 14, 2023 between TOP Ships Inc. and certain
                          purchasers thereto <span style="background-color: #CCEEFF;">(incorporated by reference to Exhibit 4.2 of the Company&#8217;s Current Report on Form 6-K, filed with the SEC on February 16, 2023)</span></a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.19</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000114036125013743/ef20039036_ex4-37.htm">Share Purchase Agreement in respect of PARABELLVM, dated as of July 12, 2024<span style="font-size: 12pt;">&#160;</span>(incorporated by reference to Exhibit 4.37 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 14, 2025)</a></div>
                    </td>

  </tr>


</table>
              <div> <br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">120</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.20</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000114036125013743/ef20039036_ex4-38.htm">Share Purchase Agreement in respect of M/Y Sanlorenzo, dated as of April 11, 2025
                          (incorporated by reference to Exhibit 4.38 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 14, 2025)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.21</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000114036125013743/ef20039036_ex4-39.htm">Yacht Building Contract in respect of M/Y Sanlorenzo, dated May 2, 2024 (incorporated
                          by reference to Exhibit 4.39 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on April 14, 2025)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.22</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1943421/000117184325005336/exh_102.htm">Contribution and Conveyance Agreement dated August 1, 2025, by and between the Company and
                          Rubico Inc. (incorporated by reference to Exhibit 10.2 of the Registration Statement on Form F-1 previously filed with the SEC by Rubico Inc. on August 13, 2025)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.23</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-23.htm">Bareboat Charter in respect of M/T Julius
                          Caesar, dated August 1, 2025*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.24</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-24.htm">Guarantee dated August 1, 2025, between
                          TOP Ships Inc. and Lustre 1 Holding Limited, relating to the bareboat charter of M/T Julius Caesar*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.25</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-size: 10pt;"><a href="ef20060828_ex4-25.htm">Bareboat Charter in respect of M/T Legio X Equestris, dated
                          August 1, 2025<span style="color: rgb(0, 0, 0);">*</span></a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.26</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-26.htm">Guarantee dated August 1, 2025, between
                          TOP Ships Inc. and Lustre 2 Holding Limited, relating to the bareboat charter of M/T Legio X Equestris*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.27</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-size: 10pt;"><a href="ef20060828_ex4-27.htm">Bareboat Charter in respect of M/T Eco Oceano CA, dated August
                          1, 2025<span style="color: rgb(0, 0, 0);">*</span></a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.28</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; font-size: 10pt;"><a href="ef20060828_ex4-28.htm">Guarantee dated August 1, 2025, between TOP Ships Inc. and
                          Lustre 3 Holding Limited, relating to the bareboat charter of M/T Eco Oceano CA<span style="color: rgb(0, 0, 0);">*</span></a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;"><br/>
                    </td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;"><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.29</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-29.htm">Bareboat Charter in respect of M/T Eco
                          Marina Del Rey, dated August 1, 2025*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.30</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-30.htm">Guarantee dated August 1, 2025, between
                          TOP Ships Inc. and Lustre 5 Holding Limited, relating to the bareboat charter of M/T Eco Marina Del Rey*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.31</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-31.htm">Guarantee dated August 7, 2025, between
                          TOP Ships Inc. and Lustre 6 Holding Limited, relating to the bareboat charter of M/T Eco Malibu*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.32</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-32.htm">Guarantee dated August 7, 2025, between
                          TOP Ships Inc. and Lustre 4 Holding Limited, relating to the bareboat charter of M/T Eco West Coast*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.33</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-size: 10pt;"><a href="ef20060828_ex4-33.htm">Shipbuilding Contract dated February 3,
                          2026, between Roman Shark I Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110054*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle; font-size: 10pt;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.34</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-34.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark II Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110055*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.35</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-35.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark III Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110056*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.36</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-36.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark IV Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110057*</a></div>
                    </td>

  </tr>


</table>
              <div> <br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">121</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.37</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-37.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark V Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110058*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.38</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-38.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark VI Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110059*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.39</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-39.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark VII Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110060*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.40</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-40.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark VIII Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110061*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.41</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-41.htm">Shipbuilding Contract dated February 3, 2026, between Roman
                          Shark X Inc. and Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for the construction of one Product oil Tanker having builder&#8217;s Hull Number 25110063*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.42</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-42.htm">Memorandum of Agreement between Roman Shark I Inc. and Tianjin
                          Jinhai Sanshi Leasing Co., Ltd. in respect of Hull Number 25110054*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.43</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-43.htm">Bareboat Charter between Tianjin Jinhai Sanshi Leasing Co., Ltd.
                          and Roman Shark I Inc. in respect of Hull Number 25110054*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.44</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-44.htm">Guarantee between Rubico Inc. and Tianjin Jinhai Sanshi Leasing
                          Co., Ltd. relating to the Bareboat Charter in respect of Hull Number 25110054*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.45</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-45.htm">Memorandum of Agreement between Roman Shark II Inc. and Aquarius
                          74 Shipping Co., Ltd. in respect of Hull Number 25110055*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.46</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-46.htm">Bareboat Charter between Aquarius 74 Shipping Co., Ltd. and
                          Roman Shark X Inc. in respect of Hull Number 25110055*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.47</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-47.htm">Guarantee between TOP Ships Inc. and Aquarius 74 Shipping Co.,
                          Ltd. relating to the Bareboat Charter in respect of Hull Number 25110055*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.48</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-48.htm">Memorandum of Agreement between Roman Shark III Inc. and Tianjin
                          Jinhai Sanshiyi Leasing Co., Ltd. in respect of Hull Number 25110056*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.49</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-49.htm">Bareboat Charter between Tianjin Jinhai Sanshiyi Leasing Co.,
                          Ltd. and Roman Shark III Inc. in respect of Hull Number 25110056*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.50</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-50.htm">Guarantee between TOP Ships Inc. and Tianjin Jinhai Sanshiyi
                          Leasing Co., Ltd. relating to the Bareboat Charter in respect of Hull Number 25110056*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.51</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-51.htm">Memorandum of Agreement between Roman Shark IV Inc. and Aquarius
                          75 Shipping Co., Ltd. in respect of Hull Number 25110057*</a></div>
                    </td>

  </tr>


</table>
              <div> <br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">122</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.52</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-52.htm">Bareboat Charter between Aquarius 75 Shipping Co., Ltd. and
                          Roman Shark VIII Inc. in respect of Hull Number 25110057*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.53</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-53.htm">Guarantee between TOP Ships Inc. and Aquarius 75 Shipping Co.,
                          Ltd. relating to the Bareboat Charter in respect of Hull Number 25110057*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.54</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-54.htm">Memorandum of Agreement between Roman Shark V Inc. and Tianjin
                          Jinhai Sanshier Leasing Co., Ltd. in respect of Hull Number 25110058*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.55</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-55.htm">Bareboat Charter between Tianjin Jinhai Sanshier Leasing Co.,
                          Ltd. and Roman Shark V Inc. in respect of Hull Number 25110058*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.56</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-56.htm">Guarantee between TOP Ships Inc. and Tianjin Jinhai Sanshier
                          Leasing Co., Ltd. relating to the Bareboat Charter in respect of Hull Number 25110058*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.57</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-57.htm">Memorandum of Agreement between Roman Shark VI Inc. and Aquarius
                          77 Shipping Co., Ltd. in respect of Hull Number 25110059*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.58</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-58.htm">Bareboat Charter between Aquarius 77 Shipping Co., Ltd. and
                          Roman Shark IV Inc. in respect of Hull Number 25110059*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.59</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-59.htm">Guarantee between TOP Ships Inc. and Aquarius 77 Shipping Co.,
                          Ltd. relating to the Bareboat Charter in respect of Hull Number 25110059*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.60</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-60.htm">Memorandum of Agreement between Roman Shark VII Inc. and Tianjin
                          Jinhai Sanshisan Leasing Co., Ltd. in respect of Hull Number 25110060*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.61</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-61.htm">Bareboat Charter between Tianjin Jinhai Sanshisan Leasing Co.,
                          Ltd. and Roman Shark VII Inc. in respect of Hull Number 25110060*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.62</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-62.htm">Guarantee between TOP Ships Inc. and Tianjin Jinhai Sanshisan
                          Leasing Co., Ltd. relating to the Bareboat Charter in respect of Hull Number 25110060*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.63</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-63.htm">Memorandum of Agreement between Roman Shark VIII Inc. and
                          Aquarius 78 Shipping Co., Ltd. in respect of Hull Number 25110061*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.64</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-64.htm">Bareboat Charter between Aquarius 78 Shipping Co., Ltd. and
                          Roman Shark VI Inc. in respect of Hull Number 25110061*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.65</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-65.htm">Guarantee between TOP Ships Inc. and Aquarius 78 Shipping Co.,
                          Ltd. relating to the Bareboat Charter in respect of Hull Number 25110061*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.66</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-66.htm">Memorandum of Agreement between Roman Shark X Inc. and Aquarius
                          79 Shipping Co., Ltd. in respect of Hull Number 25110063*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.67</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-67.htm">Bareboat Charter between Aquarius 79 Shipping Co., Ltd. and
                          Roman Shark II Inc. in respect of Hull Number 25110063*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.68</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-68.htm">Guarantee between TOP Ships Inc. and Aquarius 79 Shipping Co.,
                          Ltd. relating to the Bareboat Charter in respect of Hull Number 25110063*</a></div>
                    </td>

  </tr>


</table>
              <div> <br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">123</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.69</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex4-69.htm">Share Purchase Agreement by and between the Company and Central
                          Mare Inc., dated February 18, 2025*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.70</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify;"><a href="ef20060828_ex4-70.htm">Exclusive Right and Option Agreement between Evangelos J. Pistiolis and the
                          Company dated November 21, 2025*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.71</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255); font-family: 'Times New Roman'; font-size: 10pt;">
                      <div><a href="ef20060828_ex4-71.htm">Addendum No. 1 dated March 24, 2026 to the Exclusive Right and Option Agreement between Evangelos J.
                          Pistiolis and the Company dated November 21, 2025*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: middle;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">4.72</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);"><a href="https://www.sec.gov/Archives/edgar/data/1943421/000117184325008141/exh_1020.htm">Share Purchase Agreement by and between the Company and
                        Rubico Inc. dated December 31, 2025 (incorporated by reference to Exhibit 10.20 of Rubico Inc.&#8217;s Registration Statement on Form F-1/A previously filed with the SEC on December 31, 2025)</a><br/>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: middle;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">8.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex8-1.htm">List of subsidiaries of the Company*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">11.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: normal;">
                        <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><a href="ef20060828_ex11-1.htm">Insider trading policy of the
                            Company*</a></div>
                      </div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">12.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex12-1.htm">Rule 13a-14(a)/15d-14(a) Certification of the Company&#8217;s
                          Principal Executive Officer*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">12.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex12-2.htm">Rule 13a-14(a)/15d-14(a) Certification of the Company&#8217;s
                          Principal Financial Officer*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">13.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex13-1.htm">Certification of the Company&#8217;s Principal Executive Officer
                          pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">13.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex13-2.htm">Certification of the Company&#8217;s Principal Financial Officer
                          pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">15.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex15-1.htm">Consent of Independent Registered Accounting Firm*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">15.2</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="ef20060828_ex15-2.htm">Consent of Watson Farley &amp; Williams LLP*</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">97.1</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;"><a href="https://www.sec.gov/Archives/edgar/data/1296484/000114036124016527/ef20015320_ex97-1.htm">Policy for the Recovery of Erroneously Awarded Compensation of the Company
                          (incorporated by reference to Exhibit 97.1 of the Company&#8217;s Annual Report on Form 20-F, filed with the SEC on March 29, 2024)</a></div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">101</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="text-align: justify; color: #000000;">The following materials from the Company&#8217;s Annual Report on Form 20-F for the fiscal year ended December 31, 2025, formatted in Inline eXtensible Business Reporting Language (iXBRL):
                        (i) Consolidated Balance Sheets as of December 31, 2024 and 2025; (ii) Consolidated Statements of Comprehensive Income/(Loss) for the years ended December 31, 2023, 2024 and 2025; (iii) Consolidated Statements of Stockholders&#8217;
                        Equity for the years ended December 31, 2023, 2024 and 2025; (iv) Consolidated Statements of Cash Flows for the years ended December 31, 2023, 20243 and 2025; and (v) Notes to Consolidated Financial Statements</div>
                    </td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top;">&#160;</td>

    <td style="width: 92%; vertical-align: middle;">&#160;</td>

  </tr>

  <tr>

    <td style="width: 8%; vertical-align: top; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">104</div>
                    </td>

    <td style="width: 92%; vertical-align: middle; background-color: rgb(204, 238, 255);">
                      <div style="color: #000000;">Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)</div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 18pt; vertical-align: top; color: #000000;">*</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                      <div style="color: #000000;">Filed herewith</div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">124</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

              <!--PROfilePageNumberReset%Num%125%%%-->
              <div style="text-align: center; color: #000000; font-weight: bold;">SIGNATURES</div>

              <div><br/>
              </div>

              <div style="text-align: justify; text-indent: 36pt; color: #000000;">The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual
                Report on its behalf.</div>

              <div><br/>
              </div>

              <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000; border-spacing: 0;">


  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 50%; vertical-align: top;" colspan="2">
                      <div style="color: #000000; font-weight: bold;">TOP SHIPS INC.</div>
                    </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 50%; vertical-align: top;" colspan="2">
                      <div style="color: #000000;">(Registrant)</div>
                    </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 50%; vertical-align: top;" colspan="2">&#160;</td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">
                      <div><span style="color: #000000;">Date: </span>April 1, 2026</div>
                    </td>

    <td style="width: 3%; vertical-align: top;">
                      <div style="color: #000000;">By:</div>
                    </td>

    <td style="width: 47%; vertical-align: top; border-bottom: #000000 2px solid;">
                      <div style="color: #000000;">/s/ Evangelos J. Pistiolis</div>
                    </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 3%; vertical-align: top;">&#160;</td>

    <td style="width: 47%; vertical-align: top;">
                      <div style="color: #000000;">Evangelos J. Pistiolis</div>
                    </td>

  </tr>

  <tr>

    <td style="width: 50%; vertical-align: top;">&#160;</td>

    <td style="width: 3%; vertical-align: top;">&#160;</td>

    <td style="width: 47%; vertical-align: top;">
                      <div style="color: #000000;">President, Chief Executive Officer, and Director</div>
                    </td>

  </tr>


</table>
              <div><br/>
              </div>

              <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                <div style="width: 100%;" class="BRPFPageFooter"></div>

                <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 8pt; color: #000000; font-weight: normal; font-style: normal;">125</span></div>

                <div class="BRPFPageBreak" style="page-break-after: always;">
                  <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

                <div style="width: 100%;" class="BRPFPageHeader">
                  <div><a href="#TABLEOFCONTENTS"><span style="font-size: 8pt; font-style: italic;">Table of Contents</span></a><br/>
                  </div>

                </div>

              </div>

            </div>

          </div>

        </div>

      </div>

    </div>

    <!--PROfilePageNumberReset%Num%1%F-%%--> </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b> <br/>
        </b></p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b>TOP SHIPS INC.</b></p>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"> &#160; </div>

      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b>INDEX TO CONSOLIDATED FINANCIAL STATEMENTS</b></p>
      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt; border-spacing: 0;">


  <tr>

    <td style="vertical-align: top; width: 28.2%; font-family: 'Times New Roman'; padding-bottom: 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: top; width: 5.4%; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">Page</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#REPORTOFINDEPENDENTREGIST">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID <span style="-sec-ix-hidden:Fact_98bb27a8459143d79f108bc34c76bcfb">1163</span>)<br/>
              </p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-2</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%;">&#160;</td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#BALANCESHEETS">Consolidated Balance sheets as of December 31, 2024 and 2025</a></p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-3</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%;">&#160;</td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#COMPREHENSIVEINCOME">Consolidated Statements of Comprehensive income for the years ended December 31, 2023, 2024 and 2025</a></p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-4</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%;">&#160;</td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#STOCKHOLDERSEQUITY">Consolidated Statements of Stockholders&#8217; equity for the years ended December 31, 2023, 2024 and 2025</a></p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-5</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%;">&#160;</td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#CASHFLOWS">Consolidated Statements of Cash flows for the years ended December 31, 2023, 2024 and 2025</a></p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-6</p>
            </td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;</p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%;">&#160;</td>

  </tr>

  <tr style="font-family: 'Times New Roman';">

    <td style="vertical-align: bottom; width: 28.2%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><a href="#NOTESTOCONSOLIDATEDFINANC">Notes to consolidated financial statements</a></p>
            </td>

    <td style="vertical-align: bottom; width: 5.4%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: center; margin: 0pt;">F-7</p>
            </td>

  </tr>


</table>
      <p style="font-variant: normal; margin: 0pt;"><br/>
      </p>
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        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-1</span></div>

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          <div><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-size: 8pt;">Table of Contents</span></a></div>

        </div>

      </div>

      <!--PROfilePageNumberReset%Num%2%F-%%--> </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;"> <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>

    <div> <div><a id="REPORTOFINDEPENDENTREGIST"><!--Anchor--></a><span style="font-family: 'Times New Roman'; font-size: 10pt;"></span></div>

      <div style="font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">REPORT OF INDEPENDENT REGISTERED
          PUBLIC ACCOUNTING FIRM</span></div>

      <div>
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
        </span></div>

        <div>
          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;">To the <span style="font-family: 'Times New Roman'; font-size: 10pt;">Stockholders and
                the </span>Board of Directors of </span></div>

            <div style="font-family: 'Times New Roman'; font-size: 10pt;">Top Ships Inc.,</div>

            <div style="font-family: 'Times New Roman'; font-size: 10pt;">Majuro, Republic of the Marshall Islands</div>

          </div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Opinion on the Financial Statements</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">We have audited the accompanying consolidated balance sheets of Top Ships Inc. and subsidiaries (the &#8220;Company&#8221;) as of December 31, 2024 and
            2025, the related consolidated statements of comprehensive income, mezzanine and stockholders&#8217; equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes (collectively referred to as the
            &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2025, and the results of its operations and its cash flows for each of
            the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Basis for Opinion</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">These financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
            financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with
            the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
            reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial
            reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial
            reporting. Accordingly, we express no such opinion.</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
            fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting
            principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Critical Audit Matters</div>

          <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Critical audit matters are matters arising from the current-period audit of the financial statements that were communicated or required to be
            communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. We determined that there are no
            critical audit matters.</div>

        </div>

      </div>

      <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"> </p>
      <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
      </span></div>

      <div>
        <div>
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">/s/ <ix:nonNumeric name="dei:AuditorName" id="Fact_f593b77e4b1e4bc5b2e1b04e0714d021" contextRef="c20250101to20251231">Deloitte Certified Public Accountants S.A.</ix:nonNumeric></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonNumeric name="dei:AuditorLocation" id="Fact_7c7bf1b9fd4647cb924a12b6e49dfcac" contextRef="c20250101to20251231">Athens, Greece</ix:nonNumeric></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">April 1, 2026</div>

          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
            </span> </div>

          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">We have served as the Company&#8217;s auditor since 2006.<br/>
            </span> </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> <br/>
            </span></div>

        </div>

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        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-2</span></div>

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          <div><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-size: 8pt;">Table of Contents</span></a></div>

        </div>

      </div>

    </div>

    <div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
 </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <b><!--Anchor-->TOP SHIPS INC.</b></div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><a id="BALANCESHEETS"><!--Anchor--></a><b>CONSOLIDATED
          <!--Anchor-->BALANCE SHEETS</b></div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><b>DECEMBER 31, 2024 AND 2025</b></div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><b>(Expressed in thousands of U.S. Dollars </b><b>&#8211;<b> </b>except share and per share data)</b></div>

      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; white-space: nowrap;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>December 31,</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; white-space: nowrap;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>December 31,</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2024</span><br/>
                    </b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/>
                    </b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-decoration: underline;"><b>ASSETS</b></span></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: justify; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: justify;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: justify; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: justify;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt;">
                <div style="margin-left: 9pt;">&#160;</div>
              </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>CURRENT ASSETS:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: justify; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: justify;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: justify; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: justify;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Cash and cash equivalents</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" id="Fact_3c71484e7bf74be7a4adc2253c84b020" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,629</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" id="Fact_b67b226fb80f49a2b7c9ab71079b7b68" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,372</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%;">
                <div style="margin-left: 9pt;">Restricted cash (Note 6)</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" id="Fact_71e85cc4eaa640aa8222f6eafd54a18d" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue" id="Fact_a12c9b2c56da4e98beae5422d291f6ce" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Trade accounts receivable (including $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" id="Fact_e22fc9e0e6b34f27b2caac456206c027" contextRef="c20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" id="Fact_78266c1c979a42919f6fa9fed848543e" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,113</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsReceivableNetCurrent" id="Fact_c86b06e6e5af45e7b87225f309df099a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,543</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Prepayments and other</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" id="Fact_c3d326d7d5444e4496b2fb2c3ca92be0" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,048</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" id="Fact_32fbf5370e19482fa4d2f83d87912a43" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">966</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%; background-color: #CCEEFF;">
                <div style="margin-left: 9pt;">Right of use assets from operating leases (Note 6)<br/>
                </div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:OperatingLeaseRightOfUseAssetCurrent" id="Fact_a1ec012c01564a1fb3b1c026656e2197" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,666</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:OperatingLeaseRightOfUseAssetCurrent" id="Fact_19228a2ff46d4fcd8586dc322d6f6f17" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%;">
                <div style="margin-left: 9pt;">Deposit asset (Note 6)</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_7e35af164d7f43ffbbdbb04ece754431" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_37ab97b9f61348ebbdb0b43ec75cf5cb" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Inventories</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InventoryNet" id="Fact_b80fadca313e4ffd83e05c2d1cee4ed0" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">983</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InventoryNet" id="Fact_cf8b1d43a9d843cda22884518ce0be38" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">564</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%; padding-bottom: 2px;">
                <div style="margin-left: 9pt">Due from <span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_ee345a69fb6a411ea12c9260427e0529"><span style="-sec-ix-hidden:Fact_e102826ed21842129b8e2f53c68fdd7d">related parties</span></span></span> (Note 5)</div>
              </td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_a56ca98aac1040e68a26ab8edcbcc40a" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_8348f93c241d45e3ad171639d4f6076d" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">600</ix:nonFraction></span></td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total current assets</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AssetsCurrent" id="Fact_740cc3da37744737ba35ada8ae327cab" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,439</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AssetsCurrent" id="Fact_3f16caa2550f4d3397ddda508a08806a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,045</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>FIXED ASSETS: </b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Vessels, net (Note 4(a))</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselsNet" id="Fact_ecff2e2b01d64704a7047988158e0de2" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">361,374</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselsNet" id="Fact_07f3cb629c2e478bb1085c5a2bc28eaf" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">268,466</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;" rowspan="1">
                <div style="margin-left: 9pt"><span style="text-indent: 0pt;">Advances for vessels under construction (Note 4(b))</span></div>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstruction" id="Fact_e164da2a45d340cc90fba2aff7f28e0c" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstruction" id="Fact_40f0d8e313f34b91b165025061fc2719" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,207</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Other fixed assets, net</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentOtherNet" id="Fact_4b6734be81d544839038e9d9cb669734" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">505</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentOtherNet" id="Fact_51018062229f420cb1a031d53152b91f" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">505</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total fixed assets</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_95e9dd2a07af4990977a0392a72639c2" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">361,879</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_853847e76c134db5a7a0f5bf207cc775" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">287,178</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>OTHER NON-CURRENT ASSETS:</b></p>
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    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Restricted cash (Note 7)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" id="Fact_03c9524d405b43e2924367360bc1b5f7" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashAndCashEquivalentsNoncurrent" id="Fact_e7d057e476ad4e4984d9fbbb19152a35" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,850</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 9pt;">Advances for asset acquisitions to related party (Note 5)</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PrepaymentsToRelatedPartyNoncurrent" id="Fact_0c701e09f060498fb65240bf7c62a7df" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PrepaymentsToRelatedPartyNoncurrent" id="Fact_8371089437bb4557b184f2dfea4fd75e" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,500</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Investments in unconsolidated joint ventures (Note 16)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EquityMethodInvestments" id="Fact_75de119c701e469a865c2d01edd788a0" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,054</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EquityMethodInvestments" id="Fact_68d13ebcfdf24bda8908789b98871e04" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,881</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 9pt;">Trade accounts receivable, non-current<br/>
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              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsReceivableNetNoncurrent" id="Fact_a4b83f3b87d942da851b2b336b74fb1f" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,400</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsReceivableNetNoncurrent" id="Fact_699f3a7a50bf45c3a11878cdf57dbead" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,155</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total non-current assets</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment" id="Fact_dbf347837bb74e65ba104ff1ee2179ae" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,454</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AssetsNoncurrentOtherThanNoncurrentInvestmentsAndPropertyPlantAndEquipment" id="Fact_bde748ba311e423484e82fd7bcdf648b" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,386</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total assets</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:Assets" id="Fact_9be9ee14fa8d477e92f73c19594a65d3" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,772</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:Assets" id="Fact_e328a0076e044779a1e19e8d335cb687" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">333,609</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b><span style="text-decoration: underline;">LIABILITIE<span style="font-weight: bold;">S </span></span></b><b><span style="text-decoration: underline;">AND STOCKHOLDERS</span></b>&#8217;<b><span style="text-decoration: underline;"> EQUITY</span></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>CURRENT LIABILITIES:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Current portion of long-term debt (Note 7)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" id="Fact_32928b4d4846419e9aa4cc34bca0a58b" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,202</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" id="Fact_ece29007efcd46bcb97989c15b3feccc" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,824</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Due to <span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_2a001c1d69ea458a9d600e9485a100fe"><span style="-sec-ix-hidden:Fact_607e8b27097b4572b2d4863d06ec3070">related parties</span></span></span>
                  (Note 5)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" id="Fact_f89e062ca7ca4b6fa977fdccf8686b3b" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,169</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" id="Fact_47e39b757ed64cf2a9d1c9fce2192e1e" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">139</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accounts payable</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" id="Fact_6f2472d06bb54f00b932c02f7710f629" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,821</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccountsPayableCurrent" id="Fact_3e921747ba6d42b6815bc6854bd80f39" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,342</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accrued liabilities</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" id="Fact_d33ea6c3fd1b44449f95b03f26faee96" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,993</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" id="Fact_063c89215a394566829a20649b907c75" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,521</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Unearned revenue</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredIncomeCurrent" id="Fact_cf13ad58f5f44baeac8d5b06421dbe15" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,652</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredIncomeCurrent" id="Fact_2c1ae467060748768110d926048983af" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,228</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Current portion of Operating lease liabilities (Note 6)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" id="Fact_75ba7ff7e0db4c29bc669b37c537129f" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,357</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" id="Fact_f6bf79ac20ba4a77a47450c60f9bde39" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%; padding-bottom: 2px;">
                <div style="margin-left: 9pt;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">Liability from contract with related party (Note 5) </div>
                </div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:LiabilityFromContractWithRelatedPartyCurrent" id="Fact_80886e46df09405f862758cab8ef7e30" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:LiabilityFromContractWithRelatedPartyCurrent" id="Fact_74e0f361284e45f2af521b1f7065bad0" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,500</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total current liabilities</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" id="Fact_f6f1a9f95c2f4bceab35ac9162a7abed" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,194</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesCurrent" id="Fact_830842fdba7f4a40a7804fa233543709" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,554</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>NON-CURRENT LIABILITIES:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Non-current portion of long-term debt (Note 7)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" id="Fact_b79644e1f270485794f5a62ca97489d6" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">245,056</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" id="Fact_f47d453243bb477190943709f310e307" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">204,788</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; padding-bottom: 2px;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Unearned revenue, non-current </p>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredIncomeNoncurrent" id="Fact_404e36adb54f4bfaae4007d7d2d7919e" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">102</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredIncomeNoncurrent" id="Fact_182489f16c274ceda61598e2cec24419" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">78</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total non-current liabilities</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" id="Fact_b26c4ccc921a45ea99a798fdcf595e2d" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">245,158</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesNoncurrent" id="Fact_3634169431bf4bd38009d14a309a7abc" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">204,866</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>COMMITMENTS AND CONTINGENCIES (Note 8)</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_298cf0dc0e7a42d88137a2b37898c195"> </span></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_c94a38a027d749f7a9cfa545a7ed65b6"> </span></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total liabilities</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:Liabilities" id="Fact_53f5a6850f304905a8bea81bd4a63455" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">278,352</ix:nonFraction></span><br/>
                </b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:Liabilities" id="Fact_8e9646ee4e3042e69faba650a26a4ba5" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">244,420</ix:nonFraction></span><br/>
                </b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>STOCKHOLDERS</b>&#8217;<b> EQUITY:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Preferred stock, $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" id="Fact_a81acc5f7dce41c5975f0ae12b01581c" contextRef="c20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" id="Fact_44b9dbd08f9f43dbb9cf99338f8c5d0d" contextRef="c20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.01</ix:nonFraction></ix:nonFraction></span>
                  par value; <span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" id="Fact_1b07e12ddc7e4fceb1063e5273caa65a" contextRef="c20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" id="Fact_05e093d5e6534ca09495ee684b7f5087" contextRef="c20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">20,000,000</ix:nonFraction></ix:nonFraction></span> shares authorized; of which <span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" id="Fact_ed95bccaeb124aa99aeb4dd3b1d13a68" contextRef="c20251231_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:PreferredStockSharesOutstanding" id="Fact_71e90c3dc582444a8f97ed0e4848d976" contextRef="c20241231_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></ix:nonFraction></span> Series D Shares were outstanding at December 31, 2024 and 2025 (Note 9)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PreferredStockValue" id="Fact_d6b75dd941314766a5114dcf232778d0" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PreferredStockValue" id="Fact_70a4fa4d323d47db80a4b26fcaa2897d" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Common stock, $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" id="Fact_62ec62a9005442fc82babb2697a1e66e" contextRef="c20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" id="Fact_1e690a323bc843979c1e739857a0d4d5" contextRef="c20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.01</ix:nonFraction></ix:nonFraction></span>
                  par value; <span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" id="Fact_75b7cb5f34a54a8b9da8842a1438b142" contextRef="c20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" id="Fact_480a81b89e964bf08b9fbdd43045846f" contextRef="c20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000,000,000</ix:nonFraction></ix:nonFraction></span> shares authorized; <span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" id="Fact_d3a6f9d0b5004edbb6ac1508c44bba61" contextRef="c20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" id="Fact_c5bfb40246ad4437bd67e38687db4f2d" contextRef="c20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" id="Fact_a48277c0c6364224bffa78a60866f6fe" contextRef="c20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" id="Fact_0a8b90d0bd6c494eb49e1242138a755f" contextRef="c20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span> shares issued and outstanding at December 31, 2024 and 2025 (Note 9)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CommonStockValue" id="Fact_3968e2b57318457185119627a5766a56" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CommonStockValue" id="Fact_4bf46910d817407a9612d47e90c260fc" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Additional paid-in capital</p>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" id="Fact_1db5e55e387940dea0db676c8f785323" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">451,079</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" id="Fact_976e4a366b8741a79ab5466368e47c19" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,433</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accumulated other Comprehensive Income</p>
              </td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" id="Fact_68bf695a986344609dc09291eadf01c8" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" id="Fact_d85ab91110ce4de49add087e8938549c" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">697</ix:nonFraction></span></td>

    <td valign="bottom" rowspan="1" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accumulated deficit</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" id="Fact_9f08f7285aa3419fbcff2de0c09ce96e" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">306,706</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" id="Fact_0418e32e8f6b46ab89b3698f2e5ca942" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">336,988</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total stockholders</b>&#8217;<b> equity</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_f42f21f6a6cf47db8b98983f8bcb97a7" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">144,420</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_0eec278643b740d3a0725aae4bddfb3a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">89,189</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 76%; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 9pt;">&#160;</div>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 27pt;"><b>Total liabilities and stockholders</b>&#8217;<b> equity</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" id="Fact_e57d043652464c00bad35e6e465812c1" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">422,772</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LiabilitiesAndStockholdersEquity" id="Fact_c9b69d33110742b482add39d008b5de9" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">333,609</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
      </div>

      <p style="font-variant: normal; margin: 0pt;"><br/>
      </p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
      <p style="font-variant: normal; margin: 0pt;"><br/>
      </p>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-3</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div class="BRPFPageHeader" style="width: 100%;">
          <div><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-size: 8pt;">Table of Contents</span></a></div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div>
        <div>
          <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <b><!--Anchor-->TOP SHIPS INC.</b></div>

          <div>
            <a id="COMPREHENSIVEINCOME"><!--Anchor--></a><p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>CONSOLIDATED STATEMENTS OF
                <!--Anchor-->COMPREHENSIVE INCOME</b></p>
          </div>

          <div>
            <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</b></p>
          </div>

          <div>
<div><b>(Expressed in thousands of U.S. Dollars </b><b>&#8211;<b> </b>except share and per share data)</b></div>

            <p style="font-variant: normal; text-align: justify; margin: 0pt;"><b> <br/>
              </b></p>
          </div>

        </div>

        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="text-indent: 0pt;">2023</span><br/>
                      </em></b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="text-indent: 0pt;">2024</span><br/>
                      </em></b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="text-indent: 0pt;">2025</span><br/>
                      </em></b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Revenues </b>(including $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_f749814a850845b68284f3641ece26dc" contextRef="c20230101to20231231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></span>,
                  $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_2ed872b02aa94ba895953e3fb9601999" contextRef="c20240101to20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,967</ix:nonFraction></span> and $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_54aca227c4d4488aaac6f0a5583b46c9" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></span>
                  respectively, from related party) (Note 17 &amp; 5)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><br/>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_716a7a785e1c483aa75223736a8c41c3" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,949</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_06fd8c438c7843929b88579562432507" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,127</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_30f67a030e4640d89ed274cf4def1ee7" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,415</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" style="text-align: justify; width: 64%; background-color: #CCEEFF;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>EXPENSES:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Voyage expenses (including $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_66bb4b26c393410a81687c1ceb404c9d" contextRef="c20230101to20231231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,037</ix:nonFraction></span>,
                  $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_959456f767a146d5bcebf077ab027b06" contextRef="c20240101to20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,040</ix:nonFraction></span> and $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_deccd9370fd9459e819965b663ecb1ae" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,015</ix:nonFraction></span>
                  respectively, to related party) (Note 11)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_174799b6b8b446be9ac479aef1c648dc" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,609</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_48224641257c409bad4774f391d9cf01" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,008</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VoyageExpenses" id="Fact_2272c45ed5d4439583af3207601c865f" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,501</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Operating lease expense (Note 6)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" id="Fact_7942017ca6654555a6f407fee84f7d1b" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,840</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" id="Fact_c6ae329f0d5a414c821957a2f96c868e" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,869</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseExpense" id="Fact_535b75af968047be8923740af0514307" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,301</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Vessel operating expenses (including $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_17d9bd5d31cf4963aef8923c98eeb96c" contextRef="c20230101to20231231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">42</ix:nonFraction></span>,
                  $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_58b81a05c5164307bff0ab2ff7dc4755" contextRef="c20240101to20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span> and $<span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_78cf20a952cc4254b12a47fe3b504e6b" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction></span>
                  respectively, to related party) (Note 11)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_846827482eba42c6ae1b636dd0f4a931" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,527</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_bfbc47066d134aea899fb6415082f23c" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,086</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_8c7d3a756c19403fbf2b1ebac70eedee" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,395</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Dry-docking costs</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DryDockingCosts" id="Fact_c427d3fbfd3c48e2bb9f191454b3e000" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DryDockingCosts" id="Fact_c60d9b3a7b28493f8e3c11d23ad46f32" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,152</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DryDockingCosts" id="Fact_ea4768d6c3c748d1b42be842effc4a42" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Vessel depreciation (Note 4)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_fef24665cf0c499a9b182af89017bb36" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,349</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_fb91f284be914a3e908eb06e4b321f9a" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,336</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_48bccb1832ab42c5b2a72ca1de330e93" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,271</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Management fees-related parties (Note 5)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFeesRelatedParties" id="Fact_f92ce6619aa34acf81f7a1ee141d8559" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,200</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFeesRelatedParties" id="Fact_3661e0bc1b1b46c4ab8da5a20653d0eb" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,266</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFeesRelatedParties" id="Fact_112160d167174aba865f14fa10998b06" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,050</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">General and administrative expenses (including $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_3fb690a7928e48bd8e650dc4235ee6a3" contextRef="c20230101to20231231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,360</ix:nonFraction></span>, $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_42f1dd6fd79745cdaf2fef82612a98cc" contextRef="c20240101to20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,360</ix:nonFraction></span> and $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_0cb2c53b8db747d495f16fdbfd2589a1" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,360</ix:nonFraction></span> respectively, to related party) (Note 5)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_b912b8b7718946248feafe244f44814d" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,697</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_82941ca6ce884eb59dc5734b93a25504" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,506</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_f8c7b09b05fc47a8a11a124881e9567b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,617</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;"><b>Operating income</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_d338fd21724e45a996368c045262d019" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,727</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_518ed6bbe22f479dae6f8bc65ab8205c" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,904</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_0ed21fdbf22b4431beb223205d6bb3c8" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,280</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 9pt;">&#160;</div>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" style="text-align: justify; width: 64%;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>OTHER EXPENSES:</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Interest and finance costs (Note 12)</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_d78f862558b44cc188e4f49b6957b580" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,989</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_be799df332944d828ae2d9a4ba7fe8bf" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,496</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_64a4ad0fe93445809160d4ea3b92613d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,406</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <div style="text-align: justify; margin-left: 9pt;">Interest income (including $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_6e1cb446c94a4fac946175345b2235d6" contextRef="c20230101to20231231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span>, $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_a5b23d2ad51846b7be7c6093ca2b39dd" contextRef="c20240101to20241231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span> and $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_506dda1c8e28437cb1ddf26287c15abb" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">277</ix:nonFraction></span> respectively, from related party) (Note 5)</div>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_01fca6d8d7e946ae902bbbf37017d64d" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">346</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_46f3c0cfaaf34a3682f93587b9daa547" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">467</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_54cf88ac97f74ffd9619badc90b4c808" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">385</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Equity (loss)/gain in unconsolidated joint ventures</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_4eae452972ed40cd80c850a99304a3e1" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">18</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_1e622ca83afa4029af32c27f1070dadb" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">159</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_1ed52f1dd3be4b43824214095ec2d8f8" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">173</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;"><b>Total other expenses, net</b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" id="Fact_e88e595033fe4a3fb282041c0a522f9b" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">22,661</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" id="Fact_2037eead0a24432db3ab4fde1e1681ec" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">22,870</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NonoperatingIncomeExpense" id="Fact_3a2f68cf743a4668a701644ada300823" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">23,194</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><b>)</b></td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" style="text-align: justify; width: 64%;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-weight: bold;"><b>Net income<br/>
                  </b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_92beb8740bab4ef5ba032aecd11b5953" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,066</ix:nonFraction></span><br/>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_23bd55e2f98b41c6b297f079fe186524" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span><br/>
                </b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_e59b1257b2ed4874bca482149ea9c0f2" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,086</ix:nonFraction></span><br/>
                </b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;"><i>Less: Preferred shares dividend (Note 15)</i></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_17447cdd265b4caab3959b672fc7cf98" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</ix:nonFraction></span></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;"><i>)</i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_c66f89d902364b0285b01e4dda8542e5" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_16fcde8b33fe41969e713dc3ae5a0837" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 64%;">
                <div style="margin-left: 9pt;">
                  <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-style: italic;">Less: Deemed dividend on Series E Shares conversion</span><br/>
                  </div>
                </div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_8d8309107fed4db3a64b01b8bd548b9e" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_eecc435f9a2c4fb7bc4f3202f1e7bd5b" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_9724bea965554abb892791310ce04757" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" style="width: 64%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b><i>Net </i></b><b><i><b><i>(loss) /</i></b>income attributable to common shareholders</i></b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" id="Fact_986a91ba9702409899fb562295ebe2b6" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">22,370</ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;"><i><b>)</b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" id="Fact_0035708fb9324303914c9a14a495c199" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><i><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" id="Fact_37ab669a03ae49c0bfe2fe07c617b4e5" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,086</ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" style="text-align: justify; width: 64%;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b><i><b><i>(Loss)/</i></b>Earnings per common share, basic and diluted (Note 10)</i></b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><i><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_a9aeb46ad4904bcaafe1cdf4b10465c8" contextRef="c20230101to20231231" unitRef="U003" decimals="2" sign="-" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_fd97a2e88e034509b6ef3cac8971a3e7" contextRef="c20230101to20231231" unitRef="U003" decimals="2" sign="-" scale="0" format="ixt:num-dot-decimal">12.44</ix:nonFraction></ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><i><b>)</b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><i><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_55b9d1e1fd8049679264c2055a01c386" contextRef="c20240101to20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_4c2fa37ab2ca4729b1c893e5298903d0" contextRef="c20240101to20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">1.09</ix:nonFraction></ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><i><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_7ae108db09704d2e88aaa227fb89665a" contextRef="c20250101to20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_7a7162135b73442bbc274d3e432964f3" contextRef="c20250101to20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.67</ix:nonFraction></ix:nonFraction></span></b></i></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: justify; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; font-style: italic; font-weight: bold;">Other Comprehensive Income:</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: justify; width: 64%;">
                <div style="text-align: justify; font-style: italic; font-weight: bold;">Net income</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" id="Fact_bd697b1e39c843c4843d65b97a2ffe6e" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,066</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: justify; width: 64%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; font-style: italic; font-weight: bold;">Change in foreign currency translation adjustments</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" id="Fact_97e9cd00e2c448288ef15b11f52bae6c" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" id="Fact_b3a812db3796487a903d2d81dc4909b1" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">697</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: justify; width: 64%;">
                <div style="text-align: justify; font-style: italic; font-weight: bold;">Total Other Comprehensive Income</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" id="Fact_8bccb221ce6d429dac40c8d329727600" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,066</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" id="Fact_c737591a899e4373a4c54bce923c4621" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; font-style: italic; font-weight: bold; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent" id="Fact_4b0f256376b14f8e9343d45ded4c2d42" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,783</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
      </div>

      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> <br/>
      </p>
      <p style="font-variant: normal; margin: 0pt;"> </p>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-4</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-size: 8pt;">Table of Contents</span></a></div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><!--Anchor-->TOP SHIPS INC.</b></p>
      <a id="STOCKHOLDERSEQUITY"><!--Anchor--></a><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b>CONSOLIDATED STATEMENTS OF MEZZANINE AND
          <!--Anchor-->STOCKHOLDERS</b>&#8217;<b> EQUITY</b></p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b>FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</b></p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b>(Expressed in thousands of U.S. Dollars </b>&#8211;<b> except number of shares and per share data) </b></p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b> <br/>
        </b></p>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; margin-left: 0pt; margin-right: 0pt; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="10" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);"><b>Mezzanine Equity</b></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="30" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">Stockholder&#8217;s Equity</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="10" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);"><b>Preferred Stock</b></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);"><span style="font-weight: bold;">Common Stock</span><br/>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; padding-bottom: 2px;"><b><b><b><b><b><b><b><b><b><b>Additional</b></b></b></b></b></b></b></b></b></b> <br/>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; font-weight: bold; padding-bottom: 2px;">
                <div> Accumulated</div>
                <div>Other</div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; padding-bottom: 2px;">
                <div><span style="font-weight: bold;">Accumulated deficit </span></div>
                <b><b><b><b>attributable</b></b></b></b> <br/>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" rowspan="1" style="text-align: center; font-family: 'Times New Roman'; padding-bottom: 2px;"><b><b>Total</b></b> <br/>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; text-indent: -9pt; margin-left: 9pt; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b># of </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>shares</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: center;"><span style="font-weight: bold;">Par </span></div>
                <div style="text-align: center;"><span style="font-weight: bold;">Value</span></div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Mezzanine </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Equity</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b># of </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>shares</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Par </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Value</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b># of </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>shares</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Par </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Value</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                <div><b><b><b><b>Paid</b></b></b></b><b><b><b><b><b><b> in</b></b></b></b></b></b></div>
                <div><b><b><b><b><b><b> </b></b></b></b>Capital</b></b></div>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; font-weight: bold; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>Comprehensive</div>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>to common</b></b></p>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> </b></b></p>
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>stockholder&#8217;s<br/>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><span style="font-weight: bold;">equity</span><b><b><br/>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>BALANCE, December 31, 2022</b></p>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_04815f4625aa4521b0d8b4bba3f700c6" contextRef="c20221231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">5,864,200</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_a015b1280a1847eabea5e7f72f436ad8" contextRef="c20221231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">59</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_989f6e96cd1b4a13b9e285bbb8958782" contextRef="c20221231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,292</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_d915bb41ba3042b0a34b6157be4d8a5c" contextRef="c20221231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_7c797d25b45e46689f88804f856eb369" contextRef="c20221231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_988b93d2abf6446f885896a860d16d20" contextRef="c20221231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">857,908</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_4629d5da09cb45f38c25f99c62c8e156" contextRef="c20221231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_aef6ffa749964b14a8115c053fa4ba9d" contextRef="c20221231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">428,468</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><br/>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_d98ea078f7954cae999e914b2c0d4edb" contextRef="c20221231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_1694af675cb74484ab4205c20968af1c" contextRef="c20221231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">317,806</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Net Income</p>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Redemption of fractional shares due to reverse stock split</p>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Conversion of Series E Shares (Note 15)</p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockConversionShares" id="Fact_4e9c3a1810ea43a9ac51246cee9df5c9" contextRef="c20230101to20231231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">13,452</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" id="Fact_1ef1f27a244948c0933d1a4510b22e6e" contextRef="c20230101to20231231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">2,930,718</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Deemed dividend on Series E Shares conversion (Note 15)</p>
              </td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:DeemedDividendForBeneficialConversionFeatureOfShares" id="Fact_49c19d742ad743f894244420e3057be3" contextRef="c20230101to20231231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">)</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:DeemedDividendForBeneficialConversionFeatureOfShares" id="Fact_4e9ae8eb3ef6454e8fa1bcacab7da195" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction></span></td>

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  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Dividends of preferred shares (Note 15)</p>
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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" id="Fact_cb3a52550d6f4d378f6ecd86a8cf5d29" contextRef="c20230101to20231231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" id="Fact_0914770d0d3849248de34f22c71a75a8" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Exercise of warrants, net of fees</p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:StockIssuedDuringPeriodSharesWarrantsExercised" id="Fact_dfa1bfa535c24d50b55f97d2dc0c3a40" contextRef="c20230101to20231231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">500</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:StockIssuedDuringPeriodValueWarrantsExercised" id="Fact_cf0671a1c531426cb5dc980095ef2238" contextRef="c20230101to20231231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:StockIssuedDuringPeriodValueWarrantsExercised" id="Fact_c3d6e1f6cea94574ad97e854bb949ef3" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Redemptions of preferred shares (Note 15)</p>
              </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_db9a7873beba4c24b173909014942576" contextRef="c20230101to20231231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">2,191,121</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_ce9d29c3332148dca19a0a7ea2b7abd7" contextRef="c20230101to20231231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_b808303435f746b59dcd52cbea1209a5" contextRef="c20230101to20231231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,271</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;"><span style="text-indent: 0pt;">-</span></td>

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                <div style="margin-left: 9pt; text-indent: -9pt;">Issuance of common stock pursuant to equity offerings, net (Note 9) </div>
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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_845c81ff7f9d47b18b53765c6c214810" contextRef="c20230101to20231231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">837,098</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" id="Fact_83d1af44a8f24984b0f9aa03085c1ccc" contextRef="c20230101to20231231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" id="Fact_af5c6380f6b1413bb6b8473a94c98118" contextRef="c20230101to20231231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,574</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" id="Fact_8cea49463eee43699340542821b156f5" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,582</ix:nonFraction></span></td>

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    <td valign="bottom" style="font-family: 'Times New Roman'; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>BALANCE, December 31, <span style="text-indent: 0pt;">2023</span></b></p>
              </td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_5fa39c4a28c344c9a1b0ebf84869302a" contextRef="c20231231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">3,659,627</ix:nonFraction></span></b></td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_16c45bddc3474beda3754f2688a7fed1" contextRef="c20231231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_8cd22ec0579448c889e1154e4ef685f2" contextRef="c20231231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,879</ix:nonFraction></span></b></td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_cbd194141a7043738bafbadebd75b8b3" contextRef="c20231231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_505724f25b55498184d81517cba54764" contextRef="c20231231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_e0850d9490c34f88871418bc7b3a1915" contextRef="c20231231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_96c3be24582c4cb78a793a23bbb1c826" contextRef="c20240101to20241231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_8a18f51048374d969d28912fb0e686aa" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span></td>

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    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Equity offering costs</div>
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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts" id="Fact_b6b9276bf24e4a3eb3f6e466a5bf3d93" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">78</ix:nonFraction></span></td>

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    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">
                    <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 9pt;">Redemptions of preferred shares (Note 15)</div>
                  </div>
                </div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_ccae3e4db9c14ede8a9f16bdc9ea1e3f" contextRef="c20240101to20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">3,659,627</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_01b128d81f7f4cdab48641fc1aa58d47" contextRef="c20240101to20241231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_9ee4eafd2960447c8cfa7e99d10b8529" contextRef="c20240101to20241231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,879</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">)</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;">-</span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

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    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt; text-indent: -9pt;"><b>BALANCE, December 31, <span style="text-indent: 0pt;">2024</span></b></div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_cbfdd986a8aa4e47a64e79d394693bf0" contextRef="c20241231" unitRef="U001" decimals="INF" scale="0" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_1202eefee8ca485ab92ce4bd7a4b24e9" contextRef="c20241231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_165a5a109e78449cab67f21c285645b2" contextRef="c20241231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_480950b60db643c896944c20b605feac" contextRef="c20241231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_3fb51982241a45338346d3a056b16fd1" contextRef="c20241231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_3513632836d94747883e488485cb87a5" contextRef="c20241231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_df7da75df25b43c4b1c12868863b4a2c" contextRef="c20241231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_dfff45670d394ee48dcfd4655efb6326" contextRef="c20241231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_0ae445e0b3eb4a6bb2be527694d970f6" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">144,420</ix:nonFraction></span></td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255);">Net Income</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

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  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%;">
                <div style="margin-left: 9pt; text-indent: -9pt;">Equity offering costs </div>
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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; vertical-align: bottom; text-align: right; width: 5%;">&#160;</td>

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    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255);">
                <div style="margin-left: 9pt; text-indent: -9pt;">Foreign currency translation gains <br/>
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  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%;">
                <div style="margin-left: 9pt; text-indent: -9pt;">Distribution of net assets of Rubico Inc. (Note 1) <br/>
                </div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
                <div style="margin-left: 9pt; text-indent: -9pt;">Excess consideration over acquired assets (Note 1)</div>
              </td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:AdjustmentsToAdditionalPaidInCapitalExcessOfConsiderationOverAcquiredAssets" id="Fact_5b8113b8f350432a81df080ddefccd83" contextRef="c20250101to20251231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">25,609</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:AdjustmentsToAdditionalPaidInCapitalExcessOfConsiderationOverAcquiredAssets" id="Fact_37afa8b1d00843e6abfe15138cd4ce5f" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">25,609</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="font-family: 'Times New Roman'; width: 12%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                <div style="margin-left: 9pt; text-indent: -9pt;"><b>BALANCE, December 31, <span style="text-indent: 0pt;">2025</span></b></div>
              </td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_f4b7b863e1cc4ec198f08b9f82a2719b" contextRef="c20251231" unitRef="U001" decimals="INF" scale="0" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_cd7a25d7f2644d46a6c372615643e093" contextRef="c20251231_StatementClassOfStockAxis_TemporaryEquityParValueMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:TemporaryEquityCarryingAmountAttributableToParent" id="Fact_d76738efc8124acc9fd82ae95f256032" contextRef="c20251231_StatementClassOfStockAxis_TemporaryEquityAdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_a6e15327413c40969422218b592a66c4" contextRef="c20251231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_03ef0b606acb4b0bac3d1fc7e8570ceb" contextRef="c20251231_StatementEquityComponentsAxis_PreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SharesOutstanding" id="Fact_db2c9745382e4de584c3a9e7af54b169" contextRef="c20251231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_8e0fcabceece4566a51cec74e28143a4" contextRef="c20251231_StatementEquityComponentsAxis_CommonStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_79842cc58116435f8db9a11afa9872b2" contextRef="c20251231_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">425,433</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_0796ff2d093a4973bc53251bb9d7dc0d" contextRef="c20251231_StatementEquityComponentsAxis_AccumulatedOtherComprehensiveIncomeMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">697</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 5%; border-bottom: 2px solid rgb(0, 0, 0);">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:StockholdersEquity" id="Fact_b0b33441598941a7b13693780e8c8e09" contextRef="c20251231_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">336,988</ix:nonFraction></span></td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>

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    <td valign="bottom" colspan="1" rowspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>


</table>
      </div>

      <p style="margin: 0pt;">&#160;</p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">The accompanying notes are an integral part of these consolidated financial statements.</p>
      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-5</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-size: 8pt;">Table of Contents</span></a></div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b><!--Anchor-->TOP SHIPS INC.</b></p>
      <a id="CASHFLOWS"><!--Anchor--></a><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>CONSOLIDATED STATEMENTS OF
          <!--Anchor-->CASH FLOWS</b></p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</b></p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>(Expressed in thousands of U.S. Dollars)</b></p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b> <br/>
        </b></p>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;" class="cfttable">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/>
                    </b></b></p>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/>
                    </b></b></p>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2025</span><br/>
                    </b></b></p>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash Flows from Operating Activities:</b></p>
              </td>

    <td valign="bottom" style="text-align: justify; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify;" colspan="2">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify;" colspan="2">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify;" colspan="2">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Net income</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_4aea20c7897b41e5911dc64b5b763e03" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,066</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_afbb885a52834863a136afdf7cc1dac4" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_835b6ef2fd78421a9026f778c86d9bba" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,086</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Adjustments to reconcile net income to net cash provided by operating activities:</p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Vessel depreciation</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_f1df19331d294c4bad827acdc27151dc" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,349</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_8a737d8257e14ffd8470142e2480b29a" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,336</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_7558da83a3bf42f984731949a22a379c" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,271</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Equity losses/(gains) in unconsolidated joint ventures</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_0533787d1d114e2ba97d8782a8b1a303" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">18</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_fc9356c25aea42c6a48f9fe7c252b7ec" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">159</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_416f05774db54401bc8ff5a7ed0f3b4e" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">173</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Dividends from cumulative earnings of joint venture</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EquityMethodInvestmentDividendsOrDistributions" id="Fact_db9d98064a3d4f838f246acaf4f76070" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EquityMethodInvestmentDividendsOrDistributions" id="Fact_dfef372e95bc4523a1177aa2ed9fa5e0" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">141</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EquityMethodInvestmentDividendsOrDistributions" id="Fact_efc399d3efc64ab484c3a46785311e27" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Debt prepayment fees<br/>
                </div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_c50504d69ffa43cbaf77824c9f40ec13" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_2d95e73709984311923e258775b5e613" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_0aae8eb94acd4eba82bbb0a9aa7defa9" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,713</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Amortization and write off of deferred financing costs and debt discounts</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" id="Fact_ed0e562ac57a41edaf199e49dd446c0a" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,726</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" id="Fact_a8f904521a784b6b8d5e382b7abbfc22" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,862</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AmortizationOfFinancingCostsAndDiscounts" id="Fact_af40fb7868c540889ba3c2e5eccb3b28" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,555</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-top: 0pt; padding-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; width: 64%;">
                <div style="margin-left: 18pt;">Amortization of Right of use assets from operating leases</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" id="Fact_3e4e59a016be4aafa4f9ae77ad3f78ed" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,232</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" id="Fact_663caea0ba734f9cb0e2032a5b41ecdb" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,810</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAssetAmortizationExpense" id="Fact_524b5ad0b62048619d92ca2f77a08a28" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,666</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">(Increase)/Decrease in:</p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Trade accounts receivable</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" id="Fact_8bb0035b79f04e4a9edaf0f6aba1c06e" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">309</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" id="Fact_a7b902080f994f0e96b8f6f34857d968" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,196</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsReceivable" id="Fact_ef2c2f2e543a4b55aad848143205f61d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">34</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Inventories</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" id="Fact_820b47d5237945118921b8f12ab98897" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">111</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" id="Fact_2c6f75961d034f65a463c57c74a9c0a8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">68</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInInventories" id="Fact_7c86f8c48e954d01a6cd6e58f5401097" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">251</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Deposit asset<br/>
                </div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDepositOtherAssets" id="Fact_57eadae1256a41c0b840e18a1b0c70d2" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDepositOtherAssets" id="Fact_f45671cc8fce48eeb0ec9c29c16963d1" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDepositOtherAssets" id="Fact_939ad35ba6014df8824c00fea7bc2f5a" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">2,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Due from related parties<br/>
                </div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" id="Fact_8c40d015b35c41e6bf754f23e0df54f5" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" id="Fact_160aacf6a107489784719a07d9b4a1e7" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueFromRelatedParties" id="Fact_8bdf63374f9549b6b7f1b20b0ad69afe" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">600</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Prepayments and other</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" id="Fact_0e40ccffdd8a46f9b6c62a621fa2a1b9" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">231</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" id="Fact_2a673e6abda84d76a9dd516180de9741" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">497</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" id="Fact_d57871a8c85d4151b9a769185c24c53d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">180</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Increase/(Decrease) in:</p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Due to related parties</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" id="Fact_73fb904b25044ed5b890372e995391df" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,411</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" id="Fact_0b86d4ad2887465fa846a2485b6441d7" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">3,479</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInDueToRelatedParties" id="Fact_552b2bd1f5fb40aab9d893ce40b5ac8d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">1,448</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accounts payable</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" id="Fact_23d1ea1cae8a4c03ae0a7105fe292e58" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">503</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" id="Fact_ad99adaa7e1e419088c75a26249c3315" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">564</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccountsPayable" id="Fact_b22357bed9ee4e7d9f808efce8ce1576" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,167</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Other non-current liabilities</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" id="Fact_b2ab33379ef44c92993268e60498b33c" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">100</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" id="Fact_32d201d3595248ce91aab8393675a551" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherNoncurrentLiabilities" id="Fact_0a7f12e4be7c4308999e8f66f0b2e440" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Accrued liabilities</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" id="Fact_8908ccfd5b9c4616839f61ba0f56fdf8" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">189</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" id="Fact_ba19d606b5b74f18bd4671063d7a076c" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">821</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" id="Fact_7df268a26f7643e6adedec1e2a2441f3" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">153</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Unearned revenue</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" id="Fact_14bbd1900e274309bd8cea415c53439b" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">415</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" id="Fact_a32cf33d6c4748389b4b65417a1b4690" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">139</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInContractWithCustomerLiability" id="Fact_b5ff24bb9af74ecfa5ca2aa4e873e248" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">2,053</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr>

    <td valign="bottom" style="padding-top: 0pt; padding-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: #CCEEFF;">
                <div style="margin-left: 18pt;">Operating lease liabilities</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" id="Fact_d5647b72de8a4d34a143b5241d5e8b19" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">8,611</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" id="Fact_ab6c52b191c04377b27363c3c9f9285a" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">8,980</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" id="Fact_85b0d125f2184a5cb1723edb831cf38c" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">6,357</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Net Cash provided by Operating Activities</b></p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" id="Fact_3348c86720624ab180b2a29366f5a7ec" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,933</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" id="Fact_f828ec776fe44050bdbfd001272b3339" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,322</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" id="Fact_820883f264b647ada722c932428407bb" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,431</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash Flows used in Investing Activities:</b></p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Advances for vessels under construction (Note 4(b))</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" id="Fact_b95c190ee09d4cc4baa312617875ba52" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" id="Fact_3fb34f5b05d34c8e8ec5a2c9ac71c828" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment" id="Fact_580d9024f21f459792e8fcadff085082" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,310</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Advances for assets acquisition from related parties (Note 5)</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PaymentsForAdvancesForAssetAcquisitionFromRelatedParties" id="Fact_3e3a5ac4900046dab92ec98dd88c512e" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:PaymentsForAdvancesForAssetAcquisitionFromRelatedParties" id="Fact_0208fd2d84ed43068b4d02bb65f78682" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:PaymentsForAdvancesForAssetAcquisitionFromRelatedParties" id="Fact_4ae631e200ff4fe782620ab79fc7b394" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,500</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Loan to related party (Note 5)</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OriginationOfNotesReceivableFromRelatedParties" id="Fact_78c353f602734c3ebd7c5f59a266739c" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OriginationOfNotesReceivableFromRelatedParties" id="Fact_c770a8a2e6684599a060db5d483f24cf" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OriginationOfNotesReceivableFromRelatedParties" id="Fact_a1710b71d0174f39a5c08a9d8ed4a6dc" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Repayment of loan from related party (Note 5)</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentOfNotesReceivableFromRelatedParties" id="Fact_38e3b60b324a4df4baf64288e1d0ffdf" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentOfNotesReceivableFromRelatedParties" id="Fact_fe4328c823054ed7a1c0709e0abf5411" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentOfNotesReceivableFromRelatedParties" id="Fact_9d62f7e8e11f49189766bc9513450c06" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Returns of investments in unconsolidated joint ventures (Note 16)</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" id="Fact_338bce8d0fb240c09d4784d76648778f" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,520</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" id="Fact_ec0b643b231c41f7abb1d525747104e4" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,599</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital" id="Fact_48c698424d4a47ddb7a4e966880af6c1" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Net proceeds from vessel/vessel construction contract sales (Note 5)</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_8d92d705c97348d0a8fbb75a1018f11f" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_cb826de90ad749bca269c7ea2830967f" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_9ebb335a6b4a4f969dc8ab2384b698d8" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,500</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net Cash provided by/(used in) Investing Activities</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" id="Fact_8d750548d29045928bbe715706871969" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,520</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" id="Fact_13785db798a742b8986fcb0b318e8151" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">12,401</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1"><b>)</b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" id="Fact_9ccc08cc63ee4eac912d4886baba4cd1" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">1,310</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1"><b>)</b></td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%;">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash Flows from Financing Activities:</b></p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Proceeds from debt</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" id="Fact_5a260d3f94784ae9926345c263c5c59f" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" id="Fact_a0038ff884474704af56f756335f63db" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">153,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfSecuredDebt" id="Fact_460264bf52304e7a804f4904de9524e0" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">207,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Proceeds from short-term debt</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" id="Fact_044ca3aff3ef45c0842d49eafa536f33" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" id="Fact_bea4d1509bf54ba3b0863b5bf579fb61" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" id="Fact_c48f3cd6b56a454bb162461ed578e7bb" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Principal payments and prepayments of debt</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" id="Fact_2a8f0386663c43c19e46a178240b0bff" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,384</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" id="Fact_efcf1d60985849c89df73c92b4b5a0e8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">133,992</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfSecuredDebt" id="Fact_ec694c3e5c894ee5be7ed65ab7c674db" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">193,174</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: 9pt;">Prepayments of short-term debt</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" id="Fact_9461b9ce485a49d4b65c076aa4a83f5c" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" id="Fact_9f12efcf235c4cbb9b67c3abcedf632d" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" id="Fact_63009bd7ef1e40359ab944697b8dfa03" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 9pt;">Redemption of preferred shares</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock" id="Fact_9cc61ca0adc94092b6d9d88e062e4345" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,293</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock" id="Fact_c3b077930af34729a42fde5e329fbc2d" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,916</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfRedeemableConvertiblePreferredStock" id="Fact_a8a607e5ddff49eb86e1c70052efb49f" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Proceeds from issuance of common stock</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" id="Fact_e1e053a0749c451a95120e65f862444a" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,562</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" id="Fact_b8d513897dbb4efbbf3db7de75c43f68" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" id="Fact_c930ef13fc704544b2438b7546f9ec14" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Proceeds from warrant exercises, net of fees</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" id="Fact_d6f809273ad74f629ad527b062e6dfca" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" id="Fact_01daf63a70874c0a82e5d4ed148084a1" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" id="Fact_c59a61c440614be28530f48f1c375c8b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Equity offering issuance costs</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" id="Fact_1c69d895b41146d1beea4860fd17afd6" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,260</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" id="Fact_f96ed9010fcd471e8a5f5bcc0402f7d1" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">70</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" id="Fact_06ed6805e9fe4237bbf748514493c42d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">45</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Payment of financing costs</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" id="Fact_01f64e52d7a943dbaa7378ed82982ca5" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,668</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" id="Fact_b67ec1824ea94f2c98c6138b34fff018" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,314</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfFinancingCosts" id="Fact_35089c86b57b4fde8cf0c3f2e62a47c9" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,806</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: 9pt;">Dividends of preferred shares</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" id="Fact_7ca3ac0179b24d91b6f7c5754d7d0959" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" id="Fact_057d7da0477644b5bf5d93edc00400ad" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock" id="Fact_29e98fdaae61458d8637c3c050a8f405" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Consideration paid in excess of purchase price over book value of assets, net of cash assumed</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ConsiderationPaidInExcessOfPurchasePriceOverBookValueOfAssetsNet" id="Fact_7e976b2acca94edf82b290d142985fd4" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ConsiderationPaidInExcessOfPurchasePriceOverBookValueOfAssetsNet" id="Fact_debcfc4ba40d45788396cd4905871078" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:ConsiderationPaidInExcessOfPurchasePriceOverBookValueOfAssetsNet" id="Fact_6bc32818033d45de95e3c0c8ca448415" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,751</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Cash retained by Rubico Inc. on spin off</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CashPaymentDuringSpinoff" id="Fact_0cab90e4d549482e928fac4b66863d32" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CashPaymentDuringSpinoff" id="Fact_e2d24699bc684b319c0b3c38622a6cc8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:CashPaymentDuringSpinoff" id="Fact_0132e56b6e464eccb0a8493f3612c15a" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,023</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="margin-left: 18pt; text-indent: -9pt;">Payment of debt prepayment fees (Note 12)</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDebtExtinguishmentCosts" id="Fact_438a0f57807747b9a92dbeb0bcc3a770" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDebtExtinguishmentCosts" id="Fact_451647b2a7ca49eca5a825c5259eb044" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PaymentsOfDebtExtinguishmentCosts" id="Fact_afb0e1a221ba4069bc00bc1a102386b6" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,713</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Repayment of Vessel fair value participation liability</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:RepaymentOfVesselFairValueParticipationLiability" id="Fact_2a08f2c0b3dc47df914c23e9ce1f43d3" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:RepaymentOfVesselFairValueParticipationLiability" id="Fact_188beb2c5a2840e7b67b7622128ace30" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,956</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:RepaymentOfVesselFairValueParticipationLiability" id="Fact_b0991190850b461797339cdeef704014" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Net Cash used in Financing Activities</b></p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" id="Fact_f4533908e94b42198c03d3ed998a3dbc" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">16,041</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1"><b>)</b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" id="Fact_17818a5449894ed7a87c937287ec3eea" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">33,248</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1"><b>)</b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInFinancingActivities" id="Fact_f04deadda29744b792988b13ad59f079" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">14,512</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1"><b>)</b></td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">
                <div style="margin-left: 9pt; text-indent: -9pt;">Effect of exchange rate changes on cash, cash equivalents, and restricted cash<br/>
                </div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_9bff3959db544450bcb25d497ce084a4" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_b680c1b9f9f74a21b9e5260c56c79b0f" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_57a024c7e6104b79919979a280f14be2" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">16</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-weight: bold; text-indent: -9pt; margin-left: 9pt;">Net increase/(decrease) in cash and cash equivalents and restricted
                  cash</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" id="Fact_14037d1366194756ab701a5256bcbc36" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,412</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" id="Fact_7b789bbc5fde47ac9982db7b7f2e4a0b" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">28,327</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1"><b>)</b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" id="Fact_53d43fae24374b88937b3a5e43fcbbc9" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,593</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash and cash equivalents and restricted cash at beginning of year</b></p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_53f86b19b8da45a997e5fcb8a0d8e1cf" contextRef="c20221231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,544</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_621e814577eb4b60b768a291775b4988" contextRef="c20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,956</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_921dc2b441e941bbb733fc9a18d4fc29" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,629</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash and cash equivalents and restricted cash at end of the year</b></p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_931f2258a30b4a96afdf47ff451b2245" contextRef="c20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">39,956</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_5b75b7c5f2e34b9993f532ba93bdab1e" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,629</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_5b654209cf684eebb5161a15fe3ecf8b" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,222</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; width: 64%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Cash breakdown</b></p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Cash and cash equivalents</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" id="Fact_d72e98fd8c3742199458e2c1abd4c285" contextRef="c20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,956</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" id="Fact_8af94615182044e2a5f71e68ef334000" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,629</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" id="Fact_9915fb1b1e7b469ea217514fb136ba5f" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,372</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Restricted cash, current</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" id="Fact_fb1166f08826426f84d1747095e0bc59" contextRef="c20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" id="Fact_9c133a85c7a445f0997199eac596e1ef" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" id="Fact_e5b0f412eb434b2889f4394c30854b95" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Restricted cash, non-current</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashNoncurrent" id="Fact_d925ee198fb74de59e3744fff3b8f4ac" contextRef="c20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashNoncurrent" id="Fact_ce24623147d14d10906b46c4d0476c6a" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RestrictedCashNoncurrent" id="Fact_226ed917296443cbb2c492e671379bde" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,850</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 64%;">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>SUPPLEMENTAL CASH FLOW INFORMATION</b></p>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Interest paid, net of capitalized interest</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestPaidNet" id="Fact_3d52e35d178f4c5d939f7f6dc24dc702" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,277</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestPaidNet" id="Fact_48178eed62da4a46ad468bd86dfe2184" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,327</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:InterestPaidNet" id="Fact_f086e4e59d9c47639928749ec45fe710" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,723</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 18pt;">Finance fees included in Accounts payable/Accrued liabilities/Due to related parties</p>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinanceFeesIncurredButNotYetPaid" id="Fact_f6124ea70e264c6b8095a996d719892c" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">290</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinanceFeesIncurredButNotYetPaid" id="Fact_760efa8a99064385b1f4cf476b2648fd" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinanceFeesIncurredButNotYetPaid" id="Fact_8565725cf1cc4e2a84d87f1b2a7b470b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; text-indent: -9pt; margin-left: 18pt;">Equity issuance costs and warrant related costs included in liabilities</div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityIssuanceCostsAndWarrantRelatedCostsIncludedInLiabilities" id="Fact_6752cba54736436280f719b9f0b4fd7d" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityIssuanceCostsAndWarrantRelatedCostsIncludedInLiabilities" id="Fact_3af1b63444914b61bbb760b7ff573fa9" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityIssuanceCostsAndWarrantRelatedCostsIncludedInLiabilities" id="Fact_3bc97bcc192a43dab11984714e0b2e60" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255);" rowspan="1">
                <div style="margin-left: 9pt;">
                  <div style="margin-left: 9pt; text-indent: -9pt;">
                    <div style="text-align: left; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Deemed dividend on Series E Shares conversion (Note 15)</div>
                  </div>
                </div>
              </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NoncashTransactionsDeemedDividendOnStockConversion" id="Fact_8e965aed716b434d9fc12082ead0bc4b" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NoncashTransactionsDeemedDividendOnStockConversion" id="Fact_5cbf252f84124d1797385f50cd63c217" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NoncashTransactionsDeemedDividendOnStockConversion" id="Fact_9fda4a9a9dac4107bb8d2de640ed18d9" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>


</table>
      </div>

      <p style="font-variant: normal; margin: 0pt 0pt 0pt 9pt;">&#160;</p>
      <p style="font-variant: normal; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt;">The accompanying notes are an integral part of these consolidated&#160;financial statements.</p>
      <p style="font-variant: normal; margin: 0pt 0pt 0pt 9pt;"> <br/>
      </p>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-6</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div class="BRPFPageHeader" style="width: 100%;">
          <div style="font-style: italic; font-size: 8pt;"><a href="#TABLEOFCONTENTS">Table of Contents</a><br/>
          </div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><a id="NOTESTOCONSOLIDATEDFINANC"><!--Anchor--></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

      <div><br/>
      </div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 0pt; background-color: transparent; color: rgb(0, 0, 0);"> </p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 0pt; background-color: transparent; color: rgb(0, 0, 0);"><b><!--Anchor--><!--Anchor--></b><br/>
      </p>
      <div>
        <div><ix:nonNumeric name="us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" id="Text_1bcf2fb0c1d6469e9c79ee4c00b1de32" contextRef="c20250101to20251231" escape="true" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a521">
<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>  </div>
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          <a id="Information"><!--Anchor--></a><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a521" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a522">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                  <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><b>1.</b></p>
                  <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></td>

    <td style="align: left; vertical-align: top; width: auto;">
                  <p style="font-variant: normal; margin: 0pt;"><b>Basis of Presentation and General Information:</b></p>
                </td>

  </tr>


</table>
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<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation></div>

        <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a523" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a524">
<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
        </span></div>
</ix:continuation></div>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a524" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a525">
<div><span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a525" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a526"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The consolidated financial
        statements include the accounts of Top Ships Inc. (formerly Top Tankers Inc. and Ocean Holdings Inc.) and its wholly owned subsidiaries (collectively the &#8220;Company&#8221;). Ocean Holdings Inc. was formed on January 10, 2000, under the laws of Marshall
        Islands and was renamed to Top Tankers Inc. and Top Ships Inc. in May 2004 and December 2007, respectively. The Company is an international provider of worldwide oil, petroleum products, chemicals and passenger recreational transportation services.</p></ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a526" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a527"><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;">&#160;</p></ix:continuation>

      <ix:nonNumeric name="tops:SubsidiariesTableTextBlock" id="Text_9d30ec0f6e0548779549fd51381b9a10" contextRef="c20250101to20251231" escape="true" continuedAt="Text_f3125f1947c8410088105beeda38587d1"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a527" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a528"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">As of
        December 31, 2025, the Company was the sole owner of all outstanding shares of the following subsidiary companies, other than the <ix:nonFraction name="tops:NumberOfShipowningCompaniesDistributedInSpinoff" id="Fact_e6c816613cee4bcaae3e9b23200d6f71" contextRef="c20251231" unitRef="U004" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction>
        Shipowning Companies that were distributed to Rubico Inc. The following list is not exhaustive as the Company has other subsidiaries relating to vessels that have been sold and that remain dormant for the periods presented in these consolidated
        financial statements as well as intermediary companies that own shipowning companies that are <ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_e83fce3e6b714005882bfa85b74f3bad" contextRef="c20251231_OwnershipAxis_RomanEmpireIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_da87f89e2e064cfb980eb002b39ea233" contextRef="c20251231_OwnershipAxis_PchDreamingIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_c441257eef824a2c8283295b1a6ed342" contextRef="c20251231_OwnershipAxis_MalibuWarriorIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_b0bfe891bf6940578e38ec66594005d8" contextRef="c20251231_OwnershipAxis_LegioXIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_9f174bf3aa7e4888a166f523878c8615" contextRef="c20251231_OwnershipAxis_JuliusCaesarIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_945eedd33686416c89b16c904250e1b3" contextRef="c20251231_OwnershipAxis_TopMegaYachtsIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_87e8733ba820489b83f0422a9efbada0" contextRef="c20251231_OwnershipAxis_RomanExplorerIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_84a142b09866488fa81a92a503fd7499" contextRef="c20251231_OwnershipAxis_SeawolfVenturesLimitedMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_7296a26c5d464a02a4610f7d0fd98525" contextRef="c20251231_OwnershipAxis_EcoOceanoCaIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_5f0599952195446b9da8bbd23230fb73" contextRef="c20251231_OwnershipAxis_SouthCaliforniaIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_395c08d4283040058a122c358e86901a" contextRef="c20251231_OwnershipAxis_AtheneanEmpireIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:OwnershipPercentageInSubsidiaryByParent" id="Fact_19c708a777af48eda2489b05452270f5" contextRef="c20251231_OwnershipAxis_TopTankerManagementIncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction>% subsidiaries of the Company.</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d1" continuedAt="Text_f3125f1947c8410088105beeda38587d2"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a528" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a529"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d2" continuedAt="Text_f3125f1947c8410088105beeda38587d3"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a529" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5210">
<table cellspacing="0" cellpadding="0" border="0" style="margin: 0px auto; width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr>

    <td colspan="2" style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; text-align: left;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><i>Companies</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Date of</i></b></p>
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Country of</i></b></p>
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 34%; text-align: left;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b><i>Activity</i></b></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: bottom; width: 2%; text-align: left; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1</em></i> </p>
            </td>

    <td style="vertical-align: bottom; width: 32%; text-align: left; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><i>Top Tanker Management Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_45dae57661c14d08a4ea66ba7dca8a4b">May 2004</span><br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_36b29084f1004403a11206090edc4409" contextRef="c20250101to20251231_OwnershipAxis_TopTankerManagementIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric><br/>
                </i></p>
            </td>

    <td style="vertical-align: bottom; width: 34%; text-align: left; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:EntityActivity" id="Fact_ffb669d8dbcb4c21a9007e7970cf4156" contextRef="c20250101to20251231_OwnershipAxis_TopTankerManagementIncMember">Management company</ix:nonNumeric><br/>
                </i></p>
            </td>

  </tr>

  <tr>

    <td rowspan="1" style="vertical-align: bottom; width: 2%; text-align: left;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2</em></i></td>

    <td rowspan="1" style="vertical-align: bottom; width: 32%; text-align: left; font-style: italic;">Top Mega Yachts Inc.<br/>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;"><span style="-sec-ix-hidden:Fact_cf72070f94cc4afeb143ae02c7a6be34">March 2024</span><br/>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_e95ab6f8632a4a5796f905ad60e1df02" contextRef="c20250101to20251231_OwnershipAxis_TopMegaYachtsIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></td>

    <td rowspan="1" style="vertical-align: bottom; width: 34%; text-align: center; font-style: italic;"><ix:nonNumeric name="tops:EntityActivity" id="Fact_2bafbfdf471348a18799153afb5a3e3b" contextRef="c20250101to20251231_OwnershipAxis_TopMegaYachtsIncMember">Holding company (dormant)</ix:nonNumeric></td>

  </tr>


</table>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d3" continuedAt="Text_f3125f1947c8410088105beeda38587d4"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5210" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5211"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d4" continuedAt="Text_f3125f1947c8410088105beeda38587d5"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5211" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5212">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;">


  <tr>

    <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" rowspan="1" colspan="2"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; font-variant: normal; text-transform: none;"> </span>
              <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><b><i><em style="line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"></em></i></b><span style="font-size: 10pt;">Wholly owned Shipowning Companies (&#8220;SPC&#8221;) with</span></p>
              <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> vessels under operating lease during years ended</span></p>
              <p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-transform: none;"><span style="font-size: 10pt;"> December 31, 2023, 2024 and 2025</span></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>End of operating lease</i></b></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; text-align: justify; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin: 0pt;"><i>South California Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">&#160;<span style="-sec-ix-hidden:Fact_77b3d1cebdc241d4ae8662092d2ce020">January 2018</span><br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_3b215d826947425a8471b2f494f5bb97" contextRef="c20250101to20251231_OwnershipAxis_SouthCaliforniaIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric><br/>
                </i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; background-color: rgb(204, 238, 255); text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_d4ce299ecdfd414abe865c7ed3739d55" contextRef="c20250101to20251231_OwnershipAxis_SouthCaliforniaIncMember">Eco Bel Air</ix:nonNumeric><br/>
                </i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="text-indent: 0pt;"><ix:nonNumeric name="tops:VesselOperatingLeaseEndDate" id="Fact_f26d66ed8965422d92e5cc5938542f04" contextRef="c20250101to20251231_OwnershipAxis_SouthCaliforniaIncMember" format="ixt:date-monthname-day-year-en">December 15, 2025</ix:nonNumeric></span><br/>
                  </em></i></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%;">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: top; width: 32%;">
              <p style="font-variant: normal; margin: 0pt;"><i>Malibu Warrior Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_9bdef90bd6e94c888206fc996198a7f5">January 2018</span><br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_09d12e5a56a748f584c36e7f6153775b" contextRef="c20250101to20251231_OwnershipAxis_MalibuWarriorIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric><br/>
                </i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_c1e2bc01de9f4602826376405e3d3270" contextRef="c20250101to20251231_OwnershipAxis_MalibuWarriorIncMember">Eco Beverly Hills</ix:nonNumeric><br/>
                </i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt 0pt 0pt 18pt; text-align: center; text-indent: -9pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="text-indent: 0pt;"><ix:nonNumeric name="tops:VesselOperatingLeaseEndDate" id="Fact_fae19bf60bdc4e26b1a66f2df1ba4e3f" contextRef="c20250101to20251231_OwnershipAxis_MalibuWarriorIncMember" format="ixt:date-monthname-day-year-en">December 22, 2025</ix:nonNumeric></span></em></i></p>
            </td>

  </tr>


</table>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d5" continuedAt="Text_f3125f1947c8410088105beeda38587d6"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5212" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5213"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d6" continuedAt="Text_f3125f1947c8410088105beeda38587d7"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5213" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5214"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d7" continuedAt="Text_f3125f1947c8410088105beeda38587d8"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5214" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5215"><p style="font-variant: normal; margin: 0pt;"> <br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_f3125f1947c8410088105beeda38587d8" continuedAt="Text_f3125f1947c8410088105beeda38587d9"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5215" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5216">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;">


  <tr>

    <td style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;" rowspan="1" colspan="2">
              <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels in operation during</i></b></p>
              <p style="font-variant: normal; margin: 0pt;"><b><i> years ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2023, </em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2024</em> and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em></i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p>
            </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin: 0pt;"><i>PCH Dreaming Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_145958b3f00e4cf89911e4a15e28dbdd">January 2018</span></em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_be5bf48741b04c628040ecd71a4a818c" contextRef="c20250101to20251231_OwnershipAxis_PchDreamingIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_87270a3677d84c1eb2d1dfa4bca7b9ec" contextRef="c20250101to20251231_OwnershipAxis_PchDreamingIncMember">Eco Marina Del Rey</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> <span style="-sec-ix-hidden:Fact_1e3406cec9994260be6b643f367bc0ea">March 2019</span><br/>
                  </em></i></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%;">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: top; width: 32%;">
              <p style="font-variant: normal; margin: 0pt;"><i>Roman Empire Inc. </i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_06f13923c8af4e8abced69195afcaf1c">February 2020</span></em></i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_fa7ffbc1e5624f9e856c5c503a49b82c" contextRef="c20250101to20251231_OwnershipAxis_RomanEmpireIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_c03a7d3e5aa2465ba6f9bbe8a31cb191" contextRef="c20250101to20251231_OwnershipAxis_RomanEmpireIncMember">Eco West Coast</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_72d4b1224f7540e28d54b93d12f97e96">March 2021</span> (Distributed to</em></i></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/>
                  </em></i></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">3<br/>
                  </em></i></p>
            </td>

    <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);">
              <p style="font-variant: normal; margin: 0pt;"><i>Athenean Empire Inc. </i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3da894c1f1784b5b8f633ba41bc72771">February 2020</span></em></i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_86cf8f50310a49b3a754490da9035c12" contextRef="c20250101to20251231_OwnershipAxis_AtheneanEmpireIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: top; width: 16%; text-align: center; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_90c4f021cfba4428bd46194c8460eff6" contextRef="c20250101to20251231_OwnershipAxis_AtheneanEmpireIncMember">Eco Malibu</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_ef54935b56c74615b4db793a88ce75f7">May 2021</span> (Distributed to</em></i></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> Rubico Inc. on August 1, 2025)<br/>
                  </em></i></p>
            </td>

  </tr>

  <tr>

    <td rowspan="1" style="vertical-align: top; width: 2%;"><span style="font-style: italic;">4 </span><br/>
            </td>

    <td rowspan="1" style="vertical-align: top; width: 32%;">
              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Julius Caesar Inc.</div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_61048e4f0b7248b298bd179ebe781ecd">May 2020</span></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-size: inherit; font-style: italic; text-align: center;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_380bdacca7ac42998dd03f33ad1d267d" contextRef="c20250101to20251231_OwnershipAxis_JuliusCaesarIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><ix:nonNumeric name="tops:VesselName" id="Fact_eee55950197e459b85b1722472dc3337" contextRef="c20250101to20251231_OwnershipAxis_JuliusCaesarIncMember">Julius Caesar</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_b586d0a7ed344004a5946e87195a2ddd">January 2022</span></div>
            </td>

  </tr>

  <tr>

    <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">5<br/>
            </td>

    <td rowspan="1" style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Legio X Inc.</div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_a28b60a8a644403aa4ae84922c7631a0">December 2020</span></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="font-size: inherit; font-style: italic; text-align: center;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_8b27cda99c8f4c9a8d6aa1a3743e298f" contextRef="c20250101to20251231_OwnershipAxis_LegioXIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><ix:nonNumeric name="tops:VesselName" id="Fact_a9607c49e2784f459c601ede38299f10" contextRef="c20250101to20251231_OwnershipAxis_LegioXIncMember">Legio X Equestris</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255);">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_79e7001c764740ddb59eff0ef5d967ff">March 2022</span></div>
            </td>

  </tr>

  <tr>

    <td rowspan="1" style="vertical-align: top; width: 2%;">6<br/>
            </td>

    <td rowspan="1" style="vertical-align: top; width: 32%;">
              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Eco Oceano CA Inc.</div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: inherit; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_3f90c700f04244f887014a68b2e0630b">December 2020</span></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-size: inherit; font-style: italic; text-align: center;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_5b6479d9bf0e49cb8c2f53c168d645a6" contextRef="c20250101to20251231_OwnershipAxis_EcoOceanoCaIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: left; white-space: nowrap;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><ix:nonNumeric name="tops:VesselName" id="Fact_2e18468811c74994bef00ec59a9e7741" contextRef="c20250101to20251231_OwnershipAxis_EcoOceanoCaIncMember">Eco Oceano CA</ix:nonNumeric></div>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: left;">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; text-align: center;"><span style="-sec-ix-hidden:Fact_10f525726d36416fb316aa48e406e169">March 2022</span></div>
            </td>

  </tr>

  <tr>

    <td rowspan="1" style="vertical-align: top; width: 2%; font-style: italic; background-color: rgb(204, 238, 255);">7<br/>
            </td>

    <td rowspan="1" style="vertical-align: top; width: 32%; font-style: italic; background-color: rgb(204, 238, 255);">Seawolf Ventures Limited<br/>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;"><span style="-sec-ix-hidden:Fact_af06178db75a4a4cb81d584c08129e04">August 2015</span><br/>
            </td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;"><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_1aaaf881c4f243948739a31a49c438d2" contextRef="c20250101to20251231_OwnershipAxis_SeawolfVenturesLimitedMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></td>

    <td rowspan="1" style="vertical-align: bottom; width: 16%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255); white-space: nowrap;"><ix:nonNumeric name="tops:VesselName" id="Fact_f23ead3b7edd4232af4e33d4cce654ab" contextRef="c20250101to20251231_OwnershipAxis_SeawolfVenturesLimitedMember">M/Y Par Bellvm</ix:nonNumeric></td>

    <td rowspan="1" style="vertical-align: bottom; width: 18%; text-align: center; font-style: italic; background-color: rgb(204, 238, 255);"><span style="-sec-ix-hidden:Fact_11be9eefd07c405cafee86d03e6184af">August 2023</span><br/>
            </td>

  </tr>


</table>
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      </div>
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  <tr>

    <td style="vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); text-align: left; white-space: nowrap;" rowspan="1" colspan="2">
                <p style="font-variant: normal; margin: 0pt;"><b><i>Wholly owned </i></b><b><i>SPCs</i></b><b><i> with vessels under construction during</i></b></p>
                <p style="font-variant: normal; margin: 0pt;"><b><i> the year ended <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 202</em><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">5</em></i></b></p>
              </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p>
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
              </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p>
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
              </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 16%; text-align: left;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p>
              </td>

    <td style="border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 18%; text-align: left;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Delivery Date</i></b></p>
              </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin: 0pt;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/>
                    </em></i></p>
              </td>

    <td style="vertical-align: top; width: 32%; background-color: rgb(204, 238, 255);">
                <p style="font-variant: normal; margin: 0pt;"><i>Roman Explorer Inc<br/>
                  </i></p>
              </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_0a2c051e4caf45d9a3dc15769e24180f">September 2023</span><br/>
                    </em></i></p>
              </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_82ed2614e97a4d99994f9552619a5bee" contextRef="c20250101to20251231_OwnershipAxis_RomanExplorerIncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
              </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_f63e39bdd90c42988572a44854184c16" contextRef="c20250101to20251231_OwnershipAxis_RomanExplorerIncMember">Hull No 158</ix:nonNumeric></i></p>
              </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; background-color: rgb(204, 238, 255); white-space: nowrap;">
                <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><ix:nonNumeric name="tops:VesselExpectedDeliveryDate" id="Fact_d90adaf92c154181bb36d3ceb29f4770" contextRef="c20250101to20251231_OwnershipAxis_RomanExplorerIncMember">Q2 2027 (sold in March 31, 2026)</ix:nonNumeric><br/>
                    </em></i></p>
              </td>

  </tr>


</table>
      </div>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5218" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5219"><p style="font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p></ix:continuation>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div class="BRPFPageFooter" style="width: 100%;"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-7</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5219" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5220"><p style="font-variant: normal; margin: 0pt; text-align: justify;"> </p></ix:continuation>

      <ix:nonNumeric name="us-gaap:EquityMethodInvestmentsTextBlock" id="Text_fae0365d4e6545408904ab81f11ac7ac" contextRef="c20250101to20251231" escape="true" continuedAt="Text_335eca6a4dbd49b7844b10534e63dfa71"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5220" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5221"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">As of December 31, 2023, 2024 and 2025, the
        Company was the owner of <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_f65c8dc34ffa41b9a1ea45ef166d4758" contextRef="c20241231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_e8d21d7d58964a6fb97f87025a8fad7d" contextRef="c20231231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_d177ab3350544456a85cf4c164107c91" contextRef="c20241231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_9d64b94d787f4a17bf20ba03761a6207" contextRef="c20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_5dd533fc0a86422eb0906db29b0ee938" contextRef="c20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_2797b280f81f4b12b3ef1a88ac8f596a" contextRef="c20231231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction>% of outstanding shares of the following companies.</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_335eca6a4dbd49b7844b10534e63dfa71" continuedAt="Text_335eca6a4dbd49b7844b10534e63dfa72"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5221" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5222"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_335eca6a4dbd49b7844b10534e63dfa72"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5222" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5223">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; border-spacing: 0; margin-left: auto; margin-right: auto;">


  <tr>

    <td style="vertical-align: bottom; width: 2%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);"><br/>
            </td>

    <td style="vertical-align: bottom; width: 32%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-variant: normal; margin: 0pt;"><b><i>SPC</i></b></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Date of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Country of</i></b></p>
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Incorporation</i></b></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Vessel</i></b></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><b><i>Built Date</i></b></p>
            </td>

  </tr>

  <tr style="background-color: rgb(204, 238, 255);">

    <td style="vertical-align: top; width: 2%;">
              <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1<br/>
                </em></p>
            </td>

    <td style="vertical-align: top; width: 32%;">
              <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">19</em> Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_e07ef6428a5f482d96d6ebdbeeda411b">May 2019</span></em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_8a24fac7724d4bad96752835a41f0dfc" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_6bfdfa90979b4ae99f03d3afbeeef3d9" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember">Eco Yosemite Park</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_30e5e598f8c2433997756f78ca6ba4e7">March 2020</span></em></i></p>
            </td>

  </tr>

  <tr>

    <td style="vertical-align: top; width: 2%;">
              <p style="font-variant: normal; margin: 0pt;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2<br/>
                </em></p>
            </td>

    <td style="vertical-align: top; width: 32%;">
              <p style="font-variant: normal; margin: 0pt;"><i>California <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">20</em> Inc.</i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_3be082235bd04a07a91ac008d9c0e878">May 2019</span></em></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="dei:EntityIncorporationStateCountryCode" id="Fact_224ee9a97a2f44cc8c5c307c65934a92" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" format="ixt-sec:edgarprovcountryen">Marshall Islands</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 16%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><ix:nonNumeric name="tops:VesselName" id="Fact_5b63ec33a8b4409abeeaf80e0dd54a62" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember">Eco Joshua Park</ix:nonNumeric></i></p>
            </td>

    <td style="vertical-align: bottom; width: 18%; text-align: left;">
              <p style="font-variant: normal; margin: 0pt; text-align: center;"><i><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"><span style="-sec-ix-hidden:Fact_43f4387b63604fc3ba71e75c8cb32762">March 2020</span></em></i></p>
            </td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5223" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5224"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5224" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5225">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5225" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5226"><p style="font-variant: normal; margin: 0pt; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> On
        September 29, 2023, the Company effected a <span style="-sec-ix-hidden:Fact_505fa5bf6d114aaab893a967420b9357">1-for-12</span> reverse stock split of its common stock. There was no change in the number of
        authorized common shares of the Company, or the floor price of the Company&#8217;s Series E Shares, or the number of votes of the Company&#8217;s Series D, E and F Shares. All numbers of common share and earnings per share amounts, as well as warrant shares
        eligible for purchase under the Company&#8217;s warrants, exercise price of said warrants and conversion prices of the Company&#8217;s Series E Shares, in these consolidated financial statements have been retroactively adjusted to reflect this <span style="-sec-ix-hidden:Fact_778c1876bde8486a88728ded1116e5b8">1-for-12</span> reverse stock split.</p></ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5226" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5227"><p style="font-variant: normal; margin: 0pt; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
        </span></p></ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5227" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5228"><p style="font-variant: normal; margin: 0pt; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"> </p></ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5228" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5229">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On June 14, 2024 the Company entered into a non-binding letter of intent (&#8220;No-Shop LOI&#8221;) with Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling the mega
          yacht M/Y Para Bellvm (<ix:nonFraction name="tops:PercentageOwnershipOfYacht" id="Fact_5c4d09088ea649b58a4f6bbbd66a09b5" contextRef="c20240614_AssetAcquisitionAxis_MYParaBellvmMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% owned by him) except to the Company for <ix:nonNumeric name="tops:NoShopClauseTerm" id="Fact_82c796714e594f2fb343692f33337693" contextRef="c20250101to20251231_AssetAcquisitionAxis_MYParaBellvmMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" format="ixt-sec:durwordsen">one month</ix:nonNumeric>. The consideration for the No-Shop LOI was $<ix:nonFraction name="tops:NoShopClauseConsiderationPaid" id="Fact_7758f9dc078445bca3a3c15b22a55c63" contextRef="c20240614to20240614_AssetAcquisitionAxis_MYParaBellvmMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,000</ix:nonFraction>. The Company on
          July 12, 2024 entered into a share purchase agreement (&#8220;SPA&#8221;) for the purchase of M/Y Para Bellvm for a consideration of $<ix:nonFraction name="us-gaap:AssetAcquisitionPriceOfAcquisitionExpected" id="Fact_6a54de5df43b4bd983733b8626b10f18" contextRef="c20240712to20240712_AssetAcquisitionAxis_MYParaBellvmMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction> (the
          &#8220;Para Bellvm Consideration&#8221;) and the No-Shop LOI consideration was netted-off with the Para Bellvm Consideration. The Para Bellvm Consideration was settled as of December 31, 2024. The Company closed the SPA and took delivery of the M/Y Para
          Bellvm on April 11, 2025.</span></div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5229" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5230">
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5230" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5231">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On November 25, 2024 the Company entered into a non-binding letter of intent (the &#8220;New No-Shop LOI&#8221;) with Mr. Evangelos J. Pistiolis whereby the latter was precluded from marketing or selling
          the newbuilding megayacht M/Y&#160;Sanlorenzo&#160;&#8220;1150Exp&#8221;&#160;with hull number 158&#160; (&#8220;the Newbuilding Yacht&#8221;), that was <ix:nonFraction name="tops:PercentageOwnershipOfYacht" id="Fact_562ddfbd3b9f47b4b61aa63eaca5ff85" contextRef="c20241125_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% owned by him, (due
          for delivery in the second quarter of 2027) except to the Company up to June 30, 2025. The consideration paid for the New No-Shop LOI was $<ix:nonFraction name="tops:NoShopClauseConsiderationPaid" id="Fact_06f2c0a1016e45e6bf0a6db54e3e070f" contextRef="c20241125to20241125_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,000</ix:nonFraction>
          (the &#8220;New Yacht LOI Advance&#8221;). As of December 31, 2024, the Para Bellvm Consideration and the New Yacht LOI Advance are presented under Advances for asset acquisitions to related party in the accompanying consolidated balance sheets. The Company
          on April 11, 2025 (the &#8220;Closing Date&#8221;) entered into an SPA for the purchase of the Newbuilding Yacht for a consideration of $<ix:nonFraction name="us-gaap:AssetAcquisitionPriceOfAcquisitionExpected" id="Fact_8fc3c08b642e4e6bb47bc5699788e886" contextRef="c20250411to20250411_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,000</ix:nonFraction>
          (the &#8220;New Yacht Consideration&#8221;), payable up to December 31, 2026, depending on the Company&#8217;s cash surplus at the Company&#8217;s option. On the Closing Date, the Company settled $<ix:nonFraction name="tops:ConsiderationSettled" id="Fact_c2b314bd924546c2960def839203155d" contextRef="c20250411_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,346</ix:nonFraction> of the New Yacht Consideration by netting the New Yacht LOI Advance and by paying $<ix:nonFraction name="tops:PaymentOfRemainingBalance" id="Fact_bdf9bb2a1b634775b316caa8c0af0722" contextRef="c20250411to20250411_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,346</ix:nonFraction>
          to Mr. Evangelos J. Pistiolis and acquired the ship owning company (Roman Explorer Inc.) that owns <ix:nonFraction name="tops:PercentageOwnershipOfYacht" id="Fact_e4a12c0863594387abd6b7df1b93b416" contextRef="c20250411_AssetAcquisitionAxis_MYSanlorenzoMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of the Newbuilding Yacht. If
          the Company from the Closing Date onwards raised capital via (i) debt refinancing (only applying to excess proceeds, being the proceeds from the new debt exceeding the debt amount being refinanced), (ii) issuance of any equity interests or (iii)
          dividends or return of invested capital in any investments, then, in each case, no later than <span style="-sec-ix-hidden:Fact_09484aa0235a40c5bfb3bdda19915380">five</span> business days after the Company
          received the net cash proceeds therefrom, the New Yacht Consideration outstanding Installments should be prepaid by an amount equal to <ix:nonFraction name="tops:PercentageOfNetCashProceeds" id="Fact_e7f0adaba05048859c49a69df7ccfd1d" contextRef="c20250411to20250411_AssetAcquisitionAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>%
          of the amount of the net cash proceeds from such incurrence or issuance. As of November 13, 2025, the Company had fully settled the consideration due to Mr. Evangelos J. Pistiolis.</span></div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5231" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5232">
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
      </div>
</ix:continuation>

      <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
        <ix:nonNumeric name="us-gaap:AssetAcquisitionTableTextBlock" id="Text_129d6fd3d7c34500bf783575a93ea1d7" contextRef="c20250101to20251231" escape="true" continuedAt="Text_ecb16cced360461685323a69d4d4313f1"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5232" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5233">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The Company accounted for the abovementioned acquisitions as a transfer of assets between entities under common control and has recognized the vessels at their
          historical carrying amounts at the date of transfer. The amount of the consideration given in excess of the historical carrying value of the net assets acquired is recognized as a reduction to the Company&#8217;s additional paid in capital and
          presented as Excess consideration over acquired assets in the Company&#8217;s consolidated statement of stockholders&#8217; equity for the year ended December 31, 2025. The net assets of Roman Explorer Inc. as of April 11, 2025 amounted to $<ix:nonFraction name="us-gaap:AssetsNet" id="Fact_7af8e48cd4264adeae72438fc3cef7e3" contextRef="c20250411" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,567</ix:nonFraction> and related to advances paid for the Newbuilding Yacht. The assets and liabilities of Seawolf Ventures Limited (shipowning company that owns <ix:nonFraction name="tops:PercentageOwnershipOfYacht" id="Fact_aa0ef42fcabf474794edae174b90170c" contextRef="c20250411" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of M/Y Para Bellvm as of April 11, 2025) and an analysis of the Excess consideration over the carrying value of acquired assets is presented in
          the tables below:</div>
</ix:continuation></ix:nonNumeric>
        <ix:continuation id="Text_ecb16cced360461685323a69d4d4313f1" continuedAt="Text_ecb16cced360461685323a69d4d4313f2"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5233" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5234">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
        </div>
</ix:continuation></ix:continuation>
      </div>

      <ix:continuation id="Text_ecb16cced360461685323a69d4d4313f2" continuedAt="Text_ecb16cced360461685323a69d4d4313f3"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5234" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5235">
<div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable">


  <tr>

    <td valign="bottom" rowspan="1" style="vertical-align: top; width: 88%; background-color: #CCEEFF;"><span style="font-weight: bold;">Seawolf Ventures Limited</span><br/>
              </td>

    <td valign="bottom" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Cash and cash equivalents (including restricted cash)</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_c96b8ae83c5a4bacaf0a044f550f571d" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">249</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Prepayments and other</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" id="Fact_78df8a2ffd2a40a6bf537c24e221e1e1" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">56</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Inventories</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="us-gaap:InventoryNet" id="Fact_1f51fcd35aeb44f7b73b5e90a7fb0bf5" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Vessels, net</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:VesselsNet" id="Fact_bc47cbe642024fb1b7a46610d6f7811d" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,461</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accounts payable</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">(<ix:nonFraction name="us-gaap:AccountsPayableCurrent" id="Fact_f251c141b8154122a1440c2e57df0c10" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">40</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div>
              </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Accrued liabilities</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">(<ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" id="Fact_7b8569cfe8424162ba86af9d66fd82e4" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">248</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div>
              </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%;">
                <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">Long-term debt, net (current and non-current portion)</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">(<ix:nonFraction name="us-gaap:LongTermDebt" id="Fact_a767bc61b0d542e3830d1e660cabe700" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,681</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt;">)</div>
              </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; width: 88%; background-color: rgb(204, 238, 255);">
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited</div>
              </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
                <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonFraction name="us-gaap:AssetsNet" id="Fact_dbb862ef0cf54cec843a60f18d3a9912" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,824</ix:nonFraction></div>
              </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" rowspan="1" style="vertical-align: top; width: 88%;">
                <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Total Net Assets of Seawolf Ventures Limited and Roman Explorer Inc.<br/>
                </div>
              </td>

    <td valign="bottom" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="font-weight: bold;"><ix:nonFraction name="us-gaap:AssetsNet" id="Fact_2b72d4516ee84bf9a05d3b8b8dedde36" contextRef="c20250411_CounterpartyNameAxis_SeawolfVenturesLimitedAndRomanExplorerIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,391</ix:nonFraction></span> <br/>
              </td>

    <td valign="bottom" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
      </div>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_ecb16cced360461685323a69d4d4313f3" continuedAt="Text_ecb16cced360461685323a69d4d4313f4"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5235" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5236">
<div><br/>
      </div>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_ecb16cced360461685323a69d4d4313f4"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5236" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5237">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable">


  <tr>

    <td valign="bottom" style="vertical-align: middle;">
              <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">As of December 31,</span></div>
            </td>

    <td valign="bottom" style="font-weight: normal; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: top; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
              <div style="text-align: center;">2025</div>
            </td>

    <td valign="bottom" style="font-weight: normal; text-align: left; vertical-align: bottom; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 88%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Consideration</div>
            </td>

    <td valign="bottom" style="vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="us-gaap:AssetAcquisitionConsiderationTransferred" id="Fact_fa7da149c1b840d1a4bf07395db6353f" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,000</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify;">Less: Carrying value of net assets of companies acquired</div>
            </td>

    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="1">
              <div>(<ix:nonFraction name="tops:CarryingValueOfNetAssetsAcquired" id="Fact_a6a4f05a160c4fb1b4251d3f9d286739" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,391</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; width: 88%; border-bottom: 4px double rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-weight: bold;">Excess consideration over acquired assets</div>
            </td>

    <td valign="bottom" style="vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; border-bottom: 4px double rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="tops:ExcessOfConsiderationOverAcquiredAssets" id="Fact_32acd7c03db94e38bf03e046a605fb58" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">25,609</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; border-bottom: 4px double rgb(0, 0, 0); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
              <div style="font-weight: bold;"></div>
            </td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5237" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5238">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5238" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5239">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The abovementioned
        transactions were approved by a special committee of the Company&#8217;s board of directors (the &#8220;Special Committee&#8221;), of which all of the directors were independent and for each transaction the Special Committee obtained a fairness opinion relating to
        the consideration of each transaction from an independent financial advisor.</div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5239" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5240">
<div><br/>
      </div>
</ix:continuation>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div class="BRPFPageNumberArea" style="text-align: center;"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-8</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5240" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5241">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On August 1, 2025 (the
        &#8220;Spin off Distribution Date&#8221;), the Company contributed Roman Empire Inc. and Athenean Empire Inc. to Rubico Inc. (&#8220;Rubico&#8221;) in connection with a spin-off in exchange for common shares in Rubico Inc., which the Company distributed to common stock
        holders of record as of June 16, 2025 on a pro rata basis and to holders of the Company&#8217;s outstanding common stock purchase warrants on an as-exercised basis (such transactions collectively, the &#8220;Spin-Off&#8221;). The Spin-Off distribution ratio was <ix:nonFraction name="tops:SpinOffDistributionRatioSharesToBeReceived" id="Fact_6b3443464f744fc096f1e613eae61fcf" contextRef="c20250801" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">one</ix:nonFraction> Rubico common share for every <ix:nonFraction name="tops:SpinOffDistributionRatioSharesHeld" id="Fact_a80d2c3ebb1349249ad96339782a6ec4" contextRef="c20250801" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction>
        Company common shares.</div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5241" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5242">
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5242" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5243">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">A new series of
        preferred shares (the &#8220;Series D Preferred Shares&#8221;) were distributed to the holder of the Series D perpetual preferred shares of the Company to mirror the rights of the Series D perpetual preferred shares of the Company. The holder of the Series D
        perpetual preferred shares of the Company is the Lax Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Evangelos J. Pistiolis, the Company&#8217;s President, Chief Executive Officer and Director. In
        connection with the Spin-Off, the Company distributed <ix:nonFraction name="tops:PreferredStockDistributedDuringPeriodShares" id="Fact_ca103d5664854db8b528bbe602664660" contextRef="c20250801to20250801_CounterpartyNameAxis_LaxTrustMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction> Series D Preferred Shares. The Company did not distribute the Series D
        Preferred Shares to its common shareholders in connection with the Spin-Off.</div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5243" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5244">
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5244" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5245">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Rubico shares commenced
        trading on August 4, 2025, on the Nasdaq Capital Market under the symbol &#8220;RUBI&#8221;. As part of the Spin-Off, Rubico entered into various agreements effecting the separation of Rubico&#8217;s business from the Company, including a Contribution and Spin-Off
        Distribution Agreement, pursuant to which, among other things, the Company agreed to indemnify Rubico and its vessel-owning subsidiaries for any and all obligations and other liabilities arising from or relating to the operation, management or
        employment of vessels or subsidiaries the Company retained after the Spin-off Distribution Date and Rubico agreed to indemnify the Company for any and all obligations and other liabilities arising from or relating to the operation, management or
        employment of the vessels contributed to it or its vessel-owning subsidiaries. The Contribution and Spin-Off Distribution Agreement also provided for the settlement or extinguishment of certain liabilities and other obligations between the Company
        and Rubico.</div>
</ix:continuation>
      <ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5245" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5246">
<div style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/>
      </div>
</ix:continuation>

      <ix:nonNumeric name="tops:AssetsAndLiabilitiesInSpinOffTableTextBlock" id="Text_0db160a97d854b308211aa615e7b7295" contextRef="c20250101to20251231" escape="true" continuedAt="Text_1e63f7d2513943bd9173fe2d648e9a021"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5246" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5247">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The assets and liabilities of Rubico on August 1, 2025, were
        as follows:</div>
</ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_1e63f7d2513943bd9173fe2d648e9a021" continuedAt="Text_1e63f7d2513943bd9173fe2d648e9a022"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5247" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5248">
<div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_1e63f7d2513943bd9173fe2d648e9a022" continuedAt="Text_1e63f7d2513943bd9173fe2d648e9a023"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5248" continuedAt="Text_8048bbd6f5464d119c69604dcfa38a5249">
<div><br/>
      </div>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_1e63f7d2513943bd9173fe2d648e9a023"><ix:continuation id="Text_8048bbd6f5464d119c69604dcfa38a5249">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%; border-spacing: 0;" class="cfttable">


  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Cash and cash equivalents (including restricted cash)</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" id="Fact_f5436ef70ae644c398994bea9aeb7940" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,023</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify;">Accounts receivable trade (current and non-current portion)</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:AccountsReceivableNet" id="Fact_85a9fe55100f4f01908d35368c5bf4f7" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">781</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Due from related parties</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_555521f6efb74571bdac3d89ab7d081a" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">571</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify;">Prepayments and other</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:PrepaidExpenseAndOtherAssetsCurrent" id="Fact_3c3569d6cd0345fbacc6641c074de7db" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">318</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Inventories</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:InventoryNet" id="Fact_9d7e837719024873b0e6ef5c47f6dee1" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">194</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify;">Vessels, net</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="tops:VesselsNet" id="Fact_32710abf560848839b358683547cbe5d" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">107,930</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Accounts payable</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:AccountsPayableCurrent" id="Fact_1671e1b51d1b470ea77d7660d2165be1" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,029</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify;">Accrued liabilities</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:AccruedLiabilitiesCurrent" id="Fact_870a309c1bed4f28b31fe919451cff0a" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">523</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Unearned revenue</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:DeferredIncome" id="Fact_4e8b65e6d5f6400c92316ec5ce601eb0" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,395</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify;">Due to related parties</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" id="Fact_a44770925ad84c639bd94ee1486ec4fe" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">153</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Long-term debt, net (current and non-current portion)</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:LongTermDebt" id="Fact_37450a63a8274e06887b849e11df87d0" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">73,349</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%;">
              <div style="text-align: justify; font-weight: bold;">Total Net Assets of Rubico</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:AssetsNet" id="Fact_74dacc2378644088aeffd8c7ea45913e" contextRef="c20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,368</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: top; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; width: 88%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="text-align: justify; font-weight: bold;">Distribution of net assets of Rubico to the Company&#8217;s shareholders</div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;">(<ix:nonFraction name="us-gaap:StockholdersEquityNoteSpinoffTransaction" id="Fact_f6d59a1294254b3493097c6a1aad4838" contextRef="c20250801to20250801_ConsolidatedEntitiesAxis_RubicoIncMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">33,368</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">
              <div style="font-weight: bold;">)</div>
            </td>

  </tr>


</table>
</ix:continuation></ix:continuation>


      <p style="font-variant: normal; margin: 0pt;"> </p>
      <div><br/></div>

    </div>

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  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div>
        <ix:nonNumeric name="us-gaap:SignificantAccountingPoliciesTextBlock" id="Text_036987895e474404a86803c7893e43ce" contextRef="c20250101to20251231" escape="true" continuedAt="Text_59aef28ee8e54c11a334793d19d938721">
<div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                  <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2.</em></b></p>
                </td>

    <td style="align: left; vertical-align: top; width: auto;">
                  <p style="font-variant: normal; margin: 0pt;"><b>Significant Accounting Policies:</b></p>
                </td>

  </tr>


</table>
        </div>
</ix:nonNumeric>
      </div>

      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d938721" continuedAt="Text_59aef28ee8e54c11a334793d19d938722">
<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d938722" continuedAt="Text_59aef28ee8e54c11a334793d19d938723"><ix:nonNumeric name="us-gaap:ConsolidationPolicyTextBlock" id="Text_74f7a3b9f8ef42d7ad57db78f4ee3119" contextRef="c20250101to20251231" escape="true">
<div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 18pt;">
                <p style="font-variant: normal; margin: 0pt;"><b>(a)</b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="margin: 0pt; padding: 0px; font-variant: normal; text-align: justify;"><b><i>Principles of Consolidation:</i></b><b> </b>The consolidated financial statements have been prepared in accordance with accounting principles generally
                  accepted in the United States of America (&#8220;U.S. GAAP&#8221;) and include the accounts and operating results of Top Ships Inc. and its subsidiaries referred to in Note <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1.</em> Intercompany balances and transactions have been eliminated on consolidation. Non-controlling interests are stated at the non-controlling interest&#8217;s proportion of the net assets of the subsidiaries where the Company
                  has less than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">100%</em> interest. Subsequent to initial recognition the carrying amount of non-controlling interest is increased or decreased by
                  the non-controlling interest&#8217;s share of subsequent changes in the equity of such subsidiaries. Total comprehensive income is attributed to a non-controlling interest even if this results in a deficit balance. Changes in the Company&#8217;s
                  ownership interests in subsidiaries that do <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> result in the Company losing control over the subsidiaries are accounted for as equity
                  transactions and the carrying amounts of the Company&#8217;s interests and the non-controlling interests are adjusted to reflect these changes in their relative interests in the subsidiaries. Any difference between the amount by which the
                  non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.</p>
              </td>

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</table>
         </div>
</ix:nonNumeric></ix:continuation>

      <ix:nonNumeric name="us-gaap:UseOfEstimates" id="Text_7d4d7c59eeaa43489614e53c58b30877" contextRef="c20250101to20251231" escape="true" continuedAt="Text_2a1ff285ce624a0aace46c9e2e6a7de81"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d938723" continuedAt="Text_59aef28ee8e54c11a334793d19d938724">
<div> <br/>
      </div>
</ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_2a1ff285ce624a0aace46c9e2e6a7de81"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d938724" continuedAt="Text_59aef28ee8e54c11a334793d19d938725">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="c52e81b46447409ea67d333d9b298809" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(b)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Use of Estimates:</i></b> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that
              affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period.
              Actual results could differ from those estimates. Significant estimates mainly include impairment of vessels, vessel useful lives and residual values and fair values of derivative instruments. Actual results <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> may </em>differ from these estimates.</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d938725" continuedAt="Text_59aef28ee8e54c11a334793d19d938726">
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      </div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-9</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>


      <ix:nonNumeric name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" id="Text_0004885fe3c5461694d0905e64135814" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d938726" continuedAt="Text_59aef28ee8e54c11a334793d19d938727">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z558f830eb09c48a393839c85a6eb4b3d" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(c)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Foreign Currency Translation:</i></b> <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -18.9333px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Company&#8217;s functional currency is the U.S. Dollar because most vessels operate in
                  international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company&#8217;s books of account are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S.
                  Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies are translated to U.S. Dollars based on the year-end
                  exchange rates and any gains and losses are included in the consolidated statements of comprehensive income. For the Company&#8217;s subsidiaries that have an operating currency different than the US Dollar, foreign currency-denominated results
                  of operations and cash flows are translated at the average exchange rate during the reporting period. Assets and liabilities of these subsidiaries are translated at the exchange rate in effect at the balance sheet date, while equity in
                  the functional currency is translated at the historical rate of exchange at the time of capital contribution. Consequently, amounts reported on the consolidated statements of cash flows may not align precisely with changes in
                  corresponding balances on the consolidated balance sheets. Translation adjustments resulting from period-to-period exchange rate fluctuations are included as a separate component of accumulated other comprehensive income in the
                  consolidated balance sheets and the consolidated statements of changes in shareholders&#8217; equity. For the year ended December 31, 2025, a gain of $<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax" id="Fact_8da540dd62204b89a898eb41fec33f3c" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">697</ix:nonFraction></span>,
                  was recorded under Change in foreign currency translation adjustments in the consolidated statements of comprehensive income</span>.</span></td>

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      </div>
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      <ix:nonNumeric name="us-gaap:CashAndCashEquivalentsPolicyTextBlock" id="Text_f036dbb27e7f46bca19dd84ec16d94e0" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d938728" continuedAt="Text_59aef28ee8e54c11a334793d19d938729">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="d20e2f0f0faa488d8093f32e5effec4d" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(d)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Cash and Cash Equivalents:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">three</em> months or less to be cash equivalents.</td>

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      </div>
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      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387210" continuedAt="Text_59aef28ee8e54c11a334793d19d9387211"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>

      <ix:nonNumeric name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy" id="Text_f4438384e73e43678003216dcdffc317" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387211" continuedAt="Text_59aef28ee8e54c11a334793d19d9387212">
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(e)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Restricted Cash:</i></b> The Company considers amounts that are pledged, blocked, held as cash collateral, required to be maintained with a specific bank or be maintained
              by the Company as minimum cash under the terms of a loan agreement, as restricted and these amounts are presented separately on the balance sheets. In the event original maturities are shorter than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em> months, such deposits are presented as current assets while if original maturities are longer than <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">twelve</em>
              months, such deposits are presented as non-current assets.</td>

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      </div>
</ix:continuation>

      <ix:nonNumeric name="us-gaap:TradeAndOtherAccountsReceivablePolicy" id="Text_ffa13d77f98846058a4a9064c9ec3b75" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387213" continuedAt="Text_59aef28ee8e54c11a334793d19d9387214">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(f)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Trade Accounts Receivable, net:</i></b> The amount shown as trade accounts receivable, net at each balance sheet date, includes estimated recoveries from charterers for
              hire billings, net of a provision for doubtful accounts and also accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates as well as receivable European Union Allowances
              (&#8220;EUAs&#8221;) from charterers (see below). As of December 31, 2024 and 2025 accrued revenue resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates amounted to $<ix:nonFraction name="tops:AccruedRevenue" id="Fact_c9c18e1107f84fd6bc3b4006a294f9f1" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,183</ix:nonFraction> and $<ix:nonFraction name="tops:AccruedRevenue" id="Fact_82ba8a51cbe34536a859f3e82fc7ea1a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,400</ix:nonFraction> respectively,
              broken down into current ($<ix:nonFraction name="tops:AccruedRevenueCurrent" id="Fact_e622c0d61d6048e0b6e2b8b3b2ce1914" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">783</ix:nonFraction> and $<ix:nonFraction name="tops:AccruedRevenueCurrent" id="Fact_33974319c5094798bb809af9b1213d24" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,245</ix:nonFraction>
              as of December 31, 2024 and 2025, respectively) and non-current ($<ix:nonFraction name="tops:AccruedRevenueNonCurrent" id="Fact_d96f3dc4e94247889a981e0b0cd6f683" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,400</ix:nonFraction> and $<ix:nonFraction name="tops:AccruedRevenueNonCurrent" id="Fact_d6f7b381493e4a1fa0291200a5026203" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,155</ix:nonFraction> as of December 31, 2024 and 2025, respectively) portions according to their expected recognition. At each balance sheet date, all potentially uncollectible accounts are assessed
              individually, combined with the application of a historical recoverability ratio, for purposes of determining the appropriate provision for doubtful accounts. The Company assessed that it had <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">no</em> potentially uncollectible accounts and hence formed <ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" id="Fact_f9d8fdf6a8b947899bd16544bf997337" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:ProvisionForDoubtfulAccounts" id="Fact_733136f290f3453785f2534fffb374bd" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> provision for doubtful
              accounts at <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024 </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> respectively.</td>

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      </div>
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      <ix:nonNumeric name="us-gaap:InventoryPolicyTextBlock" id="Text_1636897c84b94f54be525a9a8a39034f" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387215" continuedAt="Text_59aef28ee8e54c11a334793d19d9387216">
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(g)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Inventories:</i></b> Inventories consist of lubricants, bonded stores and spares on board the vessels. Inventories are stated at the lower of cost and net realizable
              value. Cost, which consists of the purchase price, is determined by the first in, first out method.</td>

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      </div>
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      <ix:nonNumeric name="tops:VesselCostPolicyTextBlock" id="Text_d07747e4b91945e1a036cda4e298e26a" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387217" continuedAt="Text_59aef28ee8e54c11a334793d19d9387218">
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  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(h)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Cost:</i></b>&#160;Vessels are stated at cost, which in case of a newbuilding vessel, consists of the contract price, pre-delivery costs and capitalized interest
              incurred during its construction, and any material expenses incurred upon acquisition (improvements and delivery costs). Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the
              life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are charged to expenses as incurred and are included in Vessel operating expenses in the consolidated statements of comprehensive
              income.</td>

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      </div>
</ix:continuation>

      <ix:nonNumeric name="us-gaap:ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock" id="Text_e6c6e078200248fdb18c6b0a0bf136c8" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387219" continuedAt="Text_59aef28ee8e54c11a334793d19d9387220">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(i)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Impairment of Long-Lived Assets:</i></b>&#160;The Company evaluates the existence of impairment indicators whenever events or changes in circumstances indicate that the
              carrying values of the Company&#8217;s long-lived assets are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> recoverable. Such indicators of potential impairment include vessel sales and purchases,
              business plans, declines in the fair market value of vessels and overall market conditions. If there are indications for impairment present, the Company determines undiscounted projected net operating cash flows for each vessel and compares
              it to the vessel&#8217;s carrying value. If the carrying value of the related vessel exceeds its undiscounted future net cash flows, the carrying value is reduced to its fair value, and the difference is recognized as an impairment loss. The
              impairment evaluation the Company conducted as of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2024, </em>and <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2025</em> showed that there are <ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" id="Fact_ac02161d94f74163b6787c6835fd48dc" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:ImpairmentOfLongLivedAssetsHeldForUse" id="Fact_5ef4af7491b942e09f83836419368f35" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> impairment indications for any of the vessels held for use in the Company&#8217;s
              fleet.</td>

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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-10</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>


      <ix:nonNumeric name="us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock" id="Text_d988ea59f172441d88b0d1ebe906c7eb" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387221" continuedAt="Text_59aef28ee8e54c11a334793d19d9387222">
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(j)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Vessel Dep<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">reciation:</span></i></b><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">&#160;Depreciation is calculated using the straight-line method over the estimated useful life of the vessels, after deducting the estimated salvage value. Each
                vessel&#8217;s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which up until December 31, 2023 was estimated to be $<ix:nonFraction name="tops:PropertyPlantAndEquipmentScrapValue" id="Fact_5c14321d5e784168bc6210ba9bb9c9e4" contextRef="c20231231" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">0.3</ix:nonFraction> per lightweight ton. Effective January 1, 2024, the Company revised its scrap rate estimate from $<ix:nonFraction name="tops:PropertyPlantAndEquipmentScrapValue" id="Fact_b8f12d31ad044b0698a057f3f59c336c" contextRef="c20231231" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">0.3</ix:nonFraction> to $<ix:nonFraction name="tops:PropertyPlantAndEquipmentScrapValue" id="Fact_936b389b4acc47fea44a2f1802f44149" contextRef="c20241231" unitRef="U002" decimals="-1" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:PropertyPlantAndEquipmentScrapValue" id="Fact_f6a3366cf237484f87343ee2218cbffe" contextRef="c20251231" unitRef="U002" decimals="-1" scale="3" format="ixt:num-dot-decimal">0.43</ix:nonFraction></ix:nonFraction> per lightweight ton, in order to align the scrap rate
                estimate with the current historical average scrap prices and to better reflect current market conditions. The change in this accounting estimate, pursuant to ASC 250 &#8220;Accounting Changes and Error Corrections&#8221;, was applied prospectively and
                did not require retrospective application<span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">. <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: -24px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Management estimates the useful life of the Company&#8217;s vessels to be <span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_9436d4f44feb46809f5f32c456744bf1" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" format="ixt-sec:duryear">25</ix:nonNumeric></span> years from the date of initial delivery from
                    the shipyard, with the exception of&#160; mega yachts for which the estimated useful life is <span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_f0df8df15a4e44f5b47d1fd32982711e" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_MegayachtsMember" format="ixt-sec:duryear">30</ix:nonNumeric></span> years. Secondhand vessels are
                    depreciated from the date of their acquisition through their remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted at the date such
                    regulations are adopted</span>.</span></span></td>

  </tr>


</table>
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      </div>
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      <ix:nonNumeric name="tops:LongLivedAssetsHeldForSalePolicyTextBlock" id="Text_372a47d7ab4e442d847b90c88c00d8da" contextRef="c20250101to20251231" escape="true" continuedAt="Text_2cc9701ce23d45d0a3318ee24153a6931"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387223" continuedAt="Text_59aef28ee8e54c11a334793d19d9387224">
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><b>(k)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Long-Lived Assets Held for Sale:</i></b> The Company classifies vessels as being held for sale when the following criteria are met: (a) management, having the authority to
              approve the action, commits to a plan to sell the asset, (b) the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets, (c) an active program to locate a
              buyer and other actions required to complete the plan to sell the asset have been initiated, (d) the sale of the asset is probable and transfer of the asset is expected to qualify for recognition as a completed sale, within <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> year, (e) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value, (f) actions required to complete
              the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</td>

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</table>
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><br/>
              </p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets classified as held for sale are measured at the lower of their carrying amount or fair value less costs to sell. These vessels are <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> depreciated once they meet the criteria to be classified as held for sale. <br/>
            </td>

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</table>
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin: 0pt;"><br/>
              </p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;">Long-lived assets <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">previously classified as held for sale that are classified
                as held and used are revalued at the lower of (a) the carrying amount of the asset before it was classified as held for sale, adjusted for any depreciation expense that would have been recognized had the asset been continuously classified
                as held and used and (b) the fair value of the asset at the date that the Company decided not to sell the asset.&#160;</span></td>

  </tr>


</table>
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      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387229" continuedAt="Text_59aef28ee8e54c11a334793d19d9387230"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>
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<div><br/></div>
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      <ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock" id="Text_92aed3ed46104045990973bedb884666" contextRef="c20250101to20251231" escape="true" continuedAt="Text_5b0ab15c97ba45b384486b77bd900c461"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387232" continuedAt="Text_59aef28ee8e54c11a334793d19d9387233">
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    <td style="vertical-align: top; width: 18pt;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>(l)</b></p>
            </td>

    <td style="vertical-align: top; width: auto; text-align: justify;"><b><i>Other Fixed Assets, Net: <span style="font-style: normal; font-weight: normal;">Other fixed assets, net, consist of furniture, office equipment, art works and cars,
                    stated at cost, which consist of the purchase/contract price less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the assets as presented below:</span></i></b></td>

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</table>
</ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_5b0ab15c97ba45b384486b77bd900c461" continuedAt="Text_5b0ab15c97ba45b384486b77bd900c462"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387233" continuedAt="Text_59aef28ee8e54c11a334793d19d9387234"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_5b0ab15c97ba45b384486b77bd900c462"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387234" continuedAt="Text_59aef28ee8e54c11a334793d19d9387235"><ix:nonNumeric name="tops:UsefulLifeOfOtherFixedAssetsTableTextBlock" id="Text_cdd3a338692f4e1288dab89e311f6264" contextRef="c20250101to20251231" escape="true">
<div style="margin-left: 18pt;">
        <table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;">


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    <td valign="bottom" style="border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Description</b></p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0); white-space: nowrap;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Useful Life (years)</b></b></p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Cars</p>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: center; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><br/>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_2519f5d4187f4c3992ae8454eec25ba8" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_AutomobilesMember" format="ixt-sec:duryear">6</ix:nonNumeric></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Office equipment</p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;"><span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_9478e55ad6854a768c3a03d7543ae2d4" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_OfficeEquipmentMember" format="ixt-sec:duryear">5</ix:nonNumeric></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Furniture and fittings</p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_8eec38a9dba448548cc89b4751873886" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_FurnitureAndFixturesMember" format="ixt-sec:duryear">5</ix:nonNumeric></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Computer equipment</p>
              </td>

    <td valign="bottom" colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: center; width: 9%;"><span style="text-indent: 0pt;"><ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_26c0f77b344e4cbd9241e2f78d1bb008" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_ComputerEquipmentMember" format="ixt-sec:duryear">3</ix:nonNumeric></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: rgb(204, 238, 255);" rowspan="1">
                <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt;">Art works</div>
              </td>

    <td valign="bottom" colspan="1" style="text-align: center; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" rowspan="1">&#160;</td>

    <td colspan="1" style="margin-left: 0pt; vertical-align: top; text-align: center; width: 9%; background-color: rgb(204, 238, 255);" rowspan="1">
                <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;">
                  <div style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><span style="text-indent: 0pt;"><span style="-sec-ix-hidden:Fact_9c9a0b41dc1e4aa78a9ac0c0fc6c5ae7">&#8734;</span></span></div>
                </div>
              </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" rowspan="1">&#160;</td>

  </tr>


</table>
         </div>
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    </div>

    <div>
      <ix:nonNumeric name="tops:AccountingForDryDockingCostsPolicyTextBlock" id="Text_3263bfd34db14accb94c79c69f62b30b" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387236" continuedAt="Text_59aef28ee8e54c11a334793d19d9387237">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(m)</td>

    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Dry-Docking Costs:</span> All dry-docking and special survey costs are expensed in the period incurred.</div>
            </td>

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      </div>
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      <ix:nonNumeric name="us-gaap:DebtPolicyTextBlock" id="Text_4f10beb058f248648b96a3ef55ef32bb" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387238" continuedAt="Text_59aef28ee8e54c11a334793d19d9387239">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(n)</td>

    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financing Costs:</span> Fees incurred and paid to the lenders for obtaining new loans or Sale and lease backs (&#8220;SLBs&#8221;) or
                refinancing existing ones are recorded as a contra to debt and such fees are amortized to interest and finance costs over the life of the related debt using the effective interest method. Any unamortized balance of costs relating to debt
                repaid or refinanced that meet the criteria for Debt Extinguishment (Subtopic 470-50), is expensed in interest and finance costs in the period in which the repayment is made or refinancing occurs. Any unamortized balance of costs relating
                to debt refinanced that does not meet the criteria for Debt Extinguishment, is amortized over the term of the refinanced debt.</div>
            </td>

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      </div>
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      <ix:nonNumeric name="us-gaap:RevenueRecognitionPolicyTextBlock" id="Text_9c3f99fee03246d09653397e52232529" contextRef="c20250101to20251231" escape="true" continuedAt="Text_bc8b06d9e8164515ade8e2ad2788f47a1"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387240" continuedAt="Text_59aef28ee8e54c11a334793d19d9387241">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(o)</td>

    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Accounting for Revenue and Expenses:</span> Revenues are generated from time charter arrangements. A time charter is a
                contract for the use of a vessel for a specific period of time and a specified daily charter hire rate, which is generally payable monthly in advance. Revenue is shown net of address commissions, if applicable, payable directly to
                charterers under the relevant charter agreements. Address commissions represent a common market practice discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange for the
                consideration provided to the charterer. Commissions on time charter revenues are recognized on a pro rata basis over the duration of the period.</div>
            </td>

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-11</span></div>

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          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

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              <div style="font-family: 'Times New Roman'; text-align: justify;">The Company based on ASC 842 determined that all time charter-out contracts are considered operating leases and therefore fall under the scope of ASC 842 because: (i) the
                vessel is an identifiable asset; (ii) the Company as lessor, does not have substantive substitution rights; and (iii) the charterer, as lessee, has the right to control the use of the vessel during the term of the contract and derives the
                economic benefits from such use.<br/>
              </div>
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              <div style="font-family: 'Times New Roman'; text-align: justify;">Time charter revenue is recognized as earned on a straight-line basis over the term of the relevant time charter starting from the vessel&#8217;s delivery to the charterer until the
                vessel is redelivered to the Company, except for any off-hire period. Revenue generated from variable lease payments is recognized in the period when changes in the facts and circumstances on which the variable lease payments are based
                occur. The Company elected to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components (included in the daily hire rate) is
                the same and (ii) the lease component would be classified as an operating lease. The daily hire rate represents the hire rate for a bare boat charter as well as the compensation for expenses incurred running the vessel such as crewing
                expense, repairs, insurance, maintenance and lubes. Both the lease and non-lease components are earned by passage of time. Under a time charter agreement, management fees and vessel operating expenses such as crew wages, provisions and
                stores, technical maintenance and insurance expenses as well as limited voyage expenses, mainly consisting of broker&#8217;s commissions, are paid by the vessel owner, whereas voyage expenses such as bunkers, port expenses, agents&#8217; fees, and
                extra war risk insurance are paid by the charterer. Vessel operating expenses, management fees and voyage expenses are expensed as incurred. Unearned revenue represents cash received prior to year-end related to revenue applicable to
                periods after December 31 of each year and also amounts resulting from straight-line revenue recognition of charter agreements that provide for varying charter rates broken down into current and non-current portions according to their
                expected realization.<br/>
              </div>
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              <div style="font-family: 'Times New Roman'; text-align: justify;">When vessels are acquired with time charters attached and the rates on such charters are below or above market on the acquisition date, the Company allocates the total cost
                between the vessel and the fair value of the attached time charter based on the relative fair values of the vessel and time charter acquired. The fair value of the attached time charter is computed as the present value of the difference
                between the contractual amount to be received over the term of the time charter and management&#8217;s estimates of the market time charter rate at the time of acquisition. The fair value of below or above market time charter is recognized as a
                liability or an intangible asset respectively and is amortized over the remaining period of the time charter as an increase or decrease to revenues.</div>
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              <div style="font-family: 'Times New Roman'; text-align: justify;">Where the time charter contains a profit or loss sharing arrangement, the profit or loss is recognized based on amounts earned or incurred as of the reporting date.</div>
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              <div style="font-family: 'Times New Roman'; text-align: justify;">The Company pays commissions to ship brokers and to the Company&#8217;s fleet manager (Note 5), a related party affiliated with the family of Mr. Evangelos J. Pistiolis, associated
                with arranging the Company&#8217;s charters. These brokers&#8217; commissions are recognized over the related charter period and are included in voyage expenses.</div>
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        <ix:nonNumeric name="us-gaap:EarningsPerSharePolicyTextBlock" id="Text_17189f4c2c7d4878b25d248b2760fb67" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387252" continuedAt="Text_59aef28ee8e54c11a334793d19d9387253">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-weight: bold;">(p)</td>

    <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold; font-style: italic;">Earnings / (Loss) per Share:</span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; text-decoration-style: initial; text-decoration-color: initial; font-weight: bold;"> <span style="font-weight: normal;">Basic earnings/ (loss) per share are computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding during
                      the year. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised. For purposes of calculating diluted earnings per share the denominator of the
                      diluted earnings per share calculation includes the incremental shares assumed issued under the treasury stock method weighted for the period the non-vested shares were outstanding. The computation of diluted earnings per share also
                      reflects the potential dilution that could occur if warrants to issue common stock were exercised, to the extent that they are dilutive, using the treasury stock method, the potential dilution that could occur if convertible preferred
                      stock were converted, using the if-converted method. Finally net income or loss available to common stockholders, when computing basic earnings/(loss) per share, is reduced to reflect any dividends or deemed dividends on preferred
                      stock.</span></span><br/>
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          <ix:nonNumeric name="us-gaap:FairValueMeasurementPolicyPolicyTextBlock" id="Text_430d4b2d4c2f4fc6852bad6c196fd4ac" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387254" continuedAt="Text_59aef28ee8e54c11a334793d19d9387255">
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                  <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Financial liabilities:</span><span style="font-weight: bold;"> </span>Financial liabilities are classified as either
                    financial liabilities at &#8216;fair value through the profit and loss&#8217; (&#8220;FVTPL&#8221;) or &#8216;other financial liabilities&#8217;. Financial instruments classified as FVTPL are recognized at fair value in the balance sheet when the Company has an obligation
                    to perform under the contractual provisions of those instruments. Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Changes in the fair value of financial
                    instruments are recognized in earnings, except in cases where these financial instruments fall under the guidance in ASC 815-40, where they are initially classified in equity and are initially measured at fair value in permanent equity
                    and subsequent changes in fair value are not subsequently measured. Other financial liabilities (including borrowings and trade and other payables) are subsequently measured at amortized cost using the effective interest rate method.</div>
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            <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-12</span></div>

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              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
                </a></div>

              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
              </div>

              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

              <div><br/>
              </div>

              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

              <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

            </div>

          </div>


          <ix:nonNumeric name="us-gaap:SegmentReportingPolicyPolicyTextBlock" id="Text_d84760bde24b425abe4a665dc6b64158" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387256" continuedAt="Text_59aef28ee8e54c11a334793d19d9387257">
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                  <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Segment Reporti<span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">ng:</span></span><span style="font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <span style="font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">A
                        segment is a distinguishable component of the business that is engaged in business activities from which the Company earns revenues and incurs expenses and whose operating results are regularly reviewed by the chief operating
                        decision maker (&#8220;CODM&#8221;). Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that, as of that date, it operated under <span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:NumberOfReportableSegments" id="Fact_c8103f674b5d4ca3819f989bedb7d996" contextRef="c20250101to20251231" unitRef="U006" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction></span> reportable segments: crude oil and oil products transportation services (referred to as the &#8220;tanker segment&#8221;) and recreational transportation services (referred to as the
                        &#8220;megayacht segment&#8221;). The accounting policies applied to the reportable segments are the same as those used in the preparation of the Company&#8217;s consolidated financial statements. When the Company charters a vessel or a megayacht to
                        a charterer, the charterer is free to trade, or in the case of megayachts travel with, the vessel worldwide subject to certain exemptions and as a result for the tanker and megayacht segments the disclosure of geographic information
                        is impracticable</span>.</span></div>
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                  <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">Leases:</div>
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                  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
                </td>

    <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Sale-leaseback transactions:</span> In accordance with ASC 842, the Company, as seller-lessee, determines whether the
                    transfer of an asset should be accounted for as a sale in accordance with ASC 606 (existence of a contract and satisfaction of performance obligation by transferring of the control of the asset). The existence of an option for the
                    seller-lessee to repurchase the asset precludes the accounting for the transfer of the asset as a sale unless both of the following criteria are met: (1) the exercise price of the option is the fair value of the asset at the time the
                    option is exercised; and (2) there are alternative assets, substantially the same as the transferred asset, readily available in the marketplace. If the transfer of the asset meets the criteria of sale, the Company, as seller-lessee
                    recognizes the transaction price for the sale when the buyer-lessor obtains control of the asset, derecognizes the carrying amount of the underlying asset and accounts for the lease in accordance with ASC 842. If the transfer does not
                    meet the criteria of sale, the Company does not derecognize the transferred asset, accounts for any amounts received as a financing arrangement and recognizes the difference between the amount of consideration received and the amount of
                    consideration to be paid as interest.</div>
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                  <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
                </td>

    <td style="width: auto; vertical-align: top;">
                  <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Finance lease:</span>&#160;The Company classifies a lease as a finance lease when the lease meets any of the following
                    criteria at lease commencement:</div>
                </td>

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                    <div><br/>
                    </div>
                  </td>

    <td style="vertical-align: top; width: 18pt;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">i.</div>
                  </td>

    <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease transfers ownership of the underlying asset to the lessee by the end of the lease term.</div>
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                    <div><br/>
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                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">ii.</div>
                  </td>

    <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise.</div>
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          <ix:continuation id="Text_fa9e34dcb7244d54ae2dfaa5fd1806e78" continuedAt="Text_fa9e34dcb7244d54ae2dfaa5fd1806e79"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387266" continuedAt="Text_59aef28ee8e54c11a334793d19d9387267">
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                    <div><br/>
                    </div>
                  </td>

    <td style="vertical-align: top; width: 18pt;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">iii.</div>
                  </td>

    <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The lease term is for the major part of the remaining economic life of the underlying asset. However, if the commencement date falls
                      at or near the end of the economic life of the underlying asset, this criterion shall not be used for purposes of classifying the lease.</div>
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    <td style="vertical-align: top; width: 18pt;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">iv.</div>
                  </td>

    <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is <span style="font-style: italic;">not</span>
                      already reflected in the lease payments equals or exceeds substantially all of the fair value of the underlying asset.</div>
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          <ix:continuation id="Text_fa9e34dcb7244d54ae2dfaa5fd1806e710" continuedAt="Text_fa9e34dcb7244d54ae2dfaa5fd1806e711"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387268" continuedAt="Text_59aef28ee8e54c11a334793d19d9387269">
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                    <div style="font-family: 'Times New Roman'; font-size: 10pt;">v.</div>
                  </td>

    <td style="align: left; vertical-align: top; width: auto;">
                    <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify; font-style: normal;">The underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the
                      lease term.</div>
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          <ix:continuation id="Text_fa9e34dcb7244d54ae2dfaa5fd1806e711" continuedAt="Text_fa9e34dcb7244d54ae2dfaa5fd1806e712"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387269" continuedAt="Text_59aef28ee8e54c11a334793d19d9387270">
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          </div>
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          <ix:continuation id="Text_fa9e34dcb7244d54ae2dfaa5fd1806e712" continuedAt="Text_fa9e34dcb7244d54ae2dfaa5fd1806e713"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387270" continuedAt="Text_59aef28ee8e54c11a334793d19d9387271">
<div style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; margin-left: 18pt; text-align: justify;">When none of these criteria are met
            the Company classifies the lease as an operating lease. </div>
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          </div>
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        </div>

      </div>

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    <td style="width: 18pt;">&#160;</td>

    <td style="vertical-align: top; width: 18pt;">
                <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</div>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: justify;"><b><i>Operating lease- The Company as a lessee</i></b><b>:</b>&#160;The Company recognizes right-of-use assets (&#8220;ROU&#8221;) and corresponding lease
                  liabilities for its operating leases. ROU assets and liabilities are recognized at the commencement date of an arrangement based on the present value of lease payments over the lease term. The operating lease ROU asset also includes any
                  lease payments made to the lessor prior to lease commencement, less any lease incentives, and initial direct costs incurred. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term.</p>
              </td>

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      <ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387273" continuedAt="Text_59aef28ee8e54c11a334793d19d9387274"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>

      <ix:nonNumeric name="us-gaap:InvestmentPolicyTextBlock" id="Text_62138d267c584b808fbc1c7609854513" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387274" continuedAt="Text_59aef28ee8e54c11a334793d19d9387275">
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    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Investments in unconsolidated joint ventures: </span>The Company&#8217;s investments in unconsolidated joint ventures are
                accounted for using the equity method of accounting. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and the Company&#8217;s proportionate share of earnings or
                losses and distributions. The Company evaluates its investments in unconsolidated joint ventures for impairment when events or circumstances indicate that the carrying value of such investments may have experienced other than a temporary
                decline in value below their carrying value. If the estimated fair value is less than the carrying value and it is considered other than a temporary decline, the carrying value is written down to its estimated fair value and the resulting
                impairment is recorded in the consolidated statements of comprehensive income.</div>
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        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-13</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>


      <ix:nonNumeric name="us-gaap:ComprehensiveIncomePolicyPolicyTextBlock" id="Text_f19d223cf0f14fd6bce447885b5ada80" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387276" continuedAt="Text_59aef28ee8e54c11a334793d19d9387277">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(u)</td>

    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Other Comprehensive Income: </span>The<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> Company follows the provisions of guidance regarding reporting comprehensive income which requires separate presentation of certain transactions, such as unrealized gains and losses from effective portion of cash flow
                  hedges, change in foreign currency translation adjustments, which are recorded directly as components of stockholders&#8217; equity</span>.</div>
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      <ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentImpairment" id="Text_40608dfa29e04751b9df4ee92ce10749" contextRef="c20250101to20251231" escape="true"><ix:continuation id="Text_59aef28ee8e54c11a334793d19d9387278" continuedAt="Text_59aef28ee8e54c11a334793d19d9387279">
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(v)</td>

    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Impairment of Right of use assets from operating leases:</span> The Company evaluates its Right of use assets from
                operating leases for potential impairment when it determines a triggering event has occurred. When a triggering event has occurred, the Company performs a test of recoverability by comparing the expected undiscounted future cash flows
                (including expected residual values) over the remaining lease terms to the carrying value of the Right of use asset. If the test of recoverability identifies a possible impairment, the Right of use asset&#8217;s fair value is measured in
                accordance with the fair value measurement framework. An impairment charge is recognized for the amount by which the carrying value of the Right of use asset exceeds its estimated fair value and would be recorded in the consolidated
                statements of comprehensive income. For the year ended December 31, 2024, and 2025 there was <ix:nonFraction name="us-gaap:OperatingLeaseImpairmentLoss" id="Fact_ead70b54d7424f2182495491ebe0475c" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:OperatingLeaseImpairmentLoss" id="Fact_101c9790db5448bab42728278ff2115c" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> impairment of the Company&#8217;s
                Right of use assets from operating leases due to the absence of impairment indications for all of the Company&#8217;s vessels under operating leases.</div>
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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman'; font-style: italic; font-weight: bold;">(w)</td>

    <td style="width: auto; vertical-align: top;">
                <div style="font-family: 'Times New Roman'; text-align: justify;"><span style="font-weight: bold; font-style: italic;">Liability for European Union Allowances (&#8220;EUAs&#8221;): </span>The<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> maritime emissions trading scheme (&#8220;ETS&#8221;), applicable from January 1, 2024, applies to all the shipowning companies of the Company and refers to emissions generated by intra-EU maritime voyages and
                    emissions from voyages which start or end at EU ports (but the other destination is outside the EU). Since the liability derives from the choice of voyages which are directed, controlled and the benefit of which is attributed to our
                    time charterers, the latter are responsible and liable for securing the EUAs to settle the environmental credit obligations derived from voyages they performed. However, should they fail to do so, the ultimate liability lies with the
                    shipowning companies. As such the liability to purchase EUAs for voyages subject to ETS performed by our vessels is presented by the Company under Accounts payable and the EUAs that are receivable by the Company from our time charterers
                    are presented under Trade accounts receivable in the accompanying consolidated balance sheets. Any EUAs that have been paid into the EUA account of Central Mare Inc. <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -28.4px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">(&#8220;Central Mare&#8221;) </span> by our Charterers are presented under Due from/to related parties (Note 5). Since the EU has set the&#160; settlement of EUAs for the 2024 and 2025 voyages subject to ETS on
                    September 30, 2025 and 2026, respectively, such receivables and liabilities have been presented as current.&#160;The liability in connection with the 2024 voyages was fully settled on September 30, 2025, as dictated by the EU. The receivable
                    and payable EUAs as well as the EUAs paid by our time charterers to Central Mare Inc. are considered a Level 1 item in the fair value hierarchy (since the EUAs are quoted in an active market) and all such receivable and payable balances
                    are presented at their fair value as at the reporting date</span>.</div>
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    <td style="width: auto; vertical-align: top;">
              <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;">Recent Accounting Pronouncements:<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> <span style="font-weight: normal; font-style: normal;">In November 2023, the </span></span><span style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: normal; font-style: normal;">Financial Accounting Standards Board (&#8220;FASB&#8221;) issued
                  Accounting Standard Update (&#8220;ASU&#8221;) 2023-07, which requires the disclosure of significant segment expenses that are part of an entity&#8217;s segment measure of profit or loss and regularly provided to the chief operating decision maker. In </span><span style="font-weight: normal; font-style: normal;"><span style="font-weight: normal; font-style: normal;">addition, it adds or makes clarifications to other segment-related disclosures, such as clarifying that the disclosure requirements in
                    ASC 280 are required for entities with a single reportable segment and that an entity may disclose m</span>ultiple measures of segment profit and loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023 and
                  interim periods beginning after December 15, 2024. Early adoption is permitted. The amendments should be adopted retrospectively. The Company adopted ASU 2023-07 as of January 1, 2024 and its adoption did not have an impact on the
                  Company&#8217;s financial statements or disclosures.<br/>
                </span></div>
              <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;"><span style="font-weight: normal; font-style: normal;"> <br/>
                </span></div>
              <div style="font-family: 'Times New Roman'; font-style: italic; font-weight: bold; text-align: justify;">
                <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal;">In November 2024, the FASB issued ASU No. 2024-03, &#8220;Income Statement&#8212;Reporting Comprehensive
                  Income&#8212;Expense Disaggregation Disclosures (Subtopic 220-40)&#8221;. The amendments in this Update require disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in this update
                  are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods December 15, 2027. Early adoption is permitted. The amendments in ASU 2024-03 should be applied
                  either (1) prospectively to financial statements issued for reporting periods after the effective date of this update or (2) retrospectively to any or all prior periods presented in the financial statements. The Company evaluated the
                  impact of this ASU on its financial statements and determined that there is no effect on its consolidated results of operations.</div>
              </div>
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                <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies the navigability
                    and applicability of interim reporting guidance under US GAAP and adds a new disclosure principle for interim periods. The amendments are not intended to change the fundamental nature of interim reporting or expand or reduce substantive
                    interim disclosure requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, for public business entities and after December 15, 2028 for entities other than
                    public business entities, with early adoption permitted. The Company is currently evaluating the impact that adopting this update may have on its consolidated financial statement disclosures.</div>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-14</span></div>

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          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

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                <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">
                  <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">In December 2025 the FASB issued ASU No. 2025-12 to clarify, correct errors in or make other improvements to a broad range of topics in the
                    Accounting Standards Codification (&#8220;ASC&#8221;), including ASC 260, Earnings Per Share; ASC 325, Investments &#8212; Other; and ASC 958, Not-for-Profit Entities. The guidance is effective for all entities for annual reporting periods beginning
                    after 15 December 2026, and interim periods within those annual periods. Early adoption is permitted. Entities are required to apply the amendments to ASC 260 retrospectively to each prior reporting period presented in the period of
                    adoption. Entities can apply all other amendments in the period of adoption either (1) prospectively to all new transactions recognized on or after the date that the entity first applies the amendments or (2) retrospectively to the
                    beginning of the earliest comparative period presented, with an adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets in the statement of financial position) as of the beginning
                    of the earliest comparative period presented. An entity may elect the transition method on an issue-by-issue basis (except for the ASC 260 amendments). The Company evaluated the impact of this ASU on its consolidated financial
                    statements and determined that there is no effect on its results of operations.</div>
                </div>
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              <div style="font-family: 'Times New Roman'; text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">There are no <span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">recent accounting pronouncements the adoption of which is expected to have a material effect on the
                  Company&#8217;s consolidated financial statements in the current or any future periods.</span></div>
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      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
    </div>

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    <div>
      <ix:nonNumeric name="us-gaap:SubstantialDoubtAboutGoingConcernTextBlock" id="Text_8462d7ae05dc4c13ba3a743215a903af" contextRef="c20250101to20251231" escape="true" continuedAt="Text_76f08b54e21640fc8a7ec0cfbbbdc22d1">
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                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">3.</em></b></p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Going Concern:</b></p>
              </td>

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      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_76f08b54e21640fc8a7ec0cfbbbdc22d1" continuedAt="Text_76f08b54e21640fc8a7ec0cfbbbdc22d2"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_76f08b54e21640fc8a7ec0cfbbbdc22d2" continuedAt="Text_76f08b54e21640fc8a7ec0cfbbbdc22d3"><p style="margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; text-align: justify; text-transform: none; color: rgb(0, 0, 0);">At December 31, 2025, the Company had a working
        capital deficit of $<ix:nonFraction name="tops:WorkingCapital" id="Fact_57d487ee384b4926bb19269f1a9408f9" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">15,509</ix:nonFraction> which included an amount of $<ix:nonFraction name="us-gaap:DeferredIncomeCurrent" id="Fact_859b25a0482e478ea944af9dd7daec8c" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,228</ix:nonFraction> relating to pre-collected revenue and is included in Unearned revenue in the accompanying consolidated balance sheets. This amount represents a current liability that does not require
        future cash settlement. For the year ended December 31, 2025, the Company realized net income of $<ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_e735511b383a4099901102b716128ba7" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,086</ix:nonFraction> and generated cash flow from
        operations of $<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" id="Fact_d2f9db0e5a6d45d3ababd89b3b62e6ac" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,431</ix:nonFraction>. In addition, as of the date of issuance of these financial statements and for the next 12 months, the Company had
        contractual commitments for the Newbuilding Tankers it had contracted to acquire (see Note 8 and 19) of $<ix:nonFraction name="tops:OtherCommitmentToBePaidInNextRolling12Months" id="Fact_6776f0c5caa04f55be4eecdc4fcbea83" contextRef="c20260331_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_StatementScenarioAxis_ScenarioPlanMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,520</ix:nonFraction>, out of which for $<ix:nonFraction name="tops:OtherCommitmentFinanced" id="Fact_78c70717811c4e2d85970dd63425b40c" contextRef="c20260331_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,842</ix:nonFraction> the Company has secured financing for (see Note 8 and 19). Furthermore, the Company has additional contractual obligations to Central Mare as the
        seller of the Newbuilding Tankers as of the date of issuance of these financial statements amounting to $<ix:nonFraction name="tops:OtherCommitmentToBePaidInNextRolling12Months" id="Fact_a0da36ddcd8d4402ae081d8cf4b8e78d" contextRef="c20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_StatementScenarioAxis_ScenarioPlanMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,593</ix:nonFraction>, up to April 15, 2026,
        for which under certain circumstances Central Mare can demand the payment of any outstanding installment in the form of newly-issued Series G Preferred Shares (Note 19).</p></ix:continuation>
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      </p></ix:continuation>
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<div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">In the Company&#8217;s opinion, the Company will be able to finance its working capital deficit in the next 12 months with cash on hand and operational cash
        flow and cash flows from financing activities, including potential equity offerings and hence the Company believes it has the ability to continue as a going concern and finance its obligations as they come due via cash from operations over the next
        twelve months following the date of the issuance of these financial statements. Consequently, the consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of
        liabilities in the normal course of business.</div>
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      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;">&#160;<br/>
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      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p>
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    <td style="vertical-align: top; width: 27pt;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4</em>.</b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>(a) Vessels, net:</b></p>
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    </div>

    <div>
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      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d763" continuedAt="Text_15f467e6ece74e9aae847946241c4d764"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p></ix:continuation>

      <ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentTextBlock" id="Text_bbfdc21c79b54317be37a7fd3941723e" contextRef="c20250101to20251231" escape="true" continuedAt="Text_2de30dc2d432418dbce42b8a8b32defc1"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d764" continuedAt="Text_15f467e6ece74e9aae847946241c4d765"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated balance sheets are
        analyzed as follows:</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_2de30dc2d432418dbce42b8a8b32defc1" continuedAt="Text_2de30dc2d432418dbce42b8a8b32defc2"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d765" continuedAt="Text_15f467e6ece74e9aae847946241c4d766"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_2de30dc2d432418dbce42b8a8b32defc2"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d766" continuedAt="Text_15f467e6ece74e9aae847946241c4d767">
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    <td valign="bottom" style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; white-space: nowrap;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Vessel </b></b><b><b>Cost</b></b></p>
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> </b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; white-space: nowrap;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Accumulated</b></b></p>
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> Depreciation</b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; white-space: nowrap;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Net Book Value</b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

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              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2023</span></span></p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" id="Fact_f45d2cebecde40a7b72643830d0146f3" contextRef="c20231231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">409,264</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" id="Fact_9eb7227f9201475396a5fb65eeed775c" contextRef="c20231231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">34,554</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_ae1c7f1768494c138942daddf7826f0b" contextRef="c20231231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">374,710</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#8212; Depreciation</p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;">-</span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_a96b8b83ae6543c3af1c976ff572562e" contextRef="c20240101to20241231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,336</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_c144fef5f5cd4bba8d34ba622b2523ef" contextRef="c20240101to20241231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,336</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, </b><span style="font-weight: bold;"><span style="text-indent: 0pt;">2024</span></span></p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" id="Fact_57331c91fdf84b5baa17f0ded9075ecc" contextRef="c20241231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">409,264</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" id="Fact_1b3294105c774e16b4c5baffdbb67061" contextRef="c20241231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,890</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_558f7de3d4094ec195fb1054759ad05a" contextRef="c20241231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">361,374</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#8212; Additions</p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_1721cd69eda14e3e8323d8b6a4506d06" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,017</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipmentAdditions" id="Fact_95e7f2c012474c94b8f2247780165ba9" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,556</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PropertyPlantAndEquipmentNetAdditions" id="Fact_c184b0267cd34a68b6d8e8a4fbbceb21" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,461</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">&#8212; Rubico Spin-off <br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:PropertyPlantAndEquipmentSpinOff" id="Fact_e5da1dfa02114fbfb8aa7ab2e21fd6ed" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,646</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccumulatedDepreciationDepletionAndAmortizationSpinOff" id="Fact_75f2bbfb15b24af69a1344df0c42061a" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,716</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:PropertyPlantAndEquipmentNetSpinOff" id="Fact_811da746c4a6476d8765ff28f71140ba" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">107,930</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;" rowspan="1">&#8212; Foreign currency translation differences <br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PropertyPlantAndEquipmentForeignCurrencyTranslationDifferences" id="Fact_dc357c2c203545aaaf33332ccdf335ed" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">958</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccumulatedDepreciationDepletionAndAmortizationForeignCurrencyTranslationDifferences" id="Fact_74d2725573bb4c59b9335f39d5eecc8d" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">126</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:PropertyPlantAndEquipmentNetForeignCurrencyTranslationDifferences" id="Fact_8f76a73dac2c427d87ed43bc0ff9306c" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">832</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">&#8212; Depreciation <br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;">-</span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_42adb20fbce34c12bc227a606c096483" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,271</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_fd56fe1e1c984f579b44981e627c8483" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,271</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Balance, December 31, <span style="text-indent: 0pt;">2025</span></b></p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" id="Fact_a22d6faedeb14cc49432f35c0ad6961a" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">311,593</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" id="Fact_95b07409653440b4b4b970c151419032" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,127</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1"><b>)</b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_18555ef139ff469bb4defba3f3e9513b" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">268,466</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d767" continuedAt="Text_15f467e6ece74e9aae847946241c4d768"><p style="font-variant: normal; margin: 0pt; text-indent: 18pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d768" continuedAt="Text_15f467e6ece74e9aae847946241c4d769"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">As of December 31, 2025 title of ownership is
          held by the relevant lenders in respect of vessels with a carrying value of $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_d3916b51e3a74600a1e271f46fd1ff7c" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsFinancedUnderSaleAndLeaseBackAgreementsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">241,857</ix:nonFraction> to secure the relevant sale and lease back
          financing transactions and in the case of vessels financed via bank loans a vessel with a carrying value of $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" id="Fact_3513d7ba3dfb40caaf15f290b8e92c1b" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_VesselsMortgagedAsSecurityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,609</ix:nonFraction> has been mortgaged
          as security under its respective loan facility.</span><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d769" continuedAt="Text_15f467e6ece74e9aae847946241c4d7610"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-15</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7610" continuedAt="Text_15f467e6ece74e9aae847946241c4d7611"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p></ix:continuation>
      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7611" continuedAt="Text_15f467e6ece74e9aae847946241c4d7612">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-size: 10pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4.</em></b></p>
            </td>

    <td style="vertical-align: top;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-size: 10pt;"><b>(b) Advances for vessels under construction:</b></p>
            </td>

  </tr>


</table>
</ix:continuation>
      <ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7612" continuedAt="Text_15f467e6ece74e9aae847946241c4d7613"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>

      <ix:nonNumeric name="tops:AdvancesForVesselsUnderConstructionTableTextBlock" id="Text_be3f57d5968749c49de23a9726293d24" contextRef="c20250101to20251231" escape="true" continuedAt="Text_40491d44f63b47c998b5c4d5a39bab9d1"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7613" continuedAt="Text_15f467e6ece74e9aae847946241c4d7614"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">An analysis of Advances for vessels under
        construction is as follows:</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_40491d44f63b47c998b5c4d5a39bab9d1" continuedAt="Text_40491d44f63b47c998b5c4d5a39bab9d2"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7614" continuedAt="Text_15f467e6ece74e9aae847946241c4d7615"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_40491d44f63b47c998b5c4d5a39bab9d2"><ix:continuation id="Text_15f467e6ece74e9aae847946241c4d7615">
<table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: rgb(0, 0, 0); width: 100%; border-spacing: 0;" class="cfttable">


  <tr>

    <td valign="bottom" style="vertical-align: bottom;">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap;" colspan="2">
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Advances for</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> vessels under</div>
              <div style="text-align: center; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> construction</div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2024</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstruction" id="Fact_1335e970848741ddb16c625378729a07" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8212; Additions</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstructionAdditions" id="Fact_6dde9b70becc4776a1172c938aff6af5" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,567</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8212; Advances paid</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstructionAdvancesPaid" id="Fact_9ae7cfcf331a4885b88b06f37ebc0573" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,599</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8212; Capitalized expenses</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstructionCapitalizedExpenses" id="Fact_4b0b1b29073e4a738d929b5841cc5345" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,082</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8212; Capitalized Imputed interest</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstructionCapitalizedImputedInterest" id="Fact_f5d7c38f0af34a7a953ff44d69ff1335" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">629</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%;">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#8212; Foreign currency translation differences</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstructionForeignCurrencyTranslationDifferences" id="Fact_1a96a12bbd264543965df857e68badba" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">330</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: bottom; width: 88%; background-color: rgb(204, 238, 255);">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Balance, December 31, 2025</div>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"><ix:nonFraction name="tops:AdvancesForVesselsUnderConstruction" id="Fact_2d55681f93ca45dfa724b8cd98e20007" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,207</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>
      </div>

    <div>
      <p style="font-variant: normal; margin: 0pt;">&#160;</p>
      <p style="font-variant: normal; margin: 0pt;"> </p>
      <p style="font-variant: normal; margin: 0pt;"> </p>
    </div>

    <div style="width: 100%;" class="BRPFPageFooter"></div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <ix:nonNumeric name="us-gaap:RelatedPartyTransactionsDisclosureTextBlock" id="Text_09395ec74c8545fc94badf347c22cf05" contextRef="c20250101to20251231" escape="true" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4711">
<div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">5.</em></b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Transactions with Related Parties:</b></p>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4711" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4712"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4712" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4713"><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4713" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4714">
<div style="text-align: justify;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-style: italic;"><b>(a)</b>&#160;<b>Central Mare</b> &#8211;<b> Executive
              Officers and Other Personnel Agreements:</b></span> On September 1, 2010, the Company entered into separate agreements with Central Mare, a related party affiliated with the family of Mr. Evangelos J. Pistiolis, pursuant to which Central Mare
          provides the Company with its executive officers (Chief Executive Officer, Chief Financial Officer) and a number of administrative employees. </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4714" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4715"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4715" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4716">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4716" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4717">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">As of December 31, 2024
        and 2025, the amounts due from Central Mare were $<ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_8ab3a9f930de4764bca2563957f0800f" contextRef="c20241231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">351</ix:nonFraction> and $<ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_f6e27a92fbb7453d88ff1009efb99c52" contextRef="c20251231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,037</ix:nonFraction> respectively, reflecting the fact that Central Mare has collected $<ix:nonFraction name="tops:EuropeanUnionAllowancesCollectedFromCharterers" id="Fact_2a6e3149372a440cbde30f5481164778" contextRef="c20241231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">351</ix:nonFraction> and $<ix:nonFraction name="tops:EuropeanUnionAllowancesCollectedFromCharterers" id="Fact_a01851189133486f9d67a021f95151a0" contextRef="c20251231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,037</ix:nonFraction> worth of EUA&#8217;s on the Company&#8217;s behalf from the Company&#8217;s charterers, respectively. Such amount is included in Due (to)/from related parties in
        the accompanying consolidated balance sheets.</div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4717" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4718">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4718" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b4719"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/>
      </p></ix:continuation><ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b4719" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47110"><ix:nonNumeric name="us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock" id="Text_fc7d4b53f8ba4b9ba59b02eaaff5cdf8" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" escape="true" continuedAt="Text_f576bc99b7dd48fbb59de220f6fdd77d1">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
      <span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:nonNumeric></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47110" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47111"><ix:continuation id="Text_f576bc99b7dd48fbb59de220f6fdd77d1" continuedAt="Text_f576bc99b7dd48fbb59de220f6fdd77d2"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The










































































































































































          fees charged by and expenses relating to Central Mare for the years ended December 31, 2023, 2024 and 2025 are as follows:</span><br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47111" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47112"><ix:continuation id="Text_f576bc99b7dd48fbb59de220f6fdd77d2" continuedAt="Text_f576bc99b7dd48fbb59de220f6fdd77d3"><p style="font-variant: normal; margin: 0pt;"><br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47112" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47113"><ix:continuation id="Text_f576bc99b7dd48fbb59de220f6fdd77d3">
<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="5" style="text-align: center; font-family: 'Times New Roman';">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Year Ended December 31,</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 50%;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; width: 1%; padding-bottom: 2px;">&#160;</td>

    <td style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom; width: 7%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/>
                  </b></b></p>
            </td>

    <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/>
                  </b></b></p>
            </td>

    <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">&#160;<b><b><span style="text-indent: 0pt;">2024</span></b></b></td>

    <td style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px; vertical-align: bottom;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><br/>
                  </b></b></p>
            </td>

    <td style="text-align: center; font-family: 'Times New Roman'; width: 7%; border-bottom: 2px solid rgb(0, 0, 0); vertical-align: bottom;">&#160;<b><b><span style="text-indent: 0pt;">2025</span></b></b></td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; text-align: left; vertical-align: bottom; width: 1.08%; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Executive officers and other personnel expenses</p>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" id="Fact_5a052cdb81eb4eb2881a0c69b32350d8" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralMareMember_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" id="Fact_3b5b4ed5984e442689e61de7fb933865" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralMareMember_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

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    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:SalariesWagesAndOfficersCompensation" id="Fact_f0ee6ba08e98488d9d37c8986a22591a" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralMareMember_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255); white-space: nowrap;">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">General and administrative expenses &#8211; Consolidated statements of
                  comprehensive income</em></p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_1078348c88784eb195206677c7ce97bc" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_aef80b27ed844c9099c0d9cf33ffbbcc" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; font-weight: bold;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; font-weight: bold;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_7cb509c46ca2422f8cc29ae3587993d8" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralMareMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" colspan="1" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1.08%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 50%;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">&#160;</em></td>

  </tr>


</table>
</ix:continuation></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47113" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47114">
<div>  <br/></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47114" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47115">
<div><br/></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47115" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47116"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(b) Central
            Shipping Inc (</i>&#8220;<i>CSI</i>&#8221;<i>) </i>&#8211;<i> Letter Agreement and Management Agreements:</i></span> On January 1, 2019, the Company entered into a letter agreement with CSI (&#8220;CSI Letter Agreement&#8221;), a related party affiliated with the family of
        Evangelos J. Pistiolis and between January 1, 2019 and September 8, 2021 the Company entered into management agreements, or Management Agreements, between CSI and the Company&#8217;s vessel-owning subsidiaries. The CSI Letter Agreement can only be
        terminated subject to an <ix:nonNumeric name="tops:NoticePeriodToTerminateAgreement" id="Fact_9f1d7be973c04e8d8eba72546cfffb1b" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">eighteen-month</ix:nonNumeric> advance notice, subject to a termination fee equal to <ix:nonNumeric name="tops:TerminationFeePeriodOfFeesPayable" id="Fact_8b033986e98848b398b1eecfab4e27dc" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">twelve months</ix:nonNumeric> of fees payable under the CSI Letter Agreement.</p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47116" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47117">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47117" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47118"><p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47118" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47119">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47119" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47120"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">Pursuant to the CSI Letter Agreement, as well
        as the Management Agreements concluded between CSI and the Company&#8217;s vessel-owning subsidiaries, the Company pays a management fee of $<ix:nonFraction name="tops:DailyManagementFee" id="Fact_9f12128aff4f4bda80b28de49979983c" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">670</ix:nonFraction>
        per day per vessel for the provision of technical, commercial, operation, insurance, bunkering and crew management, commencing <ix:nonNumeric name="tops:DailyManagementFeeCommencementPeriod" id="Fact_33e12a70977d45068e25f3e2d4f8ec26" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">three months</ix:nonNumeric>
        before the vessel is scheduled to be delivered by the shipyard. In addition, the Management Agreements provide for payment to CSI of: (i) $<ix:nonFraction name="tops:DailyFeeForSuperintendentVisits" id="Fact_95cc3e3686234911a85e6b0190e41fb1" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">609</ix:nonFraction>
        per day for superintendent visits plus actual expenses; (ii) a chartering commission of <ix:nonFraction name="tops:CharteringCommissionPercentage" id="Fact_6994a84c434a459e9342e815020cf7a1" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.25</ix:nonFraction>% on all freight, hire and demurrage
        revenues; (iii) a commission of <ix:nonFraction name="tops:CommissionPercentageOnGrossVesselSalesProceedsOrPurchasePriceOfVessels" id="Fact_1775d4eec3c44d08bab205307eee0628" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.00</ix:nonFraction>% on all gross vessel sale proceeds or the purchase price paid for vessels and (iv) a financing fee
        of <ix:nonFraction name="tops:FinancingFeePercentage" id="Fact_283356388c9b46f68e2e2688d1c3ed80" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">0.2</ix:nonFraction>% on derivative agreements and loan financing or refinancing. CSI also performs supervision services for all of the Company&#8217;s
        newbuilding vessels while the vessels are under construction, for which the Company pays CSI the actual cost of the supervision services plus a fee of <ix:nonFraction name="tops:SupervisionServicesFeePercentage" id="Fact_0c5f9dd7d9224f5ab96bafca93e902e8" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">7</ix:nonFraction>%
        of such supervision services.</p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47120" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47121">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47121" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47122"><p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;"><br/>
      </p></ix:continuation>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-16</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47122" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47123"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">CSI provides, at cost, all accounting,
        reporting and administrative services. Finally, the CSI Letter Agreement provides for a performance incentive fee for the provision of management services to be determined at the discretion of the Company&#8217;s Board of Directors. The management
        agreements have an initial term of <ix:nonNumeric name="tops:RelatedPartyTransactionTermOfAgreement" id="Fact_189bd063672d47aa9470abb24cce7ad1" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric>, after which they will continue to be in effect until terminated by either party subject
        to an <ix:nonNumeric name="tops:NoticePeriodToTerminateAgreement" id="Fact_013238d46c5245e3adac9641f7e73ad8" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">eighteen-month</ix:nonNumeric> advance notice of termination. Pursuant to the terms of the management agreements, all fees payable to CSI are
        adjusted annually according to the US Consumer Price Inflation (&#8220;CPI&#8221;) of the previous year. If CPI is less than <ix:nonFraction name="tops:ConsumerPriceInflation" id="Fact_d05c07f3104540939e939492bc01b958" contextRef="c20250101to20251231_RangeAxis_MinimumMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% then a <ix:nonFraction name="tops:PercentageIncreaseDecreaseInFeesPayableCondition1" id="Fact_a6463aad509f47a18e12eeb819f11ffa" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">2</ix:nonFraction>% increase is effected and if CPI is more than <ix:nonFraction name="tops:ConsumerPriceInflation" id="Fact_d6f87dc0445240f5a77f252ba2b234d2" contextRef="c20250101to20251231_RangeAxis_MaximumMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>%,
        then a <ix:nonFraction name="tops:PercentageIncreaseDecreaseInFeesPayableCondition2" id="Fact_8411a90464e7487f8e51001d5c198699" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">5</ix:nonFraction>% increase is effected. On September 15, 2021 the Company entered into an amendment to the CSI Letter Agreement, whereby the
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        of the commission on launching of the newbuilding vessel and <ix:nonFraction name="tops:NewbuildingVesselsMonitoringFeePercentagePaidOnDeliveryOfNewbuildingVessel" id="Fact_f447ba11f0344b12a906b32e9acdcb10" contextRef="c20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% of the commission on the delivery of the newbuilding vessel to the
        Company (&#8220;steel cutting&#8221; and &#8220;launching&#8221; are newbuilding vessel construction milestones, evidenced by notices received by the shipyard).</p></ix:continuation><ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47123" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47124">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
       <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47124" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47125"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47125" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47126"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">As of December 31, 2024 and 2025, the amounts
        due from/(to) CSI were $<ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_7a373fa4257442bdbb3c5a44110fe07c" contextRef="c20241231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">480</ix:nonFraction> and $(<ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" id="Fact_7595442a06fc424c8505fe0d0efee239" contextRef="c20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">437</ix:nonFraction>)
        respectively and are presented in Due to related parties and due from related parties, respectively, on the consolidated balance sheets.<br/>
      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47126" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47127"><p style="font-variant: normal; margin: 0pt;"><br/>
      </p></ix:continuation>

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        CSI for the years ended December 31, 2023, 2024 and 2025 are as follows:</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_c4da9c046e004be69566c7884a72ddfb1" continuedAt="Text_c4da9c046e004be69566c7884a72ddfb2"><ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47128" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47129"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_c4da9c046e004be69566c7884a72ddfb2"><ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47129" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47130">
<table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;" class="cfttable">


  <tr>

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%;">&#160;</td>

    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; white-space: nowrap;" rowspan="1" colspan="5">
              <div><b>Year Ended December 31,</b></div>
            </td>

    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; padding-bottom: 2px; width: 25%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 1%;">&#160;</td>

    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; border-bottom: 2px solid rgb(0, 0, 0); width: 7%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b> <span style="text-indent: 0pt;">2023</span><br/>
                  </b></b></p>
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    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" colspan="1">&#160;</td>

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              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/>
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    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; vertical-align: bottom; width: 1.08%; padding-bottom: 2px;" colspan="1">&#160;</td>

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                  </b></b></p>
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    <td valign="bottom" style="text-align: center; font-family: 'Times New Roman'; width: 1.08%; padding-bottom: 2px;" colspan="1">&#160;</td>

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              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Presented in:</b></p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

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              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Management fees </p>
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    <td valign="bottom" style="font-family: 'Times New Roman'; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

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              <div style="margin-left: 18pt; text-indent: -9pt; text-align: right;"> <span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFees" id="Fact_ad90f6c12f644eba8b338521d9178cc9" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,840</ix:nonFraction></span> </div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

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              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFees" id="Fact_e09ceb7d22a14bc1a8e2ed6ffff03bd2" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,906</ix:nonFraction></span> </div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ManagementFees" id="Fact_e88678888a3c43899cf8db38d97f249c" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,912</ix:nonFraction></span> <br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);" colspan="1">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees &#8211; related parties &#8211; Consolidated statements of comprehensive income</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td colspan="1" rowspan="3" style="font-family: 'Times New Roman'; width: 25%; text-align: left; vertical-align: middle;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Superintendent fees</p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_d998ea49f91747db88ffa872f03d4c8b" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VesselOperatingExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">42</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_54936aa70efc4de8880e0270b0fbf0c4" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VesselOperatingExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_d931812536b84517879e5335a44acd99" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VesselOperatingExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Vessel operating expenses &#8211; Consolidated statements of comprehensive income</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_89a2dbf405174da48d5929a682099774" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_FixedAssetsVesselsNetMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_43236390988f4ab286a41ebf436de397" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_FixedAssetsVesselsNetMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_47f6f53d40234f4aa7e7317fca610943" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_FixedAssetsVesselsNetMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Capitalized in Vessels, net &#8211; Balance sheet</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_29df7c4b55fc4a3599e289e84d4d6186" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_DryDockingCostsMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_954e02c09ffa497ca9ec1b25d6fd0f79" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_DryDockingCostsMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">74</ix:nonFraction></span></td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:SuperintendentFees" id="Fact_42f4b01c97f345e0bd5c7bc7bc1101a0" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_DryDockingCostsMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;" rowspan="1">
              <div style="text-align: left; font-family: 'Times New Roman'; font-size: 12pt;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Dry-docking costs -</span>&#160;<span style="font-size: 10pt; font-family: 'Times New Roman';">Consolidated












































































                  statements of comprehensive income</span></div>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Accounting and reporting cost</p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccountingAndReportingCosts" id="Fact_ba3f5a6c52db4d73bcf1d37f8c914f9a" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccountingAndReportingCosts" id="Fact_3e786dfc48a44213977296b916c517e1" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:AccountingAndReportingCosts" id="Fact_70466540016b41d4a311655ae8083cd7" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">360</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255); white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees &#8211; related parties &#8211; Consolidated statements of comprehensive income <br/>
              </p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission for sale and purchase of vessels</p>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionForSaleAndPurchaseOfVessels" id="Fact_e7822b7c85814d298a022e67cfb99b09" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionForSaleAndPurchaseOfVessels" id="Fact_9721f3ce28dd487996a8d01a28eb7bba" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
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    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionForSaleAndPurchaseOfVessels" id="Fact_6d8d49d016bc43c6a6360b3a27d2b5ad" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_RelatedPartyManagementFeesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">778</ix:nonFraction></span></td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Management fees &#8211; related parties &#8211; Consolidated statement of comprehensive income</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Newbuilding vessels monitoring fee</p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NewbuildingVesselsMonitoringFeeCapitalized" id="Fact_ffebbd8d22f74966ad9381a602754bff" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_AssetsHeldForSaleToRelatedPartyVesselConstructionContractMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NewbuildingVesselsMonitoringFeeCapitalized" id="Fact_e4c2945a5bac4c3b84cccea9015bd142" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_AssetsHeldForSaleToRelatedPartyVesselConstructionContractMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:NewbuildingVesselsMonitoringFeeCapitalized" id="Fact_ebf601a209e0490498504d03548a1aec" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_AssetsHeldForSaleToRelatedPartyVesselConstructionContractMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">417</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);">Capitalized in Advances for vessels under construction &#8211; Balance sheet </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Financing fees</p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinancingFeesCapitalized" id="Fact_b93063b429bc417183f2516e83f6e8af" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_CurrentPortionAndNonCurrentPortionOfLongTermDebtMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">164</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinancingFeesCapitalized" id="Fact_c9edfea72a164be08eaabbdf86bc3231" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_CurrentPortionAndNonCurrentPortionOfLongTermDebtMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">586</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:FinancingFeesCapitalized" id="Fact_e5e2de7070e5452586551c18c8358622" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementOfFinancialPositionLocationActivityCapitalizationAxis_CurrentPortionAndNonCurrentPortionOfLongTermDebtMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">414</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Net in Current and Non-current portions of long-term debt &#8211; Balance sheet</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Commission on charter hire revenue</p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionOnCharterHireAgreements" id="Fact_5a4a79cbe80a49819161fd61252025d6" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VoyageExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,037</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionOnCharterHireAgreements" id="Fact_bf1ba6b3ed4c49feb9ba1fffff35edaa" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VoyageExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,040</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 7%; background-color: rgb(204, 238, 255);" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:CommissionOnCharterHireAgreements" id="Fact_3c4647b583494331bf914c5f688e8482" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_IncomeStatementLocationAxis_VoyageExpensesMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,015</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; vertical-align: bottom; text-align: right; width: 1.08%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-family: 'Times New Roman'; margin-left: 0pt; width: 50%; background-color: rgb(204, 238, 255);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: left;">Voyage expenses - Consolidated statements of comprehensive income</p>
            </td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 25%;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_9b632fe361274711a4071fe2b48b8d6f" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,443</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_ba72544d40c044aaba1fb251108fd3dd" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,012</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 7%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:RelatedPartyTransactionAmountsOfTransaction" id="Fact_182e61cd07d948299987e56683b6aaf9" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralShippingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,910</ix:nonFraction></span><br/>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 1.08%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; width: 50%;"><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">&#160;</em></td>

  </tr>


</table>
</ix:continuation></ix:continuation>
      </div>

    <div>
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      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47131" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47132"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"></p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47132" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47133"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(c)</i> <span style="font-style: italic;">Issuance and conversion of Series E Shares: </span><span style="font-weight: normal;">On March 29, 2019 the Company entered into a stock purchase agreement with Family Trading Inc (&#8220;Family Trading&#8221;), a related party
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            Trading Credit Facility with <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_7a13e6e6e9eb4686b052f095f6027a82" contextRef="c20190329to20190329_CounterpartyNameAxis_FamilyTradingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">27,129</ix:nonFraction> Series E Shares (defined below, also see Note 15). For the year ended December 31, 2023, the
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            of the Series E Shares. On December 6, 2023, the Company received a conversion notice for the conversion of all the outstanding Series E Shares (<ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_dff98264505547b394dc449d18d6afc8" contextRef="c20231206_CounterpartyNameAxis_FamilyTradingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">13,452</ix:nonFraction>
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      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47133" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47134">
<div><br/></div>
</ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47134" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47135"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(d)</i> <i>Charter















































































































































































            Party with</i> <i>Central Tankers Chartering Inc (</i>&#8220;<i>CTC</i>&#8221;<i>): </i></span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January 6, 2021 the Company acquired a shipowning company from an entity affiliated with Mr. Evangelos J. Pistiolis that owned M/T Eco Oceano CA which was party to a time charter, with CTC
          an entity affiliated with Mr. Evangelos J. Pistiolis, for a firm duration of </span><ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_21f6ed5cc98f4992bdcf6f063ca1c0e2" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric> at a gross daily rate of $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDay" id="Fact_34312e29d9274b46b7d216b4cf9ef5b0" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,450</ix:nonFraction>, with <span style="-sec-ix-hidden:Fact_3ed4391535de4751b661db3446d392b1">two</span> optional years at $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDayOptionalYear1" id="Fact_74a109e837a24a40b99e9c2350da398a" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,950</ix:nonFraction> and $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDayOptionalYear2" id="Fact_6a8f7e0e83e944aaa3bc6b36133ed165" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,450</ix:nonFraction> at CTC&#8217;s option. On
        February 22, 2022, the Company amended the previously agreed time charter with CTC and increased its firm period from <ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_9e6e9291565e45bebc810b2c81bf96a8" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">5 years</ix:nonNumeric> to <ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_adcd520ba8e14549829e52869b47d3cc" contextRef="c20220222_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durwordsen">15 years</ix:nonNumeric> and reduced the daily rate from $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDay" id="Fact_634a9747fd2c43828a29384f36ca6f19" contextRef="c20210106_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,450</ix:nonFraction>
        to $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDay" id="Fact_e636aaebc43c49e2830fd0ae9fe3571e" contextRef="c20220222_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,500</ix:nonFraction>. On December 31, 2025, the Company further amended the time charter with CTC to increase the daily rate to $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDay" id="Fact_80ed822642f24306881c81dc8b0b8ca6" contextRef="c20251231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,000</ix:nonFraction> from $<ix:nonFraction name="tops:LessorOperatingLeaseCharterRatePerDay" id="Fact_5c8aaaf895d24097902ce291ea2577bc" contextRef="c20220222_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,500</ix:nonFraction> with its firm period
        being amended to expire on December 31, 2030. As part of the amendment, CTC now has a purchase option exercisable only in February 2027 at an amount of $<ix:nonFraction name="us-gaap:LessorOperatingLeaseAssumptionsAndJudgmentsValueOfUnderlyingAssetAmount" id="Fact_9bc83e8fb940401c9c6bf12105f55cbf" contextRef="c20251231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">70,000</ix:nonFraction>.
        Both amendments were approved by a special committee of the Company&#8217;s board of directors, of which all of the directors were independent, after obtaining a fairness opinion from an independent financial advisor. The time charter commenced on the
        date of delivery. For the years ended December 31, 2023, 2024 and 2025 the CTC charter generated $<ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_cb41a820b796492cb2798e1d12334c4a" contextRef="c20230101to20231231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction>, $<ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_3c7822aaf13d4c5db224ab79ad841991" contextRef="c20240101to20241231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,967</ix:nonFraction> and $<ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_5a8d643fbd9741159c35d9776d091d48" contextRef="c20250101to20251231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction> of revenue presented in
        Time charter revenues in the accompanying consolidated statements of comprehensive income. As of December 31, 2024 and 2025, amounts due from CTC amounted to $<ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_702411e4d6ab4b4e80cbb3e86e3f5292" contextRef="c20241231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction> and $<ix:nonFraction name="us-gaap:OtherReceivablesNetCurrent" id="Fact_999bf43b3192401d97f87d68bef5bbff" contextRef="c20251231_CounterpartyNameAxis_CentralTankersCharteringIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">112</ix:nonFraction>. This amount related to the worth of EUAs that were due from CTC.</p></ix:continuation>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-17</span></div>

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          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

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      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47138" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47139"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;"><i>(e)
            Personal Guarantees by Mr. Evangelos J. Pistiolis and Related Amendments to the Series D Preferred Shares: </i></span>As a prerequisite for the Navigare Lease (defined below, see Note 6), Mr. Evangelos J. Pistiolis personally guaranteed the
        performance of the bareboat charters connected to the lease and in exchange, the Company agreed to indemnify him for any losses suffered as a result of the guarantee provided and the Company amended the Certificate of Designations governing the
        terms of the Series D Preferred Shares (see Note 9), to adjust the voting rights per share of Series D Preferred Shares such that during the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax
        Trust does not fall below a majority of the Company&#8217;s total voting power, irrespective of any new common or preferred stock issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare
        Lease. This personal guarantee came into effect in case <ix:nonNumeric name="tops:ThresholdPeriodForLeaseRepayment" id="Fact_a4a4d3a219bf4727984628aae1379a34" contextRef="c20250101to20251231" format="ixt-sec:durday">120</ix:nonNumeric> days had passed and the Company was still unable to pay down all amounts due
        under the Navigare lease, with the exception of amounts due to Navigare due to a total loss, where in this case the personal guarantee would cover an amount equal to all unpaid charter hire and a further amount equivalent to all future charter hire
        that would have accrued from the date of the total loss up to the end of the charter period and was callable <ix:nonNumeric name="tops:CallPeriodForPersonalGuaranteeAfterTotalLoss" id="Fact_e3bbde858d8b444fb7d6163908687e02" contextRef="c20250101to20251231" format="ixt-sec:durday">200</ix:nonNumeric> days after the date of
        the total loss. Due to the related party nature of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by our Board of Directors, including all <ix:nonFraction name="tops:NumberOfIndependentDirectors" id="Fact_4e1f05723d104f9598baa3500bbddb10" contextRef="c20250101to20251231" unitRef="U007" decimals="INF" scale="0" format="ixt-sec:numwordsen">three</ix:nonFraction> independent directors. Subsequent to the expiration of the Navigare Lease on December 22, 2025, the amendment to the Certificate of Designations adjusting the voting
        rights per share of the Series D Preferred Shares was automatically terminated, and the voting rights of the Series D Preferred Shares reverted to their pre-amendment terms.</p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47139" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47140"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;"><br/>
        </span></p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47140" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47141">
<div><span style="font-weight: bold; font-style: italic;"> </span></div>
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      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47141" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47142"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(f) Issuance of Series F Shares: </span>On January 17, 2022, the Company entered into a stock purchase agreement with Africanus Inc., an affiliate of Evangelos J. Pistiolis for the sale of up to <ix:nonFraction name="tops:TemporaryEquitySharesToBeSold" id="Fact_2f032cea317b4766bf520a3b20bd8c5c" contextRef="c20220117_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">7,560,759</ix:nonFraction> newly-issued Series F Non-Convertible Perpetual Preferred Shares (&#8220;Series F Shares&#8221;, see Note 15). The issuance of the Series F Shares was approved by a committee of
        the Company&#8217;s board of directors, of which all of the directors were independent. In December 2022, <ix:nonFraction name="tops:PercentageOfTemporarySharesTransferredToTrust" id="Fact_cb3026291d614c5d8750b60e35dbd9c6" contextRef="c20221201to20221231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of Africanus Inc shares were
        transferred to 3 Sororibus Trust, which is an irrevocable trust established for the benefit of certain family members of Mr. Pistiolis. For the years ended December 31, 2023, and 2024 the Company declared dividends of&#160; $<ix:nonFraction name="tops:TemporaryEquityDividendsCash" id="Fact_2790bb3af67346b6bf0160b308490c89" contextRef="c20230101to20231231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,009</ix:nonFraction> and $<ix:nonFraction name="tops:TemporaryEquityDividendsCash" id="Fact_2c94e50679d14616ba572e0d16a62ec9" contextRef="c20240101to20241231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">0</ix:nonFraction> respectively. On February 6,
        2024, the Company redeemed the remaining <ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_18f08d0de5f54336aa8fe937872c4c68" contextRef="c20240206to20240206_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">3,659,627</ix:nonFraction> Series F Shares for $<ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_ca0e4e2b7bc046e78fcb23478c197d80" contextRef="c20240206to20240206_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,916</ix:nonFraction>. As of December 31, 2024, there were <ix:nonFraction name="tops:TemporaryEquityDividendsPayableCurrent" id="Fact_df535ec4a4a9416f903f190e216c53ea" contextRef="c20241231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction> dividends due to Africanus Inc.<br/>
        <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47142" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47143"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(g) Short-term loan to Rubico (&#8220;Rubico Bridge Loan&#8221;):</span> On <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">November


























































          7, 2025, the Company extended an unsecured short-term credit facility of $<ix:nonFraction name="us-gaap:NotesAndLoansReceivableGrossCurrent" id="Fact_10471db790f94c168ab609c4be6d04f2" contextRef="c20251107_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,000</ix:nonFraction> used by Rubico to facilitate the refinancing of its
          fleet.&#160;The facility bore interest of <ix:nonFraction name="tops:FinancingReceivableInterestRatePercentage" id="Fact_1c7943b1607c40479d341bfe08706bc4" contextRef="c20251107_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">6.0</ix:nonFraction>% per annum, an arrangement fee of <ix:nonFraction name="tops:FinancingReceivableArrangementFeePercentage" id="Fact_f2a155160a3e43899d721b6d2f55d736" contextRef="c20251107_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">2.0</ix:nonFraction>% and a prepayment fee of <ix:nonFraction name="tops:FinancingReceivablePrepaymentFeePercentage" id="Fact_d5d4921bbe1142be8ae351ff567ed9d6" contextRef="c20251107_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">1.0</ix:nonFraction>% in case that Rubico prepaid
          the outstanding balance before its original maturity of <ix:nonNumeric name="tops:FinancingReceivableTerm" id="Fact_8b770ded60fd4a6fa1140c6bbabad07a" contextRef="c20250101to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durday">90</ix:nonNumeric> days after the drawdown date. Rubico prepaid the outstanding amount of $<ix:nonFraction name="us-gaap:RepaymentOfNotesReceivableFromRelatedParties" id="Fact_2a87d3f423104a299c057bc540af0e87" contextRef="c20251112to20251112_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,000</ix:nonFraction> on November 12, 2025, together with interest, arrangement fee and prepayment fee. Related party interest income, arrangement fee and prepayment
          fee for the year ended December 31, 2025, incurred in connection with this credit facility, amounted to $<ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_5e7db2153b0c405ca4fd6ac620c9ab0d" contextRef="c20250101to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7</ix:nonFraction>, $<ix:nonFraction name="tops:FinancingReceivableArrangementFeeAmount" id="Fact_61f9a8bc120c4579a4cdfc4ef9723594" contextRef="c20250101to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">180</ix:nonFraction> and $<ix:nonFraction name="tops:FinancingReceivablePrepaymentFeeAmount" id="Fact_463085bb24ea4f86bfefda7d792ff033" contextRef="c20250101to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">90</ix:nonFraction> respectively and are
          included in interest income in the accompanying consolidated statements of comprehensive income. As of December 31, 2025, there were <ix:nonFraction name="tops:FinancingReceivablePrepaymentFeeReceivableCurrent" id="Fact_bbd2fddd15334af2b101a2e9b1df5634" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:InterestReceivableCurrent" id="Fact_7fa06117a43341a9a1417b8936531d2d" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="tops:FinancingReceivableArrangementFeeReceivableCurrent" id="Fact_20a84a6b212246c8bcec6009c979cd41" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></ix:nonFraction>
          interest, arrangement fees nor prepayment fees due from Rubico Inc. As of December 31, 2025, the amount due to Rubico was $<ix:nonFraction name="us-gaap:OtherLiabilitiesCurrent" id="Fact_75fbe0810a3e4be982eacf524ca080b2" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">139</ix:nonFraction> and was
          presented in Due to related parties, on the consolidated balance sheets.<br/>
        </span></p></ix:continuation>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
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      </p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47145" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47146"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;">(h) Executive bonus:</span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On








































          December 10, 2023 and on October 9<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">,</span>
          2024, the Company&#8217;s compensation committee comprising of independent directors suggested and the board of directors granted to Mr. Evangelos J. Pistiolis a bonus of $<ix:nonFraction name="tops:BonusExpense" id="Fact_d07bf3ba1b264b46bafdf459a1083280" contextRef="c20231210to20231210_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,000</ix:nonFraction> and <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$<ix:nonFraction name="tops:BonusExpense" id="Fact_a9bf017cec794dfa9589c1cffb3b7a8e" contextRef="c20241009to20241009_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,000</ix:nonFraction></span> respectively which is included in &#8220;General and administrative expenses&#8221; in the accompanying consolidated
          statements of comprehensive income. On January 23, 2025<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">,</span> the Company&#8217;s compensation committee comprising of independent directors suggested and the board of directors granted to Mr. Evangelos J. Pistiolis an additional bonus of $<ix:nonFraction name="tops:BonusExpense" id="Fact_dcb4a2e1106e4ff890631d8e5345b8a3" contextRef="c20240101to20241231_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,000</ix:nonFraction> for the year 2024, which is also included in &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements of comprehensive income for the year
          ended December 31, 2024. An amount of $<ix:nonFraction name="us-gaap:OtherLiabilities" id="Fact_bc07c0c0770a4433a722fb4a2e344d87" contextRef="c20241231_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,000</ix:nonFraction> was due to Mr. Evangelos J. Pistiolis and such amount was included in Due to related
          parties in the accompanying consolidated balance sheets as of December 31, 2024. The amount of $<span style="font-weight: bold;"><ix:nonFraction name="tops:IncreaseDecreaseInDueToRelatedParties2024Bonus" id="Fact_382ebc4a3fad4ebb9d8a475db7997e68" contextRef="c20251231_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">2,000</ix:nonFraction></span>
          has been fully settled as of December 31, 2025.</span> On October 17, 2025, the compensation committee suggested and the board of directors granted a bonus of $<ix:nonFraction name="tops:BonusExpense" id="Fact_1b730f77bf3046b2afb69baa18643671" contextRef="c20251017to20251017_IncomeStatementLocationAxis_GeneralAndAdministrativeExpenseMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,000</ix:nonFraction> to Mr. Evangelos J. Pistiolis for the year 2025, which is included in &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements of comprehensive income for the
        year ended December 31, 2025. As of December 31, 2025, the amount of $<ix:nonFraction name="tops:IncreaseDecreaseInDueToRelatedParties2025Bonus" id="Fact_fdd557c531534eada740778f3374b1df" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">6,000</ix:nonFraction> has been fully settled.</p></ix:continuation>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-18</span></div>

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          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47147" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47148"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(i) Advances for Asset Acquisition to Related Party:&#160;</span>O<span style="font-family: 'Times New Roman';">n November 21, 2025 the Company entered into a non-binding letter of intent (&#8220;2025 No-Shop LOI&#8221;) with Mr. Evangelos J. Pistiolis
          for the potential acquisition of certain residential real estate assets in Dubai from a company affiliated with Mr. Evangelos J. Pistiolis, whereby the latter granted the Company an exclusive right and an option to acquire all or a portion of a
          portfolio of assets with an estimated aggregate market value in excess of $<ix:nonFraction name="tops:AssetAcquisitionMarketValueOfAssetsToBeAcquired" id="Fact_0b138880df8e48558b76f88b6712779d" contextRef="c20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RangeAxis_MinimumMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-6" scale="6" format="ixt:num-dot-decimal">200</ix:nonFraction> million. The purchase price on exercise of the option
          with respect to any of the properties will be at a <ix:nonFraction name="tops:AssetAcquisitionPercentageDiscountOnPurchasePriceUponExerciseOfAssetPurchaseOption" id="Fact_1d3b9ced3d824284be6331dc19b9e89d" contextRef="c20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">10</ix:nonFraction>% discount to their respective fair market values as determined by <ix:nonFraction name="tops:NumberOfIndependentAppraisalsToDetermineFairMarketValueOfAssets" id="Fact_6595acddc530422aac8a374530b3aeb1" contextRef="c20250101to20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember" unitRef="U008" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> independent appraisals. The consideration for the 2025 No-Shop LOI was $<ix:nonFraction name="tops:NoShopClause2025Consideration" id="Fact_017301e8f74f4be3914dc617752c5dd6" contextRef="c20250101to20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,500</ix:nonFraction> (the &#8220;2025 No-Shop-LOI Consideration&#8221;) that will be credited against the acquisition price or refunded to the extent the Company does not elect to exercise the purchase option. As
          of December 31, 2025, $<ix:nonFraction name="tops:NoShopClause2025ConsiderationPaid" id="Fact_73e58c9cf1b54aaa893a5b37b2404ab5" contextRef="c20250101to20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,500</ix:nonFraction> of the 2025 No Shop LOI Consideration <span style="font-family: 'Times New Roman';">was </span>settled
          and the remaining $<ix:nonFraction name="tops:NoShopClause2025ConsiderationPaid" id="Fact_3121b2f1a3524614a1c9a2f0ab3fe6b1" contextRef="c20260105to20260105_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,000</ix:nonFraction> was settled on January 5, 2026. The purchase option had an expiration period of <ix:nonNumeric name="tops:PurchaseOptionExpirationPeriod" id="Fact_d8c2a9709f99438cbda9db527fa86387" contextRef="c20250101to20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" format="ixt-sec:durday">90</ix:nonNumeric> days after the payment of the 2025 No-Shop-LOI Consideration and was subsequently extended up to May 31, 2026. As of December 31, 2025, the $<ix:nonFraction name="tops:PrepaymentsToRelatedPartyNoncurrent" id="Fact_1f0fbee62d8b41d1b1b53cbbd0bf2432" contextRef="c20251231_AssetAcquisitionAxis_CertainResidentialRealEstateAssetsInDubaiMember_RelatedPartyTransactionsByRelatedPartyAxis_ChiefExecutiveOfficerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,500</ix:nonFraction> from the 2025 No-Shop-LOI Consideration paid is presented under Advances for asset acquisitions to related party in the accompanying
          consolidated balance sheets. Due to the related party nature of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by a special committee of our Board of Directors, consisting of all <ix:nonFraction name="tops:NumberOfIndependentDirectors" id="Fact_78dde20de377494e8bba7995fac9a3ba" contextRef="c20250101to20251231" unitRef="U007" decimals="INF" scale="0" format="ixt-sec:numwordsen">three</ix:nonFraction> of our independent Directors, after obtaining a fairness opinion from an independent financial advisor. In connection with the balance presented
          under Advances for asset acquisitions to related party in the accompanying consolidated balance sheets as of December 31, 2024, please see Note 1.</span></p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47148" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47149"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></span></p></ix:continuation>
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<div><br/></div>
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      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47150" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47151"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;">(j) Personal Guarantee for HSBC loan: <span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">On January 15, 2024, the Company entered into a bridge loan with HSBC Private Bank (Suisse) SA (&#8220;HSBC&#8221;) (Note 7). As a prerequisite for granting the loan to the Company, HSBC requested a personal guarantee from Mr.
            Evangelos J. Pistiolis, which he provided in exchange for an arrangement fee of <ix:nonFraction name="tops:DebtInstrumentArrangementFeePercentage" id="Fact_ea63030269bd450195a5f4e928c1318c" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.00</ix:nonFraction>%. Since the loan was drawn-down and shortly
            after repaid, the Company accelerated the amortization of this arrangement fee that resulted in an expense of $<ix:nonFraction name="tops:ArrangementFeesRelatedParty" id="Fact_30b1e0d5f6e84b8a93d9f64dd18def13" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">280</ix:nonFraction>, included in
            Interest and finance costs in the accompanying consolidated statements of comprehensive income. </span></span></p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47151" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47152"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <br/>
          </span></span></p></ix:continuation>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">(k) Liability from contract with related party:&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt;">On December 4, 2025 the Company entered into a letter of intent (&#8220;LOI&#8221;) relating to the prospective sale to Rubico of Roman Explorer Inc. (a wholly owned subsidiary that owns <ix:nonFraction name="tops:PercentageOwnershipOfYacht" id="Fact_778d8a35d239473e9744e0f645a82fa8" contextRef="c20251204_LongLivedAssetsHeldForSaleByAssetTypeAxis_MYSanlorenzoMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of the Newbuilding Yacht), whereby the Company was precluded from marketing or selling the Newbuilding Yacht until March 31, 2026. The
          consideration for the LOI was $<ix:nonFraction name="tops:LetterOfIntentAdvance" id="Fact_c279ccc161064b05a19799f8227d564e" contextRef="c20251204to20251204_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,000</ix:nonFraction> (&#8220;2025 LOI advance&#8221;) and it was netted-off against the sale consideration. The consideration was
          refundable in case Rubico elected not to proceed with the acquisition of Roman Explorer Inc. The Company on December 31, 2025 (the &#8220;SPA signing date&#8221;) entered into a SPA for the sale of Roman Explorer Inc. to Rubico Inc. for a consideration of $<ix:nonFraction name="tops:NewbuildingYachtConsideration" id="Fact_ae8c1c6065844198ac92ef0c9e88876c" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,000</ix:nonFraction> (&#8220;Newbuilding Yacht Consideration&#8221;).</span> The transaction represents a nonreciprocal transfer of long-lived assets between entities under
        common control. As such, the transfer is considered a disposal other than by sale, and, by analogy to ASC 845-10-30-10, the assets to be distributed continue to be classified as held and used until the distribution occurs.</div>
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        </span></div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">On the SPA signing date, Rubico settled $<ix:nonFraction name="tops:NewbuildingYachtConsiderationSettled" id="Fact_9aae12a041cc4afcbf6061e1fbb64722" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,500</ix:nonFraction> of the Newbuilding Yacht Consideration by netting the 2025 LOI advance and by paying $<ix:nonFraction name="tops:NewbuildingYachtConsiderationPaid" id="Fact_676bb96fd9ca4829a06d69b16f816e7c" contextRef="c20251231to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">15,500</ix:nonFraction>. This amount is presented under &#8220;Liability from contract with related parties&#8221; in the consolidated balance sheets as of December 31, 2025. The remaining $<ix:nonFraction name="tops:NewbuildingYachtConsiderationOutstanding" id="Fact_1a64771c97ad4b2da7598f3f9abab56f" contextRef="c20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,500</ix:nonFraction> will be settled in installments over a period of <ix:nonNumeric name="tops:NewbuildingYachtConsiderationSettlementPeriod" id="Fact_74ffd3ca50354d2b90177717d7ba7d9e" contextRef="c20250101to20251231_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" format="ixt-sec:durday">300</ix:nonNumeric>
          days following the entry into the SPA. Under certain circumstances the Company can demand the payment of installments in the form of newly-issued Series E Perpetual Convertible Preferred Shares of Rubico, that have terms similar to the Series E
          Preferred shares issued by the Company (Note 15). On March 31, 2026 (the &#8220;Closing date&#8221;) the SPA was consummated, and Roman Explorer Inc. was transferred to Rubico. Up to the closing date, the Company had collected $<ix:nonFraction name="tops:NewbuildingYachtConsiderationSettled" id="Fact_0c829f07a9a949ac8179b31516a2051b" contextRef="c20260331_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,500</ix:nonFraction> of the Newbuilding Yacht consideration.</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">The abovementioned transaction was approved by a special committee of the Company&#8217;s board of directors (the &#8220;Special Committee&#8221;), of which all of the directors were
        independent and for each transaction the Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</div>
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      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47157" continuedAt="Text_4315c1b5d3c84c9f8f5baa19feb9b47158"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></span></p></ix:continuation>
      <ix:continuation id="Text_4315c1b5d3c84c9f8f5baa19feb9b47158"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></p></ix:continuation>

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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-19</span></div>

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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

    </div>

    <div style="width: 100%;" class="BRPFPageFooter"></div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <ix:nonNumeric name="us-gaap:LesseeOperatingLeasesTextBlock" id="Text_9cbcc6930c6944199547360b3161382f" contextRef="c20250101to20251231" escape="true" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84981">
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                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">6.</em></b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b>Leases</b></p>
              </td>

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      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84981" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84982"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84982" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84983"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt; font-style: normal; text-transform: none;"><b>A. Lease arrangements, under which the Company acts as the lessee</b></p></ix:continuation>
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<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
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      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84984" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84985"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
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<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84986" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84987"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt; font-style: normal; text-transform: none;"><b>Bareboat Chartered-in Vessels:</b></p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84987" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84988"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84988" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda84989">
<div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On
          December 1 and December 10, 2020, the Company sold and leased back M/T Eco Beverly Hills and M/T Eco Bel Air respectively to a third non-affiliated party (the &#8220;Navigare Lease&#8221;). Each vessel was chartered back on a bareboat basis for <ix:nonNumeric name="us-gaap:LesseeOperatingLeaseTermOfContract" id="Fact_3f1d3faef14d44c18c970eb164302ed6" contextRef="c20201201_PropertyPlantAndEquipmentByTypeAxis_MTEcoBeverlyHillsMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" format="ixt-sec:durwordsen"><ix:nonNumeric name="us-gaap:LesseeOperatingLeaseTermOfContract" id="Fact_0ee8c9986eed4b22a05a851c92115378" contextRef="c20201210_PropertyPlantAndEquipmentByTypeAxis_MTEcoBelAirMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric></ix:nonNumeric> at a bareboat hire of $<ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearsOneAndTwo" id="Fact_39ed0d460b5d429ba564e7c03c3eefb5" contextRef="c20201201_PropertyPlantAndEquipmentByTypeAxis_MTEcoBeverlyHillsMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearsOneAndTwo" id="Fact_833f602c9a4a470db2ea11f770afa909" contextRef="c20201210_PropertyPlantAndEquipmentByTypeAxis_MTEcoBelAirMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">16,750</ix:nonFraction></ix:nonFraction>
          per day for the first two years, $<ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearsThreeAndFour" id="Fact_62e25eb7664a488a96ba314ea1a05f6b" contextRef="c20201201_PropertyPlantAndEquipmentByTypeAxis_MTEcoBeverlyHillsMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearsThreeAndFour" id="Fact_afbe22cadbf542479471f6e4168232c8" contextRef="c20201210_PropertyPlantAndEquipmentByTypeAxis_MTEcoBelAirMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">14,000</ix:nonFraction></ix:nonFraction> per day for the next two years and $<ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearFive" id="Fact_9c94e84e971f44898213348f1a116bb2" contextRef="c20201201_PropertyPlantAndEquipmentByTypeAxis_MTEcoBeverlyHillsMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:LesseeOperatingLeaseLiabilityPerDayYearFive" id="Fact_c30ae60cf5b24d8fb2fb8faa857c0acb" contextRef="c20201210_PropertyPlantAndEquipmentByTypeAxis_MTEcoBelAirMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">10,000</ix:nonFraction></ix:nonFraction> per day for the fifth year. The Company did not have any option or obligation to buy back the vessels. The abovementioned sale and leaseback transactions contain
          customary covenants and event of default clauses, including cross-default provisions, change of control provisions (whereby Mr. Evangelos J. Pistiolis could not control less than <ix:nonFraction name="tops:MinimumPercentageOfVotingRights" id="Fact_1a83441a84784246b638598de7c9f215" contextRef="c20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">50.1</ix:nonFraction>% of the voting rights of the Company) and restrictive covenants and performance requirements. The Company had to maintain a minimum liquidity of $<ix:nonFraction name="tops:SaleLeasebackTransactionMinimumLiquidityRequirement" id="Fact_56d3f8e6fcbb44c7bb9ce94b57c35341" contextRef="c20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,000</ix:nonFraction> at all times which was certified bi-annually.&#160;</span> <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span> </div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda84989" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849810"><p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849810" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849811">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849811" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849812"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">The Company treated the Navigare lease as an operating lease. An
        operating lease ROU asset amounting to $<ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" id="Fact_60b7e187683641b9868a9c0cc3f470ee" contextRef="c20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">45,765</ix:nonFraction> was recognized at the inception of the lease together with a lease liability of $<ix:nonFraction name="us-gaap:OperatingLeaseLiability" id="Fact_f5a9e839b7094bdc855a29d4d192ef64" contextRef="c20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,759</ix:nonFraction> based on the present value of lease payments over the lease term. The operating lease ROU asset also included initial direct costs of $<ix:nonFraction name="tops:OperatingLeaseLesseeInitialDirectCost" id="Fact_2cd42d2de54845c8a045410391ca6545" contextRef="c20201201to20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,666</ix:nonFraction> and deferred losses from the sale of the vessels of $<ix:nonFraction name="us-gaap:SaleAndLeasebackTransactionGainLossNet" id="Fact_77b47ff51f174b97b145ec4a0e428326" contextRef="c20201201to20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">340</ix:nonFraction>.
        The discount rate used to calculate the present value of lease payments was calculated by taking into account the original lease term and lease payments and was estimated to be <ix:nonFraction name="us-gaap:LesseeOperatingLeaseDiscountRate" id="Fact_b3da178003ac4dd6a1ebbc4776f83aa3" contextRef="c20201210" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">6.72</ix:nonFraction>% (same as the weighted average rate), which was the Company&#8217;s estimated incremental borrowing rate, that reflected the interest the Company would have to pay to borrow
        funds on a collateralized basis over a similar term and similar economic environment. Losses from the sale of these <ix:nonFraction name="tops:NumberOfVesselsSold" id="Fact_87fc78b096ec4fbd996af5d4622731fa" contextRef="c20201210_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> vessels and
        initial direct costs which were included in the respective ROU assets were amortized on a straight-line basis over the duration of the lease and were included in operating lease expense in the statement of consolidated income. The cash paid for
        operating leases with original terms greater than 12 months was $<ix:nonFraction name="us-gaap:OperatingLeasePayments" id="Fact_2fac4907259e4257a049b7f272448fe4" contextRef="c20240101to20241231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,039</ix:nonFraction> and $<ix:nonFraction name="us-gaap:OperatingLeasePayments" id="Fact_da51cf68668749cfad52b1d1b7412d7a" contextRef="c20250101to20251231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,950</ix:nonFraction> for the years ended December 31, 2024 and 2025 respectively. The revenue generated from vessels under operating leases with original terms greater than 12 months was $<ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_03cb9e50f8da431087d48bfbb8bb1e57" contextRef="c20240101to20241231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,831</ix:nonFraction> and $<ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_7894b94822414f288acbf25f253d3db2" contextRef="c20250101to20251231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,782</ix:nonFraction> for the years ended
        December 31, 2024 and 2025 respectively.</p></ix:continuation>
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<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849813" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849814"><p style="font-variant: normal; margin: 0pt; text-indent: 18pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849814" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849815">
<div><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849815" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849816"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;">The<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"> abovementioned sale and leaseback transactions for M/T Eco Beverly Hills and M/T Eco Bel Air expired on December 22 and December 15, 2025<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">,</span>
          respectively.</span><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849816" continuedAt="Text_8756c1f1461049a2a8b9d4fbbbda849817">
<div><br/></div>
</ix:continuation>
      <ix:continuation id="Text_8756c1f1461049a2a8b9d4fbbbda849817"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Finally, the maintenance deposit asset of $<ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_adaec53184014aca833ab8b7d5c1689a" contextRef="c20241231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,000</ix:nonFraction> had also been classified as current as of December 31, 2024 (for each of the M/Ts Eco Bel Air and Eco Beverly Hills the buyer withheld $<ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_8815734f61da4a94b9f4cd43677ae2eb" contextRef="c20241231_PropertyPlantAndEquipmentByTypeAxis_MTEcoBeverlyHillsMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_5c43d2e88aca4740a6887a61a051c068" contextRef="c20241231_PropertyPlantAndEquipmentByTypeAxis_MTEcoBelAirMember_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,000</ix:nonFraction></ix:nonFraction> as a maintenance deposit, accounted for as a deposit asset, to be released at the end of the lease term). As of December 31, 2025, the
            total maintenance deposit of $<ix:nonFraction name="us-gaap:DepositsAssetsCurrent" id="Fact_217764e1aa5c4671ad191f5ba948cdce" contextRef="c20241231_SaleLeasebackTransactionDescriptionAxis_NavigareLeaseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,000</ix:nonFraction> has been returned to the Company.</span></span> </p></ix:continuation>
    </div>

    <div> <br/>
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    <div>
<div> &#160; </div>

      <ix:nonNumeric name="us-gaap:OperatingLeasesOfLessorDisclosureTextBlock" id="Text_2b22c21df69e43bfaeb1a03aabed6b3b" contextRef="c20250101to20251231" escape="true" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff11"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"><b>B. Lease arrangements, under which the Company acts as the lessor</b></p></ix:nonNumeric>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff11" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff12">
<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
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      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff12" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff13"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff13" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff14">
<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff14" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff15"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"><b>Charter agreements:</b></p></ix:continuation>
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<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
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      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff16" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff17"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;">&#160;</p></ix:continuation>
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<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff18" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff19"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;">During the year ended December 31, 2025, the Company operated <ix:nonFraction name="tops:LessorOperatingLeaseNumberOfVesselsOperatedUnderLeaseAgreements" id="Fact_85126fe15873480ea3caf084ccfda0a9" contextRef="c20250101to20251231_CounterpartyNameAxis_WecoTankersASMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">one</ix:nonFraction> vessel (M/T Marina Del Rey) under a time charter with Weco Tankers A/S, <span style="-sec-ix-hidden:Fact_f95da3f053e44d3d85e4ef70c9d11175">another</span> vessel (M/T Eco Oceano CA) with CTC, <ix:nonFraction name="tops:LessorOperatingLeaseNumberOfVesselsOperatedUnderLeaseAgreements" id="Fact_d899287cb8d2439b928c6803e7b22b10" contextRef="c20250101to20251231_CounterpartyNameAxis_ClearlakeShippingPteLtdMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> vessels (M/T
        Eco West Coast and M/T Eco Malibu) with Clearlake Shipping Pte Ltd and <ix:nonFraction name="tops:LessorOperatingLeaseNumberOfVesselsOperatedUnderLeaseAgreements" id="Fact_85558925ef9341bba6c4983851358867" contextRef="c20250101to20251231_CounterpartyNameAxis_TrafiguraMaritimeLogisticsPteLtdMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">four</ix:nonFraction> vessels (M/T Eco Bel Air, M/T Eco Beverly Hills, M/T Julius
        Caesar and M/T Legio X Equestris) under time charters with Trafigura.</p></ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff19" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff110">
<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff110" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff111"><p style="font-variant: normal; margin: 0pt; font-family: 'Times New Roman'; font-style: normal; text-transform: none; font-size: 10pt;">&#160;</p></ix:continuation><ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff111" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff112"><ix:nonNumeric name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedMaturityTableTextBlock" id="Text_84d0495f0da9408ea0a75916a6916600" contextRef="c20250101to20251231" escape="true" continuedAt="Text_f3ffe4d77efe406c8060bb60a016a3ac1">
<div><span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span>
      <span style="font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none; font-size: 10pt;"> </span></div>
</ix:nonNumeric></ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff112" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff113"><ix:continuation id="Text_f3ffe4d77efe406c8060bb60a016a3ac1" continuedAt="Text_f3ffe4d77efe406c8060bb60a016a3ac2"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;">Future minimum time-charter receipts of the Company&#8217;s vessels in operation as of December
        31, 2025, based on commitments relating to non-cancellable time charter contracts as of December 31, 2025, are as follows:<br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff113" continuedAt="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff114"><ix:continuation id="Text_f3ffe4d77efe406c8060bb60a016a3ac2" continuedAt="Text_f3ffe4d77efe406c8060bb60a016a3ac3"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-style: normal; text-transform: none; font-size: 10pt;"> <br/>
      </p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_7b7e68bd52cf4a0cbf05e1d36afa5ff114"><ix:continuation id="Text_f3ffe4d77efe406c8060bb60a016a3ac3">
<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-family: 'Times New Roman'; font-size: 10pt; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="white-space: nowrap;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Year ending December 31,</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; white-space: nowrap;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt;"><b><b>Time Charter </b></b><b><b>receipts</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2026</span></p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths" id="Fact_0a90c50416d44029bbcad237617645ac" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,729</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2027</span></p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedTwoYears" id="Fact_fc6589e4dc3b471d88badc0104e7f238" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,803</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-indent: 0pt;">2028</span></p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedThreeYears" id="Fact_8ff3f977be92409a82619caf9fd45bbf" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,660</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 88%;"><span style="text-indent: 0pt;">2029</span><br/>
            </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LessorOperatingLeasePaymentsToBeReceivedFourYears" id="Fact_a8bd38a5b5264ea880d8d517af9f437a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,246</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 88%; background-color: #CCEEFF;">
              <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-indent: 0pt;">2030</span> and thereafter</div>
            </td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:LessorOperatingLeasePaymentsToBeReceivedYearFiveAndThereafter" id="Fact_0f15d4a830984ce3bbd1b5cd0cb2a9bc" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,611</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" rowspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total</b></p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LessorOperatingLeasePaymentsToBeReceived" id="Fact_9837a304a7674bb4b631b73b858abd81" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">140,049</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>
<div>
       <span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>

      <p style="font-variant: normal; margin: 0pt; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-20</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <p style="font-variant: normal; margin: 0pt;"> </p>
    </div>

  </div>


  <div style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold; text-align: left;">
    <div style="font-size: 10pt; font-style: normal; font-weight: normal;">
      <ix:nonNumeric name="us-gaap:DebtDisclosureTextBlock" id="Text_82271ca3a9a0460da94731992a464438" contextRef="c20250101to20251231" escape="true" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb1">
<div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><b>7.</b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><b>Debt:</b></p>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb1" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb2"><p style="font-variant: normal; margin: 0pt;"> <br/>
      </p></ix:continuation>

      <ix:nonNumeric name="us-gaap:ScheduleOfDebtTableTextBlock" id="Text_3a2e0f1a462549fdb79f662dc775ba66" contextRef="c20250101to20251231" escape="true" continuedAt="Text_464ab489854b4f669e8a82840bbe84a11"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb2" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb3"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts
        in the consolidated balance sheets are analyzed as follows (facility names defined below):</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_464ab489854b4f669e8a82840bbe84a11" continuedAt="Text_464ab489854b4f669e8a82840bbe84a12"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb3" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb4"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_464ab489854b4f669e8a82840bbe84a12"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb4" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb5">
<table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;" class="cfttable">


  <tr style="vertical-align: bottom;">

    <td valign="bottom">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Financier / Vessel(s)</p>
            </td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center;" colspan="6">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;">December 31,</p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; font-style: italic;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/>
                &#160;</span></td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2024</span><br/>
              </p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); text-transform: none;"><span style="text-indent: 0pt;">2025</span><br/>
              </p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term
                debt:</p>
            </td>

    <td valign="bottom" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: justify; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none;" colspan="2">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-style: italic; width: 76%; background-color: #CCEEFF;" rowspan="1">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1<sup>st</sup> CMBFL Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_8fd446f585cd491d9cb62a673f861cc9" contextRef="c20250101to20251231_DebtInstrumentAxis_CmbflFacilityMember">M/T Julius Caesar and M/T Legio X Equestris</ix:nonNumeric></span>)<br/>
                </span></div>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_d99cf82ba5ec45288140152463ddcbf2" contextRef="c20241231_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">120,764</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_2d3e6397d458439aa195fbd48ec7f2ff" contextRef="c20251231_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-style: italic; width: 76%;" rowspan="1">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">1<sup>st</sup> AVIC Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_685da150b7a34babbd13ecaeb6f8199f" contextRef="c20250101to20251231_DebtInstrumentAxis_FirstAvicFacilityMember">M/T Eco Oceano CA</ix:nonNumeric></span>)<br/>
                </span></div>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_bc6833f0cc904970b5fb1cd70e26270d" contextRef="c20241231_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">40,066</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_695577ee5dbf423e8d8f19e8174f39ed" contextRef="c20251231_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-style: italic; width: 76%; background-color: #CCEEFF;" rowspan="1">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2<sup>nd</sup><span style="display: inline; float: none; letter-spacing: normal; white-space: normal; word-spacing: 0px; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify;"><sup> </sup>AVIC Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_ca0c98dfdb71406b89c085888dafc74a" contextRef="c20250101to20251231_DebtInstrumentAxis_SecondAvicFacilityMember">M/T Eco West Coast</ix:nonNumeric></span>)</span></span></div>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_83b6728a434a478a87b25929a16f350c" contextRef="c20241231_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,617</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_2364ad966e0d424f8ab0f77202e8458d" contextRef="c20251231_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-style: italic; width: 76%;" rowspan="1">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none; font-style: normal;">Huarong Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_67ad509b34d743a9bfd5bc2a50ca1603" contextRef="c20250101to20251231_DebtInstrumentAxis_HuarongFacilityMember">M/T Eco Malibu</ix:nonNumeric></span>)</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
                </span></div>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_61a7c54b94c4401bb941df5ff59fb44b" contextRef="c20241231_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,800</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_54d5809c8b2a4e1bb2e8d7713dc2e030" contextRef="c20251231_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="font-style: italic; width: 76%; background-color: #CCEEFF;" rowspan="1">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">2<sup>nd</sup></span> CMBFL Facility (</span><span style="font-style: normal;"><span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_5a77f3dee866412ca5677e58e6b8072c" contextRef="c20250101to20251231_DebtInstrumentAxis_SecondCmbflFacilityMember">M/T Eco Marina Del Rey</ix:nonNumeric></span>)</span></div>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_bef3069faf6547469569b2fd270b93f6" contextRef="c20241231_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,000</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_a4f7b8a5f5434795939657e48871bdaa" contextRef="c20251231_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;" rowspan="1">HSBC Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_5adde18d28d14291aba76c7330b2e02b" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember">M/Y Parabellvm</ix:nonNumeric></span>)<br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_b491a1ba646c441286cf7a56bcf8a819" contextRef="c20241231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_aee0317c2c614a16ae56f51ebf31c2a2" contextRef="c20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,040</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: #CCEEFF;" rowspan="1">New Huarong Facility (<span style="text-indent: 0pt;"><ix:nonNumeric name="tops:DebtInstrumentVesselFinanced" id="Fact_8971004e5c1b4c35ac4bea5262b49914" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember">M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris</ix:nonNumeric></span>)<br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_527564dfd1e045a29cec9a6598c37b39" contextRef="c20241231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_17a512811b1d46e292b9ec918c54f681" contextRef="c20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">205,460</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: normal; font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Total long-term
                debt</p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_044d4a74a4614c32b4a95ac154289a61" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">265,247</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_a5d49617d8ed41329974c92fafd4ebd4" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,500</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Less: Deferred
                finance fees</p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" id="Fact_bf69091925ac41eebc07d79da97be51d" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,989</ix:nonFraction></span></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">(<span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DeferredFinanceCostsNet" id="Fact_b3ef1d2ab55a4d89b6663a24fe5ec82a" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,888</ix:nonFraction></span></span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;">)</span></td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;"><span style="font-weight: bold;">Total long-term debt net of deferred finance fees and debt discounts</span><br/>
              </p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebt" id="Fact_c8aad74c8add448b80c650b9fddaa019" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">259,258</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebt" id="Fact_848426ac700b421982d4f9022ea8a572" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">216,612</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="text-indent: -9pt; margin-left: 9pt; font-style: italic; width: 76%; background-color: #CCEEFF;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><br/>
              </span></td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Presented:</p>
            </td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-style: normal; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-variant: normal; text-transform: none; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Current portion of
                long-term debt</p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" id="Fact_ca833fdafd0c437c9110759ea219d35d" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,202</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtCurrent" id="Fact_e8a4665ffb164782bf7b4d7ebb188cfa" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,824</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 76%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -18pt; margin-left: 18pt; font-style: normal; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; text-transform: none;">Long-term debt </p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" id="Fact_52f78178b1d649b59ae56ac5e8c09020" contextRef="c20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">245,056</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtNoncurrent" id="Fact_390203ea8b7a4dec83d31542bb200113" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">204,788</ix:nonFraction></span><br/>
              </span></td>

    <td valign="bottom" style="margin-left: 0pt; font-style: italic; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb5" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb6"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb6" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb7"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"><b><i><span style="text-decoration: underline; "><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"></em></span></i></b><b><i></i></b></p></ix:continuation>
      <div style="text-align: justify; font-weight: bold;">
        <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb7" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb8">
<div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <span style="font-weight: bold; font-style: italic;">HSBC Facility</span><br/>
        </div>
</ix:continuation>
        <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb8" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb9">
<div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;"> <br/>
        </div>
</ix:continuation>
        <div style="font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb9" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb10">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">On February 7, 2023, the shipowning company that owns the M/Y Parabellvm entered into a credit facility with HSBC Private Bank (Suisse) Sa (&#8220;HSBC&#8221;)
            for Euro <ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_badcdbd1ca5145619bf5d047c0fc993a" contextRef="c20230207_DebtInstrumentAxis_HsbcLoanMember" unitRef="U010" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,340</ix:nonFraction> for the financing of the M/Y Parabellvm. This facility was drawn down in full. The credit facility is repayable in <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_05d3116efe8a4a718a1c72e0c24114a0" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">28</ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_522ab4d17fc043f9be92406889074d2b" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember">quarterly</ix:nonNumeric>
            installments of Euro <ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_e78d76f906574693a036154c7148e0c3" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U010" decimals="-2" scale="3" format="ixt:num-dot-decimal">358.5</ix:nonFraction> commencing in November 2023, plus a balloon installment of Euro <ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_6243030fc92442a28e8ceefa0a58b310" contextRef="c20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U010" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,302</ix:nonFraction> payable together with the last installment.</div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb10" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb11">
<div><br/>
          </div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb11" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb12">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The facility contains various covenants, including (i) an asset cover ratio of <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_fc1d9fe6abfe4813ac081c6245e9eddf" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">167</ix:nonFraction>% up to August 2025, <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioTwo" id="Fact_ecb63568927747e3bb87cf5b17348ccd" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">182</ix:nonFraction>% from August 2025 to August 2027 and <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioThree" id="Fact_ec0f2091151844aa9ef1714ef89b1273" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">200</ix:nonFraction>% from August 2027 onwards, (ii) Debt Servicing Coverage Ratio shall be not less than <ix:nonFraction name="tops:DebtInstrumentDebtServicingCoverageRatio" id="Fact_75cf34b4105d4a09836340339f86202a" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember_RangeAxis_MinimumMember" unitRef="U005" decimals="2" scale="0" format="ixt:num-dot-decimal">1.20</ix:nonFraction>:1, where &#8220;Debt Service&#8221; is defined as the aggregate of interest and repayment relating to the HSBC Facility and &#8220;Debt Servicing Coverage Ratio&#8221; means the ratio of EBITDA of the
            Company to Debt Service. (iii) minimum free liquidity of <ix:nonNumeric name="tops:TermForMinimumFreeLiquidity" id="Fact_5d9377dbfb2f42ed894722d77f9f4f7b" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" format="ixt-sec:durwordsen">three months</ix:nonNumeric> interest service. Additionally, the facility contains
            restrictions on the shipowning company from incurring further indebtedness or guarantees and it also restricts the shipowning company and the Company from paying dividends if an event of default has occurred and is continuing or if such a
            payment will result in an event of default. Additionally, the facility contains a cross-default covenant which is triggered when an event of default has occurred in any other loan from HSBC that Mr. Evangelos J. Pistiolis (or any of his
            Affiliates) has obtained.</div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb12" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb13">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/>
          </div>
</ix:continuation>
          <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">
            <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb13" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb14">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finally, there is a covenant where Mr. Evangelos J. Pistiolis (or any of his Affiliates) must keep with HSBC Liquid Financial Assets, net of any
              debt, in an amount equal to US$<ix:nonFraction name="tops:DebtInstrumentMinimumLiquidFunds" id="Fact_d10a45d26ffa42adaf0a62dcb3d6b882" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,000</ix:nonFraction> (or its equivalent in any other currency) and should maintain such amount throughout the
              duration of the loan. For the avoidance of any doubt, &#8220;Liquid Financial Assets&#8221; shall be construed to include cash, cash alternative solutions (including fixed rate notes and credit-linked notes), equities, bonds, structured products and
              mutual funds.</div>
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          </div>

        </div>

        <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb14" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb15">
<div><br/></div>
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<div style="text-align: justify; font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">The

































            facility is secured as follows:</div>
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<div><br/>
          </div>
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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">
                  <div>First priority mortgage over M/Y Para Bellvm;</div>
                </td>

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</table>
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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Assignment of insurance and earnings of the mortgaged vessel;</div>
                </td>

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</table>
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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 13.3333px; font-style: normal; font-variant: normal; text-transform: none;">
                  <div>Specific assignment of any time charters with duration of more than <ix:nonNumeric name="tops:DebtInstrumentMinimumTermOfTimeCharterAssignedAsSecurity" id="Fact_2f3e9dd065eb4564b5c2f7f875473f08" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" format="ixt-sec:durday">30</ix:nonNumeric> days;<br/>
                  </div>
                </td>

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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Corporate guarantee of the Company;</div>
                </td>

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</table>
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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pledge of the shares of the shipowning subsidiary;</div>
                </td>

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</table>
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<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; border-spacing: 0;">


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    <td style="width: 18pt; vertical-align: top; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&#8226;</td>

    <td style="width: auto; vertical-align: top; text-align: justify;">
                  <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Pledge over the earnings account of the vessel.</div>
                </td>

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</table>
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        </div>

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <span style="text-decoration: underline;"><br/>
          </span></div>
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        <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb24" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb25">
<div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The facility bears interest at <ix:nonNumeric name="tops:DebtInstrumentTermOfVariableRate" id="Fact_894d07fdd57d42c8b737c9b41c2e2c86" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" format="ixt-sec:durwordsen">three-month</ix:nonNumeric> <span style="-sec-ix-hidden:Fact_bfd16540f1424b5fa62df216be01c265">EURIBOR</span> plus a margin of <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_ea9409199d5a412e8706ab874d8192d8" contextRef="c20250101to20251231_DebtInstrumentAxis_HsbcLoanMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.30</ix:nonFraction>%.<br/>
          </span></div>
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<div style="text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
          </span></div>
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        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="width: 100%;" class="BRPFPageFooter"></div>

          <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-21</span></div>

          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

          <div style="width: 100%;" class="BRPFPageHeader">
            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
              </a></div>

            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
            </div>

            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

            <div><br/>
            </div>

            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

            <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

          </div>

        </div>

      </div>

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<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> <b><span style="text-decoration: underline; ">FINANCINGS COMMITTED UNDER SALE AND LEASEBACK AGREEMENTS</span></b> </span></div>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb27" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb28"><p style="font-variant: normal; margin: 0pt;"><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb28" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb29"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The majority
        of the below sale and leaseback agreements (&#8220;SLB&#8221;s) contain, customary covenants and event of default clauses, including cross-default provisions and restrictive covenants.</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb29" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb30"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The New Huarong Facility (defined below) contains performance requirements including (i) a ratio of total net debt to the aggregate market value of the
        Company&#8217;s fleet, current or future, of no more than <ix:nonFraction name="tops:MaximumLeverageRatio" id="Fact_0740c7fd093c4480887fe8d4f12bd6bd" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">85</ix:nonFraction>% and (ii) minimum free liquidity of $<ix:nonFraction name="tops:DebtInstrumentMinimumLiquidFunds" id="Fact_69b2cc2fd5ed47078d6f62d35fa80e8c" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_VeryLargeCrudeCarrierMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">550</ix:nonFraction> per VLCC vessel, $<ix:nonFraction name="tops:DebtInstrumentMinimumLiquidFunds" id="Fact_8c6a7f8fe60948939bf138f135dfd80e" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_SuezmaxCrudeOilTankerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">400</ix:nonFraction> per Suezmax vessel and $<ix:nonFraction name="tops:DebtInstrumentMinimumLiquidFunds" id="Fact_15239fc3b50f4d5eaf92166c651533fc" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MRProductTankerMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">350</ix:nonFraction> per MR Product vessel, at the guarantors level.</div>
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<div><br/>
      </div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Concurrently with the entry into the New Huarong Facility,&#8239;the Company&#8239;extended its corporate guarantee to also cover the obligations deriving from the
        SLBs with the same financier (Huarong) for its former vessels M/T Eco West Coast and M/T Eco Malibu that were spun-off to Rubico (Note 8). The facilities include cross default provisions where the Company&#8217;s New Huarong Facility will be deemed in
        default should Rubico&#160;default under its respective Huarong SLB provisions.</div>
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<div><br/>
      </div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">The SLBs included below (excluding the New Huarong SLB) contained performance requirements including (i) a ratio of total net debt to the aggregate
        market value of the Company&#8217;s fleet, current or future, of no more than <ix:nonFraction name="tops:DebtInstrumentMaximumRatioOfTotalNetDebtToMarketValueOfFleet" id="Fact_54d8580a71124a8aac80527657a7233d" contextRef="c20250101to20251231" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">75</ix:nonFraction>% and (ii) minimum free liquidity of $<ix:nonFraction name="tops:DebtInstrumentMinimumLiquidityPerDeliveredVessel" id="Fact_33d864c14098478fae00e0ec07ad4f4d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">500</ix:nonFraction> per vessel at the guarantors level.</div>
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<div><br/>
      </div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Additionally, all the SLBs contain restrictions on the relative shipowning company from incurring further indebtedness or guarantees and paying dividends
        when in default or if such dividend payment would result in an event of default or termination event under the SLB agreements. The same dividend restrictions apply to the Company as well. All the SLBs have change of control provisions whereby there
        may not be a change of control of the Company, save with the prior written consent of the financier.</div>
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<div><br/>
      </div>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb38" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb39">
<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Finally, China Merchants Bank Financial Leasing Co., Ltd. (&#8220;CMBFL&#8221;) SLBs had an asset cover ratio covenant of <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_c28ebbb3e4344549a5de2064eabffb6e" contextRef="c20250101to20251231_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_7c838935ce534fdeac4fc30faa2d1ea3" contextRef="c20250101to20251231_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">125</ix:nonFraction></ix:nonFraction>%, whereas the Huarong and AVIC SLBs had an asset cover ratio covenant of <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_f73bef35cd064a05b8f729031e3c1b8f" contextRef="c20250101to20251231_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_ea54d0d45dba4663aa7a2655d3b0ebc3" contextRef="c20250101to20251231_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_000985f03b6245caad102163ff2d2c02" contextRef="c20250101to20251231_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">120</ix:nonFraction></ix:nonFraction></ix:nonFraction>% and the New Huarong Facility has an asset cover ratio covenant of <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_105ee283e483402e9bd473ca90e06f7d" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">117.6</ix:nonFraction>%.</div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"> <br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb40" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb41"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb41" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb42"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">All the
        below SLBs are secured mainly by the following:</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb42" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb43"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb43" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb44">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


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    <td style="width: 18pt;">
              <div style="font-weight: normal; font-style: normal;"><br/>
              </div>
            </td>

    <td style="vertical-align: top; width: 18pt;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
            </td>

    <td style="align: left; vertical-align: top; width: auto;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Ownership of the vessel financed;</p>
            </td>

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</table>
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<div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


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    <td style="width: 18pt;">
                <div style="font-weight: normal; font-style: normal;"><br/>
                </div>
              </td>

    <td style="vertical-align: top; width: 18pt;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Cross-default covenants, in the case where <ix:nonFraction name="tops:CrossDefaultCovenantsNumberOfBanks" id="Fact_03a6177a782049b397ff07a4aac2d68b" contextRef="c20250101to20251231" unitRef="U012" decimals="INF" scale="0" format="ixt-sec:numwordsen">one</ix:nonFraction> bank finances more than <ix:nonFraction name="tops:CrossDefaultCovenantsNumberOfVessels" id="Fact_f140d941f0d147368a4324e11d0b7b44" contextRef="c20250101to20251231" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">one</ix:nonFraction> vessel;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
              </td>

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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Assignment of insurances and earnings of the vessel financed;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
              </td>

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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Specific assignment of any time charters of the vessel financed with duration of more than <ix:nonNumeric name="tops:DebtInstrumentMinimumTermOfTimeCharterAssignedAsSecurity" id="Fact_69a39b3a13b34031abd31b62a54d5a41" contextRef="c20250101to20251231" format="ixt-sec:durwordsen">12 months</ix:nonNumeric>;</p>
              </td>

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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Corporate guarantee of Top Ships Inc.;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Pledge of the shares of the relative shipowning subsidiary;</p>
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                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">&#8226;</p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-weight: normal; font-style: normal;">Pledge over the earnings account of the vessel financed.</p>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb50" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb51"><p style="font-variant: normal; margin: 0pt;">&#160;<br/>
      </p></ix:continuation>
    </div>

    <div style="font-size: 10pt; font-style: normal; font-weight: normal;">
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb51" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb52"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>
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<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">Cargill Facility</span></div>
</ix:continuation>
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<div>&#160;</div>
</ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb54" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb55"><p style="font-variant: normal; margin: 0pt;"> </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb55" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb56"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On June 29,
        2018 the Company entered into an SLB and a <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_01af3f7e53be4493a363b51c8a73624e" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember" format="ixt-sec:durwordsen">five-year</ix:nonNumeric> time charter with Cargill, a non-affiliated party, for its newbuilding vessel M/T
        Eco Marina Del Rey delivered in March 2019. Consummation of the SLB took place on the vessel&#8217;s delivery date. Following the sale, the Company bareboat chartered back the vessel at a bareboat hire rate of $<ix:nonFraction name="tops:SaleLeasebackTransactionBareboatHireRatePerDay" id="Fact_d2d18ad698ef4784b177fcdf4ae89e67" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">8,600</ix:nonFraction> per day and simultaneously the vessel commenced its <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_1584db3137ab4ed5a95a8fe74602cfe3" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember" format="ixt-sec:durwordsen">five-year</ix:nonNumeric>
        time charter with Cargill. As part of this transaction, the Company had the obligation to buy back the vessel at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_95538cd104754695870bc2907fa39c4d" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember" format="ixt-sec:durwordsen">five-year</ix:nonNumeric>
        period for $<ix:nonFraction name="us-gaap:ContractualObligation" id="Fact_66635ba4d8a047c3924888e5b2dabe5b" contextRef="c20180629_DebtInstrumentAxis_CargillFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,680</ix:nonFraction>. The gross proceeds from the sale were $<ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_786aa337a53f47c3b3570c3b3883f00e" contextRef="c20180629to20180629_DebtInstrumentAxis_CargillFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">32,387</ix:nonFraction>.</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb56" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb57"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb57" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb58"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The facility
        also contained a fair value appreciation sharing provision, whereby the Company had to share with Cargill <ix:nonFraction name="tops:PercentageOfExcessFairMarketValueOfVessel" id="Fact_e9442a0c8af34b689dffbd89abb517b0" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">25</ix:nonFraction>% of the excess of the fair
        market value of the vessel over a predetermined amount amortized on a daily basis to the facility&#8217;s maturity or to when the vessel was sold. As a result of Cargill&#8217;s entitlement to participate in the appreciation of the market value of the vessel
        and the significant increase in tankers&#8217; fair values as of December 31, 2022 compared to December 31, 2021, the Company recognized a participation liability of $<ix:nonFraction name="tops:VesselFairValueParticipationLiabilityNoncurrent" id="Fact_ceb6e139e0f044b18e8b9db27e5521f7" contextRef="c20221231_DebtInstrumentAxis_CargillFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,271</ix:nonFraction> as of December 31, 2022, presented in &#8220;Vessel fair value participation liability&#8221; in the consolidated balance sheets, with a corresponding debit to a debt discount account, presented contra to the loan
        balance, broken down to current and non-current long-term debt according<span style="font-weight: normal;">l<span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">y. <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Due to the fact that tanker values continued to increase throughout 2023, the Company increased that participation liability by $<ix:nonFraction name="tops:IncreaseDecreaseInVesselFairValueParticipationLiability" id="Fact_4a9fdea8da2146ecb09b5009bf73d7ba" contextRef="c20230101to20231231_DebtInstrumentAxis_CargillFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,729</ix:nonFraction> to $<ix:nonFraction name="tops:VesselFairValueParticipationLiabilityCurrent" id="Fact_a39a8b5a46f54b939a83d53283054b02" contextRef="c20231231_DebtInstrumentAxis_CargillFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,000</ix:nonFraction> during the year
              ended December 31, 2023 and since the facility matured in 2024, such participation liability was presented under current liabilities. During the years ended December 31, 2023 and 2024<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">,</span> the Company amortized $<ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" id="Fact_28c3d259a54d4e46ae5bff7ffb62710d" contextRef="c20230101to20231231_DebtInstrumentAxis_CargillFacilityMember_IncomeStatementLocationAxis_InterestAndDebtExpenseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,537</ix:nonFraction> and $<ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" id="Fact_4b674386d5b749eb8b585bada36797d9" contextRef="c20240101to20241231_DebtInstrumentAxis_CargillFacilityMember_IncomeStatementLocationAxis_InterestAndDebtExpenseMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,419</ix:nonFraction> of that Debt discount, such amortization presented in Interest and finance costs in the consolidated statements of comprehensive income. The Company purchased the
              vessel on May 1, 2024, for $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_7d33759427984131ab73706b5e4e1653" contextRef="c20240501to20240501_DebtInstrumentAxis_CargillFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,671</ix:nonFraction> and also settled the Fair value participation (that as of the date of the purchase was $<ix:nonFraction name="tops:VesselFairValueParticipationLiabilityCurrent" id="Fact_4eedff15146d41cfa515d25426615735" contextRef="c20240501_DebtInstrumentAxis_CargillFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,956</ix:nonFraction>) with funds from the 2<sup>nd</sup> CMBFL Facility (see below).</span></span></span></p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb58" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb59"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"> </p></ix:continuation>
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<div><br/></div>
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        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-22</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb60" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb61"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;">The SLB with Cargill was accounted for as a financing transaction, as control remained with the Company and as such the M/T Eco Marina
        Del Rey was recorded as an asset on the Company&#8217;s balance sheet. In addition, the Company had an obligation to repurchase the vessel.</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb61" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb62"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb62" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb63"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; font-size: 10pt;"><b><i><span style="text-decoration: underline; ">1<sup>st</sup> CMBFL Facility</span></i></b></p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb63" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb64">
<div style="text-align: justify;"> <br/>
        <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January 16 and January 23, 2024, the
          Company exercised its purchase options under a previously entered facility with CMBFL and took full ownership of M/Ts Julius Caesar and Legio X Equestris for $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_3022c26f46dd4ac8b901237f86bf0f34" contextRef="c20240116to20240116_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,604</ix:nonFraction> and $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_2e01ace891eb4923a542b7cef24928d4" contextRef="c20240123to20240123_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">49,272</ix:nonFraction> respectively. Following the vessels purchase that was facilitated via Company&#8217;s
          cash and a short-term revolving bridge loan from HSBC Private Bank (Suisse) SA (&#8220;HSBC&#8221; and the &#8220;HSBC Bridge Loan&#8221;), the Company on January 18 and January 25, 2024 concluded new SLBs for the financing of M/Ts Julius Caesar and Legio X Equestris
          respectively (the &#8220;1st CMBFL Facility&#8221;) from the same institution (CMBFL). The duration of the 1st CMBFL Facility was for <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_d972394eb2a44f5280fc399cbab6c975" contextRef="c20240125to20240125_DebtInstrumentAxis_CmbflFacilityMember" format="ixt-sec:durwordsen">eight years</ix:nonNumeric>
          and the Company had continuous options, after the first year, to buy back the vessels at purchase prices stipulated in the 1st CMBFL Facility depending on when the option would be exercised and at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_09f295e3db134dc28b951c5f8f628fe8" contextRef="c20240125to20240125_DebtInstrumentAxis_CmbflFacilityMember" format="ixt-sec:durwordsen">eight-year</ix:nonNumeric> period the Company had an option to buy back the vessels for a consideration of $<ix:nonFraction name="tops:PurchasePriceOfVesselIfOptionIsExercised" id="Fact_f3a3cb424a8343b682b816fb7d44f97f" contextRef="c20240118_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:PurchasePriceOfVesselIfOptionIsExercised" id="Fact_3685a4cd9ebc4ba78aac1365ed793b88" contextRef="c20240125_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,500</ix:nonFraction></ix:nonFraction> per vessel. The 1st CMBFL Facility had a fixed bareboat hire rate of $<ix:nonFraction name="tops:SaleLeasebackTransactionBareboatHireRatePerAnnum" id="Fact_088b4529c7da49c4a4a9e033ee5913a6" contextRef="c20240125_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:SaleLeasebackTransactionBareboatHireRatePerAnnum" id="Fact_48dba79c208046d78b73ba7995775973" contextRef="c20240118_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,300</ix:nonFraction></ix:nonFraction> per annum per vessel that included both interest and repayment. </span></div>
</ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb64" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb65"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb65" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb66"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The
        consideration from the 1<sup>st</sup> CMBFL Facility amounted to $<ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_1dcd4e5ba06f4951b3825ac39911ac55" contextRef="c20240118to20240125_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">125,000</ix:nonFraction> ($<ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_ae0b11cee7ca4b3a92025997838e8756" contextRef="c20240118to20240118_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:ProceedsFromSaleOfOtherPropertyPlantAndEquipment" id="Fact_53fb792a74d948d5aee728758320c22b" contextRef="c20240125to20240125_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">62,500</ix:nonFraction></ix:nonFraction> per vessel) and the SLBs had similar customary covenants and event of default clauses as the SLBs that preceded them with CMBFL. Under the HSBC Bridge Loan the
        Company drew down $<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" id="Fact_ce28d7980d4a4c7d840bd274b621dc19" contextRef="c20240118to20240118_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" id="Fact_8268d82f4251479aa21b7e901260a7e9" contextRef="c20240116to20240116_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction></ix:nonFraction> on January 16, 2024 for the purchase of M/T Julius Caesar that were repaid on January 18, 2024 and another
        $<ix:nonFraction name="us-gaap:RepaymentsOfShortTermDebt" id="Fact_f5b5eafcfd9345c381253c0f33c98689" contextRef="c20240125to20240125_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:ProceedsFromShortTermDebt" id="Fact_b5c454d81e8e4fdca8073be4b846f39f" contextRef="c20240123to20240123_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,000</ix:nonFraction></ix:nonFraction> on January 23, 2024 for the purchase of M/T Legio X Equestris that were repaid on January 25, 2024. The HSBC Bridge Loan was
        for a maximum amount of $<ix:nonFraction name="us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity" id="Fact_acc598a92da94a3eb87ac70ce67cd9a3" contextRef="c20240116_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,000</ix:nonFraction> at any time, carried an interest of <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_61d4cd12943943cf8e48299d01eba6bd" contextRef="c20240101to20241231_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">3</ix:nonFraction>% plus <span style="-sec-ix-hidden:Fact_c35781e965d744ab986c2e35947fe532">term SOFR</span> and was guaranteed by Mr. Evangelos J.
        Pistiolis, for which guarantee Mr. Evangelos J. Pistiolis charged the Company a <ix:nonFraction name="tops:DebtInstrumentBorrowingFeePercentage" id="Fact_9dc6f7028e9f4285998cfbcfaa2c03e4" contextRef="c20240123_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentBorrowingFeePercentage" id="Fact_97c36335056440918ebeb3e625cea4d2" contextRef="c20240116_DebtInstrumentAxis_HsbcBridgeFacilityMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">1</ix:nonFraction></ix:nonFraction>% fee on the amounts drawn down. The Company
        purchased M/Ts Julius Caesar and M/T Legio X Equestris on October 17, 2025 and October 24, 2025, respectively, for $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_ccf27838bc694c3ea2cab45e4215bc3e" contextRef="c20251017to20251017_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_616312aed7b040a1a8b80e60f1fd50d2" contextRef="c20251024to20251024_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">58,155</ix:nonFraction></ix:nonFraction> each, with
        funds from the New Huarong Facility (see below) and the Company accelerated the amortization of deferred finance fees of $<ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" id="Fact_84052bcec40046e68041f085b094fd0a" contextRef="c20251017to20251024_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,667</ix:nonFraction> and also
        incurred purchase fees of $<ix:nonFraction name="tops:VesselAcquisitionPurchaseFees" id="Fact_f7b5faa32f534f00b2445299c306d4fb" contextRef="c20251024to20251024_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:VesselAcquisitionPurchaseFees" id="Fact_298b0bba2199409b89ae59daf0f6b4c4" contextRef="c20251017to20251017_DebtInstrumentAxis_CmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,032</ix:nonFraction></ix:nonFraction> for each vessel.</p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb66" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb67"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb67" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb68"><p style="font-variant: normal; margin: 0pt;"><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb68" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb69"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The 1<sup>st</sup>
        CMBFL Facility was accounted for as a financing transaction, as control remained with the Company and the <ix:nonFraction name="tops:NumberOfVesselsSold" id="Fact_1060f48e2a094e0ba86022b5c54753b7" contextRef="c20251231_DebtInstrumentAxis_CmbflFacilityMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> vessels were recorded as
        assets on the Company&#8217;s balance sheet. In addition, the Company had continuous options to repurchase the vessels, at prices expected to be below fair value. Finally, the Company treated the 1st CMBFL Facility as a debt modification (refinancing) of
        the previously entered facility with CMBFL.</p></ix:continuation>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;<br/>
        </span> </div>
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<div style="text-align: justify; font-style: italic; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="text-decoration: underline;"><b><i><span style="text-decoration: underline; ">1<sup>st</sup></span></i></b> AVIC Facility</span></div>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;<br/>
        </span> </div>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb74" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb75">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb75" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb76">
<div style="text-align: justify; font-weight: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On March 2, 2022, the
        Company entered into an SLB with AVIC, for $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_7743a4e79637498ca50bb641c96e30a3" contextRef="c20220302_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">48,200</ix:nonFraction> for the financing of the M/T Eco Oceano CA. Consummation of the SLB took place on
        March 4, 2022. The Company bareboat chartered back the vessel for a period of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_dbbcd52aca364e30adbc4cdb466fafa8" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric> at bareboat hire rates comprising of <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_7e6af367ad8c498cae899995fe210b3f" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">40</ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_527541bf96f64737aa0e2bb161aaeb2c" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember">quarterly</ix:nonNumeric> installments of
        $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_72c2a41073cb4d4f82c0fe25be861095" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">678</ix:nonFraction> and a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_1355d1f2d5cd424492d58696fd691b23" contextRef="c20220302_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">21,087</ix:nonFraction>
        payable together with the last installment, plus interest based on LIBOR (which was switched to <span style="-sec-ix-hidden:Fact_58c4d9a0a89547198fdb23471b87ffef">SOFR</span> on December 8, 2023) plus <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_5b2803f9953b4aa4a9bd7f2523f87fa9" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.50</ix:nonFraction>%, that was later reduced to <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_fc2b9c500eef4e4ca196ce98964e7df7" contextRef="c20231208to20231208_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.00</ix:nonFraction>%
        upon entering into the 2<sup>nd</sup> AVIC Facility (see below).</div>
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<div style="text-align: justify; font-weight: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> <br/>
      </div>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb77" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb78">
<div style="text-align: justify; font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">As part of this
        transaction, the Co<span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">mp</span>any had
        continuous options to buy back the vessel at purchase prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_680cc20ed6ee4cbcbe5e6b30f75a6a9b" contextRef="c20220302to20220302_DebtInstrumentAxis_FirstAvicFacilityMember" format="ixt-sec:durwordsen">ten-year</ix:nonNumeric> period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div>
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<div><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div>
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<div><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">&#160;<br/>
        </span> </div>
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      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb80" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb81">
<div><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb81" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb82">
<div style="text-align: justify; font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">The 1<sup>st</sup> AVIC
        Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco Oceano CA. continued to be recorded as an asset on the Company&#8217;s balance sheet. In addition, the Company had an obligation to repurchase the
        vessel. The Company purchased M/T Eco Oceano CA on November 6, 2025, for $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_8c930019558444a4873e92f8ff8bb780" contextRef="c20251106to20251106_DebtInstrumentAxis_FirstAvicFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,033</ix:nonFraction>, with funds from the New Huarong Facility (see below),
        the Company accelerated the amortization of $<ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" id="Fact_c99c21b67e624353ab972c57186204a7" contextRef="c20251106to20251106_DebtInstrumentAxis_FirstAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">650</ix:nonFraction> of deferred finance fees and also incurred purchase fees of $<ix:nonFraction name="tops:VesselAcquisitionPurchaseFees" id="Fact_8842c62df3274cfc8cbb9a35f8346ad1" contextRef="c20251106to20251106_DebtInstrumentAxis_FirstAvicFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">190</ix:nonFraction>.</div>
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<div style="text-align: justify; font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> <br/>
      </div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-23</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

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<div><span style="font-weight: normal; font-style: normal; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <div><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb84" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb85">
<div><span style="text-decoration: underline;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">2<sup>nd </sup>AVIC Facility</span></span>
        <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
        <div><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb85" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb86">
<div><span style="text-decoration: underline;"> </span><br/></div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb86" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb87">
<div style="display:none;"><br/></div>
<div style="background-color: #FFFFFF; letter-spacing: normal; white-space: normal; word-spacing: 0px; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal; text-align: justify; text-indent: 0px; text-transform: none;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On
              December 14, 2023<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">,</span> the Company consummated an SLB with AVIC (the </span>&#8220;2<span style="font-style: normal;"><sup>nd</sup></span> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">AVIC Facility&#8221;), for $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_6fe9008793dd457c862e6839bb5ea797" contextRef="c20231214_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,000</ix:nonFraction>, for the refinancing of the M/T Eco West Coast. The Company bareboat chartered back the vessel for a period of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_39e9b3d614fe41a682c1b0e283cfc446" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric> at bareboat hire rates comprising of <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_0f46fd432d484e7fbcb8fe641cdec601" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">120</ix:nonFraction>
              consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_ea9f91ce23d244acbddb09a0a97b360e" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember">monthly</ix:nonNumeric> installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_219a7289e09e4018be9c7dcde673f2d9" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">183.3</ix:nonFraction>
              and a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_6f81e35a4629407bb71b5ba7bed968e2" contextRef="c20231214_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,000</ix:nonFraction> payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_c5f55f2a18b64cb0a945761dd5fea493">Term SOFR</span> plus <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_b963527a148641f3ae04e90baeba0c45" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.65</ix:nonFraction>%.</span></div>
</ix:continuation>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;<br/>
            </span></div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb88" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb89">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">As part of this transaction, the Company had continuous options to buy back the vessel at purchase prices
            stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_ed15d54550164ff5bf77e8347ebf3690" contextRef="c20231214to20231214_DebtInstrumentAxis_SecondAvicFacilityMember" format="ixt-sec:durwordsen">ten-year</ix:nonNumeric> period the
            Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div>
</ix:continuation>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
          </div>
</ix:continuation>
          <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb90" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb91">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The </span>2<span style="font-style: normal;"><sup>nd</sup></span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> AVIC Facility was accounted for as a financing transaction, as control remained with the Company and M/T Eco West Coast continued to be recorded as an asset on the Company&#8217;s balance sheet. In addition, the Company had
              an obligation to repurchase the vessel.</span> The outstanding balance of the 2<sup>nd</sup> AVIC Facility on the spin off distribution date, amounting to $<ix:nonFraction name="us-gaap:SecuredDebt" id="Fact_80540e927e034f139be2f3006e982b99" contextRef="c20250801_DebtInstrumentAxis_SecondAvicFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,333</ix:nonFraction>, was transferred to Rubico following completion of the Spin-Off.</div>
</ix:continuation>
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<div><br/></div>
</ix:continuation>
          <div><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb92" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb93">
<div><span style="text-decoration: underline;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Huarong Facility</span></span></div>
</ix:continuation>
            <div><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb93" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb94">
<div><span style="text-decoration: underline;"> </span><br/></div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb94" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb95">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">On December 20, 2023<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">,</span> the Company consummated an SLB with China Huarong Shipping Financial Leasing Co Ltd. (&#8220;Huarong&#8221; and the &#8220;Huarong Facility&#8221;), for $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_581cbb10c97f46deb9ccbd14021abb7d" contextRef="c20231220_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,000</ix:nonFraction> for the refinancing of the M/T Eco Malibu. The Company bareboat chartered back the vessel for a period of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_656208625f124f93980d835fdae16744" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric> at bareboat hire rates comprising of <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_e2bc08ef8bc440ff9894f48c10748b15" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">120</ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_0ab5884f1ba24e71b082359f5887e757" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember">monthly</ix:nonNumeric> installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_12065dc0e83a452985bf82c402f3a4f5" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">183.3</ix:nonFraction> and a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_bac680bf99b248bf9fc098ce9e9c0490" contextRef="c20231220_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,000</ix:nonFraction> payable on the last installment, plus interest based on <span style="-sec-ix-hidden:Fact_082bbe5b9fb041a2a32a9f36154a583f">Term SOFR</span> plus <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_fc635a1c967b4323baae088a3217b00e" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.50</ix:nonFraction>%.</div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb95" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb96">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb96" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb97">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">As part of this transaction, the Company had continuous options to buy back the vessel at purchase
                prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_4eef0f78192549d9bcee45d6b5053c27" contextRef="c20231220to20231220_DebtInstrumentAxis_HuarongFacilityMember" format="ixt-sec:durwordsen">ten-year</ix:nonNumeric>
                period the Company had an obligation to buy back the vessel at a cost represented by the balloon payment.</div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb97" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb98">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb98" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb99">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">The Huarong Facility was accounted for as a financing transaction, as control remained with the
                Company and M/T Eco Malibu continued to be recorded as an asset on the Company&#8217;s balance sheet. In addition, the Company had an obligation to repurchase the vessel. The outstanding balance of the Huarong Facility on the spin off
                distribution date, amounting to $<ix:nonFraction name="us-gaap:SecuredDebt" id="Fact_61f3c7338d714c08aec561b37fc1c8e1" contextRef="c20250801_DebtInstrumentAxis_HuarongFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,517</ix:nonFraction>, was transferred to Rubico following completion of the Spin-Off.</div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb99" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb100">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb100" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb101">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"><span style="text-decoration: underline;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">2<sup>nd </sup>CMBFL Facility</span></span> </div>
</ix:continuation>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">&#160;<br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb102" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb103">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">On May 1, 2024<span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">,</span> the Company consummated an SLB with CMBFL (the &#8220;2nd CMBFL Facility&#8221;) for $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_23754bbbe5a44ccc910272d4e9ec2d9f" contextRef="c20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,000</ix:nonFraction> for the refinancing of
                its vessel M/T Eco Marina Del Rey. The Company bareboat chartered back the vessel for a period of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_56ef1055e1374f27971e4a009dc4454e" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" format="ixt-sec:durwordsen">seven years</ix:nonNumeric> at bareboat hire
                rates comprising of <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_0b80b7b2b8f0473c8a464351e745df35" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">28</ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_d5cd1ce524264c81a15792f96bc5beff" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember">quarterly</ix:nonNumeric>
                installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_a5915f35e2ec4898b5fbf09fb9fc256a" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">500</ix:nonFraction> and a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_a0a4c71dfdf945a4a5e0a3c63e8f1965" contextRef="c20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,000</ix:nonFraction> payable together with the last installment, plus interest based on the <ix:nonNumeric name="tops:DebtInstrumentTermOfVariableRate" id="Fact_d7e8ea946d664820b2f440b000bd4a89" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" format="ixt-sec:durwordsen">three months</ix:nonNumeric> <span style="-sec-ix-hidden:Fact_cb9e4bbbec074e03b7c24107b226c0fb">Term SOFR</span> plus <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_fdc6a8b6e6284f1faa5a52223508f7da" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.60</ix:nonFraction>%. </div>
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<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> As part of this transaction, the Company had continuous options to buy back the vessel at purchase
                prices stipulated in the bareboat agreement depending on when the option would be exercised and at the end of the <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_adb283e6ad81478f87e16e5dc401d64e" contextRef="c20240501to20240501_DebtInstrumentAxis_SecondCmbflFacilityMember" format="ixt-sec:durwordsen">seven-year</ix:nonNumeric>
                period it had an option to buy back the vessel at a cost represented by the balloon payment.</div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">The 2<sup>nd</sup> CMBFL Facility was accounted for as a financing transaction, as control remained
                with the Company and the vessel continued to be recorded as an asset on the Company&#8217;s balance sheet. In addition, the Company had continuous options to repurchase the vessel at prices expected to be below fair value. The Company purchased
                M/T Eco Marina Del Rey on October 31, 2025, for $<ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentAdditions" id="Fact_79d22916adfe494a8cdca3a1323e2c8f" contextRef="c20251031to20251031_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">25,500</ix:nonFraction>, with funds from the New Huarong Facility (see below) and the Company
                accelerated the amortization of deferred finance fees of $<ix:nonFraction name="us-gaap:AmortizationOfFinancingCosts" id="Fact_86c27a5f11c5402a87f7b22eef297645" contextRef="c20251031to20251031_DebtInstrumentAxis_SecondCmbflFacilityMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">494</ix:nonFraction> and also incurred purchase fees of $<ix:nonFraction name="tops:VesselAcquisitionPurchaseFees" id="Fact_cdd737b6378a474298f90b4bf01f9b5d" contextRef="c20251031to20251031_DebtInstrumentAxis_SecondCmbflFacilityMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">459</ix:nonFraction>.</div>
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                <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-24</span></div>

                <div style="page-break-after: always;" class="BRPFPageBreak">
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                <div style="width: 100%;" class="BRPFPageHeader">
                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
                    </a></div>

                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
                  </div>

                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

                  <div><br/>
                  </div>

                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

                  <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

                </div>

              </div>

              <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-style: italic; font-weight: bold;"><span style="text-decoration: underline;">New Huarong Facility</span></div>
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<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial;"><br/>
                </div>
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                <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb110" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb111">
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<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">On August 1, 2025, the Company entered into an SLB for its owned
                  fleet (which comprised of M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris&#160; as of that date, since the M/T Eco Malibu and the M/T Eco West Coast had been distributed to Rubico) in the amount of $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_22289f49cfdf4568b755899c2c5fcaf5" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">207,000</ix:nonFraction> ($<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_b651e55d14144f25b34db0e9e441347f" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,000</ix:nonFraction> for M/T Eco
                  Marina Del Rey, $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_4dba1b303c3e469d9c1369075ead1d11" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">42,000</ix:nonFraction> for M/T Eco Oceano CA and $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_86c7125a03ac4fc0992326143a4b6f21" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_62343694558a47be92304bd934d24938" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">68,500</ix:nonFraction></ix:nonFraction> for each of M/T Julius Caesar and M/T Legio X Equestris), for the purpose of refinancing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>&#160;CMBFL Facility, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>&#160;CMBFL Facility, the Huarong Facility and the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>&#160;AVIC Facility (see above). The New Huarong facility was consummated on October 31, 2025 for M/T Eco Marina Del Rey, November 6, 2025 for M/T Eco Oceano CA, October 17, 2025 for M/T Julius Caesar and October
                  24, 2025 for M/T Legio X Equestris. Pursuant to the SLB terms, the Company bareboat chartered back the vessels for a period of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_b81a4f9774c2433aa60cd561ecafb55e" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" format="ixt-sec:durwordsen"><ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_a547fc5170ef48f5895c52853faa3f23" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" format="ixt-sec:durwordsen"><ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_835a3bdcb8e84e5fbfeb544b00bdbcdf" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" format="ixt-sec:durwordsen">ten years</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric>
                  (except for M/T Marina Del Rey which is for <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_ab6deca4c953447b8f319fd076332a7d" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" format="ixt-sec:durwordsen">seven years</ix:nonNumeric>) at bareboat hire rates comprising of <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_38d209b1a31b4924a3e1929bb4490250" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U011" decimals="INF" scale="0" format="ixt:num-dot-decimal">84</ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_85d656da3ef54edaa1436612ef949516" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember">monthly</ix:nonNumeric>
                  installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_ecf60d743c2449bf899bd2dabe7cbd11" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">178.6</ix:nonFraction> for M/T Marina Del Rey, <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_e0cb22498ccf4d538832736878de4703" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_997c60df031f490c8739900ac2d42193" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_22a578b06b9840eb901741a32f34c70b" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">120</ix:nonFraction></ix:nonFraction></ix:nonFraction> consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_c270ea4dcf164351ac2178d89213a59a" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember"><ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_7c421885c35f491b869dbe50edea4f58" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember"><ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_2b7068ef55d04aa5b1640bc51024c695" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember">monthly</ix:nonNumeric></ix:nonNumeric></ix:nonNumeric> installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_a4fd003564de4dbd8d30a9349430f850" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U002" decimals="-2" scale="3" format="ixt:num-dot-decimal">183.3</ix:nonFraction> for M/T Eco Oceano and $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_eefe6e835caa48c885f17415c62e66f0" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_ba3affbac682467285c2b13144ba5f07" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">250</ix:nonFraction></ix:nonFraction>
                  for each of M/T Julius Caesar and M/T Legio X Equestris&#160; along with a purchase obligation of, $<ix:nonFraction name="us-gaap:ContractualObligation" id="Fact_f2ec3f5b16e84f61a4f52a22221fbc73" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoMarinaDelReyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,000</ix:nonFraction> for M/T Marina Del Rey, $<ix:nonFraction name="us-gaap:ContractualObligation" id="Fact_dc882d8a372340b5b8787f2d85e3fbf5" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoOceanoCaMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,000</ix:nonFraction> for M/T Eco Oceano and $<ix:nonFraction name="us-gaap:ContractualObligation" id="Fact_e4d687cbd41d4daf8ed09ee072f4ea9b" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTJuliusCaesarMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:ContractualObligation" id="Fact_12743420b82a483dba88528ca2de12d4" contextRef="c20250801_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember_PropertyPlantAndEquipmentByTypeAxis_MTLegioXEquestrisMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">38,500</ix:nonFraction></ix:nonFraction>
                  for each of M/T Julius Caesar and M/T Legio X Equestris at the expiry of their respective bareboat charters. The New Huarong facility bears an interest rate of <ix:nonNumeric name="tops:DebtInstrumentTermOfVariableRate" id="Fact_a4e7e62f82cb4839a9c140466c2c7f8a" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" format="ixt-sec:durwordsen">3-month</ix:nonNumeric> <span style="-sec-ix-hidden:Fact_3279e1b9247d4b69a9cfbe85d34eaf77">term SOFR</span> plus a margin of <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_40c9ba28f4e64d0bb23678a15a39bb0e" contextRef="c20250101to20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.95</ix:nonFraction>% per annum. Under the New Huarong Facility terms, the Company will have the option to buy back the vessels following the end of the first
                  year at purchase prices stipulated in their respective bareboat charter agreement depending on when the option is exercised.</div>
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                <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb112" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb113">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">The New Huarong Facility was accounted for as a financing
                  transaction, as control remains with the Company and M/T Eco Marina Del Rey, M/T Eco Oceano CA, M/T Julius Caesar and M/T Legio X Equestris will continue to be recorded assets on the Company&#8217;s balance sheet. In addition, the Company has
                  an obligation to repurchase the vessels at the end of their respective SLB term.</div>
</ix:continuation>
                <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb113" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb114">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"> <br/>
                </div>
</ix:continuation>
                <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb114" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb115">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">The applicable SOFR as of December 31, 2025, was approximately <ix:nonFraction name="tops:DebtInstrumentVariableInterestRate" id="Fact_f8c2cef6974a4d8cac7bb933a5d0f408" contextRef="c20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.74</ix:nonFraction>%.</span> </div>
</ix:continuation>
              </div>

              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb115" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb116">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
</ix:continuation>

              <ix:nonNumeric name="us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" id="Text_8f89aee50bf34b69abd5272dbfd4d057" contextRef="c20250101to20251231" escape="true" continuedAt="Text_8edadc6033c1463393e9335706ed8c191"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb116" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb117"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><i><span style="font-weight: bold; font-size: 10pt; font-family: 'Times New Roman';">Scheduled Principal Repayments:</span> </i></b><span style="font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company&#8217;s annual principal payments required to be made after December 31, 2025, on its debt
                  obligations, are as follows:</span></p></ix:continuation></ix:nonNumeric>
              <ix:continuation id="Text_8edadc6033c1463393e9335706ed8c191" continuedAt="Text_8edadc6033c1463393e9335706ed8c192"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb117" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb118"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/>
              </p></ix:continuation></ix:continuation>
              <ix:continuation id="Text_8edadc6033c1463393e9335706ed8c192"><ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb118" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb119">
<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="margin-right: 30%; font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Years</p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: justify; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: justify; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: rgb(204, 238, 255);">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2026</span></p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" id="Fact_66cef9e85f664bb1adc4e435dd61dbbf" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,026</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2027</span></p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" id="Fact_a8d53701dbcb45fda8a41af7d3c23b9d" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,026</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: rgb(204, 238, 255);">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2028</span></p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" id="Fact_e9723eb48f8d45e5bf920f0d1b04aded" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,026</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2029</span></p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" id="Fact_73c55e516c9e4de2acde76bfbf06e651" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,026</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%; background-color: rgb(204, 238, 255);">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">December 31, <span style="text-indent: 0pt;">2030</span> and thereafter</p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);"><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFiveAndThereafter" id="Fact_7670f4279e5b42b4b8684308fe031ddc" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">170,396</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 88%;">
                      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">Total</p>
                    </td>

    <td valign="bottom" colspan="1" style="text-align: right; margin-left: 0pt; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:DebtInstrumentCarryingAmount" id="Fact_3c092f95cd90456ea1b8da8331f92eed" contextRef="c20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">218,500</ix:nonFraction></span><br/>
                      </span> </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none; white-space: nowrap;">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb119" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb120"><p style="font-variant: normal; margin: 0pt; text-indent: 9pt;"><br/>
              </p></ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb120" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb121"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">As
                of December 31, 2024 and 2025, the Company was in compliance with all covenants with respect to its credit facilities. The fair value of debt outstanding on December 31, 2025, after excluding unamortized financing fees, <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">approximates its carrying amount due the fact
                  that it has variable interest rates (SOFR and Euribor)</span>.</p></ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb121" continuedAt="Text_50f8d58f504e43ce85d5cfa17b4e05cb122"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
              <ix:continuation id="Text_50f8d58f504e43ce85d5cfa17b4e05cb122"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><b><i><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Financing Costs</span>: </i></b><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The net additions in deferred financing costs amounted to $<ix:nonFraction name="tops:DebtIssuanceCostsAdditions" id="Fact_383539b50f2445549230b77f80138b74" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,024</ix:nonFraction>
                  and $<ix:nonFraction name="tops:DebtIssuanceCostsAdditions" id="Fact_4a141d99e5b8407fbd972d4e33376520" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,807</ix:nonFraction> during the years ended, December 31, 2024 and 2025 respectively. </span></p></ix:continuation>

              <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
              </div>

            </div>

          </div>

        </div>

      </div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <ix:nonNumeric name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock" id="Text_df1a5278d5a947df9233bf8db039ed24" contextRef="c20250101to20251231" escape="true" continuedAt="Text_40e0d8c2099644428d6a17759f59bab81">
<div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <div style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">8.</div>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <div style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Commitments and Contingencies:</div>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab81" continuedAt="Text_40e0d8c2099644428d6a17759f59bab82"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"><span style="text-decoration: underline;"> <br/>
        </span></p></ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab82" continuedAt="Text_40e0d8c2099644428d6a17759f59bab83">
<div><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration: underline; display: inline ! important; float: none;">Legal proceedings:</span></div>
</ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab83" continuedAt="Text_40e0d8c2099644428d6a17759f59bab84">
<div><br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab84" continuedAt="Text_40e0d8c2099644428d6a17759f59bab85"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. As part of the normal course of operations, the Company&#8217;s
        customers may disagree on amounts due to the Company under the provision of the contracts which are normally settled through negotiations with the customer. Disputed amounts are normally reflected in revenues at such time as the Company reaches
        agreement with the customer on the amounts due.</p></ix:continuation>
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      </p></ix:continuation>
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        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-25</span></div>

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          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab86" continuedAt="Text_40e0d8c2099644428d6a17759f59bab87"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p></ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab87" continuedAt="Text_40e0d8c2099644428d6a17759f59bab88"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Other than the cases mentioned above, the Company is not a party to any material litigation where claims or counterclaims have been filed against the Company other than routine legal proceedings incidental to its business.</p></ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab88" continuedAt="Text_40e0d8c2099644428d6a17759f59bab89"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;<br/>
      </p></ix:continuation>
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<div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-size: 10pt;"><span style="text-decoration: underline;">Guarantee on performance of loans of the </span><span style="text-decoration: underline;">2020</span><span style="text-decoration: underline;">&#160;Joint Venture:</span></span></div>
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<div>&#160;<br/>
      </div>
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      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab811" continuedAt="Text_40e0d8c2099644428d6a17759f59bab812"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On December 10, 2020, the Company entered into a corporate guarantee agreement with Alpha Bank of Greece (which was amended on February 2, 2022) in respect of the obligations of its <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_a342889553ea4b2285f73a327b5bd9fd" contextRef="c20201210_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_6037c5b0236e40a9b34803b8a0ec79d5" contextRef="c20201210_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction></ix:nonFraction>% subsidiaries, California 19 Inc. and California 20 Inc., under the Loan Agreement dated March 12, 2020, <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">which was further amended on September 27, 2024 (Note 16) to increase the drawdown amount to $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_ab8e8e9bce024f709af6733608db6f05" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_55d8ccf972cc4b0096f45367958d0ca4" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,000</ix:nonFraction></ix:nonFraction> per company, for a total loan facility as at the time of said amendment of $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_bd2d2563e7034293aae71e46f33acd53" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">60,000</ix:nonFraction> ($<ix:nonFraction name="us-gaap:SecuredDebt" id="Fact_e5b7d915396e408c9a80c9cb6d6c8fb1" contextRef="c20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">55,000</ix:nonFraction> as of December 31, 2025) pursuant to which the Company
          guarantees up to <ix:nonFraction name="tops:PercentageOfAggregateOutstandingLiability" id="Fact_20fcea8fcbeb472f8b4893ae8d0d4231" contextRef="c20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the aggregate outstanding liability, for the financing of M/T Eco Yosemite Park and M/T Eco Joshua Park (the
          &#8220;Alpha Corporate Guarantee&#8221;). The Company assigns zero probability of default to the said loan agreements and hence has not established any provisions for losses relating to this matter.</span></p></ix:continuation>
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<div><br/></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Capital Expenditures under the Company&#8217;s Newbuilding program:</span></div>
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<div><br/></div>
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        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">
          <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab815" continuedAt="Text_40e0d8c2099644428d6a17759f59bab816">
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">On February 18, 2026, the Company entered into an SPA for the purchase of the Newbuilding Tankers with Central Mare (Note 19) and as a result of this transaction
            the Company had remaining contractual commitments to the shipyard as of February 18, 2026 totalling $<ix:nonFraction name="us-gaap:OtherCommitment" id="Fact_042a633bc72b402ea9998525ffdac23e" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">406,800</ix:nonFraction>, out of which an amount
            of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInNextTwelveMonths" id="Fact_b18b8ffc91b94335a91b223af5a805e2" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,020</ix:nonFraction> was payable in 2026 and is already settled as of the date of issuance of these financial statements, an amount of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInSecondYear" id="Fact_3acad4c6a38d4726aabb1a40d47f427e" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,600</ix:nonFraction> is payable in 2027, an amount of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInThirdYear" id="Fact_a45d6e2491ce417fa3932a92ab1619b2" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">126,560</ix:nonFraction>
            is payable in 2028 and an amount of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInFourthYear" id="Fact_fbd6e0a6d5164ecab1e38050fb34b032" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">196,620</ix:nonFraction> is payable in 2029. These contractual commitments to the shipyard are financed at <ix:nonFraction name="tops:PercentageOfCommitmentsThatAreFinanced" id="Fact_32496c97b93c4adaa6d7178b0f8ad176" contextRef="c20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">85</ix:nonFraction>% from the sale and leaseback financing agreements with <ix:nonFraction name="tops:NumberOfLeasingCompanies" id="Fact_6550bd6930334266b7af4420e341539c" contextRef="c20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U013" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> major Chinese leasing companies (Note 19).</div>
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<div style="font-size: 10pt;"><br/>
          </div>
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          <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab817" continuedAt="Text_40e0d8c2099644428d6a17759f59bab818">
<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">The Company also had contractual commitments to Central Mare as seller of the Newbuilding Tankers totaling $<ix:nonFraction name="us-gaap:OtherCommitment" id="Fact_7d03e5c4d2a64704b63c42a3165f8af2" contextRef="c20251231_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,093</ix:nonFraction> out of which $<ix:nonFraction name="tops:PaymentsForContractualCommitments" id="Fact_17f6f59c87b8401090e0aee424066eb3" contextRef="c20260218to20260218_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,000</ix:nonFraction> was paid on the execution of the Tanker SPA, $<ix:nonFraction name="tops:PaymentsForContractualCommitments" id="Fact_80e38cf291db4237961de9b289e1a28d" contextRef="c20260301to20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> was settled in March, 2026, $<ix:nonFraction name="tops:SettlementOfContractualCommitments" id="Fact_29c2bd02738841fca5f88c55ef891a14" contextRef="c20260331to20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,000</ix:nonFraction>
            was settled through the issuance of <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_d86cf642c49f4c55a1c7278be8097038" contextRef="c20260331to20260331_StatementClassOfStockAxis_SeriesGPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">14,000</ix:nonFraction> Series G Preferred Shares (see Note 9) on March 31, 2026, and the remaining amount of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInNextTwelveMonths" id="Fact_8bb9a8265caf49fb840a9d3230b32413" contextRef="c20251231_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,593</ix:nonFraction>, is payable no later than April 15, 2026. As contemplated in the Tanker SPA under certain circumstances Central Mare can demand the payment
            of the outstanding installment in the form of newly-issued Series G Preferred Shares (Note 19).</div>
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<div><span style="font-size: 10pt;"> </span></div>
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<div><span style="font-size: 10pt;"><br/>
          </span> </div>
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<div><span style="font-size: 10pt;"> </span></div>
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<div><span style="font-size: 10pt;"> </span></div>
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<div><span style="font-size: 10pt;"> </span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="text-decoration: underline;">Guarantee on performance of the SLBs of Rubico Inc. with Huarong:</span></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> Concurrently with the entry into the New Huarong Facility (Note 7), the Company provided a guarantee of the obligations of the vessel-owning subsidiaries of Rubico
        under similar SLBs entered into with Huarong in an aggregate amount of $<ix:nonFraction name="us-gaap:GuaranteeObligationsMaximumExposure" id="Fact_fdc80b4ceab64766af91cb33d58a6b2d" contextRef="c20251130_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">84,000</ix:nonFraction>, consummated in November 2025. The outstanding amount as
        of December 31, 2025, is $<ix:nonFraction name="us-gaap:GuaranteeObligationsCurrentCarryingValue" id="Fact_0e144791691544ef8016492439dbeba5" contextRef="c20251231_DebtInstrumentAxis_NewHuarongSaleAndLeasebacksMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">83,625</ix:nonFraction>. Furthermore, the New Huarong Facility contains cross-default provisions which would be triggered by a
        default under these SLBs entered into by Rubico. The Company assigns zero probability of default to said SLBs and hence has not established any provisions for losses relating to this matter. </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>
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      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab828" continuedAt="Text_40e0d8c2099644428d6a17759f59bab829"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration: underline; display: inline ! important; float: none;">Environmental Liabilities:</span></p></ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab829" continuedAt="Text_40e0d8c2099644428d6a17759f59bab830"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_40e0d8c2099644428d6a17759f59bab830"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such
        claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the consolidated financial statements.</p></ix:continuation>

      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"> </p>
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                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">9.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Common and Preferred Stock, Additional Paid-In Capital and Dividends:</b></p>
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      </p></ix:continuation>
      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542002" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542003"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; text-transform: none;"><b><i>Reverse stock split:</i></b>
        On <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">September





















































































































































          29, 2023 </em>the Company effected a <span style="-sec-ix-hidden:Fact_c31a9a7060cf40aab305f5012c34d8e6">1-for-12</span> reverse stock split of its common stock. There was <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">no</em> change in the number of
        authorized common shares of the Company, or the floor price of the Company&#8217;s Series E Shares, or the number of votes of the Company&#8217;s Series D, E and F Shares. All numbers of common share and earnings per share amounts, as well as warrant shares
        eligible for purchase under the Company&#8217;s warrants, exercise price of said warrants and conversion prices of the Company&#8217;s Series E Shares in these consolidated financial statements have been retroactively adjusted to reflect this <span style="-sec-ix-hidden:Fact_e5333aabb00d428d9db6fa7dc77a2b4e">1-for-12</span> reverse stock split.</p></ix:continuation>
      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542003" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542004"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-26</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542004" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542005"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-size: 10pt; text-transform: none;"><b><i>Series D preferred
            shares:</i></b><b> </b>On <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"> May 8, 2017, </em>the Company issued <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_8a7500a9c0f344e78d0f07dad3e88dc9" contextRef="c20170508to20170508_CounterpartyNameAxis_TankersFamilyIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">100,000</ix:nonFraction> shares of Series D preferred shares (the &#8220;Series D shares&#8221;)
        to Tankers Family Inc., a company controlled by the Lax Trust for <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" id="Fact_79052c66d290438e90117e5ff0bac326" contextRef="c20170508to20170508_CounterpartyNameAxis_TankersFamilyIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U002" decimals="0" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction> dollars ($<ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueNewIssues" id="Fact_915247121ea7416e9bca437178e28857" contextRef="c20170508to20170508_CounterpartyNameAxis_TankersFamilyIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U002" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) pursuant to a stock purchase agreement. The Series D shares are <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> convertible into common shares and each Series D share has the voting power of <ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_e7c22347c1204206a1c3b63e5ecf6cb8" contextRef="c20170508to20170508_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction> common shares. The Series D shares have <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">no</em> dividend or distribution rights and shall expire and all outstanding Series D shares shall be
        redeemed by the Company for par value on the date that any financing facility with any financial institution, which contains covenants requiring that any member of the family of Mr. Evangelos J. Pistiolis to maintain a specific minimum ownership or
        voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of the
        Company&#8217;s issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D shares shall <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> be otherwise redeemable and upon any liquidation, dissolution or winding up of the Company, the
        Series D shares shall have a liquidation preference of $<ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_4cfe579c9878450abd9c3cc697bc8dc7" contextRef="c20170508_StatementClassOfStockAxis_SeriesDPreferredStockMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.01</ix:nonFraction> per share. Currently the New <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">Huarong Facility as well as</span> the Alpha Corporate Guarantee have similar provisions that are satisfied via the existence of the Series D Shares. As a prerequisite for the Navigare Lease, Mr. Evangelos J. Pistiolis guaranteed the
        performance of the bareboat charters, under certain circumstances, and in exchange, the Company agreed to indemnify him for any losses suffered as a result of the guarantee provided and in addition, the Company amended the Certificate of
        Designation governing the terms of the Series D Shares, to adjust the voting rights per share of Series D Shares such that during the term of the Navigare Lease, the combined voting power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust <span style="font-style: normal; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;">would </span><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;">not</em> fall below a majority of the
        total voting power of the Company, irrespective of any new common or preferred stock issuances, and thereby complying with a relevant covenant of the bareboat charters entered in connection with the Navigare Lease. Due to the related party nature
        of the transactions involving Mr. Evangelos J. Pistiolis, such transactions were unanimously approved by the Company&#8217;s Board of Directors, including all <ix:nonFraction name="tops:NumberOfIndependentDirectors" id="Fact_d4198c55941a49c78e4f6ff3ad24f428" contextRef="c20170508to20170508" unitRef="U007" decimals="INF" scale="0" format="ixt-sec:numwordsen">three</ix:nonFraction>
        independent directors. Subsequent to the expiration of the Navigare Lease on December 22, 2025, Mr. Evangelos J. Pistiolis&#8217;s personal guarantee ceased being in effect and hence the amendment to the Certificate of Designations of the Series D shares
        adjusting the voting rights per share of the Series D Preferred Shares was automatically terminated, and the voting rights of the Series D Preferred Shares reverted to their pre-amendment terms.</p></ix:continuation>
      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542005" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542006"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p></ix:continuation>
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      </div>
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      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542007" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542008"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"></p></ix:continuation>
      <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe542008" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe542009">
<div style="text-align: justify;"><span style="font-weight: bold; font-style: italic; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Issuance of </span></span>the
          October 2022 Warrants:&#160;</span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On
          October 7, 2022 the Company entered into an agreement with an investor holding <ix:nonFraction name="tops:InvestorOwnershipPercentageInWarrants" id="Fact_4a7dc14a4f234830896be9325bb95bc9" contextRef="c20221007_ClassOfWarrantOrRightAxis_June2022WarrantsMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">100</ix:nonFraction>% of previously issued warrants (&#8220;June 2022
          Warrants&#8221;) to induce him to exercise all of his June 2022 Warrants at an exercise price reduced from $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_b0e0699c3419407ba151815518135072" contextRef="c20221006_ClassOfWarrantOrRightAxis_June2022WarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">120.00</ix:nonFraction> (exercise price of June
          2022 Warrants) per warrant share to $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_ac7bf0e123c94765b247be30b7946ca2" contextRef="c20221007_ClassOfWarrantOrRightAxis_October2022WarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">81.00</ix:nonFraction> per warrant share. In consideration for the immediate exercise of the June 2022 Warrants for
          cash that resulted in gross proceeds of $<ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" id="Fact_96da62917b61464c80e40e9193ed7a1d" contextRef="c20221007to20221007_ClassOfWarrantOrRightAxis_June2022WarrantsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,827</ix:nonFraction> before related fees and commissions, the Investor received new warrants to purchase up
          to an aggregate of <ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" id="Fact_baec0575a2b14214a4938420cf6d1d18" contextRef="c20221007_ClassOfWarrantOrRightAxis_October2022WarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">89,393</ix:nonFraction> common shares (the &#8220;October 2022 Warrants&#8221;). The October 2022 Warrants have an exercise price per warrant
          share of $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_40defe53ffba4ce09d0aae8b79e0acba" contextRef="c20221007_ClassOfWarrantOrRightAxis_October2022WarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">81.00</ix:nonFraction> and expire <ix:nonNumeric name="us-gaap:WarrantsAndRightsOutstandingTerm" id="Fact_608013f480964a03afe3a15a4c24f0b1" contextRef="c20221007_ClassOfWarrantOrRightAxis_October2022WarrantsMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric>
          after issuance.</span> </div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/>
        </div>
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        <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420010" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420011">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; margin-bottom: 10pt;">During the years ended December 31, 2024 and 2025, <ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsExercised" id="Fact_4b2211cf3bf841a596adb683e3f48b6f" contextRef="c20250101to20251231_ClassOfWarrantOrRightAxis_October2022WarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen"><ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsExercised" id="Fact_3a967a1db9b7426f892ab8f561470241" contextRef="c20240101to20241231_ClassOfWarrantOrRightAxis_October2022WarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction> <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">October 2022</span> Warrants were exercised.</div>
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        <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;">
          <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420011" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420012">
<div style="text-align: justify;"><span style="font-weight: bold; font-style: italic;"><span style="font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Issuance of common stock and warrants as part of the December 2022 Public Equity Offering:</span>&#160;</span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On December 6, 2022, the Company closed a public offering of <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_6c10957ef01146dcb43ef49c3b43fc79" contextRef="c20221206to20221206_SubsidiarySaleOfStockAxis_December2022PublicEquityOfferingMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">562,500</ix:nonFraction></span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;"> of the Company&#8217;s common shares at a public offering
              price of $<ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" id="Fact_135848bccbe44c4297516a17903450b2" contextRef="c20221206_SubsidiarySaleOfStockAxis_December2022PublicEquityOfferingMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">24.00</ix:nonFraction> per share and </span><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsIssued" id="Fact_0e25ba3e3ca74591a84ed1f5453a00da" contextRef="c20221206to20221206_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">6,750,000</ix:nonFraction> warrants (the &#8220;Class C Warrants&#8221;) <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">to <span style="font-size: 10pt;">purchase</span>
                up to <ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" id="Fact_724fb365b87b46dca9b73e051f06418c" contextRef="c20221206_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">562,500</ix:nonFraction> of the Company&#8217;s common shares, (the &#8220;December 2022 Public Equity Offering&#8221;)</span>, with Maxim Group LLC acting
              as a placement agent. The Class C Warrants are immediately exercisable at an exercise price of $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_a3227e1822ad4e6fbe5a2f3179c0471f" contextRef="c20221206_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U003" decimals="INF" scale="0" format="ixt:num-dot-decimal">24.00</ix:nonFraction> per warrant share and expire
              <ix:nonNumeric name="us-gaap:WarrantsAndRightsOutstandingTerm" id="Fact_a24f70de24424406a00e6fa617889976" contextRef="c20221206_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric> after issuance. The December 2022 Public Equity Offering resulted in gross proceeds of $<ix:nonFraction name="us-gaap:ProceedsFromIssuanceOrSaleOfEquity" id="Fact_1847df93afda4b0b997c30887836cc6d" contextRef="c20221206to20221206_SubsidiarySaleOfStockAxis_December2022PublicEquityOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">13,500</ix:nonFraction> before deducting placement agent fees, commissions and other offering expenses that amounted to $<ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" id="Fact_5a71b3e3dfc9489da4d9d18b6aea7304" contextRef="c20221206to20221206_SubsidiarySaleOfStockAxis_December2022PublicEquityOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,104</ix:nonFraction>. </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">During the years ended December 31, 2023, 2024 and 2025, <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_04899c7f3a9740a783cb5b560c7066cd" contextRef="c20230101to20231231_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">500</ix:nonFraction>, <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_b2e4ac46c64140d6a3964a439796af03" contextRef="c20240101to20241231_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">0</ix:nonFraction> and <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_6bd1fc6963c449d391fefbf3d49f597d" contextRef="c20250101to20251231_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">0</ix:nonFraction> common shares were issued pursuant to Class C Warrant exercises.</span>
          </div>
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            <div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420013" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420014">
<div><span style="font-style: normal;"> </span></div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;"><span style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-variant: normal; text-transform: none;">Issuance of common stock and warrants as part of the February 2023 Registered Direct Offering:</span>&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">On February 14, 2023, the Company entered into a
                  placement agency agreement with Maxim Group LLC relating to the sale of the Company&#8217;s securities, or the Placement Agent Agreement. Pursuant to the Placement Agent Agreement, the Company entered into a Securities Purchase Agreement, with
                  a number of institutional investors (the &#8220;Investors&#8221;) in connection with a registered direct offering of an aggregate of <ix:nonFraction name="tops:RegisteredDirectOfferingShares" id="Fact_41d386b8416f4f0c877114fc121f0c7d" contextRef="c20230214to20230214_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">837,094</ix:nonFraction>
                  of the Company&#8217;s common shares at a public offering price of $<ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" id="Fact_541f3bc3303342669f1c08ea2a1d80cd" contextRef="c20230214_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">16.20</ix:nonFraction> per share, or the February 2023 Registered Direct Offering.
                  Concurrently with the February 2023 Registered Direct Offering and pursuant to the Securities Purchase Agreement, the Company also commenced a private placement whereby the Company issued and sold <ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsIssued" id="Fact_afb5779a8493491da9194d2be896760e" contextRef="c20230214to20230214_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">10,045,185</ix:nonFraction> warrants (the &#8220;February 2023 Warrants&#8221;) to purchase up to <ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" id="Fact_dd0bf94e444c4dd98d27e20df702b6f0" contextRef="c20230214_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">837,094</ix:nonFraction>
                  of the Company&#8217;s common shares. The February 2023 Warrants ha<em>v<span style="font-style: normal;">e</span></em> an exercise price per warrant share of $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_c14730af0b8642a5b269d4b84547fa1a" contextRef="c20230214_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">16.20</ix:nonFraction> and expire <ix:nonNumeric name="us-gaap:WarrantsAndRightsOutstandingTerm" id="Fact_9d78ff1c65fb4e97916a15b9dac8bf7a" contextRef="c20230214_ClassOfWarrantOrRightAxis_February2023WarrantsMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric> after issuance. The February 2023 Registered Direct Offering
                  closed on February 16, 2023 and it resulted in proceeds of $<ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedOnTransaction" id="Fact_e4f085f254be423ea9314d2fc3810a9a" contextRef="c20230215to20230216_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,747</ix:nonFraction> (net of <ix:nonFraction name="tops:OfferingFeePercentage" id="Fact_0020a0aedff442db9bf494138fc52fc1" contextRef="c20230215to20230216_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">6</ix:nonFraction>% fees) and incurred $<ix:nonFraction name="us-gaap:PaymentsOfStockIssuanceCosts" id="Fact_155a6d409e374ab1ac716ea9314f3247" contextRef="c20230215to20230216_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">165</ix:nonFraction> of expenses related to the
                  offering. Additionally, since over <ix:nonFraction name="tops:InvestorOwnershipPercentageInWarrants" id="Fact_fb6afd3be4a04ebb82d9ccaad6cd356b" contextRef="c20230214_ClassOfWarrantOrRightAxis_ClassCWarrantsMember_SubsidiarySaleOfStockAxis_February2023RegisteredDirectOfferingMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>% of the investors in the February 2023 Registered Direct Offering were Class C Warrant
                  holders, the Company agreed to reduce the exercise price per common share of the Class C Warrants to $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_793426b88d6144e6bfdafb67f54bac18" contextRef="c20230214_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">16.20</ix:nonFraction> per warrant share
                  from an original exercise price of $<ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" id="Fact_1d5a871594cd451ba755f5245bdb0783" contextRef="c20230213_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">24.00</ix:nonFraction> per common share to induce them to participate in the offering. The Company has
                  recognized the incremental fair value of $<ix:nonFraction name="tops:IncrementalFairValueOfWarrantsEquityIssuanceCost" id="Fact_38a70627614841f8b0ec4beeb3db7ba5" contextRef="c20230214to20230214_ClassOfWarrantOrRightAxis_ClassCWarrantsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">121</ix:nonFraction> of the modified Class C Warrants as an equity issuance cost, as the reduction of
                  the exercise price of the Class C warrants was done in conjunction with the February 2023 Registered Direct Offering.</span></div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><br/>
              </div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">During the years ended December 31, 2023, 2024 and 2025 <ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsExercised" id="Fact_6df1808e204a49f18015db450bd097e0" contextRef="c20250101to20251231_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen"><ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsExercised" id="Fact_4b675e22ce4244879a75611855d67958" contextRef="c20240101to20241231_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen"><ix:nonFraction name="tops:ClassOfWarrantOrRightWarrantsExercised" id="Fact_3dfed8326a8e4152a040c0b8ac19d1ae" contextRef="c20230101to20231231_ClassOfWarrantOrRightAxis_February2023WarrantsMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction></ix:nonFraction> February 2023 Warrants were
                exercised.</div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><br/>
              </div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman'; font-style: italic;"><span style="text-decoration: underline;">Accounting Treatment of the October 2022 Class C and February 2023 Warrants</span></div>
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<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: left; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman';"><br/>
              </div>
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              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420020" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420021">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">The Company accounted for the October 2022, Class C and February 2023 Warrants as equity in accordance
                with the accounting guidance for derivatives. The Company concluded these warrants should be equity-classified since they contained no provisions which would require the Company to account for the warrants as a derivative liability and
                therefore were initially measured at fair value in permanent equity with subsequent changes in fair value not measured.</div>
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<div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';"> <br/>
              </div>
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              <div style="color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; text-align: justify; font-family: 'Times New Roman';">
                <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
                  <div style="width: 100%;" class="BRPFPageFooter"></div>

                  <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-27</span></div>

                  <div class="BRPFPageBreak" style="page-break-after: always;">
                    <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

                  <div style="width: 100%;" class="BRPFPageHeader">
                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
                      </a></div>

                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
                    </div>

                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

                    <div><br/>
                    </div>

                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

                    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

                  </div>

                </div>

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<div style="text-align: justify; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold; font-style: italic;">2024 ATM: </span><span style="font-family: 'Times New Roman';">On May 24, 2024, the Company, entered into an ATM, with Maxim (the &#8220;2024 ATM&#8221;). Under the 2024 ATM the Company may sell up to $<ix:nonFraction name="tops:CommonStockThatCanBeSoldValue" id="Fact_68d1933ce9f64ddaa43a6bf37f459099" contextRef="c20240524_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,800</ix:nonFraction> of its common stock with Maxim acting as a sales agent. Since Maxim is acting solely as a sales agent, it has no right to require any common stock sales. No
                    warrants, derivatives, or other share classes were associated with the 2024 ATM. The Company incurred $<ix:nonFraction name="tops:ExpensesRelatedToEquityDistributionAgreement" id="Fact_b696328de5624161afd95b5992687a4b" contextRef="c20240101to20241231_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">78</ix:nonFraction> and $<ix:nonFraction name="tops:ExpensesRelatedToEquityDistributionAgreement" id="Fact_e5ce23d272e04624ab996578f04d352d" contextRef="c20250101to20251231_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37</ix:nonFraction> of expenses related to this equity distribution agreement for the years ended December 31, 2024 and 2025. The Company has <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_b9ede47980f449b7abe0ec86948f5f90" contextRef="c20240101to20241231_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_52eb8cc129f14dc9bda6ba641f101cba" contextRef="c20250101to20251231_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction>t issued any common shares pursuant to the 2024 ATM in the years ended December 31, 2024 and 2025.</span></div>
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              </div>

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<div><br class="Apple-interchange-newline"/></div>
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            </div>

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<div style="text-align: justify;"> <span style="background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-variant: normal; text-transform: none;"><b><i><span style="font-style: italic; font-weight: bold;">Dividends to common stockholders:</span> <span style="font-style: normal; font-weight: normal;"><ix:nonFraction name="us-gaap:DividendsCommonStock" id="Fact_a9db76b876074cd5869357a51e8ac753" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:DividendsCommonStock" id="Fact_49850d6f98db416197e64cc3d2cd29fe" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen"><ix:nonFraction name="us-gaap:DividendsCommonStock" id="Fact_17b67893a1994cf6b90cf46cc2c4060c" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt-sec:numwordsen">No</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></i></b><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit;"></em>
                <span style="font-style: normal;">dividends were paid to common stockholders in the years ended December 31, 2023, 2024 and 2025.</span></span></div>
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<div><br/></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Series G Perpetual Convertible Preferred Shares:</div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><br/>
                  The Series G Preferred Shares have the following characteristics:</span></div>
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<div style="font-style: normal; font-weight: normal;"><br/>
              </div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="text-decoration: underline;">Conversion.</span>&#160;The Company has the right, at any
                  time and from time to time, subject to certain conditions, to convert in whole or in part at a conversion price which is the lower of (i) <ix:nonFraction name="tops:PreferredStockConvertiblePercentageOfClosingPriceOfCommonStock" id="Fact_192afde023244c76bf2b040bd0362772" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">120</ix:nonFraction>%
                  of the closing price of the Company&#8217;s common shares on the trading day immediately preceding the first issuance of Series G Preferred Shares, being $<ix:nonFraction name="tops:PreferredStockConvertibleFixedConversionPrice" id="Fact_8eb901459f174699bc89cd8f8c824eef" contextRef="c20260331_StatementClassOfStockAxis_SeriesGPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">3.67</ix:nonFraction> (ii) <ix:nonFraction name="tops:PreferredStockConvertibleConversionRatePercentage" id="Fact_16645f0667c4473d8909f1fd21dddc8f" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>% of the lowest daily VWAP of the Company&#8217;s common
                  shares over the <span style="-sec-ix-hidden:Fact_b24d15599f0744ecb0966389403915a6">twenty</span> consecutive trading days expiring on the trading day immediately prior to the date of delivery of a
                  conversion notice, (iii) the conversion price or exercise price per share of any of the Company&#8217;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the common shares in any transaction from the date of the
                  issuance of the Series G Preferred Shares onwards, but in no event will the Series G Conversion Price be less than $<ix:nonFraction name="us-gaap:PreferredStockConvertibleConversionPrice" id="Fact_c5671f2f43bd4a90afcb99d92429d537" contextRef="c20251231_RangeAxis_MinimumMember_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.60</ix:nonFraction> (the
                  &#8220;Floor Price&#8221;). The Floor Price is adjusted (decreased) in case of splits or subdivisions of the Company&#8217;s outstanding shares and is not adjusted in case of reverse stock splits or combinations of the Company&#8217;s outstanding shares.</span></div>
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              </div>
</ix:continuation>
              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420031" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420032">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">&#160;<span style="text-decoration: underline;">Voting.</span>&#160;The holders of Series G Preferred
                  Shares are entitled to the voting power of <ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_edf90ca4f5a24d44bed35c41da56d5a8" contextRef="c20250101to20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction> (<ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_555e43f1ebf6406686e4b4a5b1395596" contextRef="c20250101to20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) of the Company&#8217;s common shares per Series G Preferred Share.</span></div>
</ix:continuation>
              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420032" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420033">
<div style="font-style: normal; font-weight: normal;"><br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420033" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420034">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;"><span style="text-decoration: underline;">Redemption. </span>The Company at its option shall
                  have the right to redeem a portion or all of the outstanding Series G Preferred Shares. The Company shall pay an amount equal to <ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_424b96c8b4c843f7823196157a06fcc0" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction>
                  dollars ($<ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_f4cb798d17404b2a94787e0368278c2e" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U003" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) per each Series G Preferred Share (the &#8220;Liquidation Amount&#8221;), plus a redemption premium equal to <ix:nonFraction name="tops:PreferredStockConvertibleRedemptionPremiumBeforeFirstAnniversaryOfIssuance" id="Fact_73600e97e9c948cb9282d5ba07a7a597" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="INF" scale="-2" format="ixt-sec:numwordsen">fifteen </ix:nonFraction>percent (<ix:nonFraction name="tops:PreferredStockConvertibleRedemptionPremiumBeforeFirstAnniversaryOfIssuance" id="Fact_accf21e2f5dd48a09c3f25ce3e6795b4" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%) of the
                  Liquidation Amount being redeemed if that redemption takes place up to and including the first anniversary of the first issuance of Series G Preferred Shares and <ix:nonFraction name="tops:PreferredStockConvertibleRedemptionPremiumAfterFirstAnniversaryOfIssuance" id="Fact_c56e5d361691499aaf1701ef973facf4" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="INF" scale="-2" format="ixt-sec:numwordsen">twenty </ix:nonFraction>percent (<ix:nonFraction name="tops:PreferredStockConvertibleRedemptionPremiumAfterFirstAnniversaryOfIssuance" id="Fact_06b38ef9bdb4448888f7623b075d1920" contextRef="c20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>%) of the Liquidation Amount being
                  redeemed if that redemption takes place after the first anniversary of the first issuance of Series G Preferred Shares.</span></div>
</ix:continuation>
              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420034" continuedAt="Text_bbb3c4b0d8214644a47df97ebfe5420035">
<div style="font-style: normal; font-weight: normal;"><br/>
              </div>
</ix:continuation>
              <ix:continuation id="Text_bbb3c4b0d8214644a47df97ebfe5420035">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-weight: normal;">&#160;<span style="text-decoration: underline;">Dividends.</span>&#160;The holders of outstanding Series G
                  Preferred Shares shall be entitled to receive semi-annual dividends equal to <ix:nonFraction name="tops:PreferredStockConvertibleDividendsPercentageOfLiquidationAmount" id="Fact_7dad4790121848d79a071e29faaa12b2" contextRef="c20250101to20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="INF" scale="-2" format="ixt-sec:numwordsen">fifteen </ix:nonFraction>percent (<ix:nonFraction name="tops:PreferredStockConvertibleDividendsPercentageOfLiquidationAmount" id="Fact_cadc14623cfa4059bdbc27591a07a91d" contextRef="c20250101to20251231_StatementClassOfStockAxis_SeriesGPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%) per year of the liquidation amount of the then outstanding Series G Preferred Shares.</span></div>
</ix:continuation>
            </div>

          </div>

        </div>

      </div>
<div>
      <span style="font-weight: normal; font-style: normal;"> </span></div>

      <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
      </div>

    </div>

    <div style="width: 100%;" class="BRPFPageFooter"></div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <div>
        <ix:nonNumeric name="us-gaap:EarningsPerShareTextBlock" id="Text_2fde8bb5cf904d6cb37b13e8f625aa23" contextRef="c20250101to20251231" escape="true" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec1">
<div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                  <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">10.</em></b></p>
                </td>

    <td style="vertical-align: top; width: auto;">
                  <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>(Loss)/Earnings </b><b>Per Common Share:&#160; <br/>
                    </b></p>
                </td>

  </tr>


</table>
        </div>
</ix:nonNumeric>
      </div>

      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec1" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec2"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec2" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec3"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"> </p></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec3" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec4"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">All shares issued are included in the Company&#8217;s common stock and have equal rights to vote and participate in dividends and in undistributed earnings.</p></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec4" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec5">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec5" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec6"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation><ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec6" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec7"><ix:nonNumeric name="us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" id="Text_451dbe8900e748018fdd5ed6761dfb2b" contextRef="c20250101to20251231" escape="true" continuedAt="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b1">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span>
      <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:nonNumeric></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec7" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec8"><ix:continuation id="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b1" continuedAt="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b2"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The components of the calculation of basic and diluted (loss)/earnings per share for the years ended December 2023, 2024 and 2025 are as follows:</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec8" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec9"><ix:continuation id="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b2" continuedAt="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b3"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec9" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec10"><ix:continuation id="Text_af2c2f29ed1c46ffa53b4dbb18d34e9b3">
<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="10" style="text-align: center;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net Income</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_02fad3d6fac748de98b8916ca2a4ca10" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,066</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_e7aa9c0fd6914a848e29230824764ee3" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_3e09b5a8b959402eb2b4935db0b1d28e" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,086</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Less: Dividends of preferred shares</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">(<ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_4f230e3ef9a04003a3db98ffe7a29ea8" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,010</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_68cae3c4b90844c5a3752535589b1278" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:TemporaryEquityDividendsAdjustment" id="Fact_2d9519735e8c4af48f5711a9de21cf0f" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="width: 64%; background-color: #CCEEFF;">Less: Deemed dividend on Series E Shares conversion</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">(<ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_4e385b170bda4c10bc73f06326d09931" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_cb5b9ffffec045aa8f098bc2f40de643" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:TemporaryEquityDeemedDividendOnPreferredStockConversion" id="Fact_00980c2c557e4dc2a7b633f169ea42ee" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Net </b><b><b>(Loss)/</b>Income attributable to common shareholders</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b>(<ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" id="Fact_ba54096e1f224211a70752ddb3005da4" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">22,370</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" id="Fact_e1211863ab6742798e8f9e2372a7aa03" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,034</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

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    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

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    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" id="Fact_f2871c301da8486fb877a7cb500cfabd" contextRef="c20240101to20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" id="Fact_b4c11812965a4385b41a43b522a8fef3" contextRef="c20240101to20241231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding" id="Fact_c276179c5a144b98af2bb10363be44b0" contextRef="c20250101to20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:WeightedAverageNumberOfSharesOutstandingBasic" id="Fact_a478696c29814f43967d765157aa2713" contextRef="c20250101to20251231" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">4,626,197</ix:nonFraction></ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>(Loss)/</b>Earnings per share, basic and diluted</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b>(<ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_f668d5553d94415c93665319cfb25404" contextRef="c20230101to20231231" unitRef="U003" decimals="2" sign="-" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_cdeb448db7c747f9a9e350c248a5eaa7" contextRef="c20230101to20231231" unitRef="U003" decimals="2" sign="-" scale="0" format="ixt:num-dot-decimal">12.44</ix:nonFraction></ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_c645fe6b2d8e40478cf43cf1204851e7" contextRef="c20240101to20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_735d09d2b5cd442eb0f857a8d29fc269" contextRef="c20240101to20241231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">1.09</ix:nonFraction></ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="us-gaap:EarningsPerShareBasic" id="Fact_dc29fe2b383d4ab28a796d310ba8108d" contextRef="c20250101to20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" id="Fact_4a1fba2144944a16880128bc8cf7b611" contextRef="c20250101to20251231" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.67</ix:nonFraction></ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_c65a3adf5907491c8ab6d7b5b3d130ec10" continuedAt="Text_c65a3adf5907491c8ab6d7b5b3d130ec11"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
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        Series E Shares were not included in the computation of diluted (loss)/earnings per share because to do so would have been antidilutive for the period presented.</p></ix:continuation>

      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br/>
      </p>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-28</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

    </div>

    <div style="width: 100%;" class="BRPFPageFooter"></div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <ix:nonNumeric name="tops:VesselOperatingAndVoyageExpensesTextBlock" id="Text_e0ef454a245e4ac7a9a40a53d500f10d" contextRef="c20250101to20251231" escape="true" continuedAt="Text_2bbacabc58f14383a3abb52020894fd01">
<div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">11.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Voyage and Vessel Operating Expenses:</b></p>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_2bbacabc58f14383a3abb52020894fd01" continuedAt="Text_2bbacabc58f14383a3abb52020894fd02"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>

      <ix:nonNumeric name="tops:VoyageExpensesTableTextBlock" id="Text_7d3072be4a5f4de7a9c6d5e2b2347823" contextRef="c20250101to20251231" escape="true" continuedAt="Text_62dfe6c7bb8340debe6e676f690daf7a1"><ix:continuation id="Text_2bbacabc58f14383a3abb52020894fd02" continuedAt="Text_2bbacabc58f14383a3abb52020894fd03"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The amounts in the consolidated statements of comprehensive income are as follows:</p></ix:continuation></ix:nonNumeric>
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      <ix:continuation id="Text_62dfe6c7bb8340debe6e676f690daf7a2"><ix:continuation id="Text_2bbacabc58f14383a3abb52020894fd04" continuedAt="Text_2bbacabc58f14383a3abb52020894fd05">
<table cellspacing="0" cellpadding="0" border="0" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;" class="cfttable">


  <tr style="vertical-align: bottom;">

    <td valign="bottom">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Voyage Expenses</b></p>
            </td>

    <td valign="bottom" style="white-space: nowrap; text-align: center; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; white-space: nowrap; text-align: center;" colspan="10">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p>
            </td>

    <td valign="bottom" style="white-space: nowrap; text-align: left; vertical-align: bottom;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Bunkers</p>
            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><ix:nonFraction name="tops:BunkersExpenses" id="Fact_469d1f5a6c0745d1b42a19b9bc328685" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><ix:nonFraction name="tops:BunkersExpenses" id="Fact_d8b894a8afee49aab4f0fe1c6f193df3" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">380</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><ix:nonFraction name="tops:BunkersExpenses" id="Fact_dbcebdab06e14606ae155d8c349c583b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">194</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; white-space: nowrap;">
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                related party)</p>
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    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><ix:nonFraction name="tops:Commissions" id="Fact_541384a6b1f5495bb20271b0b29f69b8" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,589</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><ix:nonFraction name="tops:Commissions" id="Fact_967e4a1144f74be5b29300e49b432d42" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,628</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><ix:nonFraction name="tops:Commissions" id="Fact_aebabd27953e40728afd3e623ab3f659" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,296</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;" rowspan="1">Other<br/>
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    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><ix:nonFraction name="tops:OtherVoyageExpenses" id="Fact_fc1694426f4540129a3595439f65ce47" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><ix:nonFraction name="tops:OtherVoyageExpenses" id="Fact_aba5ccebcbbb4313be75d978919726e7" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" rowspan="1" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" rowspan="1" colspan="1"><ix:nonFraction name="tops:OtherVoyageExpenses" id="Fact_60971f97da6d449d9440b92c2e2a3868" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction></td>

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  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
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            </td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><ix:nonFraction name="tops:VoyageExpenses" id="Fact_959573caa73c4e23800b5b33a9d263be" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,609</ix:nonFraction></b></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><ix:nonFraction name="tops:VoyageExpenses" id="Fact_990f703825c346938d577e86563fe4f5" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,008</ix:nonFraction></b></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><ix:nonFraction name="tops:VoyageExpenses" id="Fact_f97ac765fa194359aadaae2a49888723" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,501</ix:nonFraction></b></td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_2bbacabc58f14383a3abb52020894fd05" continuedAt="Text_2bbacabc58f14383a3abb52020894fd06"><p style="font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">&#160; <br/>
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<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Vessel Operating Expenses</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>

    <td colspan="10" style="vertical-align: bottom; white-space: nowrap; text-align: center;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>Year Ended December 31,</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: 2px solid rgb(0, 0, 0);">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Crew wages and related costs</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;"><br/>
            </td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:LaborAndRelatedExpense" id="Fact_4e29153bb04c4d228fa4a6fdc6b704a9" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,898</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:LaborAndRelatedExpense" id="Fact_53cfd88e2e2b470aaaed757bbc83cd75" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,965</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:LaborAndRelatedExpense" id="Fact_e978f2ae797440eea9c47d98eaf5e7fa" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,465</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Insurance</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:GeneralInsuranceExpense" id="Fact_153a401d0c6f49439e26ba3445488cc8" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,670</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:GeneralInsuranceExpense" id="Fact_e4629f34460b44d39d22d518fec105f8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,578</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:GeneralInsuranceExpense" id="Fact_b8d902c8c559451f8e5b63848b212b0e" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,541</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF; white-space: nowrap;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Repairs and maintenance (including $<ix:nonFraction name="tops:VesselRepairAndMaintenanceExpensesRelatedParty" id="Fact_159127364b5f4c62845384aa8132581a" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">42</ix:nonFraction>, $<ix:nonFraction name="tops:VesselRepairAndMaintenanceExpensesRelatedParty" id="Fact_f5b03bed4eea48c59b18edf0d5cca9b3" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">46</ix:nonFraction> and $<ix:nonFraction name="tops:VesselRepairAndMaintenanceExpensesRelatedParty" id="Fact_75fbaa0348ce4e3dbac1d10ba90beced" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11</ix:nonFraction> respectively, to
                related party)</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:VesselRepairAndMaintenanceExpenses" id="Fact_fc624c9f925a40d299412b8a0b39683f" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,138</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:VesselRepairAndMaintenanceExpenses" id="Fact_66cc3fa0a44449ec983ece07a29d24db" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,566</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:VesselRepairAndMaintenanceExpenses" id="Fact_07030429342e47d7ba68c983899a3096" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,868</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Spares and consumable stores</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:SparesAndConsumableStores" id="Fact_30a097ec3b304a48860a7c6e35a89daa" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,538</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:SparesAndConsumableStores" id="Fact_56bc53ce21b44286bf81aa8e5c51dd4e" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,685</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:SparesAndConsumableStores" id="Fact_6b137ffbaf4e4d7ab21a24b47760a49e" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,196</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Registration and taxes (Note 13)</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:RegistrationAndTaxesExpense" id="Fact_e63bf8e41ca24930814d25817c435e87" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">283</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:RegistrationAndTaxesExpense" id="Fact_22a72840fcbc42c585f00cef118c2452" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">292</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:RegistrationAndTaxesExpense" id="Fact_c6f3fd5c27c14c8fa0f885dc7c22f841" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">325</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_e28efa8acb274ba6a1ac325d5394d411" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,527</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_96147fe46c1f42bcb6dd0b24628365b5" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,086</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><b><ix:nonFraction name="tops:VesselOperatingExpenses" id="Fact_cfce0769704a430fb8eb8ab1d3fe78d5" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,395</ix:nonFraction></b></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

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</table>
</ix:continuation></ix:nonNumeric>

      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
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  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
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      <ix:nonNumeric name="tops:InterestAndFinanceCostsTextBlock" id="Text_7dbf350039eb44b087e2c3c682cb4141" contextRef="c20250101to20251231" escape="true" continuedAt="Text_2fcd0cc8a7954855890a3865401763701">
<div>
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  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">12.</em></b></p>
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                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Interest and Finance Costs:</b></p>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_2fcd0cc8a7954855890a3865401763701" continuedAt="Text_2fcd0cc8a7954855890a3865401763702"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>

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  <tr style="vertical-align: bottom;">

    <td valign="bottom">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Interest and Finance Costs</b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom;">&#160;</td>

    <td valign="bottom" colspan="10" style="text-align: center;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b> 2023<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2024<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="2" style="text-align: center; border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b>2025<br/>
                  </b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Interest on debt<br/>
              </p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseDebtExcludingAmortization" id="Fact_8743db762f9b42249c09e7e2e26125ff" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,142</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseDebtExcludingAmortization" id="Fact_5e61ef5674284859a47b5b88e897e4b3" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">20,450</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseDebtExcludingAmortization" id="Fact_ac45299596e24dc5b5477ecca1a03f20" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,662</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Bank charges <br/>
              </p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:BankCharges" id="Fact_5b87aaa5103546cbbac82f36c2111aa1" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">120</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:BankCharges" id="Fact_c8ec1c0411284a81b6927428f035728f" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">184</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="tops:BankCharges" id="Fact_86987d5e5f4d4b2584373da81d17b524" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">105</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization and write-off of deferred financing fees</p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:AmortizationOfDebtIssuanceCostsAndWriteoffOfDeferredDebtIssuanceCost" id="Fact_5c451c34bab142e0bcc0dfaa79fc4870" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,190</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:AmortizationOfDebtIssuanceCostsAndWriteoffOfDeferredDebtIssuanceCost" id="Fact_1ba953ad2760459c89cd4451505103c8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,443</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:AmortizationOfDebtIssuanceCostsAndWriteoffOfDeferredDebtIssuanceCost" id="Fact_f7b4525cecde4dd5967b2e4b72c896d5" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,555</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" rowspan="1" style="vertical-align: bottom; white-space: nowrap; width: 64%;">
              <div style="margin-left: 9pt; text-indent: -9pt;"><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Amortization of debt
                  discount relating to Vessel fair value participation liability (Note 7)</span></div>
            </td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" id="Fact_bdc9bb9e7463448fa89fde4f68519f1f" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,537</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" id="Fact_e828066e6d71449b91d3fdfe15d52fde" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,419</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:AmortizationOfDebtDiscountPremium" id="Fact_d0f0339e073a42fc8edd6cb23258d4b7" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt; font-size: 10pt; font-family: 'Times New Roman';"><span style="color: rgb(0, 0, 0); font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Debt Prepayment fees</span></p>
            </td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_064bd04e7edc4721acbd0ab299ab54cb" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_15a9e59178084fdbab4e971a350a172d" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="tops:DebtPrepaymentFees" id="Fact_ee627c04222e44138d30cd2ab8dfd880" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">2,713</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Less interest capitalized</p>
            </td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:InterestCostsCapitalized" id="Fact_df9a6d69de504538beecbcf8c9a788df" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;"><ix:nonFraction name="us-gaap:InterestCostsCapitalized" id="Fact_44381271ba314fd88d35f91331bd03f8" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: normal; vertical-align: bottom; text-align: right; width: 9%;">(<ix:nonFraction name="us-gaap:InterestCostsCapitalized" id="Fact_5f1b20acdd664d1babbb70d03c5f054e" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">629</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: normal; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Total</b></p>
            </td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_10fce4b598c04843a122483a46ab6ec3" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,989</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_1e44fe55f2cf46769e4dcac0c05074a7" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,496</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_d753d0193f1e411d9e446d46137a543d" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,406</ix:nonFraction></td>

    <td valign="bottom" colspan="1" style="font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <div><br/>
      </div>

      <div><br/></div>

    </div>

  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div>
      <ix:nonNumeric name="us-gaap:IncomeTaxDisclosureTextBlock" id="Text_f8075f102a054cbea405b33589209638" contextRef="c20250101to20251231" escape="true" continuedAt="Text_518604c805494aba9d8761d18c280dfe1">
<div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">13.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Income Taxes:</b></p>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe1" continuedAt="Text_518604c805494aba9d8761d18c280dfe2"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe2" continuedAt="Text_518604c805494aba9d8761d18c280dfe3"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Marshall Islands and Greece does <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> impose a tax on international shipping income.
        Under the laws of Marshall Islands and Greece, the countries of the companies&#8217; incorporation and vessels&#8217; registration, the companies are subject to registration and tonnage taxes, which have been included in Vessel operating expenses in the
        consolidated statements of comprehensive income.</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe3" continuedAt="Text_518604c805494aba9d8761d18c280dfe4">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe4" continuedAt="Text_518604c805494aba9d8761d18c280dfe5"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe5" continuedAt="Text_518604c805494aba9d8761d18c280dfe6">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe6" continuedAt="Text_518604c805494aba9d8761d18c280dfe7"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Under the United States Internal Revenue Code of <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1986,</em> as amended (the &#8220;Code&#8221;),
        the U.S. source gross transportation income of a ship-owning or chartering corporation, such as the Company, is subject to a <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">4%</em> U.S. Federal income tax without allowance for deduction, unless that corporation qualifies
        for exemption from tax under Section <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">883</em> of the Code and the Treasury Regulations promulgated thereunder. U.S. source gross transportation income consists of <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> of the gross shipping income
        that is attributable to transportation that begins or ends, but that does <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">not</em> both begin and end, in the United States.</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe7" continuedAt="Text_518604c805494aba9d8761d18c280dfe8"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> <br/>
      </p></ix:continuation>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-29</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe8" continuedAt="Text_518604c805494aba9d8761d18c280dfe9"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">Under Section <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">883</em> of the Code and the regulations thereunder, the Company will be
        exempt from U.S. federal income tax on our U.S.-source shipping income if:</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe9" continuedAt="Text_518604c805494aba9d8761d18c280dfe10">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe10" continuedAt="Text_518604c805494aba9d8761d18c280dfe11"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe11" continuedAt="Text_518604c805494aba9d8761d18c280dfe12">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe12" continuedAt="Text_518604c805494aba9d8761d18c280dfe13"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">(<em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">1</em>) the Company is organized in a foreign country, or its country of organization,
        grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States; and</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe13" continuedAt="Text_518604c805494aba9d8761d18c280dfe14">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe14" continuedAt="Text_518604c805494aba9d8761d18c280dfe15"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe15" continuedAt="Text_518604c805494aba9d8761d18c280dfe16">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe16" continuedAt="Text_518604c805494aba9d8761d18c280dfe17"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">(<em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2</em>) either</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe17" continuedAt="Text_518604c805494aba9d8761d18c280dfe18">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe18" continuedAt="Text_518604c805494aba9d8761d18c280dfe19"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe19" continuedAt="Text_518604c805494aba9d8761d18c280dfe20">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe20" continuedAt="Text_518604c805494aba9d8761d18c280dfe21"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; margin-left: 18pt;">A. more than <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> of the value of the Company&#8217;s stock is owned,
        directly or indirectly, by individuals who are &#8220;residents&#8221; of the Company&#8217;s country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the United States (each such individual a
        &#8220;qualified shareholder&#8221; and such individuals collectively, &#8220;qualified shareholders&#8221;), which the Company refers to as the <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">&#8220;50%</em> Ownership Test,&#8221; or</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe21" continuedAt="Text_518604c805494aba9d8761d18c280dfe22">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe22" continuedAt="Text_518604c805494aba9d8761d18c280dfe23"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe23" continuedAt="Text_518604c805494aba9d8761d18c280dfe24">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe24" continuedAt="Text_518604c805494aba9d8761d18c280dfe25"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; margin-left: 18pt;">B. the Company&#8217;s stock is &#8220;primarily and regularly traded on an established securities
        market&#8221; in the Company&#8217;s country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to U.S. corporations, or in the United States, which the Company refers to as the &#8220;Publicly-Traded Test.&#8221;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe25" continuedAt="Text_518604c805494aba9d8761d18c280dfe26">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe26" continuedAt="Text_518604c805494aba9d8761d18c280dfe27"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe27" continuedAt="Text_518604c805494aba9d8761d18c280dfe28"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">The Marshall Islands, the jurisdiction where the Company and the Company&#8217;s ship-owning subsidiaries are
        incorporated, grants an &#8220;equivalent exemption&#8221; to U.S. corporations. Therefore, the Company will be exempt from U.S. federal income tax with respect to the Company&#8217;s U.S.-source shipping income if either the <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em>
        Ownership Test or the Publicly-Traded Test is met.</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe28" continuedAt="Text_518604c805494aba9d8761d18c280dfe29">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe29" continuedAt="Text_518604c805494aba9d8761d18c280dfe30"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe30" continuedAt="Text_518604c805494aba9d8761d18c280dfe31"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe31" continuedAt="Text_518604c805494aba9d8761d18c280dfe32">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">In order to satisfy the 50% Ownership Test, a non-U.S. corporation must be able to substantiate that more than 50% of the value of its shares is owned, for at least
        half of the number of days in the non-U.S. corporation&#8217;s taxable year, directly or indirectly, by &#8220;qualified shareholders.&#8221; For this purpose, qualified shareholders are: (1) individuals who are residents (as defined in the Treasury Regulations) of
        countries, other than the United States, that grant an equivalent exemption, (2) non-U.S. corporations that meet the Publicly-Traded Test and are organized in countries that grant an equivalent exemption, or (3) certain foreign governments,
        non-profit organizations, and certain beneficiaries of foreign pension funds. In order for a shareholder to be a qualified shareholder, there generally cannot be any bearer shares in the chain of ownership between the shareholder and the taxpayer
        claiming the exemption (unless such bearer shares are maintained in a dematerialized or immobilized book-entry system as permitted under the Treasury Regulations). A corporation claiming the Section 883 exemption based on the 50% Ownership Test
        must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed in the Treasury Regulations).</div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe32" continuedAt="Text_518604c805494aba9d8761d18c280dfe33">
<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe33" continuedAt="Text_518604c805494aba9d8761d18c280dfe34"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe34" continuedAt="Text_518604c805494aba9d8761d18c280dfe35"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"> </p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe35" continuedAt="Text_518604c805494aba9d8761d18c280dfe36">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe36" continuedAt="Text_518604c805494aba9d8761d18c280dfe37"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">For purposes of the Publicly-Traded Test, Treasury Regulations provide, in pertinent part, that stock of a
        foreign corporation will be considered to be &#8220;primarily traded&#8221; on an established securities market if the number of shares of each class of stock that are traded during any taxable year on all established securities markets in that country exceeds
        the number of shares in each such class that are traded during that year on established securities markets in any other single country. The Company&#8217;s common shares, which is the Company&#8217;s sole class of issued and outstanding stock that is traded,
        is and the Company anticipates that its common shares will continue to be &#8220;primarily traded&#8221; on the NYSE American.</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe37" continuedAt="Text_518604c805494aba9d8761d18c280dfe38">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe38" continuedAt="Text_518604c805494aba9d8761d18c280dfe39"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe39" continuedAt="Text_518604c805494aba9d8761d18c280dfe40">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe40" continuedAt="Text_518604c805494aba9d8761d18c280dfe41"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;">The Treasury Regulations also require for purposes of the Publicly-Traded Test that the Company&#8217;s stock be
        &#8220;regularly traded&#8221; on an established securities market. Under the Treasury Regulations, the Company&#8217;s stock will be considered to be &#8220;regularly traded&#8221; if <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> or more classes of the Company&#8217;s stock
        representing more than <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">50%</em> of the Company&#8217;s outstanding shares, by total combined voting power of all classes of stock entitled to vote and by total combined value of all classes of stock, are listed on <em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">one</em> or more established securities markets, which the Company refers to as the &#8220;listing threshold.&#8221;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe41" continuedAt="Text_518604c805494aba9d8761d18c280dfe42">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe42" continuedAt="Text_518604c805494aba9d8761d18c280dfe43"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe43" continuedAt="Text_518604c805494aba9d8761d18c280dfe44">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_518604c805494aba9d8761d18c280dfe44"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company took the position for U.S. federal income tax reporting purposes that it was not subject to U.S. federal income taxation for the
          2023, 2024 taxable years since the <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Company








































          </span>believes it qualifies for the exemption from tax under Section 883 and the Company intends to take the same position for the 2025 taxable year.</span></p></ix:continuation>

      <div><br/>
      </div>

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        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-30</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

    </div>

    <div style="width: 100%;" class="BRPFPageFooter"></div>

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    <div>
      <ix:nonNumeric name="us-gaap:FinancialInstrumentsDisclosureTextBlock" id="Text_14cc5b89c2084497a46bf00f588d2a80" contextRef="c20250101to20251231" escape="true" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2911">
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                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">14.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Financial Instruments:</b></p>
              </td>

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</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2911" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2912"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2912" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2913"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The principal financial assets of the Company consist of cash on hand and at banks, restricted cash, trade accounts receivables (including EUAs), <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;"><span style="font-family: 'Times New Roman'; font-size: 10pt;">due from related parties (including EUAs)</span> </span>and long-term deposits. The principal financial liabilities of the Company consist of long-term
          loans (Note 7), accounts payable <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">(including










































            EUAs)</span> due to suppliers, amounts due to related parties and accrued liabilities.&#160;</span> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2913" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2914"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"> <br/>
      </p></ix:continuation>
      <div>
        <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2914" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2915">
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    <td style="vertical-align: top; width: 18pt;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">a)</p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Interest rate risk:</b>&#160;The Company as of <em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"> December 31, 2025
                  </em>is subject to market risks relating to changes in interest rates, <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">since all of its debt is subject to floating interest </span><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">rates.</span></p>
              </td>

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<div style="font-family: 'Times New Roman'; font-size: 10pt;"> <br/>
        </div>
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        <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2916" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2917">
<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" id="d14eafc7d8f94d97bf12512f8c143786" class="DSPFListTable">


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    <td style="width: 18pt;"><br/>
              </td>

    <td style="vertical-align: top; width: 18pt;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;">b)</p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><b>Credit risk:</b>&#160;Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of
                  cash. The Company places its temporary cash investments, consisting mostly of deposits, with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial
                  institutions with which it places its temporary cash investments.</p>
              </td>

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<div><br/></div>
</ix:continuation>
        <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2918" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b2919">
<table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" id="z0f31011bfbf443d2b485c2c3465aee84" class="DSPFListTable">


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              </td>

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                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">c)</p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Fair value:</b> <br/>
                </p>
              </td>

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      </div>

      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b2919" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29110"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29110" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29111"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The following methods and assumptions were used to estimate the fair value of each class of financial instrument:</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29111" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29112">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29112" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29113"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29113" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29114">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29114" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29115"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Cash and cash equivalents and restricted cash are considered Level 1 items as they represent liquid assets with short term maturities. The Company considers its creditworthiness when determining the fair value of its liquid
        assets.</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29115" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29116">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29116" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29117"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160; <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29117" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29118"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company follows the accounting guidance for Fair Value Measurements. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for
        ranking the quality and reliability of the information used to determine fair values. The guidance requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories:</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29118" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29119">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29119" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29120"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29120" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29121">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29121" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29122"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 1: Quoted market prices in active markets for identical assets or liabilities;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29122" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29123">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29123" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29124"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</p></ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29124" continuedAt="Text_0bb1c16b24884172a04bcb2c2289b29125">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_0bb1c16b24884172a04bcb2c2289b29125"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Level 3: Unobservable inputs that are not corroborated by market data.</p></ix:continuation>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">
      </p>
      <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
    </div>

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                <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">15.</em></b></p>
              </td>

    <td style="align: left; vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin: 0pt;"><b>Mezzanine Equity</b></p>
              </td>

  </tr>


</table>
      </div>
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        </b></p></ix:continuation>
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<div style="background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><b>SERIES E PREFERRED SHARES</b></div>
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<div><br/></div>
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<div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">On March 29, 2019, the Company entered into a Stock Purchase Agreement with Family Trading for the sale of <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_0c30885d1308473ab1722b23ee8665e3" contextRef="c20190329to20190329_CounterpartyNameAxis_FamilyTradingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">27,129</ix:nonFraction> newly issued perpetual convertible preferred shares (the &#8220;Series E Shares&#8221;) at a price of <ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" id="Fact_eb18bae120ad46df9ffb20a50cb1e6d7" contextRef="c20190329_CounterpartyNameAxis_FamilyTradingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction> dollars ($<ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" id="Fact_247bc7ecd8084f699412abf8f1ed119b" contextRef="c20190329_CounterpartyNameAxis_FamilyTradingIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) per share. The proceeds of the sale were used for
        the full and final settlement of all amounts due under a previously entered credit facility with Family Trading. The issuance of the Series E Shares was approved by a committee of the Company&#8217;s board of directors, of which all of the directors were
        independent.</div>
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      </div>
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      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab56" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab57"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Each holder
        of Series E Shares, at any time, had the right, subject to certain conditions, to convert all or any portion of the Series E Shares then held by such holder into the Company&#8217;s common shares at the conversion rate then in effect. Each Series E Share
        was convertible into the number of the Company&#8217;s common shares equal to the quotient of <ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" id="Fact_82178f26b18e4a49aed82cec5e000b84" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction> dollars ($<ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" id="Fact_68708767f8024a78a8b881d7a93a4a42" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) plus any accrued and unpaid dividends divided by the lesser of the following <ix:nonFraction name="tops:PreferredStockNumberOfPricesUsedToCalculateConversionPrice" id="Fact_e17f6089bef6404eb8a2c05f2b479ab4" contextRef="c20231206to20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U014" decimals="INF" scale="0" format="ixt-sec:numwordsen">four</ix:nonFraction> prices (the &#8220;Series E Conversion Price&#8221;): (i) $<ix:nonFraction name="us-gaap:PreferredStockConvertibleConversionPrice" id="Fact_76cc2dca44794ac4ae90e6a542add84b" contextRef="c20221206_RangeAxis_MaximumMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">120,000.00</ix:nonFraction>,
        (ii) <ix:nonFraction name="tops:PreferredStockConvertibleConversionPricePercentage" id="Fact_c15889459f054b4da52fdc932b7c25d6" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>% of the lowest daily VWAP of the Company&#8217;s common shares over the <span style="-sec-ix-hidden:Fact_f0bf8e1649e947fd9a2502e0ca70b976">twenty</span> consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per
        share of any of the Company&#8217;s then outstanding convertible shares or warrants, (iv) the lowest issuance price of the Company&#8217;s common shares in any transaction from the date of the issuance the Series E Shares onwards, but in no event could the
        Series E Conversion Price be less than the floor price ($<ix:nonFraction name="us-gaap:PreferredStockConvertibleConversionPrice" id="Fact_e1bac88def454a08b994b8c222ae2866" contextRef="c20221206_RangeAxis_MinimumMember_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">0.60</ix:nonFraction>). The floor price was adjusted (decreased) in case of splits or
        subdivisions of the Company&#8217;s outstanding shares and was not adjusted in case of reverse stock splits or combinations of the Company&#8217;s outstanding shares. The holders of each Series E Share were entitled to the voting power of <ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_2fbe6edec008412ebb1d20c8363c3608" contextRef="c20231206to20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction> (<ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_a96062de57df4800ac9b819b5d1b9d29" contextRef="c20231206to20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) common shares of the
        Company. Upon any liquidation, dissolution or winding up of the Company, the holders of Series E Shares would have been entitled to receive the net assets of the Company pari-passu with the common shareholders. Furthermore, the Company at its
        option had the right to redeem a portion or all of the outstanding Series E Shares. The Company could pay an amount equal to <ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_7eea3345d872410b8b285641f731e028" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt-sec:numwordsen">one thousand</ix:nonFraction>
        dollars ($<ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_e7730ceefcad4f00ae38e0a128e3501f" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="0" scale="0" format="ixt:num-dot-decimal">1,000</ix:nonFraction>) per each Series E Share (the &#8220;Liquidation Amount&#8221;), plus a redemption premium equal to <ix:nonFraction name="tops:PreferredStockRedemptionPremiumAsPercentageOfLiquidationAmount" id="Fact_0bd69e6852cd49c1824e7fdeea3af237" contextRef="c20200329_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt-sec:numwordsen">fifteen </ix:nonFraction>percent (<ix:nonFraction name="tops:PreferredStockRedemptionPremiumAsPercentageOfLiquidationAmount" id="Fact_1969a219a7904c55b76c2262301196ce" contextRef="c20200329_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%) of the Liquidation
        Amount being redeemed if that redemption took place up to and including March 29, 2020 and <ix:nonFraction name="tops:PreferredStockRedemptionPremiumAsPercentageOfLiquidationAmount" id="Fact_a29d9e402665427ea473e38722e1c268" contextRef="c20200330_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt-sec:numwordsen">twenty </ix:nonFraction>percent (<ix:nonFraction name="tops:PreferredStockRedemptionPremiumAsPercentageOfLiquidationAmount" id="Fact_3832ffb3ebf541cc88f2f0d724728704" contextRef="c20200330_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>%) of the Liquidation Amount being redeemed if that redemption took place after March 29, 2020, plus an amount equal to any accrued and unpaid
        dividends on such Series E Shares (collectively referred to as the &#8220;Redemption Amount&#8221;).</p></ix:continuation>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
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<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">
      </span></div>
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      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-31</span></div>

        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab510" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab511"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Series E
        Shares were not subject to redemption in cash at the option of the holders thereof under any circumstance. Finally, the holders of outstanding Series E Shares were entitled to receive, semi-annual dividends payable in cash on the last day of June
        and December of each year (each such date being referred to herein as a &#8220;Semi Annual Dividend Payment Date&#8221;), commencing on the first Semi Annual Dividend Payment Date, being June 30, 2019 in an amount per share (rounded to the nearest cent) equal
        to <ix:nonFraction name="us-gaap:PreferredStockDividendRatePercentage" id="Fact_74ddd300abca4f3da14dbee0e54e17c3" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt-sec:numwordsen">fifteen </ix:nonFraction>percent (<ix:nonFraction name="us-gaap:PreferredStockDividendRatePercentage" id="Fact_4bf03d7256ce430caad39bd5882e6b79" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%)
        per year of the liquidation amount of the then outstanding Series E Shares computed on the basis of a 365-day year and the actual days elapsed. Accrued but unpaid dividends bore interest at <ix:nonFraction name="tops:TemporaryEquityInterestRateOnAccruedButUnpaidDividends" id="Fact_c575f64903424a89a9156c0d595f149a" contextRef="c20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt-sec:numwordsen">fifteen </ix:nonFraction>percent (<ix:nonFraction name="tops:TemporaryEquityInterestRateOnAccruedButUnpaidDividends" id="Fact_282ce497b1fc40de9e70b710dfcdfbac" contextRef="c20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">15</ix:nonFraction>%). Dividends would not have been payable in
        cash if such payment violated any provision of any senior secured facility of the Company or any senior secured facility for which the Company had provided a guarantee, for as long as such provisions remained in effect.</p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab511" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab512">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab512" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab513"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab513" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab514"><p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">The Company determined that the Series E shares were more akin to equity than debt and that the above identified conversion feature, subject to adjustments, was clearly and closely related to the host instrument, and
        accordingly bifurcation and classification of the conversion feature as a derivative liability was not required. Given that the Series D and Series E preferred stock&#8217;s holder (Lax Trust) controlled a majority of the Company votes, the preferred
        equity was in essence redeemable at the option of the holder and hence was classified in Mezzanine equity as per ASC 480-10-S99 &#8220;Distinguishing liabilities from Equity &#8211; SEC Materials&#8221;.<br/>
      </p></ix:continuation>
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<div><br/></div>
</ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab515" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab516"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">On December
        6, 2023, the Company received a conversion notice for the conversion of all the outstanding Series E Shares (<ix:nonFraction name="us-gaap:TemporaryEquitySharesOutstanding" id="Fact_5d211f998386489d9b274deb8aa8425b" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">13,452</ix:nonFraction> shares) into <ix:nonFraction name="tops:ConvertiblePreferredStockSharesToBeIssuedUponConversion" id="Fact_272c8a3772654589878e4a3923782a1e" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">2,930,718</ix:nonFraction> of the Company&#8217;s common shares. The Series E Shares were converted on the same date of the receipt of the conversion notice with a conversion
        price of $<ix:nonFraction name="us-gaap:PreferredStockConvertibleConversionPrice" id="Fact_21f2038ad82a441d858659aa86383c00" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U003" decimals="2" scale="0" format="ixt:num-dot-decimal">4.59</ix:nonFraction>, which represented <ix:nonFraction name="tops:PreferredStockConvertibleConversionPricePercentage" id="Fact_7be847218a55455c88d03c0fc8057cb3" contextRef="c20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">80</ix:nonFraction>%
        of the lowest daily volume weighted average price of the Company&#8217;s common stock over the <span style="-sec-ix-hidden:Fact_57655a7ba36d4782969aa3f14c75bc22">20</span> consecutive trading days expiring on the
        trading day immediately prior to the date of delivery of the conversion notice. In the year ended December 31, 2023, the Company did <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_7344e9d72b894f369f52dbd0e4a34204" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen"><ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_fea80a445a7e4d93a11588436a5bc77c" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">no</ix:nonFraction></ix:nonFraction>t
        issue or redeem any Series E Shares. During the year ended December 31, 2023, the Company declared $<ix:nonFraction name="tops:TemporaryEquityDividendsCash" id="Fact_83e2fb3a21eb41948a14930bc8fe2a20" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,001</ix:nonFraction> of dividends to the Series E
        Shares holder.</p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab516" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab517"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> </p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab517" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab518"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab518" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab519"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> The
        Company, based on ASC 470-20-40-5, determined that the Series E Shares conversion feature is in essence a redemption, since such conversion was settled by a delivery of a variable number of shares of common stock with a fixed monetary amount and by
        applying ASC 260-10-S99-2 has recognized the difference between the carrying amount of the Series E Shares at the date of conversion and the fair value of the common stock delivered on the same date, <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">amounting to $<ix:nonFraction name="tops:DeemedDividendForBeneficialConversionFeatureOfShares" id="Fact_8681e6bc5eac462684c16dc948956528" contextRef="c20231206to20231206_StatementClassOfStockAxis_SeriesEPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">22,426</ix:nonFraction>,
          as a deemed dividend.</span> </p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab519" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab520"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab520" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab521"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;"><span style="font-weight: bold;">SERIES F PREFERRED SHARES</span><br/>
        <br/>
        <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">On January 17, 2022, the Company entered
          into a stock purchase agreement with Africanus Inc., an affiliate of Evangelos J. Pistiolis&#160; for the sale of up to <ix:nonFraction name="tops:TemporaryEquitySharesToBeSold" id="Fact_9a05ec7de8cd496a9e4edf98f1107223" contextRef="c20220117_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">7,560,759</ix:nonFraction>
          newly-issued Series F Non-Convertible Perpetual Preferred Shares (&#8220;Series F Shares&#8221;), in exchange for (i) the assumption by Africanus Inc. of an amount of $<ix:nonFraction name="tops:ShipbuildingCostsToBeAssumed" id="Fact_ddb498568f144c7c96f6c42a770f5c86" contextRef="c20220117_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,630</ix:nonFraction> of shipbuilding costs for its newbuilding vessels M/T Eco Oceano CA (Hull No. 871), M/T Julius Caesar (Hull No. 3213) and M/T Legio X Equestris (Hull No. 3214), and (ii) settlement of the Company&#8217;s
          remaining payment obligations relating to the VLCC Transaction, in an amount of up to $<ix:nonFraction name="tops:RemainingPaymentObligationsForAcquisition" id="Fact_9461d7e75a314be5af9a10ca861eee72" contextRef="c20220117_CounterpartyNameAxis_AfricanusIncMember_RangeAxis_MaximumMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,978</ix:nonFraction>. From January 17 to March 16, 2022 a
          total of <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_7931151ebc9441dfaf58fa34b135289b" contextRef="c20220118to20220316_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">7,200,000</ix:nonFraction> Series F Shares were issued, to cover $<ix:nonFraction name="tops:ShipbuildingCostsToBeAssumed" id="Fact_ee71c9ec6ecc47faaea8ab7455479160" contextRef="c20220117_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">47,630</ix:nonFraction> of shipbuilding costs in connection with the deliveries of M/T Julius Caesar, M/T Legio X Equestris and M/T Eco Oceano CA and as a consideration for the settlement of
          $<ix:nonFraction name="us-gaap:OtherLiabilities" id="Fact_d44cabb23a6c4e1bac5662b3527ef25e" contextRef="c20220316_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">24,370</ix:nonFraction> of Due to related parties. During the years ended December 31, 2022 and 2023 the Company redeemed a total of <ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_54d8d0dbb3a54f75af4d2543badde703" contextRef="c20220101to20221231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">1,349,252</ix:nonFraction> and <ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_27ef0f5d4c6345bc85aff1ce35969661" contextRef="c20230101to20231231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">2,191,121</ix:nonFraction> Series F
          Shares for $<ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_9a8f061a3c154b2c8ab64f0a0eb8e556" contextRef="c20220101to20221231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,191</ix:nonFraction> and <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">$<ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_bf06ffed10bc4587877a2b07c7e56c6b" contextRef="c20230101to20231231_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">26,293</ix:nonFraction></span>. </span><span style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; text-transform: none; word-spacing: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">On February 6, 2024, the Company redeemed the remaining <ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodShares" id="Fact_2451affe9d37459788ec998ab2e83490" contextRef="c20240206to20240206_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">3,659,627</ix:nonFraction> Series F Shares for $<ix:nonFraction name="tops:TemporaryEquityStockRedeemedOrCalledDuringPeriodValue" id="Fact_a254669075024fb08392023a8a61cbc7" contextRef="c20240206to20240206_CounterpartyNameAxis_AfricanusIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">43,916</ix:nonFraction>.</span></p></ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab521" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab522">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/>
      </div>
</ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab522" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab523">
<div style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The
        holders of Series F Shares were entitled to the voting power of <ix:nonFraction name="tops:PreferredStockVotingRightsNumberOfCommonShares" id="Fact_be325a2ed49c4108ac114ad18bb5f36b" contextRef="c20240206to20240206_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U001" decimals="INF" scale="0" format="ixt-sec:numwordsen">ten</ix:nonFraction> of the Company&#8217;s common shares per Series F Share. Upon any
        liquidation, dissolution or winding up of the Company, the holders of Series F Shares would have been entitled to receive the net assets of the Company pari passu with the Company&#8217;s common shares. The Series F Shares could not be subject to
        redemption in cash at the option of the holders and only the Company at its option had the right to redeem a portion or all of the outstanding Series F Shares at an amount equal to $<ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_0ac0247043a04fb9b289b7edbf7de632" contextRef="c20240206_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt:num-dot-decimal">10</ix:nonFraction> (<ix:nonFraction name="us-gaap:PreferredStockLiquidationPreference" id="Fact_293815caa47840f9bbfca5865b9480fb" contextRef="c20240206_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U003" decimals="INF" scale="0" format="ixt-sec:numwordsen">ten</ix:nonFraction>) per Series F Share redeemed (the &#8220;Liquidation Amount&#8221;),
        plus a redemption premium of <ix:nonFraction name="tops:PreferredStockRedemptionPremiumAsPercentageOfLiquidationAmount" id="Fact_ac1fc90be4c34b83a8d0b78456146cb3" contextRef="c20240206_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">20</ix:nonFraction>% of the Liquidation Amount. The Series F Shares included a mandatory redemption provision tied to
        minimum voting requirements for the Company&#8217;s major shareholders, including affiliates of the CEO, pursuant to which if such minimum voting rights fell below <ix:nonFraction name="tops:MinimumVotingRightsPercentage" id="Fact_be302ee2c3aa42cc9d8bbadbdf2e25a0" contextRef="c20240206to20240206_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% the Company was obliged to redeem the full amount of the then outstanding Series F Shares at a redemption premium of <ix:nonFraction name="tops:PreferredStockRedemptionPremiumPercentage" id="Fact_d9bd9a62351b445db891297f5af6909c" contextRef="c20240206to20240206_RangeAxis_MaximumMember_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">40</ix:nonFraction>%.
        The holders of outstanding Series F Shares were entitled to receive semi-annual dividends payable in cash at a rate of <ix:nonFraction name="us-gaap:PreferredStockDividendRatePercentage" id="Fact_19a9b236c6774799849cccea3b084819" contextRef="c20240101to20241231_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">13.5</ix:nonFraction>% per year of
        the Liquidation Amount of the then outstanding Series F Shares. Accrued but unpaid dividends bore interest at <ix:nonFraction name="us-gaap:PreferredStockDividendRatePercentage" id="Fact_480591da2cfb4819b67184bd47b836cb" contextRef="c20240101to20241231_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">13.5</ix:nonFraction>%. In addition, a
        one-time cash dividend equal to <ix:nonFraction name="tops:PreferredStockPercentageOfLiquidationAmount" id="Fact_d6d296725b334041afdcf24c261ccc6c" contextRef="c20240101to20241231_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U005" decimals="3" scale="-2" format="ixt:num-dot-decimal">4.0</ix:nonFraction>% of the Liquidation Amount was payable following each issuance of Series F Shares. Finally, the
        Series F Shares were not convertible into the Company&#8217;s common shares under any circumstances.</div>
</ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab523" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab524">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/>
      </div>
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      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab524" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab525">
<div style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The
        Company determined that the Series F Shares were more akin to equity than debt and hence they were classified in Mezzanine equity.</div>
</ix:continuation>
      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab525" continuedAt="Text_96d8eae996d2445a8287497c7f9fdab526">
<div style="display:none;"><br/></div>
<div style="color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; text-align: left; text-indent: 0px; text-transform: none; white-space: normal; word-spacing: 0px; background-color: rgb(255, 255, 255); text-decoration-style: initial; text-decoration-color: initial;"><br/>
      </div>
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      <ix:continuation id="Text_96d8eae996d2445a8287497c7f9fdab526">
<div style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">During the
        years ended December 31, 2023 and 2024 the Company declared $<ix:nonFraction name="tops:TemporaryEquityDividendsCash" id="Fact_579dbb1ad6644cbe97d06dae2170acad" contextRef="c20230101to20231231_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,009</ix:nonFraction> and&#160; $<ix:nonFraction name="tops:TemporaryEquityDividendsCash" id="Fact_e55f31a6652d4795af0b39b0fa462dd7" contextRef="c20240101to20241231_StatementClassOfStockAxis_SeriesFPreferredStockMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">0</ix:nonFraction> of dividends to the Series F Shares holder.<br/>
      </div>
</ix:continuation>

      <p style="font-variant: normal; margin: 0pt;"><br/>
      </p>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="width: 100%;" class="BRPFPageFooter"></div>

        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-32</span></div>

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          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

    </div>

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  </div>


  <div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; color: #000000;">
    <div style="text-align: left;">
      <ix:nonNumeric name="us-gaap:EquityMethodInvestmentsDisclosureTextBlock" id="Text_ca6b24b78ebf4106a754c60cb403ecdb" contextRef="c20250101to20251231" escape="true" continuedAt="Text_b46c7092540245d1bc5666c108229c551">
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        <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin: 0pt; text-align: justify;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">16.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <p style="font-variant: normal; margin: 0pt; text-align: justify;"><b>Investments in Unconsolidated Joint Ventures</b></p>
              </td>

  </tr>


</table>
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</ix:nonNumeric>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c551" continuedAt="Text_b46c7092540245d1bc5666c108229c552"><p style="font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c552" continuedAt="Text_b46c7092540245d1bc5666c108229c553"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-style: italic; font-weight: bold; font-size: 10pt; text-align: justify;"><span style="text-decoration: underline;"><em style="font-family: 'Times New Roman'; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;"></em><em style="font-family: 'Times New Roman'; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">2020</em> Joint Venture</span>
      </p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c553" continuedAt="Text_b46c7092540245d1bc5666c108229c554"><p style="font-variant: normal; margin: 0pt; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c554" continuedAt="Text_b46c7092540245d1bc5666c108229c555"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">On April 24,
        2020 the Company acquired from a company affiliated with Mr. Evangelos J. Pistiolis, or the MR Seller, a <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_4a1d7d5d6ed94e408eaf9e925933eb22" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_2ec7425596ac484ca6073ccdb65d59d7" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction></ix:nonFraction>% interest in <ix:nonFraction name="tops:NumberOfCompaniesOwningVessels" id="Fact_8b3fff854d6e4c4ab1b8cfcdb034c797" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U013" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> vessel owning companies (California 19 Inc. and California 20 Inc.) that owned <ix:nonFraction name="tops:NumberOfScrubberFittedVesselsOwned" id="Fact_23e91787180b43a49688ef0e390d374b" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> scrubber-fitted <ix:nonFraction name="tops:VesselDeadweightTonnage" id="Fact_bf548034a85742a5a0253a2792f01796" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember" unitRef="U015" decimals="0" scale="0" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:VesselDeadweightTonnage" id="Fact_bcef6b0b47dd4510a74b259a88a08881" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember" unitRef="U015" decimals="0" scale="0" format="ixt:num-dot-decimal">50,000</ix:nonFraction></ix:nonFraction> dwt eco MR product tankers, M/T
        Eco Yosemite Park and M/T Eco Joshua Park respectively for $<ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" id="Fact_3484fb4e29354db4befacaf9bbd338b0" contextRef="c20200424to20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,000</ix:nonFraction>, representing the Company&#8217;s share of interest in the fair value of the
        net assets acquired. Both vessels were delivered in March 2020 to the MR Seller from Hyundai Mipo shipyard of South Korea. The MR Seller had already entered into <ix:nonFraction name="tops:NumberOfJointVentureAgreementsEnteredBySubsidiary" id="Fact_bcaf80c390c9413d81a2c2fd335c26d9" contextRef="c20200424_CounterpartyNameAxis_MRSellerMember" unitRef="U016" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> joint venture agreements, for the <ix:nonFraction name="tops:NumberOfCompaniesOwningVessels" id="Fact_11aea7be96194eb3b597cd06373d9f9c" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U013" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> vessels, each with an equal ownership interest of <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_f41600ff4fed45d3b1ea9fa02edf7a20" contextRef="c20200331_CounterpartyNameAxis_MRSellerMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>%, with Just-C Limited, a wholly owned subsidiary of Gunvor Group Ltd (the other <ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" id="Fact_9f28d1aaa11840d39da575ab5403c975" contextRef="c20200331_CounterpartyNameAxis_JustCLimitedMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% owner). The abovementioned acquisition was approved by a special committee of the Company&#8217;s board of directors (the &#8220;JV Special Committee&#8221;), of which all of the directors
        were independent and for which the JV Special Committee obtained a fairness opinion relating to the consideration of the transaction from an independent financial advisor.</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c555" continuedAt="Text_b46c7092540245d1bc5666c108229c556">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c556" continuedAt="Text_b46c7092540245d1bc5666c108229c557"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c557" continuedAt="Text_b46c7092540245d1bc5666c108229c558">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c558" continuedAt="Text_b46c7092540245d1bc5666c108229c559"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">Out of the
        purchase price of $<ix:nonFraction name="us-gaap:PaymentsToAcquireEquityMethodInvestments" id="Fact_fc8cce852143486db6168ddc22ac9959" contextRef="c20200424to20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">27,000</ix:nonFraction>, $<ix:nonFraction name="tops:ExcessOfPurchasePriceRecognizedOverUnderlyingNetBookValueOfVessels" id="Fact_e570758f71034c9fb044b783cfa067da" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,646</ix:nonFraction>
        and $<ix:nonFraction name="tops:ExcessOfPurchasePriceRecognizedOverUnderlyingNetBookValueOfVessels" id="Fact_063f03ad98234253954406d8b22a25c8" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,654</ix:nonFraction> were recognized as excess of the purchase price over the underlying net book value (&#8220;Basis Differences&#8221;) for California 19
        Inc. and California 20 Inc. respectively, attributed to the value assigned to the attached time charter. These Basis Differences are amortized over the duration of the firm period of the charter (<ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_dad7568b6fb2400db2bd3cd7680364f5" contextRef="c20200331_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:duryear">5</ix:nonNumeric> years) and their amortization is included as a reduction in Equity (loss)/gain in unconsolidated joint ventures. Furthermore $<ix:nonFraction name="tops:ExcessOfFairMarketValueOverCarryingValueOfVessels" id="Fact_1b4776a98d9d4909af0a0e4a24bb2d68" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,963</ix:nonFraction> and $<ix:nonFraction name="tops:ExcessOfFairMarketValueOverCarryingValueOfVessels" id="Fact_54331b3dd1524ab4a641aa7c0d26fc26" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,963</ix:nonFraction> were also recognized as Basis Differences for
        California 19 Inc. and California 20 Inc. respectively, attributed to the fair market value over the carrying value of the vessels. These Basis Differences are amortized over the useful life of the vessels (<ix:nonNumeric name="us-gaap:PropertyPlantAndEquipmentUsefulLife" id="Fact_1b0d89677dfe443585a8b3a48020cb09" contextRef="c20251231_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkAndMTEcoJoshuaParkMember" format="ixt-sec:duryear">25</ix:nonNumeric> years) and their amortization is also included as a reduction in Equity (loss)/gain in unconsolidated joint ventures.</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c559" continuedAt="Text_b46c7092540245d1bc5666c108229c5510">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5510" continuedAt="Text_b46c7092540245d1bc5666c108229c5511"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5511" continuedAt="Text_b46c7092540245d1bc5666c108229c5512"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">On March 12,
        2020, California 19 Inc. together with California 20 Inc. entered into a loan agreement with Alpha Bank for a senior debt facility of $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_b951b5542b7b4332b04c7cf7cdef4ae4" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">37,660</ix:nonFraction>
        ($<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_f610ecadc43f4df7b0bc46a522847ba6" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_a20b86a4d54547bd91b88d394bac60ae" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,830</ix:nonFraction></ix:nonFraction> for each vessel, the &#8220;JV Alpha Facility&#8221;). The loan had a term of <ix:nonNumeric name="us-gaap:DebtInstrumentTerm" id="Fact_5e2120bad0264d32b96875debaa7068a" contextRef="c20200312to20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric> and was payable on maturity via a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_32081be4cd4049f78dc97022c805d41b" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_2a649070965d4580a51deccb84b6de2f" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,830</ix:nonFraction></ix:nonFraction>
        per vessel. The credit facility bore interest at LIBOR plus a margin of <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_a9eb77c3ab4e4742a617af45cf71fa83" contextRef="c20200312to20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember_VariableRateAxis_LondonInterbankOfferedRateMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.00</ix:nonFraction>%. The facility carried customary covenants and
        restrictions, including the covenant that during the life of the facility, the market value of the vessels should have been at least <ix:nonFraction name="tops:DebtInstrumentMinimumMarketValueOfVesselsAsPercentageOfAmountOutstanding" id="Fact_4121304b0fc043f5ac363dde43fb6f44" contextRef="c20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">200</ix:nonFraction>%
        of the facility outstanding and any shortfall should have been covered by partial prepayments. </p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5512" continuedAt="Text_b46c7092540245d1bc5666c108229c5513"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">&#160;</p></ix:continuation>
      <!--PROfilePageNumberReset%Num%32%F-%%--> <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5513" continuedAt="Text_b46c7092540245d1bc5666c108229c5514">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">
      </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5514" continuedAt="Text_b46c7092540245d1bc5666c108229c5515"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"> On
        September 27, 2024 California 19 Inc. and California 20 Inc. refinanced the JV Alpha Facility with the same bank (Alpha Bank) and increased the loan to $<ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_e44ae4aa1dfa467ca605d8a547bfa8ca" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" id="Fact_783c8d1c56ad49fe9164310280caa12b" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">30,000</ix:nonFraction></ix:nonFraction> per vessel. The refinanced credit facility is repayable in <ix:nonFraction name="tops:DebtInstrumentNumberOfPaymentInstallments" id="Fact_ac61962db1ca4c5486a8170dc476e898" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U011" decimals="0" scale="0" format="ixt:num-dot-decimal">28</ix:nonFraction>
        consecutive <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_95ceee13c6ef4353b91917ef381dab5a" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember">quarterly</ix:nonNumeric> installments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_92efbb2c3b5143948fdf7f0d7e026cd4" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_03a9e402bf1a4a90acd3e245a4a144c7" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">500</ix:nonFraction></ix:nonFraction>
        per vessel, commencing <ix:nonNumeric name="tops:DebtInstrumentPeriodAfterDrawDownWhenRepaymentsBegin" id="Fact_9d91e3df6ae64eed90195e0d0307e6f2" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:durwordsen">three months</ix:nonNumeric> from draw down, and a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_f68486be23b949b29c790a6589ae72ea" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_12ba53713fb34a79a2f766bd4e4d70ce" contextRef="c20240927_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16,000</ix:nonFraction></ix:nonFraction> per vessel payable together with the last installment. The facility contains the same covenants as the JV Alpha Facility except for the asset cover ratio that has been reduced to <ix:nonFraction name="tops:DebtInstrumentAssetCoverRatioOne" id="Fact_053922cb85984016a1eba3ccb8a61781" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">125</ix:nonFraction>%. Finally, the margin of the refinanced facility was lowered to <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_ab888cc5875a49269a3e2069606793ad" contextRef="c20250101to20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember_VariableRateAxis_TermSecuredOvernightFinancingRateMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">2.20</ix:nonFraction>% from <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_c2e056decd1947048f38a12b26e37551" contextRef="c20200312to20200312_DebtInstrumentAxis_LoanAgreementWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember_VariableRateAxis_LondonInterbankOfferedRateMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">3.00</ix:nonFraction>% and the facility&#8217;s variable rate was switched from LIBOR to
        Term SOFR. The refinanced facility continues to be guaranteed by the Company at <ix:nonFraction name="tops:PercentageOfAggregateOutstandingLiability" id="Fact_27154862b3c345279ad14c5d0810fa49" contextRef="c20251231_DebtInstrumentAxis_CreditFacilityWithAlphaBankMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">50</ix:nonFraction>% of the aggregate outstanding liability and that
        guarantee is limited to the Company&#8217;s share of the net assets of California 19 Inc. and California 20 Inc.<br/>
      </p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5515" continuedAt="Text_b46c7092540245d1bc5666c108229c5516"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"> <br/>
      </p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5516" continuedAt="Text_b46c7092540245d1bc5666c108229c5517"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">Each of the <ix:nonFraction name="tops:NumberOfScrubberFittedVesselsOwned" id="Fact_a6db2f37b53c479798811e85cae1918d" contextRef="c20200424_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> product tankers are on time charters that commenced in March 2020 with Clearlake Shipping Pte Ltd, (&#8220;Clearlake&#8221;) a subsidiary of Gunvor Group Ltd
          at a daily rate of $<ix:nonFraction name="tops:GrossDailyHireRate" id="Fact_89657861b597456c99b915497c1c0896" contextRef="c20200331to20200331_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:GrossDailyHireRate" id="Fact_62534f875bd54fa6b0735cc41097aee1" contextRef="c20200331to20200331_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,400</ix:nonFraction></ix:nonFraction> for a firm term of <ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_62a2df0c54814c72a940aa9db81db01f" contextRef="c20200331_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:durwordsen"><ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_4c90b6064aba481ca469340b80870aea" contextRef="c20200331_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:durwordsen">five years</ix:nonNumeric></ix:nonNumeric> plus <span style="-sec-ix-hidden:Fact_686acea16a5142c7af6270db10c56a5f"><span style="-sec-ix-hidden:Fact_5e0283e2ef974c66b638e06a8e0b9000">two</span></span> additional optional years. On July 10, 2024 California 19 Inc. and
          California 20 Inc. entered into agreements with Clearlake to extend their time charter employment at higher rates. Specifically, both vessels commenced a <ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_8ac0a8e01d344040a2ba0596d58ac216" contextRef="c20240801_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:duryear"><ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_0e0e72ed67964f8d81c0c953fc73cafd" contextRef="c20240801_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" format="ixt-sec:duryear">7</ix:nonNumeric></ix:nonNumeric>-year time charter on August 1, 2024 at a gross daily hire rate of $<ix:nonFraction name="tops:GrossDailyHireRate" id="Fact_c4e7bcc96575452683d1fbf31934ab4c" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_MTEcoYosemiteParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal"><ix:nonFraction name="tops:GrossDailyHireRate" id="Fact_b76164b2ac62495fa10d0462c00e004b" contextRef="c20250101to20251231_PropertyPlantAndEquipmentByTypeAxis_MTEcoJoshuaParkMember_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncAndCalifornia20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,500</ix:nonFraction></ix:nonFraction>.
          All other terms remained as per the previous time charter contracts, including the terms of an option of the charterers to extend each time charter for <span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><span style="-sec-ix-hidden:Fact_525a52b5520942e19a0f15fe602175e3"><span style="-sec-ix-hidden:Fact_1b263af987884282885989124df6dbcb">two</span></span></span>
          additional years.</span><br/>
      </p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5517" continuedAt="Text_b46c7092540245d1bc5666c108229c5518">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5518" continuedAt="Text_b46c7092540245d1bc5666c108229c5519"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5519" continuedAt="Text_b46c7092540245d1bc5666c108229c5520">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5520" continuedAt="Text_b46c7092540245d1bc5666c108229c5521"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none; text-align: justify;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">The Company&#8217;s exposure is limited to its
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  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

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            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" style="border-bottom: #000000 solid 2px;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;"><b><b>December 31, 2025</b></b> <br/>
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    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;"><b><b>California 19 Inc.</b></b></div>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
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            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

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    <td valign="bottom" style="width: 28%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; font-weight: bold; text-indent: -18pt; margin-left: 18pt;">Total disbursements<br/>
              </p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ProceedsFromEquityMethodInvestmentDistributions" id="Fact_1467e03bbbb24ed6b00cdde98382d4d9" contextRef="c20230101to20231231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,260</ix:nonFraction></span><br/>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ProceedsFromEquityMethodInvestmentDistributions" id="Fact_4c3ea7f3e34c49ac8d5046a9c3b548af" contextRef="c20230101to20231231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,260</ix:nonFraction></span><br/>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ProceedsFromEquityMethodInvestmentDistributions" id="Fact_2f82185cbc6e41c6a6ca69f1573a1c33" contextRef="c20240101to20241231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">5,870</ix:nonFraction></span><br/>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

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            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ProceedsFromEquityMethodInvestmentDistributions" id="Fact_4520074bcd994cf1826da7af214ce87a" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; font-weight: bold; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;"><span style="text-indent: 0pt;"><ix:nonFraction name="tops:ProceedsFromEquityMethodInvestmentDistributions" id="Fact_882366fcaeb548d68f971b8613072718" contextRef="c20250101to20251231_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

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</ix:continuation></ix:continuation>

      <ix:continuation id="Text_b46c7092540245d1bc5666c108229c5525" continuedAt="Text_b46c7092540245d1bc5666c108229c5526"><p style="font-variant: normal; margin: 0pt;">&#160; <br/>
      </p></ix:continuation>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-33</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>


      <ix:nonNumeric name="tops:GainsLossesInUnconsolidatedJointVenturesTableTextBlock" id="Text_bd6404408f9e48a189a0b8932e25ac75" contextRef="c20250101to20251231" escape="true" continuedAt="Text_7f25a1efd58640bf98a1e6f0125c990c1"><ix:continuation id="Text_b46c7092540245d1bc5666c108229c5526" continuedAt="Text_b46c7092540245d1bc5666c108229c5527"><p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">Recognition of Equity (loss)/gain in unconsolidated joint ventures of
        the 2020 Joint Venture for the years ended December 31, 2023, 2024 and 2025 are summarized below:</p></ix:continuation></ix:nonNumeric>
      <ix:continuation id="Text_7f25a1efd58640bf98a1e6f0125c990c1" continuedAt="Text_7f25a1efd58640bf98a1e6f0125c990c2"><ix:continuation id="Text_b46c7092540245d1bc5666c108229c5527" continuedAt="Text_b46c7092540245d1bc5666c108229c5528"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation></ix:continuation>
      <ix:continuation id="Text_7f25a1efd58640bf98a1e6f0125c990c2"><ix:continuation id="Text_b46c7092540245d1bc5666c108229c5528">
<table cellspacing="0" cellpadding="0" border="0" class="cfttable" style="font-size: 10pt; font-family: 'Times New Roman'; text-indent: 0px; width: 100%; border-spacing: 0;">


  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2023</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>December 31, 2024</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="6" rowspan="1" style="vertical-align: bottom; text-align: center; border-bottom: #000000 solid 2px;"><b><b>December 31, 2025</b></b></td>

    <td valign="bottom" colspan="1" rowspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19</b> <b>Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 19 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="border-bottom: #000000 solid 2px;">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin: 0pt; text-align: center;"><b><b>California 20 Inc.</b></b></p>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;"><b><b>California 19 Inc.</b></b></div>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="2" style="vertical-align: bottom; border-bottom: #000000 solid 2px;">
              <div style="text-align: center;"><b><b>California 20 Inc.</b></b></div>
            </td>

    <td valign="bottom" colspan="1" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 28%; background-color: #CCEEFF;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Net profit attributable to the Company</p>
            </td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_7a0615c8e5f6452cb4ddac8f3ae47bcd" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">399</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_023eb6abed17410c9b885bb8034263a9" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">400</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_070a236c41ec4385b07c4ca834d45715" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">509</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_c5960c9e5c994c6e99e603275853c686" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">467</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_7ff5e2435f6e4e34adae071f28e74403" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">16</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:ProfitLoss" id="Fact_4c74f82d461149b4a64444e1a3e91680" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">188</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

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    <td valign="bottom" style="width: 28%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;">Amortization of Basis Differences</p>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_a9f7c142141d460ca3e0d74e5e51239a" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">408</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_3cc70a71daf14cb5881701cb7b07163c" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">409</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_86256e70dbfd464fb59fb6b396f1182e" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">408</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_e4965ee73bde4ba6b17fd6a497772be1" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">409</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_4552e676e65943c081c013ed2cdb571b" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">188</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; white-space: nowrap;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:EquityMethodInvestmentAmortizationOfBasisDifferences" id="Fact_f54a9fc2a86e44a0b7b502d864e0c310" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">189</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;">)</td>

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    <td valign="bottom" style="width: 28%; background-color: #CCEEFF; white-space: nowrap;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; text-indent: -9pt; margin-left: 9pt;"><b>Equity (loss)/gain in unconsolidated joint ventures<br/>
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    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_0ee6b80f86c04759ac6c43c1d921b196" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">9</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b>(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_1a23aa2b34644e169040838111e8c8ba" contextRef="c20230101to20231231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">9</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;"><b>)</b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_60c75bbeeeed4487b953f6fed0f1ba09" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">101</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;"><b><span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_fe02dca1264a4acaa6c00174824fa0fd" contextRef="c20240101to20241231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">58</ix:nonFraction></span></b></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_ad642d2e5a194732afb2c04294ef826e" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California19IncMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">172</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">)</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">&#160;</td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF; white-space: nowrap;">(<span style="text-indent: 0pt;"><ix:nonFraction name="tops:IncomeLossAfterAmortizationOfBasisDifferences" id="Fact_5bf4677621ff4b2fb746d169f0d2f0c7" contextRef="c20250101to20251231_EquityMethodInvestmentNonconsolidatedInvesteeAxis_California20IncMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">1</ix:nonFraction></span></td>

    <td valign="bottom" colspan="1" style="margin-left: 0pt; font-weight: bold; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;">)</td>

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</ix:continuation></ix:continuation>

      <div> <br/>
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<div>
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  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">17.</em></b></p>
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</ix:nonNumeric>
      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f81" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f82"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>

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      <ix:continuation id="Text_7a7ce4ac4c134856a6a53acf5cc813d32"><ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f84" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f85">
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    <td valign="bottom" style="padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
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    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
              <p style="font-family: 'Times New Roman'; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b><b><span style="text-indent: 0pt;">2024</span><br/>
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            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="text-align: center; border-bottom: #000000 solid 2px;" colspan="2">
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            </td>

    <td valign="bottom" style="text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: #CCEEFF;">
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    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_657e6c39e46644a8bf2c094d55f84d9c" contextRef="c20230101to20231231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_NonrelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">74,006</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_11b697ce4ff04b5abf4cb8d62f692975" contextRef="c20240101to20241231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_NonrelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">77,160</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_e6c1cc1e9afd438bbbcc27c8369cf419" contextRef="c20250101to20251231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_NonrelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">67,121</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; white-space: nowrap;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;">Time charter revenues from related party (Note 5)<br/>
              </p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_78e95b38201b41adb62e87c326459ce4" contextRef="c20230101to20231231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_1f8ec74ed5a34df6aa2faf8f94d00ef7" contextRef="c20240101to20241231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,967</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_fc0afc1c0a444aa5b568e41fc6a2beda" contextRef="c20250101to20251231_ProductOrServiceAxis_TimeCharterMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%; background-color: rgb(204, 238, 255); white-space: nowrap;" rowspan="1">Time charter revenues from megayacht chartering<br/>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_478cacf583cc489492ba38e5c2d8ccae" contextRef="c20230101to20231231_ProductOrServiceAxis_MegayachtCharteringMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_faf65e6d13f84bc087a3f536b88480fe" contextRef="c20240101to20241231_ProductOrServiceAxis_MegayachtCharteringMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1" rowspan="1"><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_f319171f545048a58c79dcc14bfdc5d0" contextRef="c20250101to20251231_ProductOrServiceAxis_MegayachtCharteringMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,351</ix:nonFraction></span></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1" rowspan="1">&#160;</td>

  </tr>

  <tr style="vertical-align: bottom;">

    <td valign="bottom" style="width: 64%;">
              <p style="font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><b>Total </b></p>
            </td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_067766a9614e4c67a59b25773b9308f2" contextRef="c20230101to20231231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">82,949</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_d730069c19164ca19e5badfbe4626f0f" contextRef="c20240101to20241231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">86,127</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="margin-left: 0pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1"><b><span style="text-indent: 0pt;"><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_5b43a5f8fd9a437581c855b2ea2ba383" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,415</ix:nonFraction></span></b></td>

    <td valign="bottom" style="margin-left: 0pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


</table>
</ix:continuation></ix:continuation>

      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f85" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f86"><p style="font-variant: normal; margin: 0pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f86" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f87"><p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-size: 10pt; font-style: normal; text-transform: none;">The Company
        typically enters into time charters for periods ranging between <span style="-sec-ix-hidden:Fact_8721b6d5b17c41dc8760ce8afb7cc922">three</span> to <ix:nonNumeric name="us-gaap:LessorOperatingLeaseTermOfContract" id="Fact_c95390b03e37414fac3ffc98668b6396" contextRef="c20251231_ProductOrServiceAxis_TimeCharterMember_RangeAxis_MaximumMember" format="ixt-sec:durwordsen">fifteen years</ix:nonNumeric> which include a charterer&#8217;s option to renew for a further <ix:nonFraction name="tops:LessorOperatingLeaseNumberOfOptionsToRenew" id="Fact_85d6aaafb3e64e49a143890dffdbffa6" contextRef="c20250101to20251231_ProductOrServiceAxis_TimeCharterMember_RangeAxis_MinimumMember" unitRef="U017" decimals="INF" scale="0" format="ixt-sec:numwordsen">one</ix:nonFraction>
        or more <ix:nonNumeric name="us-gaap:LessorOperatingLeaseRenewalTerm" id="Fact_856dde27493d40c99e26ed4ceffa1d25" contextRef="c20251231_ProductOrServiceAxis_TimeCharterMember" format="ixt-sec:durwordsen">one-year</ix:nonNumeric> periods at predetermined daily rates. Due to the volatility of the charter rates, the Company only accounts for the
        options when the charterer gives notice that the option will be exercised. In a time charter contract, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. The
        charterer has the full discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some
        owner protective restrictions such that the vessel is sent only to safe ports by the charterer, subject always to compliance with applicable sanction laws, and carry only lawful or non-hazardous cargo. Revenues from megayacht chartering are
        recognized based on the same principles applicable to time charter revenues, as the underlying performance obligations and revenue recognition considerations are substantially similar. However, given the nature of the recreational marine
        transportation industry, charter agreements are generally of shorter duration, typically ranging from a few weeks to several months.</p></ix:continuation>
      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f87" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f88">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f88" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f89"><p style="font-variant: normal; margin: 0pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; text-transform: none;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f89" continuedAt="Text_9d88d8127b044573ac05e4d905a9f2f810">
<div><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div>
</ix:continuation>
      <p style="font-family: 'Times New Roman'; font-variant: normal; text-align: justify; margin: 0pt;"><ix:continuation id="Text_9d88d8127b044573ac05e4d905a9f2f810"><span style="font-family: 'Times New Roman'; font-variant: normal; color: #000000; font-size: 10pt;"><span style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">As <span style="color: rgb(0, 0, 0); font-family: 'Times New Roman', Times, serif; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: rgb(255, 255, 255); text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; display: inline !important; float: none;">of December 31, 2025, all of the Company&#8217;s vessels are employed under time charters except for M/Y
            Parra Bellvm.</span></span></span></ix:continuation> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>
    </div>

    <div><br/>
    </div>

  </div>


  <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
    <div style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
      <ix:nonNumeric name="us-gaap:SegmentReportingDisclosureTextBlock" id="Text_fb2c4bc0e3d54e4d89f2b802cd1b1e50" contextRef="c20250101to20251231" escape="true" continuedAt="Text_60dd151ace364264a29abb908cee33811">
<div>
        <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman'; font-size: 10pt; border-spacing: 0;" class="DSPFListTable">


  <tr style="vertical-align: top;">

    <td style="vertical-align: top; width: 27pt;">
                <p style="font-variant: normal; margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><b><em style="font-style: inherit; font-weight: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">18.</em></b></p>
              </td>

    <td style="vertical-align: top; width: auto;">
                <div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">Segment Reporting</span><span style="font-family: 'Times New Roman'; font-size: 10pt;"><br/>
                  </span></div>
              </td>

  </tr>


</table>
      </div>
</ix:nonNumeric>
      <ix:continuation id="Text_60dd151ace364264a29abb908cee33811" continuedAt="Text_60dd151ace364264a29abb908cee33812">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_60dd151ace364264a29abb908cee33812" continuedAt="Text_60dd151ace364264a29abb908cee33813"><p style="font-variant: normal; margin: 0pt; text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</p></ix:continuation>
      <ix:continuation id="Text_60dd151ace364264a29abb908cee33813" continuedAt="Text_60dd151ace364264a29abb908cee33814">
<div><span style="font-family: 'Times New Roman'; font-size: 10pt;"> </span></div>
</ix:continuation>
      <ix:continuation id="Text_60dd151ace364264a29abb908cee33814" continuedAt="Text_60dd151ace364264a29abb908cee33815">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';">Following the acquisition of M/Y Para Bellvm on April 11, 2025, the Company determined that it operated in <ix:nonFraction name="us-gaap:NumberOfReportableSegments" id="Fact_f299ccb6cd584bb885b8ecd6bf0caa19" contextRef="c20250101to20251231" unitRef="U006" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> reportable segments: (i) the tanker segment and (ii) the megayacht segment. These reportable segments reflect the Company&#8217;s internal organization and the way its chief
          operating decision maker (&#8220;CODM&#8221;), who is the Chief Executive Officer of the Company, reviews and analyzes the operating results and allocates capital within the Company. The CODM assesses segment performance using key financial measures,
          including revenues, operating expenses, segment operating income and net income. These metrics help the CODM assess segment profitability, optimize fleet deployment, control costs and determine capital allocation. Based on these segment
          performance trends, the CODM makes resource allocation decisions such as adjusting asset acquisition strategies, adjusting chartering strategies, prioritizing fleet expansion or disposals, and optimizing cost efficiencies to enhance profitability
          and overall segment performance.<br/>
          <br/>
          Further, the transport of crude oil has different characteristics and the nature of trade, trading routes, charterers and cargo handling differ in important respects. The chartering of a megayacht like M/Y Para Bellvm consists of a different
          service and it does not have similar economic characteristics to the tanker segment. The Company does not disclose geographic information relating to either of our segments because when the Company charters either a tanker or M/Y Para Bellvm to a
          charterer, the charterer is free, subject to certain exemptions, to trade or, in the case of M/Y Para Bellvm travel, with the vessel worldwide and as a result the disclosure of geographic information is impracticable.<br/>
        </span></div>
</ix:continuation>
      <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-34</span></div>

        <div class="BRPFPageBreak" style="page-break-after: always;">
          <hr style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"/></div>

        <div style="width: 100%;" class="BRPFPageHeader">
          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
            </a></div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

          <div><br/>
          </div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

          <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

        </div>

      </div>

      <ix:continuation id="Text_60dd151ace364264a29abb908cee33815" continuedAt="Text_60dd151ace364264a29abb908cee33816"><ix:nonNumeric name="us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock" id="Text_2e50937ff68041c09a9f17bc93fc4bb7" contextRef="c20250101to20251231" escape="true" continuedAt="Text_5ddcb083f67d4fe394d238f130fed47c1">
<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/>
          The table below
          presents information about the Company&#8217;s reportable segments for the year ended December 31, 2025. The accounting policies followed in the preparation of the reportable segments are the same as those followed in the preparation of the Company&#8217;s
          consolidated financial statements. Segment results are evaluated based on income from operations.<br/>
          <br/>
        </span></div>
</ix:nonNumeric></ix:continuation>
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    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

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              <div style="text-align: center; font-weight: bold;">Year ended December 31, 2025</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

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  <tr>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Tanker Segment</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Megayacht Segment</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; border-bottom: #000000 solid 2px;" colspan="2">
              <div style="text-align: center; font-weight: bold;">Total</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

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  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt;">
              <div style="text-align: justify; font-weight: bold;">REVENUES:</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom;" colspan="1">&#160;</td>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt;" colspan="2">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; white-space: nowrap;" colspan="1">&#160;</td>

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  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Time charter revenues</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_b475d5a74fc840c1909e2625ba333b21" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_RelatedPartyTransactionsByRelatedPartyAxis_NonrelatedPartyMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,351</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_3c956673391142ababbd6fb6f6bef584" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_NonrelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">71,472</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify;">Time charter revenues from related parties</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_9fa994e0d61b4c28a351700e68e8895e" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_756aa7852edc44e888322ecc95099d4c" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:fixed-zero">-</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseLeaseIncome" id="Fact_e79c512c1d1145f0863e658adb13abe3" contextRef="c20250101to20251231_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">8,943</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

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  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify; font-weight: bold;">Total revenues</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:Revenues" id="Fact_db7e9ff757434965bc78b9495a38fa93" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">76,064</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:Revenues" id="Fact_8c27bdd255cb475183cb1607d7aac0e6" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">4,351</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(204, 238, 255);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:Revenues" id="Fact_78208f1a166e4ade8092dcdf962e6a14" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">80,415</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify; font-weight: bold;">EXPENSES:</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Voyage expenses</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="tops:VoyageExpenses" id="Fact_31d777a23e8a4446ac7d7225eeee3a3b" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,594</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify;">Operating lease expenses</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:OperatingLeaseExpense" id="Fact_498f8480897b40f7ad6dd91f833e7f2c" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">10,301</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Other vessel operating expenses</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" id="Fact_81625c36b0884f2881b74d8e2ba301db" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">17,082</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" id="Fact_1e852299664c423fa8e799b1b01b6b6d" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,313</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="us-gaap:OtherCostAndExpenseOperating" id="Fact_1d62c878c3fd41f295fa85732098162b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,395</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify;">Vessel depreciation</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_2f23ad276cb4491ba844ed90dd1cdde8" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">11,586</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_9e3e9799d49144339a2b4bd4680c10d2" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">685</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div><ix:nonFraction name="us-gaap:CostOfGoodsAndServicesSoldDepreciation" id="Fact_57b7b8774e6f41a8b8fba2f12c2e7f0b" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">12,271</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Management fees-related parties-direct</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="tops:ManagementFeesRelatedPartiesDirect" id="Fact_2bc71b3103c84542b584a2efaa671f28" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,734</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="tops:ManagementFeesRelatedPartiesDirect" id="Fact_cced558d6d43476284256c42cc9a7208" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">178</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div><ix:nonFraction name="tops:ManagementFeesRelatedPartiesDirect" id="Fact_d65570cd52f84440b0f093308b82f972" contextRef="c20250101to20251231" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,912</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; padding-bottom: 2px;">
              <div style="text-align: justify; font-weight: bold;">Segments operating results</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_e74be9b8cc984fdb8edd2b48b7680dc5" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">33,767</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_6b30c88de24049fdac849bf923fd6d11" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_MegayachtSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,268</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
              <div style="font-weight: bold;"><ix:nonFraction name="us-gaap:OperatingIncomeLoss" id="Fact_acb499e0f27f48d080b261adf2ed1825" contextRef="c20250101to20251231_ConsolidationItemsAxis_OperatingSegmentsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">35,035</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">General and administrative expenses</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:GeneralAndAdministrativeExpense" id="Fact_0dfb92a0724b4e55b489bd8a3b8278e8" contextRef="c20250101to20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,617</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify;">Management fees-related parties-overhead costs<br/>
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            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div>(<ix:nonFraction name="tops:ManagementFeesRelatedPartiesOverhead" id="Fact_2a2aa46fb8f4415aac7b1d9a487f8968" contextRef="c20250101to20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,138</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
              <div style="text-align: justify;">Interest and finance costs</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:InterestExpenseNonoperating" id="Fact_000c989636f44208a3fd0a429d1938f4" contextRef="c20250101to20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">23,406</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">
              <div>)</div>
            </td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%;">
              <div style="text-align: justify;">Interest income</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">&#160;</td>

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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

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              <div><ix:nonFraction name="us-gaap:InvestmentIncomeInterest" id="Fact_decff75647c141c79b1a6b319c7701d0" contextRef="c20250101to20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">385</ix:nonFraction></div>
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    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 64%; background-color: rgb(204, 238, 255);">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255); white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255);" colspan="1">
              <div>(<ix:nonFraction name="us-gaap:IncomeLossFromEquityMethodInvestments" id="Fact_15e11cc5e84b4cbda399fcb642241a2e" contextRef="c20250101to20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" sign="-" format="ixt:num-dot-decimal">173</ix:nonFraction></div>
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              <div>)</div>
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  <tr>

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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: right; vertical-align: bottom; width: 1%; padding-bottom: 2px;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: 2px solid rgb(0, 0, 0);" colspan="1">
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<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';"><br/>
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<div style="text-align: justify;"><span style="font-size: 10pt; font-family: 'Times New Roman';">A reconciliation of total segment assets to total assets presented in the accompanying consolidated balance sheets as of December 31, 2025 is as follows:<br/>
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  <tr>

    <td valign="bottom" style="vertical-align: bottom; font-family: 'Times New Roman'; font-size: 10pt; padding-bottom: 2px;">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; padding-bottom: 2px;" colspan="1">&#160;</td>

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              <div style="text-align: center; font-weight: bold;">As of December 31, 2025</div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; padding-bottom: 2px; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Tanker segment</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
              <div><ix:nonFraction name="us-gaap:Assets" id="Fact_abf8ed4ef391426c914c0d265eb99b0b" contextRef="c20251231_ConsolidationItemsAxis_OperatingSegmentsMember_StatementBusinessSegmentsAxis_TankerSegmentMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">246,582</ix:nonFraction></div>
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

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  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;">
              <div style="text-align: justify;">Megayacht segment</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Cash and cash equivalents including restricted cash</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;">
              <div style="text-align: justify;">Investments in unconsolidated joint ventures</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
              <div style="color: rgb(0, 0, 0);"><ix:nonFraction name="us-gaap:EquityMethodInvestments" id="Fact_41745e5310404256961007794983aa30" contextRef="c20251231_ConsolidationItemsAxis_MaterialReconcilingItemsMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">7,881</ix:nonFraction></div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; background-color: #CCEEFF;">
              <div style="text-align: justify;">Advances for asset acquisitions to related parties</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; background-color: #CCEEFF;" colspan="1">
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    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%;">
              <div style="text-align: justify;">Other fixed assets, net</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%;" colspan="1">
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            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>

  <tr>

    <td valign="bottom" style="vertical-align: middle; font-family: 'Times New Roman'; font-size: 10pt; width: 88%; padding-bottom: 2px; background-color: #CCEEFF;">
              <div style="text-align: justify;">Total consolidated assets</div>
            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">&#160;</td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; vertical-align: bottom; text-align: right; width: 9%; border-bottom: #000000 solid 2px; background-color: #CCEEFF;" colspan="1">
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            </td>

    <td valign="bottom" style="font-family: 'Times New Roman'; font-size: 10pt; text-align: left; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: #CCEEFF; white-space: nowrap;" colspan="1">&#160;</td>

  </tr>


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      <br/></div>

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      <div style="width: 100%;" class="BRPFPageFooter"></div>

      <div style="text-align: center;" class="BRPFPageNumberArea"><span style="font-family: 'Times New Roman', Times, serif; font-size: 8pt; font-weight: normal; font-style: normal;">F-35</span></div>

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      <div style="width: 100%;" class="BRPFPageHeader">
        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold;"><a href="#TABLEOFCONTENTS"><span style="font-style: italic; font-weight: normal;">Table of Contents</span><br/>
          </a></div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;"> <br/>
        </div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</div>

        <div><br/>
        </div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AS OF DECEMBER 31, 2024 AND 2025</div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">AND FOR THE YEARS ENDED DECEMBER 31, 2023, 2024 and 2025</div>

        <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">(Expressed in thousands of United States Dollars &#8211; except share, earnings per share and rate per day, unless otherwise stated)</div>

      </div>

    </div>

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                  <p style="font-variant: normal; margin: 0pt;"><b><em style="font-family: 'Times New Roman'; font-style: inherit; font-weight: inherit; font-size: inherit; line-height: inherit; font-size-adjust: inherit; font-stretch: inherit; font-feature-settings: inherit; font-language-override: inherit; font-kerning: inherit; font-synthesis: inherit; font-variant: inherit;">19.</em></b></p>
                </td>

    <td style="align: left; vertical-align: top; width: auto;">
                  <p style="font-variant: normal; margin: 0pt;"><b>Subsequent Events</b></p>
                </td>

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<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">On February 18, 2026, the Company entered into a share purchase agreement (the &#8220;Tanker SPA&#8221;) with Central Mare, a related party affiliated with Mr. Evangelos J.
            Pistiolis, to purchase the shares of certain entities (the &#8220;Tanker SPVs&#8221;) that have entered into shipbuilding contracts, dated February 3, 2026, with Guangzhou Shipyard International Company Limited and China Shipbuilding Trading Co., Ltd. for
            the purchase of&#160;<ix:nonFraction name="tops:NumberOfNewbuildingVesselsToBePurchsed" id="Fact_24da85ab93274e059664e0d4fcc4b2d0" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">nine</ix:nonFraction> <ix:nonFraction name="tops:VesselCapacity" id="Fact_0661aece572a430fb10363ea3a538f89" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U015" decimals="0" scale="0" format="ixt:num-dot-decimal">47,499</ix:nonFraction>
            dwt <span style="font-size: 10pt; font-family: 'Times New Roman';">MR Product tankers</span> (the &#8220;Newbuilding Tankers&#8221;). The Newbuilding Tankers are scheduled for delivery during 2028 and 2029. The purchase price for all of the Tanker SPVs is
            $<ix:nonFraction name="us-gaap:OtherCommitment" id="Fact_9b8e6b58cd6540848825a919a2fcee95" contextRef="c20260218_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">41,093</ix:nonFraction> of which $<ix:nonFraction name="tops:PaymentsForContractualCommitments" id="Fact_1e03e1a2adcd48cbb7bdbba19c0b364d" contextRef="c20260218to20260218_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">6,000</ix:nonFraction>
            was paid in cash upon the execution of the Tanker SPA,<span style="font-size: 10pt; font-family: 'Times New Roman';"> $<ix:nonFraction name="tops:PaymentsForContractualCommitments" id="Fact_013b0622e18244a3ad020a8dd2d80d6b" contextRef="c20260301to20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">1,500</ix:nonFraction> was paid
              in cash in March, 2026, $<ix:nonFraction name="tops:SettlementOfContractualCommitments" id="Fact_d077216ea574476d9395ab4e6405bc9a" contextRef="c20260331to20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">14,000</ix:nonFraction> was settled through&#160;the&#160;issuance&#160;of <ix:nonFraction name="tops:TemporaryEquityStockIssuedDuringPeriodSharesNewIssues" id="Fact_f25c453b1d3946eabdb65193580c7ccb" contextRef="c20260331to20260331_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_StatementClassOfStockAxis_SeriesGPreferredStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U001" decimals="0" scale="0" format="ixt:num-dot-decimal">14,000</ix:nonFraction> Series G Preferred Shares (see Note 9) on March 31, 2026, and the remaining amount of $<ix:nonFraction name="us-gaap:OtherCommitmentDueInNextTwelveMonths" id="Fact_c3d06e591a9b4aaf8830a6e6edb7aa99" contextRef="c20260218_OtherCommitmentsAxis_TankerSharePurchaseAgreementMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">19,593</ix:nonFraction>, is payable no later than April 15, 2026. As contemplated in the Tanker SPA, u</span>nder certain circumstances Central Mare can demand the payment of installments in the form
            of newly-issued Series G Preferred Shares. The seller has also secured time charter employment with a major oil trader for all <ix:nonFraction name="tops:NumberOfNewbuildingVesselsToBePurchsed" id="Fact_f6d98900a1cd402f8ba49b257b8ba725" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">nine</ix:nonFraction>
            vessels, starting from their delivery and for a firm duration of <ix:nonNumeric name="us-gaap:SaleLeasebackTransactionLeaseTerm" id="Fact_767fbd011a3c4850bf25835dc013042d" contextRef="c20260218to20260218_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" format="ixt-sec:durwordsen">seven years</ix:nonNumeric>, with charterer&#8217;s option to extend for <span style="-sec-ix-hidden:Fact_3eb0f40c2d924b7ea037aa53022ec45c">four</span> additional years.<span style="font-size: 10pt; font-family: 'Times New Roman';"> As a condition to closing of the acquisition of the Tanker
              SPVs, Central Mare&#160;has&#160;arranged for&#160; sale and leaseback financing agreements that the Company has entered into in March 9, 2026 and March 18, 2026 </span>with <ix:nonFraction name="tops:NumberOfLeasingCompanies" id="Fact_176dbcf586584def8ee31fd5caf6ff1f" contextRef="c20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U013" decimals="INF" scale="0" format="ixt-sec:numwordsen">two</ix:nonFraction> major Chinese leasing companies. The financings are for an amount of <ix:nonFraction name="tops:PercentageOfCommitmentsThatAreFinanced" id="Fact_05c2d83948d24e48b06b4ebadfe37ef7" contextRef="c20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="2" scale="-2" format="ixt:num-dot-decimal">85</ix:nonFraction>%
            of all installments payable under the shipbuilding contracts for the <ix:nonFraction name="tops:NumberOfNewbuildingVesselsToBePurchsed" id="Fact_1832bd20e3774063a8f2225e64e46d73" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U009" decimals="INF" scale="0" format="ixt-sec:numwordsen">nine</ix:nonFraction> newbuilding tanker vessels. The aggregate amount of
            installments payable under the <ix:nonFraction name="tops:NumberOfShipbuildingContracts" id="Fact_39bbdb61630942e28eba7181d3030d8d" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U018" decimals="INF" scale="0" format="ixt-sec:numwordsen">nine</ix:nonFraction> shipbuilding contracts is $<ix:nonFraction name="us-gaap:OtherCommitment" id="Fact_ad239c6b9534445b9675fd01f9fa4a3f" contextRef="c20260218_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">406,800</ix:nonFraction><span style="font-size: 10pt; font-family: 'Times New Roman';">, out of which an amount of $<ix:nonFraction name="tops:ContractualCommitmentsSettled" id="Fact_7baed16f8e29422c9c87b83625efa546" contextRef="c20260331_OtherCommitmentsAxis_ShipbuildingContractsForNewbuildingTankersMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">61,020</ix:nonFraction> is settled as of the date of issuance of these consolidated financial statements.</span> The financings bear an interest rate of <span style="-sec-ix-hidden:Fact_27d22f91762c48e0b29ad9f4899ae363">Term SOFR</span> plus a margin of <ix:nonFraction name="us-gaap:DebtInstrumentBasisSpreadOnVariableRate1" id="Fact_f3ed046896664d6196cfeaf6659a2478" contextRef="c20260309to20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U005" decimals="4" scale="-2" format="ixt:num-dot-decimal">1.80</ix:nonFraction>%. Under the financings, upon
            delivery of each vessel we expect to make <ix:nonNumeric name="us-gaap:DebtInstrumentFrequencyOfPeriodicPayment" id="Fact_7548845f132b45e7a199aa39d6017807" contextRef="c20260309to20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember">quarterly</ix:nonNumeric> installment payments of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentPrincipal" id="Fact_e2d26d77baf741268c0c219f71da8dca" contextRef="c20260309to20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">506</ix:nonFraction> per vessel over a period of <ix:nonNumeric name="us-gaap:DebtInstrumentTerm" id="Fact_662d276539df4f04aed6924db1b5af19" contextRef="c20260309to20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" format="ixt-sec:duryear">10</ix:nonNumeric> years with a balloon payment of $<ix:nonFraction name="us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" id="Fact_b3e31f2ae5594428963a67521382858f" contextRef="c20260318_DebtInstrumentAxis_SaleAndLeasebackFinancingAgreementsWithTwoMajorChineseLeasingCompaniesMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">18,200</ix:nonFraction> million for each vessel payable together with the last installment.</div>
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<div style="font-family: 'Times New Roman'; font-size: 10pt; text-align: justify;">As of March 31, 2026, the SPA for the sale of Newbuilding Yacht has been consummated and the Newbuilding Yacht has been transferred to Rubico Inc. In 2026 Rubico
            has made additional advance payments of $<ix:nonFraction name="tops:NewbuildingYachtConsiderationPaid" id="Fact_2f67518b53584741b17f1a818a900b80" contextRef="c20260101to20260331_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">9,000</ix:nonFraction> and, accordingly, has settled $<ix:nonFraction name="tops:NewbuildingYachtConsiderationSettled" id="Fact_2d5049a27ddb4c3aac750cb98f3730ff" contextRef="c20260331_CounterpartyNameAxis_RubicoIncMember_RelatedPartyTransactionsByRelatedPartyAxis_RelatedPartyMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">28,500</ix:nonFraction> of the Newbuilding Yacht Consideration.</div>
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<div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">From February 24, 2026 up to March 12, 2026 the Company sold <ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" id="Fact_c19140e7b75b4ef19279939974d53aa5" contextRef="c20260224to20260312_SubsequentEventTypeAxis_SubsequentEventMember_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U001" decimals="INF" scale="0" format="ixt:num-dot-decimal">804,322</ix:nonFraction> common shares under the 2024 ATM for net proceeds of $<ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" id="Fact_3ef7dd90d64a4f40940e77943d19ba42" contextRef="c20260224to20260312_SubsequentEventTypeAxis_SubsequentEventMember_SubsidiarySaleOfStockAxis_AtTheMarketOfferingMember" unitRef="U002" decimals="-3" scale="3" format="ixt:num-dot-decimal">3,918</ix:nonFraction>.</div>
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<DOCUMENT>
<TYPE>EX-2.8
<SEQUENCE>2
<FILENAME>ef20060828_ex2-8.htm
<DESCRIPTION>EXHIBIT 2.8
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 2.8</font><br>
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    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">STATEMENT OF DESIGNATION OF RIGHTS, PREFERENCES AND PRIVILEGES OF SERIES G</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PERPETUAL CONVERTIBLE PREFERRED SHARES</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">OF</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">TOP SHIPS INC.</div>
    <div style="text-align: center; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">The undersigned, </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #1F1F1F;">Alexandros Tsirikos</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;"> does hereby certify:</font></div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">1. That he is the duly elected and acting Chief Financial Officer of TOP Ships Inc., a Marshall Islands corporation (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Company</u></font>&#8221;).</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">2. That pursuant to the authority conferred by the Company&#8217;s Third Amended and Restated
        Articles of Incorporation, as amended, the Company&#8217;s Board of Directors (the &#8220;<u>Board</u>&#8221;) on March </font>31<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">, 2026 adopted the following resolution designating and prescribing the relative rights, preferences and limitations of the
        Company&#8217;s Series G Perpetual Convertible Preferred Shares:</font></div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; font-weight: bold;">RESOLVED, </font>that pursuant to the authority vested in the Board by
      the Third Amended and Restated Articles of Incorporation, as amended, the Board does hereby establish a series of preferred stock, par value $0.01 per share, and the designation and certain powers, preferences and other special rights of the shares
      of such series, and certain qualifications, limitations and restrictions thereon, are hereby fixed as follows:</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Section 1. <u>Designation and Amount</u>. The shares of such series shall be designated as &#8220;<u>Series G Perpetual Convertible Preferred Shares</u>&#8221;. The Series G Perpetual Convertible Preferred Shares shall have a par
        value of $0.01 per share, and the number of shares constituting such series shall initially consist of </font>14,000<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;"> shares, which number the Board may increase or
        decrease (but not below the number of shares then outstanding) from time to time.</font></div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 2. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Issuance</u></font>. The Series G Perpetual Convertible
      Preferred Shares are to be issued to Central Mare Inc. (&#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Central Mare</u></font>&#8221;) pursuant to the Share Purchase Agreement, dated as of February 18, 2026 between Central Mare and the
      Company (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Share Purchase Agreement</u></font>&#8221;).</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 3. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Dividends and Distributions</u></font>.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(a) Subject to the prior and superior right of the holders of any shares of any series of preferred stock ranking prior and superior
      to the Series G Perpetual Convertible Preferred Shares with respect to dividends, the holders of Series G Perpetual Convertible Preferred Shares shall be entitled to receive out of funds legally available for the purpose, semi-annual dividends
      payable in cash on the last day of June and December in each year (each such date being referred to herein as a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Semi Annual Dividend Payment Date</u></font>&#8221;), commencing on the first
      Semi Annual Dividend Payment Date in an amount per share (rounded to the nearest cent) equal to fifteen percent (15%) per year of the Liquidation Amount (as defined below) of the then outstanding Series G Perpetual Convertible Preferred Shares
      (computed on the basis of a 365-day year and the actual days elapsed).</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(b) Accrued but unpaid dividends shall bear interest at fifteen percent (15%). Dividends paid on the Series G Perpetual Convertible
      Preferred Shares in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board may fix a record
      date for the determination of holders of Series G Perpetual Convertible Preferred Shares entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the
      payment thereof.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(c) Dividends will not be payable in cash, if such payment violates any provision of any senior secured facility that the Company has
      entered (or as the case may be) will enter into, or has provided (or as the case may be) will provide a guarantee for, for as long as said provisions remain in effect.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 4. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Voting Rights</u></font>. The holders of Series G
      Perpetual Convertible Preferred Shares shall have the following voting rights:</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;"> <br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#160;</font><font style="font-size: 12pt; font-family: 'Times New Roman';">&#160;</font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">(a) Each Series G Perpetual Convertible Preferred Share shall entitle the holder thereof to the voting power one thousand (1,000) common shares of the Company, par value $0.01
        per shares (the &#8220;<u>Common Shares</u>&#8221;), provided however, that no holder of
        Series G Perpetual Convertible Preferred Shares may exercise voting rights pursuant to Series G Perpetual Convertible Preferred Shares that would result in the aggregate voting power of any beneficial owner of such shares and its affiliates
        (whether pursuant to ownership of Series G Perpetual Convertible Preferred Shares, Common Shares or otherwise) to exceed 19.99% of the total number of votes eligible to be cast on any matter submitted to a vote of shareholders of the Corporation.
        For purposes of this Section 3(a), a holder of Series G Perpetual Convertible Preferred Shares shall include each &#8220;beneficial owner&#8221; of such Series G Perpetual Convertible Preferred Shares, as determined in accordance with Section 13d-3 of the
        Securities Exchange Act of 1934, as amended, together with any person or entity that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such beneficial owner.</font></div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(b) Except as otherwise provided herein or by law, the holders of Series G Perpetual Convertible Preferred Shares and the holders of
      Common Shares shall vote together as one class on all matters submitted to a vote of stockholders of the Company.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(c) Except as required by law, holders of Series G Perpetual Convertible Preferred Shares shall have no special voting rights and
      their consent shall not be required (except to the extent they are entitled to vote with holders of Common Shares as set forth herein) for taking any corporate action.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 5. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Reserved</u></font>.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 6. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Reacquired Shares</u></font>. Any Series G Perpetual
      Convertible Preferred Shares converted pursuant to Section 9 hereof, or purchased or otherwise acquired by the Company in any manner whatsoever shall be retired and canceled promptly after the acquisition thereof and may not be reissued.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 7. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Liquidation, Dissolution or Winding Up</u></font>.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(a) Upon any liquidation, dissolution or winding up of the Company, including the merger, consolidation or reorganization of the
      Company into or with another entity through one or a series of related transactions, or the sale, transfer or lease of all or substantially all of the assets of the Company, whether voluntary or involuntary, except any sale of all, or substantially
      all, of the maritime vessels of the Company in which the proceeds of such sales are used to acquire other maritime vessels (collectively, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Liquidation</u></font>&#8221;), the holders of
      Series G Perpetual Convertible Preferred Shares shall be entitled to receive the net assets of the Company <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">pari passu</font> with the Common Shares.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 8. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Redemption</u></font>.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(a) The Company at its option shall have the right to redeem (unless otherwise prevented by law), a portion or all of the outstanding
      Series G Perpetual Convertible Preferred Shares. The Company shall pay an amount equal to one thousand dollars ($1,000) per share of Series G Perpetual Convertible Preferred Shares (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Liquidation
          Amount</u></font>&#8221;), plus a redemption premium equal to fifteen percent (15%) of the Liquidation Amount being redeemed if that redemption takes place up to and including the first anniversary of the first issuance of Series G Perpetual
      Convertible Preferred Shares and twenty percent (20%) of the Liquidation Amount being redeemed if that redemption takes place after first anniversary of the first issuance of Series G Perpetual Convertible Preferred Shares, plus an amount equal to
      any accrued and unpaid dividends on such Series G Perpetual Convertible Preferred Shares (collectively referred to as the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Redemption Amount</u></font>&#8221;). In order to make a
      redemption, the Company shall first provide one (1) business day advance written notice to the holders of its intention to make a redemption (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Redemption Notice</u></font>&#8221;)
      setting forth the amount it desires to redeem. Upon the expiration of the one (1) business day period, the Company shall deliver to each holder the Redemption Amount with respect to the amount redeemed after giving effect to conversions effected
      during the notice period.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(b) The Series G Perpetual Convertible Preferred Shares shall not be subject to redemption in cash at the option of the holders
      thereof under any circumstances.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 9. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conversion</u></font>.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(a) The Series G Perpetual Convertible Preferred Shares outstanding at any time shall be convertible, at any time and from time to
      time, in whole or in part (<font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">pro rata</font> among the holders of Series G Perpetual Convertible Preferred Shares), at the option of the Company, by providing written
      notice of conversion to such holders, into such number of fully paid and non-assessable Common Shares, determined by dividing the Liquidation Amount of each Series G Perpetual Convertible Preferred Share plus an amount equal to any accrued and unpaid
      dividends on such Series G Perpetual Convertible Preferred Shares (in total, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conversion Amount</u></font>&#8221;) by the then applicable Conversion Price (as hereinafter below).</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">For the purposes hereof, the term &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conversion Price</u></font>&#8221; in
      respect of each conversion shall mean the lesser of (i) 120% of the closing price of our Common Shares on the trading day immediately preceding the first issuance of Series G Perpetual Convertible Preferred Shares (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Fixed Conversion Price</u></font>&#8221;), (ii) 80% of the lowest daily volume weighted average price of the Company&#8217;s Common Shares (as reported by Bloomberg) over the twenty (20) consecutive Trading Days (as defined
      below) expiring on the Trading Day immediately prior to the date of delivery of such Conversion Notice (as defined below), (iii) the conversion price or exercise price per share of any of the Company&#8217;s then outstanding convertible shares or warrants,
      (iv) the lowest issuance price of the Company&#8217;s common shares in any transaction from the date of the issuance the Series G Perpetual Preferred Shares onwards, but in any case not less than $0.60 (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Floor Price</u></font>&#8221;). &#8220;Trading Day&#8221; means any day on which the principal United States securities exchange or trading market where the Common Shares is then listed or traded is open for business.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(b) Before the Company shall be entitled to convert Series G Perpetual Convertible Preferred Shares into Common Shares pursuant to
      Section 9(a) hereof, the Company shall give written notice to each holder of Series G Perpetual Convertible Preferred Shares of the election to convert Series G Perpetual Convertible Preferred Shares, the number of Series G Perpetual Convertible
      Preferred Shares to be converted, the number of Series G Perpetual Convertible Preferred Shares owned subsequent to the conversion at issue, and the name in which the certificate for Common Shares are to be issued (each, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conversion Notice</u></font>&#8221;). No ink-original Conversion Notice shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Conversion Notice form be required.
      The calculations and entries set forth in the Conversion Notice shall control in the absence of manifest or mathematical error. To effect conversions of Series G Perpetual Convertible Preferred Shares, a holder shall not be required to surrender the
      certificate(s) representing the Series G Perpetual Convertible Preferred Shares to the Corporation unless all of the Series G Perpetual Convertible Preferred Shares represented thereby are so converted, in which case such holder shall deliver the
      certificate representing such Series G Perpetual Convertible Preferred Shares promptly following the completion of the conversion at issue.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(c) Series G Perpetual Convertible Preferred Shares converted into Common Shares or redeemed in accordance with the terms hereof shall
      be canceled and shall not be reissued. The Company shall, as soon as practicable after delivery of the Conversion Notice and in any event within three (3) business days thereafter (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Share
          Delivery Date</u></font>&#8221;), issue and deliver or cause to be delivered to such holder of Series G Perpetual Convertible Preferred Shares, or to the nominee or nominees thereof, a certificate or certificates representing the number of validly
      issued, fully paid and non-assessable Common Shares to which such holder shall be entitled as aforesaid. Conversion under this Section 9 shall be deemed to have been made immediately upon delivery of the Conversion Notice and in either case the
      Person entitled to receive the Common Shares issuable upon such conversion shall be treated for all purposes as the record holder of such Common Shares as of such date (such date, the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Conversion
          Date</u></font>&#8221;). Nothing herein shall limit a holder&#8217;s right to pursue actual damages for the Company&#8217;s failure to deliver Common Shares within the period specified herein and such holder shall have the right to pursue all remedies available to
      it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief. The exercise of any such rights shall not prohibit a holder from seeking to enforce damages pursuant to any other Section
      hereof or under applicable law.</div>
    <div style="text-align: justify; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(d) No fractional shares shall be issued upon conversion of the Series G Perpetual Convertible Preferred Shares into Common Shares and
      the number of Common Shares to be issued shall be rounded down to the nearest whole share.</div>
    <div style="text-align: left; font-family: 'Times New Roman'; font-size: 12pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(e) In the event the Company should at any time or from time to time fix a record date for the effectuation of a split or subdivision
      of the outstanding Common Shares or the determination of holders of Common Shares entitled to receive a dividend or other distribution payable in additional Common Shares or Common Share equivalents without payment of any consideration by such holder
      for the additional Common Shares or the Common Share equivalents (including the additional Common Shares issuable upon conversion or exercise thereof), then, as of such record date (or the date of such dividend distribution, split or subdivision if
      no record date is fixed), the Fixed Conversion Price and Floor Price of the Series G Perpetual Convertible Preferred Shares shall be appropriately decreased so that the number of Common Shares issuable upon conversion of each Series G Perpetual
      Convertible Preferred Share shall be increased in proportion to such increase in the aggregate of Common Shares outstanding and issuable with respect to such Common Share equivalents.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(f) If the number of Common Shares outstanding at any time after is decreased by a combination of the outstanding Common Shares (by
      reverse stock split or otherwise), then, following the record date of such combination, the Conversion Price for the Series G Perpetual Convertible Preferred Shares shall be appropriately increased so that the number of Common Shares issuable on
      conversion of each share of each series shall be decreased in proportion to such decrease in outstanding shares.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(g) <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Adjustments for Distribution</u></font>. In addition to any
      other adjustments pursuant to the terms hereof, in the event the Company shall declare a distribution payable in Common Shares, Common Share equivalents or other securities of the Company, or any subsidiary, evidences of indebtedness issued by the
      Company, or any subsidiary, assets (or rights to acquire assets), or options, rights or other property to the holders of Common Shares, in each case whether by way of return of capital or otherwise (including, without limitation, any distribution of
      cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (each, a &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Distribution</u></font>&#8221;), then, in each such case the holders of the Series G Perpetual Convertible Preferred Shares shall be entitled to a proportionate share of any such Distribution as though they were the holders of the number of
      Common Shares of the Company into which their Series G Perpetual Convertible Preferred Shares are convertible as of the record date fixed for the determination of the holders of Common Shares of the Company entitled to receive such Distribution.
      Notwithstanding the foregoing, this Section 9(g) shall not apply in respect of the issuance of Common Shares or standard options to purchase Common Shares to directors, officers or employees of the Company in their capacity as such.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(h) <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Adjustments for Recapitalization</u></font>. If at any time or
      from time to time there shall be a recapitalization of the Common Shares (other than a subdivision, combination or merger or sale of assets transaction provided for elsewhere), provision shall be made so that the holders of the Series G Perpetual
      Convertible Preferred Shares shall thereafter be entitled to receive upon conversion of the Series G Perpetual Convertible Preferred Shares the number of shares of stock or other securities or property of the Company or otherwise, to which a holder
      of Common Shares deliverable upon conversion would have been entitled on such recapitalization. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section with respect to the rights of the holders of
      the Series G Perpetual Convertible Preferred Shares after the recapitalization to the end that the provisions of this Section (including, without limitation, provisions for adjustments of the Fixed Conversion Price and the number of Common Shares
      issuable upon conversion of the Series G Perpetual Convertible Preferred Shares) shall be applicable after that event as nearly equivalent as may be practicable.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(i) Notice of Record Taking. In the event of any taking by the Company of a record of the holders of any class of securities for the
      purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend) or other distribution, any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities
      or property, or to receive any other right, the Company shall mail to each holder of Series G Perpetual Convertible Preferred Shares, at least twenty (20) days prior to the date specified therein, a notice specifying the date on which any such record
      is to be taken for the purpose of such dividend, distribution or right, and the amount and character of such dividend, distribution or right.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">(j) The Company shall at all times reserve and keep available out of its authorized but unissued Common Shares, solely for effecting
      the conversion of the share so the Series G Perpetual Convertible Preferred Shares, 200% of the number of Common Shares as shall from time to time be sufficient to effect conversion of all outstanding Series G Perpetual Convertible Preferred Shares
      (the &#8220;<font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Required Reserve Amount</u></font>&#8221;); and if at any time the number of authorized but unissued Common Shares shall not be sufficient to enable the Company to satisfy its
      obligation to have available for issuance upon conversion of the Series G Perpetual Convertible Preferred Shares at least a number of Common Shares equal to the Required Reserve Amount, then, in addition to such other remedies as shall be available
      to the holder of such Series G Perpetual Convertible Preferred Shares, the Corporation will immediately take all such corporate action as may, in the opinion of its counsel, be necessary to increase its authorized but unissued Common Shares to such
      number of shares as shall be sufficient for such purposes, including, without limitation, using its best efforts to obtain the requisite stockholder approval of any necessary amendment to these provisions as soon as possible.</div>
    <div style="text-align: justify; text-indent: 72pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 10. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Limitations of Conversion</u></font>. The Company shall
      be entitled to convert the Series G Perpetual Convertible Preferred Shares in full, regardless of the beneficial ownership percentage of the holder after giving effect to such conversion.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 11. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Ranking</u></font>. All of the Series G Perpetual
      Convertible Preferred Shares shall rank <font style="font-size: 10pt; font-family: 'Times New Roman'; font-style: italic;">pari passu </font>with all classes of Common Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 12. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Amendment</u></font>. The Third Amended and Restated
      Articles of Incorporation of the Company, as amended, shall not be further amended in any manner which would materially alter or change the powers, preference or special rights of the Series G Perpetual Convertible Preferred Shares so as to affect
      them adversely without the affirmative vote of the holders of a majority of the outstanding Series G Perpetual Convertible Preferred Shares, voting separately as a class.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 13. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Fractional Shares</u></font>. Series G Perpetual
      Convertible Preferred Shares may be issued in fractions of a share which shall entitle the holder, in proportion to such holder&#8217;s fractional shares, to exercise voting rights, receive dividends, participate in distributions and to have the benefit of
      all other rights of holders of Series G Perpetual Convertible Preferred Shares.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 14. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Transfer of Series G Perpetual Convertible Preferred
          Shares</u></font>. A holder may transfer some or all of its Series G Perpetual Convertible Preferred Shares without the consent of the Company, provided the holders of Series G Perpetual Convertible Preferred Shares and their direct and indirect
      transferees are subject to the transfer restrictions of the Share Purchase Agreement, including that the Series G Perpetual Convertible Preferred Shares shall not be sold or traded on any securities exchange or public market until March 15, 2028 and
      any transferee must agree to be bound by such terms. Any Common Shares issued on conversion of the Series G Perpetual Convertible Preferred Shares will be subject to the same transfer restrictions under the Share Purchase Agreement and will bear a
      legend substantially in the following form, in addition to any legends appropriate to such securities&#8217; status as &#8220;restricted securities&#8221; under federal securities laws.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; margin-left: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">THE SECURITIES REPRESENTED HEREBY MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF THAT CERTAIN SHARE PURCHASE AGREEMENT
      BETWEEN THE COMPANY AND THE INITIAL SECURITY HOLDER(S) DATED FEBRUARY 18, 2026, A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. SUCH TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Section 15. <font style="font-size: 10pt; font-family: 'Times New Roman';"><u>Register</u></font>. The Company shall maintain at its
      principal executive offices (or such other office or agency of the Company as it may designate by notice to the holders), a register for the Series G Perpetual Convertible Preferred Shares, in which the Company shall record the name, address and
      facsimile number of the persons in whose name the Series G Perpetual Convertible Preferred Shares have been issued, as well as the name and address of each transferee. The Company may treat the person in whose name any Series G Perpetual Convertible
      Preferred Shares is registered on the register as the owner and holder thereof for all purposes, notwithstanding any notice to the contrary, but in all events recognizing any properly made transfers. There shall be no registration requirements for
      the underlying Common Shares after the conversion of Series G Perpetual Convertible Preferred Shares. Upon the conversion of the Series G Perpetual Convertible Preferred Shares to Common Shares, the Common Shares shall consist of restricted shares
      and may be traded only in accordance with Rule 144 under the Securities Act of 1933, as amended, or another available exemption from the registration requirements of the Securities Act of 1933, as amended.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">RESOLVED FURTHER, that the President or any Vice President and the Secretary or any Assistant Secretary of this Company be, and they
      hereby are, authorized and directed to prepare and file a Statement of Designation of Rights, Preferences and Privileges in accordance with the foregoing resolution and the provisions of Marshall Islands law and to take such actions as they may deem
      necessary or appropriate to carry out the intent of the foregoing resolution.</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;We further declare under penalty of perjury that the matters set forth in the foregoing Statement of Designation are true and correct
      of our own knowledge.</div>
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    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">Executed in Athens, Greece on March </font>31<font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">, 2026.</font></div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
          </td>
          <td style="width: 95.04%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #000000;">&#160;/s/ </font><font style="font-size: 10pt; font-family: 'Times New Roman'; color: #1F1F1F;">Alexandros Tsirikos</font></div>
          </td>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
          </td>
          <td style="width: 95.04%; vertical-align: top;">
            <div style="text-align: left; color: #1F1F1F; font-family: 'Times New Roman'; font-size: 10pt;">Alexandros Tsirikos</div>
          </td>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
          </td>
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            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">&#160;</div>
          </td>
          <td style="width: 95.04%; vertical-align: top;">
            <div style="text-align: left; color: #000000; font-family: 'Times New Roman'; font-size: 10pt;">Chief Financial Officer</div>
          </td>
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<DOCUMENT>
<TYPE>EX-2.9
<SEQUENCE>3
<FILENAME>ef20060828_ex2-9.htm
<DESCRIPTION>EXHIBIT 2.9
<TEXT>
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    <div>
      <div style="text-align: right; color: rgb(0, 0, 0); font-weight: bold;">Exhibit 2.9</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div>
      <div style="text-align: center; color: rgb(0, 0, 0); font-weight: bold;">DESCRIPTION OF THE REGISTRANT&#8217;S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</div>
    </div>
    <div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">As of December 31, 2025, TOP Ships Inc. (the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221;) had common stock, par value $0.01 per share, and preferred stock purchase rights for each
      outstanding common share registered under Section 12 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;).</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">The following description sets forth certain material terms and provisions of the Company&#8217;s common stock and the related preferred stock purchase rights, the authorized capital
        stock of the Company, and other outstanding securities of the Company. The following summary does not purport to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Company&#8217;s Third
        Amended and Restated Articles of Incorporation (the &#8220;Articles of Incorporation&#8221;), as amended, and the Amended and Restated By-laws (the &#8220;By-laws&#8221;), as amended, each of which is incorporated by reference as an exhibit to the Annual Report on Form
        20-F of which this exhibit is a part. We encourage you to refer to our Articles of Incorporation and By-laws for additional information.</div>
      <div><br>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Capitalized terms used but not defined herein have the meanings given to them in the Annual Report on Form 20-F of which this exhibit is a part.</div>
    <div>&#160;</div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Purpose</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our purpose is to engage in any lawful act or activity for which corporations may now or hereafter be organized under the Marshall Islands Business Corporations Act (the &#8220;BCA&#8221;).
      Our Articles of Incorporation and By-laws, as further amended, do not impose any limitations on the ownership rights of our shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Authorized Capitalization</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="color: rgb(0, 0, 0);">Our authorized capital stock consists of (i) 1,000,000,000 common shares, par value $0.01 per share, of which 4,626,197 shares were issued and outstanding as of
        December 31, 2025 and 5,430,519 shares were issued and outstanding as of the date of the Annual Report on Form 20-F of which this exhibit is a part; and (ii) </font>20,000,000<font style="color: rgb(0, 0, 0);"> preferred shares with par value of
        $0.01 per share, of which (x) 100,000 shares of Series D Preferred Stock (the &#8220;Series D Preferred Shares&#8221;) were issued and outstanding as of December 31, 2025 and as of the date of the annual report on Form 20-F of which this exhibit is a part, </font>and

      (y) 14,000 preferred shares designated as Series G Perpetual Convertible Preferred Shares (the &#8220;Series G Preferred Shares&#8221;),&#160; none of which were issued and outstanding as of December 31, 2025 and 14,000 of which were issued and outstanding as of the
      date of the Annual Report on Form 20-F of which this exhibit is a part<font style="color: rgb(0, 0, 0);">. Our Board of Directors (the &#8220;Board of Directors&#8221;) has the authority to establish such series of preferred stock and with such designations,
        preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions as shall be stated in the resolution or resolutions providing for the issue of such preferred stock.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Description of Common Shares</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Holders of our common shares do not have conversion, redemption or preemptive rights to subscribe to any of our securities. The rights, preferences and privileges of holders of
      our common shares are subject to the rights of the holders of any preferred shares that we may issue in the future.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">Voting Rights</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Our directors are elected by a plurality of the votes cast at a
      meeting of the shareholders by the holders of shares entitled to vote in the election. Our Articles of Incorporation and By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Our Board of Directors must consist of at least one member and not more than twelve, as fixed from time to time by the vote of not less than 66 2/3% of the entire Board of
      Directors. Each director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier
      termination of his term of office. Our Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for attendance at any meeting and for services rendered
      to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Our Articles of Incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
      staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our
      company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
    <div><br>
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    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">Dividend Rights</div>
    <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);"> </font><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Subject to preferences that may be applicable to any outstanding preferred shares, holders of common shares are entitled to receive ratably all dividends, if any, declared by our
      Board of Directors out of funds legally available for dividends.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">Liquidation Rights</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Upon our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid to creditors and to the
      holders of our preferred shares having liquidation preferences, if any, the holders of our common shares will be entitled to receive pro rata our remaining assets available for distribution.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic;">Limitations on Ownership</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Our Articles of Incorporation and By-laws, as further amended, do not impose any limitations on the ownership rights of our shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Description of Preferred Stock Purchase Rights</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">On September 14, 2016, our Board of Directors declared a dividend of one preferred share purchase right, or a Right, for each outstanding common share and adopted a shareholder
      rights plan, as set forth in the Stockholders Rights Agreement dated as of September 22, 2016, or the Rights Agreement, by and between us and Computershare Trust Company, N.A. (succeeded by our current transfer agent, Equiniti Trust Company LLC), as
      rights agent. In connection with the Rights Agreement, we designated 1,000,000 shares as Series A Participating Preferred Stock (the &#8220;Series A Preferred Shares&#8221;), none of which were outstanding as of December 31, 2025 and as of the date of the Annual
      Report on Form 20-F of which this exhibit is a part.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Our Board of Directors adopted the Rights Agreement to protect shareholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a
      significant penalty upon any person or group that acquires 15% or more of our outstanding common shares without the approval of our Board of Directors. If a shareholder&#8217;s beneficial ownership of our common shares as of the time of the public
      announcement of the rights plan and associated dividend declaration is at or above the applicable threshold, that shareholder&#8217;s then-existing ownership percentage would be grandfathered, but the rights would become exercisable if at any time after
      such announcement, the shareholder increases its ownership percentage by 1% or more.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">The Rights may have anti-takeover effects. The Rights will cause substantial dilution to any person or group that attempts to acquire us without the approval of our Board of
      Directors. As a result, the overall effect of the Rights may be to render more difficult or discourage any attempt to acquire us. Because our Board of Directors can approve a redemption of the Rights for a permitted offer, the Rights should not
      interfere with a merger or other business combination approved by our Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">For those interested in the specific terms of the Rights Agreement, we provide the following summary description. Please note, however, that this description is only a summary,
      and is not complete, and should be read together with the entire Rights Agreement, which is an exhibit to the Form 6-K filed by us on September 22, 2016 and incorporated herein by reference to the Annual Report on Form 20-F of which this exhibit is a
      part. The foregoing description of the Rights Agreement is qualified in its entirety by reference to such exhibit.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">The Rights</font>. The Rights trade with, and are inseparable from, our common shares. The Rights are evidenced only by certificates that
      represent our common shares. New Rights will accompany any new of our common shares issued after October 5, 2016 until the Distribution Date described below.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Exercise Price</font>. Each Right allows its holder to purchase from us one one-thousandth of a share of Series A Participating Preferred Stock,
      or a Series A Preferred Share, for an initial exercise price of $50.00, subject to adjustment pursuant to the Rights Agreement, or the Exercise Price, once the Rights become exercisable. This portion of a Series A Preferred Share will give the
      shareholder approximately the same dividend, voting and liquidation rights as would one common share. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">2</font></div>
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    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Exercisability</font>. The Rights are not exercisable until ten days after the public announcement that a person or group has become an
      &#8220;Acquiring Person&#8221; by obtaining beneficial ownership of 15% or more of our outstanding common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Certain synthetic interests in securities created by derivative positions&#8212;whether or not such interests are considered to be ownership of the underlying common shares or are
      reportable for purposes of Regulation 13D of the Exchange Act&#8212;are treated as beneficial ownership of the number of our common shares equivalent to the economic exposure created by the derivative position, to the extent our actual common shares are
      directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent to evade the purposes of the Rights Agreement are excepted from such imputed beneficial ownership.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">For persons who, prior to the time of public announcement of the Rights Agreement, beneficially own 15% or more of our outstanding common shares, the Rights Agreement
      grandfathered their current level of ownership, so long as they do not purchase additional shares in excess of certain limitations.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">The date when the Rights become exercisable is the &#8220;Distribution Date.&#8221; Until that date, our common share certificates (or, in the case of uncertificated shares, by notations in
      the book-entry account system) will also evidence the Rights, and any transfer of our common shares will constitute a transfer of Rights. After that date, the Rights will separate from our common shares and will be evidenced by book-entry credits or
      by Rights certificates that we will mail to all eligible holders of our common shares. Any Rights held by an Acquiring Person are null and void and may not be exercised.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Series A Preferred Share Provisions:</u></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Each one one-thousandth of a Series A Preferred Share, if issued, will, among other things:</div>
    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">not be redeemable;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="zf36eda79b4294bfd925fbb8c6a939b92" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">entitle holders to quarterly dividend payments in an amount per share equal to the aggregate per share amount of all cash dividends, and the aggregate per share amount (payable in kind) of all non-cash
              dividends or other distributions other than a dividend payable in our common shares or a subdivision of our outstanding common shares (by reclassification or otherwise), declared on our common shares since the immediately preceding quarterly
              dividend payment date; and</div>
          </td>
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    </table>
    <div>&#160;</div>
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          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);"> entitle holders to one vote on all matters submitted to a vote of our shareholders.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">The value of one one-thousandth interest in a Series A Preferred Share should approximate the value of one common share.</div>
    <div>&#160;</div>
    <div>
      <div style="text-align: justify; color: rgb(0, 0, 0);"><u>Consequences of a Person or Group Becoming an Acquiring Person:</u></div>
    </div>
    <div>
      <div><br>
      </div>
      <table cellspacing="0" cellpadding="0" id="z6a43d80847044bd8bb57674b3be363a6" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-style: italic;">Flip In</font>.&#160; If an Acquiring Person obtains beneficial ownership of 15% or more of our common shares, then each Right will entitle the holder thereof to purchase, for the
                Exercise Price, a number of our common shares (or, in certain circumstances, cash, property or other of our securities) having a then-current market value of twice the Exercise Price. However, the Rights are not exercisable following the
                occurrence of the foregoing event until such time as the Rights are no longer redeemable by us, as further described below.</div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
    </div>
    <div>
      <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Following the occurrence of an event set forth in preceding paragraph, all Rights that are or, under certain circumstances specified in the Rights Agreement, were beneficially
        owned by an Acquiring Person or certain of its transferees will be null and void.</div>
      <div>&#160;</div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5d9aa04727854d7f84bba4288c3e5f54" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="color: #000000;"><font style="font-style: italic;">Flip Over</font>. If, after an Acquiring Person obtains 15% or more of our common shares, (i) we merge into another entity; (ii) an acquiring entity merges into us; or (iii) we
                sell or transfer 50% or more of our assets, cash flow or earning power, then each Right (except for Rights that have previously been voided as set forth above) will entitle the holder thereof to purchase, for the Exercise Price, a number of
                our common shares of the person engaging in the transaction having a then-current market value of twice the Exercise Price.</div>
            </td>
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      </table>
      <div>&#160;</div>
    </div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">3</font></div>
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            <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
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              <div style="color: #000000;"><font style="font-style: italic;">Notional Shares</font>. Shares held by affiliates and associates of an Acquiring Person, including certain entities in which the Acquiring Person beneficially owns a majority of
                the equity securities, and Notional Common Shares (as defined in the Rights Agreement) held by counterparties to a Derivatives Contract (as defined in the Rights Agreement) with an Acquiring Person, will be deemed to be beneficially owned
                by the Acquiring Person.</div>
            </td>
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      </table>
      <div>&#160;</div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Redemption</font>. Our Board of Directors may redeem the Rights for $0.01 per Right at any time before any person or group becomes an Acquiring
      Person. If our Board of Directors redeems any Rights, it must redeem all of the Rights. Once the Rights are redeemed, the only right of the holders of the Rights will be to receive the redemption price of $0.01 per Right. The redemption price will be
      adjusted if we have a stock dividend or a stock split.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Exchange.</font> After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding common
      shares, our Board of Directors may extinguish the Rights by exchanging one common share or an equivalent security for each Right, other than Rights held by the Acquiring Person. In certain circumstances, we may elect to exchange the Rights for cash
      or other of our securities having a value approximately equal to one common share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Expiration</font>. The Rights expire on the earliest of (i) September 22, 2026; or (ii) the redemption or exchange of the Rights as described
      above.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Anti-Dilution Provisions</font>. Our Board of Directors may adjust the purchase price of the Series A Preferred Shares, the number of Series A
      Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may occur from a stock dividend, a stock split, or a reclassification of the Series A Preferred Shares or our common shares. No adjustments to the Exercise Price
      of less than 1% will be made.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Amendments</font>. The terms of the Rights and the Rights Agreement may be amended in any respect without the consent of the holders of the
      Rights on or prior to the Distribution Date. Thereafter, the terms of the Rights and the Rights Agreement may be amended without the consent of the holders of Rights, with certain exceptions, in order to (i) cure any ambiguities; (ii) correct or
      supplement any provision contained in the Rights Agreement that may be defective or inconsistent with any other provision therein; (iii) shorten or lengthen any time period pursuant to the Rights Agreement; or (iv) make changes that do not adversely
      affect the interests of holders of the Rights (other than an Acquiring Person or an affiliate or associate of an Acquiring Person).</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-style: italic;">Taxes.</font> The distribution of Rights should not be taxable for federal income tax purposes. However, following an event that renders the
      Rights exercisable or upon redemption of the Rights, shareholders may recognize taxable income.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Description of Series D Preferred Shares</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">On May 8, 2017, we issued 100,000 shares of Series D Preferred Shares to Tankers Family Inc., a company controlled by Lax Trust, which is an irrevocable trust established for the
      benefit of certain family members of Mr. Evangelos J. Pistiolis, for $1,000 pursuant to a stock purchase agreement. Each Series D Preferred Share has the voting power of one thousand (1,000) common shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">On April 21, 2017, we were informed by ABN AMRO Bank that we were in breach of a loan covenant that requires that any member of the family of Mr. Evangelos J. Pistiolis, maintain
      an ownership interest (either directly and/or indirectly through companies beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of 30% of our outstanding
      Common Shares. ABN AMRO Bank requested that either the family of Mr. Evangelos J. Pistiolis maintain an ownership interest of at least 30% of the outstanding common shares or maintain voting rights interests of above 50% in us. In order to regain
      compliance with the loan covenant, we issued the Series D Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">The Series D Preferred Shares have the following characteristics:</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Conversion.</font> The Series D Preferred Shares are not convertible into common shares.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">4</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Voting.</font><font style="color: rgb(0, 0, 0);"> Each Series D Preferred Share has the voting power of 1,000 common shares.
        As a prerequisite for the Navigare Lease (as defined in the Annual Report on Form 20-F), Mr. Evangelos J. Pistiolis personally guaranteed the performance of the bareboat charters entered in connection with the lease, under certain circumstances,
        and in exchange, we amended the Certificate of Designation governing the terms of the Series D Preferred Shares, to adjust the voting rights per share of Series D Preferred Shares such that during the term of the Navigare Lease, the combined voting
        power controlled by Mr. Evangelos J. Pistiolis and the Lax Trust does not fall below a majority of our total voting power, irrespective of any new common or preferred stock issuances, and thereby complying with a relevant covenant of the bareboat
        charters entered in connection with the Navigare Lease (as defined in the Annual Report on Form 20-F).</font> Subsequent to the expiration of the Navigare Lease on December 22, 2025, the amendment to the <font style="color: rgb(0, 0, 0);">Certificate

        of Designation of the Series D Preferred Shares </font>adjusting the voting rights per share of the Series D Preferred Shares was automatically terminated, and the voting rights of the Series D Preferred Shares reverted to their pre-amendment
      terms.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Distributions.</font> The Series D Preferred Shares shall have no dividend or distribution rights.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Maturity.</font><font style="color: rgb(0, 0, 0);"> The Series D Preferred Shares shall expire and all outstanding Series D
        preferred shares shall be redeemed by us for par value on the date that any financing arrangement&#160; with any financial institution, which requires that any member of the family of Mr. Evangelos J. Pistiolis maintains a specific minimum ownership or
        voting interest (either directly and/or indirectly through companies or other entities beneficially owned by any member of the Pistiolis family and/or trusts or foundations of which any member of the Pistiolis family are beneficiaries) of our
        issued and outstanding common shares, respectively, are fully repaid or reach their maturity date. The Series D Preferred Shares shall not be otherwise redeemable. </font>Currently the SLBs with Huarong and financing agreements for our Newbuilding
      Tankers <font style="color: rgb(0, 0, 0);">(as each such term is defined in the Annual Report on Form 20-F of which this exhibit is a part) have </font>have similar provisions that are satisfied via the existence of the Series D Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Liquidation, Dissolution or Winding Up.</font> Upon any liquidation, dissolution or winding up of our Company, the Series D
      Preferred Shares shall have a liquidation preference of $0.01 per share.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">The description of the Series Preferred Shares is subject to and qualified in its entirety by reference to the Securities Purchase Agreement, the Certificate of Designation of
      Rights, Preferences of Series D Preferred Stock, and the Certificate of Amendment to Certificate of Designation of Rights, Preferences and Privileges of Series D Preferred Stock. Copies of the Securities Purchase Agreement and the Certificate of
      Designation of the Series D Preferred Shares have been filed as exhibits to our Report on Form 6-K filed with the SEC on May 8, 2017. The Certificate of Amendment to the Certificate of Designation was filed as an exhibit to our Report on Form 6-K
      filed with the SEC on December 4, 2020.</div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Description of Series G Preferred Shares</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As contemplated by a share purchase agreement dated as of February 18, 2026, by and between us and Central Mare Inc. (the &#8220;Seller&#8221;), the Seller could under certain circumstances demand the payment of
      instalments in the form of newly issued Series G Preferred Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">As of the date of the Annual Report on Form 20-F of which this exhibit is a part, 14,000 Series G Preferred Shares are issued and outstanding.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The following description of the characteristics of the Series G Preferred Shares is a summary and does not purport to be complete and is qualified by reference to the form of the Statement of
      Designation of Rights, Preferences and Privileges of Series G Perpetual Convertible Preferred Shares, which is filed as an exhibit to the Annual Report on Form 20-F of which this exhibit is a part.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Series G Preferred Shares have the following characteristics:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic; color: rgb(0, 0, 0);">Conversion</font><font style="font-weight: bold;">.</font> We have the right, at any time and from time to time, subject to
      certain conditions, to convert in whole or in part (<font style="font-style: italic;">pro rata</font> among the holders of Series G Preferred Shares) the Series G Preferred Shares then held by such holders into the Common Shares at the conversion
      rate then in effect.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">5</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;">Each Series G Preferred Share is convertible into the number of our Common Shares equal to the quotient of $1,000 plus any accrued and unpaid dividends divided by the lesser of the following four
      prices (the &#8220;Series G Conversion Price&#8221;): (i) 120% of the closing price of our Common Shares on the trading day immediately preceding the first issuance of Series G Preferred Shares, being $3.67, (ii) 80% of the lowest daily VWAP of the Common Shares
      over the twenty consecutive trading days expiring on the trading day immediately prior to the date of delivery of a conversion notice, (iii) the conversion price or exercise price per share of any of our then outstanding convertible shares or
      warrants, (iv) the lowest issuance price of the Common Shares in any transaction from the date of the issuance of the Series G Preferred Shares onwards, but in no event will the Series G Conversion Price be less than $0.60 (the &#8220;Series G Floor
      Price&#8221;). The Series G Floor Price is adjusted (decreased) in case of splits or subdivisions of our outstanding shares and is not adjusted in case of reverse stock splits or combinations of our outstanding shares. Finally, the Series G Conversion
      Price is subject to appropriate adjustment in the event of certain dividends and distributions, stock combinations, reclassifications or similar events affecting the Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Limitations of Conversion.</font> The Company shall be entitled to convert the Series G Preferred Shares in full, regardless of the beneficial
      ownership percentage of the holder after giving effect to such conversion.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Voting</font><font style="font-weight: bold;">.</font> The holders of Series G Preferred Shares are entitled to the voting power of one thousand
      (1,000) of our common shares per Series G Preferred Share, provided that no holder of Series G Preferred Shares may exercise voting rights pursuant to Series G Preferred Shares that would result in the aggregate voting power of any beneficial owner
      of such shares and its affiliates (whether pursuant to ownership of Series G Perpetual Convertible Preferred Shares, Common Shares or otherwise) to exceed 19.99% of the total number of votes eligible to be cast on any matter submitted to a vote of
      our shareholders. The holders of Series G Preferred Shares and the holders of our Common Shares shall vote together as one class on all matters submitted to a vote of our shareholders. The holders of Series G Preferred Shares otherwise have no
      special voting rights and their consent shall not be required for taking any corporate action.<font style="font-weight: bold; font-style: italic;"> Distributions</font><font style="font-weight: bold;">.</font> The holders of Series G Preferred Shares
      are entitled to receive certain dividends and distributions paid to holders of Common Shares on an as-converted basis. Upon any liquidation, dissolution or winding up of the Company, the holders of Series G Preferred Shares shall be entitled to
      receive our net assets <font style="font-style: italic;">pari passu</font> with the Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Redemption</font><font style="font-weight: bold;">.</font> We at our option shall have the right to redeem a portion or all of the outstanding
      Series G Preferred Shares. We shall pay an amount equal to one thousand dollars ($1,000) per each Series G Preferred Share (the &#8220;Series G Liquidation Amount&#8221;), plus a redemption premium equal to fifteen percent (15%) of the Series G Liquidation
      Amount being redeemed if that redemption takes place up to and including the first anniversary of the first issuance of Series G Preferred Shares and twenty percent (20%) of the Series G Liquidation Amount being redeemed if that redemption takes
      place after the first anniversary of the first issuance of Series G Preferred Shares (collectively referred to as the &#8220;Series G Redemption Amount&#8221;). In order to make a redemption, we shall first provide one business day advance written notice to the
      holders of our intention to make a redemption setting forth the amount we desire to redeem. Upon the expiration of the one business day period, we shall deliver to each holder the Series G Redemption Amount with respect to the amount redeemed after
      giving effect to conversions effected during the notice period.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">The Series G Preferred Shares shall not be subject to redemption in cash at the option of the holders thereof under any circumstance.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Dividends.</font> The holders of outstanding Series G Preferred Shares shall be entitled to receive out of funds legally available for the
      purpose, semi-annual dividends payable in cash on the last day of June and December in each year (each such date being referred to herein as a &#8220;Series G Semi Annual Dividend Payment Date&#8221;), commencing on the first Series G Semi Annual Dividend
      Payment Date in an amount per share (rounded to the nearest cent) equal to fifteen percent (15%) per year of the Series G Liquidation Amount of the then outstanding Series G Preferred Shares computed on the basis of a 365-day year and the actual days
      elapsed.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;">Accrued but unpaid dividends shall bear interest at fifteen percent (15%). Dividends paid on the Series G Preferred Shares in an amount less than the total amount of such dividends at the time
      accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. Our Board of Directors may fix a record date for the determination of holders of Series G Preferred Shares
      entitled to receive payment of a dividend or distribution declared thereon, which record date shall be no more than 30 days prior to the date fixed for the payment thereof.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Transfer Restrictions.</font><font style="font-weight: bold;">&#160;</font>The Series G Preferred Shares will be transferable without our consent,
      provided the holders of Series G Preferred Shares and their direct and indirect transferees are subject to the transfer restrictions of the Share Purchase Agreement, including that the Series G Preferred Shares shall not be sold or traded on any
      securities exchange or public market until March 15, 2028 and any transferee must agree to be bound by such terms. Any Common Shares issued on conversion of the Series G Perpetual Convertible Preferred Shares will be subject to the same transfer
      restrictions under the Share Purchase Agreement.</div>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">6</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-weight: bold; font-style: italic;">Ranking</font><font style="font-weight: bold;">.</font> All Series G Preferred Shares shall rank <font style="font-style: italic;">pari passu</font>
      with all classes of our Common Shares.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Shareholder Meetings</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Under our By-laws, annual shareholder meetings will be held at a time and place selected by our Board of Directors. The meetings may be held in or outside of the Marshall
      Islands. Special meetings of the shareholders, unless otherwise prescribed by law, may be called for any purpose or purposes at any time exclusively by our Board of Directors. Notice of every annual and special meeting of shareholders shall be given
      at least 15 but not more than 60 days before such meeting to each shareholder of record entitled to vote thereat.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Directors</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our directors are elected by a plurality of the votes cast at a meeting of the shareholders by the holders of shares entitled to vote in the election. Our Articles of
      Incorporation and By-laws, as further amended, prohibit cumulative voting in the election of directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Board of Directors must consist of at least one member and not more than twelve, as fixed from time to time by the vote of not less than 66 2/3% of the entire board. Each
      director shall be elected to serve until the third succeeding annual meeting of shareholders and until his successor shall have been duly elected and qualified, except in the event of his death, resignation, removal, or the earlier termination of his
      term of office. Our Board of Directors has the authority to fix the amounts which shall be payable to the members of our Board of Directors, and to members of any committee, for attendance at any meeting and for services rendered to us.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Classified Board</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Articles of Incorporation provide for the division of our Board of Directors into three classes of directors, with each class as nearly equal in number as possible, serving
      staggered, three-year terms. Approximately one-third of our Board of Directors will be elected each year. This classified board provision could discourage a third party from making a tender offer for our shares or attempting to obtain control of our
      company. It could also delay shareholders who do not agree with the policies of our Board of Directors from removing a majority of our Board of Directors for two years.</div>
    <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);"> </font><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Election and Removal</div>
    <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);"> </font><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Articles of Incorporation and By-laws require parties other than our Board of Directors to give advance written notice of nominations for the election of directors. Our
      Articles of Incorporation provide that our directors may be removed only for cause and only upon the affirmative vote of the holders of at least 80% of the outstanding shares of our capital stock entitled to vote for those directors. These provisions
      may discourage, delay or prevent the removal of incumbent officers and directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">Dissenters</font>&#8217;<font style="font-weight: bold;"> Rights of Appraisal and Payment</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Under the BCA, our shareholders have the right to dissent from various corporate actions, including certain mergers or consolidations or sales of all or substantially all of our
      assets not made in the usual course of our business, and receive payment of the fair value of their shares, subject to exceptions. For example, the right of a dissenting shareholder to receive payment of the fair value of his shares is not available
      if for the shares of any class or series of shares, which shares at the record date fixed to determine the shareholders entitled to receive notice of and vote at the meeting of shareholders to act upon the agreement of merger or consolidation, were
      either (1) listed on a securities exchange or admitted for trading on an interdealer quotation system or (2) held of record by more than 2,000 holders. In the event of any further amendment of the articles, a shareholder also has the right to dissent
      and receive payment for his or her shares if the amendment alters certain rights in respect of those shares. The dissenting shareholder must follow the procedures set forth in the BCA to receive payment. In the event that we and any dissenting
      shareholder fail to agree on a price for the shares, the BCA procedures involve, among other things, the institution of proceedings in the High Court of the Republic of the Marshall Islands or in any appropriate court in any jurisdiction in which our
      shares are primarily traded on a local or national securities exchange. The value of the shares of the dissenting shareholder is fixed by the court after reference, if the court so elects, to the recommendations of a court-appointed appraiser.</div>
    <div><br>
    </div>
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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">7</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
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    </div>
    <div style="text-align: justify; color: #000000;"><font style="font-weight: bold;">Shareholders</font>&#8217;<font style="font-weight: bold;"> Derivative Actions</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Under the BCA, any of our shareholders may bring an action in our name to procure a judgment in our favor, also known as a derivative action, provided that the shareholder
      bringing the action is a holder of common shares both at the time the derivative action is commenced and at the time of the transaction to which the action relates. Our By-laws provide that unless we consent in writing to the selection of alternative
      forum, the sole and exclusive forum for (i) any shareholders&#8217; derivative action or proceeding brought on behalf of us, including any such action arising under the Exchange Act or the Securities Act (ii) any action asserting a claim of breach of a
      fiduciary duty owed by any director, officer or other of our employees or our shareholders, (iii) any action asserting a claim arising pursuant to any provision of the BCA, or (iv) any action asserting a claim governed by the internal affairs
      doctrine shall be the High Court of the Republic of the Marshall Islands, in all cases subject to the court&#8217;s having personal jurisdiction over the indispensable parties named as defendants. However, the enforceability of similar forum selection
      provisions in other companies&#8217; governing documents has been challenged in legal proceedings, and it is possible that in connection with any action a court could find the forum selection provision contained in our By-laws to be inapplicable or
      unenforceable in such action. In particular, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. In
      addition, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Shareholders&#8217;
      derivative actions, including those arising under the Exchange Act or Securities Act, are subject to our forum selection provision. To the extent that the exclusive forum provision would apply to restrict the courts in which our shareholders may
      bring claims arising under the Exchange Act or the Securities Act and the rules and regulations thereunder, there is uncertainty as to whether a court would enforce such a provision. Investors cannot waive compliance with the federal securities laws
      and the rules and regulations promulgated thereunder. For more information regarding the risks connected to the forum selection provision in our By-laws, see &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8212;Risks Related to our Common Shares&#8212;We may not
      achieve the intended benefits of having a forum selection provision if it is found to be unenforceable.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Anti-takeover Provisions of our Charter Documents</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Several provisions of our Articles of Incorporation and By-laws may have anti-takeover effects. These provisions are intended to avoid costly takeover battles, lessen our
      vulnerability to a hostile change of control and enhance the ability of our Board of Directors to maximize shareholder value in connection with any unsolicited offer to acquire us. However, these anti-takeover provisions, which are summarized below,
      could also discourage, delay or prevent (1) the merger or acquisition of our company by means of a tender offer, a proxy contest or otherwise, that a shareholder may consider in its best interest and (2) the removal of incumbent officers and
      directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Business Combinations</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Articles of Incorporation include provisions which prohibit us from engaging in a business combination with an interested shareholder for a period of three years after the
      date of the transaction in which the person became an interested shareholder, unless:</div>
    <div>&#160;</div>
    <table cellspacing="0" cellpadding="0" id="z44012670ab1e4adca7e5c959fc606dcf" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 20.25pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">prior to the date of the transaction that resulted in the shareholder becoming an interested shareholder, our Board of Directors approved either the business combination or the transaction that resulted in the
              shareholder becoming an interested shareholder;</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 20.25pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">upon consummation of the transaction that resulted in the shareholder becoming an interested shareholder, the interested shareholder owned at least 85% of the voting stock of the corporation outstanding at the
              time the transaction commenced;</div>
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        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 20.25pt;"><br>
          </td>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">at or subsequent to the date of the transaction that resulted in the shareholder becoming an interested shareholder, the business combination is approved by our Board of Directors and authorized at an annual or
              special meeting of shareholders by the affirmative vote of at least 66 2/3% of the outstanding voting stock that is not owned by the interested shareholder; and</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
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          <td style="width: 20.25pt;"><br>
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          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="color: rgb(0, 0, 0);">the shareholder became an interested shareholder prior to the consummation of the initial public offering.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">8</font></div>
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        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Limited Actions by Shareholders</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Articles of Incorporation and our By-laws provide that any action required or permitted to be taken by our shareholders must be effected at an annual or special meeting of
      shareholders or by the unanimous written consent of our shareholders.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Our Articles of Incorporation and our By-laws provide that only our Board of Directors may call special meetings of our shareholders and the business transacted at the special
      meeting is limited to the purposes stated in the notice. Accordingly, a shareholder may be prevented from calling a special meeting for shareholder consideration of a proposal over the opposition of our Board of Directors and shareholder
      consideration of a proposal may be delayed until the next annual meeting.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Blank Check Preferred Stock</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">Under the terms of our Articles of Incorporation, our Board of Directors has authority, without any further vote or action by our shareholders, to issue up to 20,000,000 shares
      of blank check preferred stock. Our Board of Directors may issue shares of preferred stock on terms calculated to discourage, delay or prevent a change of control of our company or the removal of our management.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold;">Super-majority Required for Certain Amendments to Our By-laws</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: rgb(0, 0, 0);">On February 28, 2007, we amended our by-laws to require that amendments to certain provisions of our by-laws may be made when approved by a vote of not less than 66 2/3% of the
      entire Board of Directors. These provisions that require not less than 66 2/3% vote of our Board of Directors to be amended are provisions governing: the nature of business to be transacted at our annual meetings of shareholders, the calling of
      special meetings by our Board of Directors, any amendment to change the number of directors constituting our Board of Directors, the method by which our Board of Directors is elected, the nomination procedures of our Board of Directors, removal of
      our Board of Directors and the filling of vacancies on our Board of Directors.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Certain Marshall Islands Company Considerations</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(0, 0, 0); text-indent: 36pt;">Our corporate affairs are governed by our Articles of Incorporation and By-laws and by the BCA. The provisions of the BCA resemble provisions of the corporation laws of a number
      of states in the United States, including Delaware. While the BCA also provides, for non-resident corporations like us, that it is to be applied and construed to make the BCA uniform with the laws of the State of Delaware and other states of the
      United States of America with substantially similar legislative provisions (and adopts their case law to the extent it does not conflict with the BCA), there have been few, court cases interpreting the BCA in the Marshall Islands and we cannot
      predict whether Marshall Islands courts would reach the same conclusions as courts in the United States. Accordingly, you may have more difficulty protecting your interests under Marshall Islands law in the face of actions by our management,
      directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction which has developed a substantial body of case law. The following table provides a comparison between the statutory provisions of the
      BCA and the General Corporation Law of the State of Delaware relating to shareholders&#8217; rights.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zfc474de66c9f4ad6bd53e00b559009cc" style="border-collapse: collapse; width: 90%; color: #000000; font-family: 'Times New Roman'; font-size: 10pt; text-align: left;">

        <tr>
          <td style="width: 42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Marshall Islands</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Shareholder Meetings</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Held at a time and place as designated in the bylaws.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">May be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined by the board of directors.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles of incorporation or by the bylaws.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Special meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate of incorporation or by the bylaws.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">May be held within or outside of the Marshall Islands.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">May be held within or outside of Delaware.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">9</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf5f80ed05b834ed794ba161d5fe1083d" style="font-family: 'Times New Roman'; font-size: 10pt; width: 90%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Notice</font>:</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Notice</font>:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Whenever shareholders are required to take any action at a meeting, written notice of the meeting shall be given which shall state the place, date and hour of the meeting and, unless it is
              an annual meeting, indicate that it is being issued by or at the direction of the person calling the meeting. Notice of a special meeting shall also state the purpose for which the meeting is called.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Whenever shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, and the
              means of remote communication, if any.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">A copy of the notice of any meeting shall be given personally, sent by mail or by electronic mail not less than 15 nor more than 60 days before the meeting.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Written notice shall be given not less than 10 nor more than 60 days before the meeting.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Shareholders&#8217; Voting Rights</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Unless otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without a meeting, without prior notice and without a
              vote, if a consent in writing, setting forth the action so taken, is signed by all the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by the holders of outstanding
              shares having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any action required to be taken at a meeting of shareholders may be taken without a meeting if a consent for such action is in writing and is signed by shareholders having not fewer than
              the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all shares entitled to vote thereon were present and voted.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Marshall Islands</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any person authorized to vote may authorize another person or persons to act for him by proxy.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any person authorized to vote may authorize another person or persons to act for him by proxy.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Unless otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote constitutes a quorum. In no event shall a quorum consist of fewer than one-third
              of the shares entitled to vote at a meeting.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">For stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but in no event shall a quorum consist of less than
              one-third of shares entitled to vote at a meeting. In the absence of such specifications, a majority of shares entitled to vote shall constitute a quorum.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">When a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">The articles of incorporation may provide for cumulative voting in the election of directors.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">The certificate of incorporation may provide for cumulative voting in the election of directors.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">10</font></div>
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zce74f97846a5487aac6bbcfbf1b5800b" style="font-family: 'Times New Roman'; font-size: 10pt; width: 90%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Merger or Consolidation</div>
          </td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote of the holders of outstanding shares at a shareholder
              meeting.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution and upon the majority vote by shareholders of each
              constituent corporation at an annual or special meeting.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1"><br>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&#8217;s usual or regular course of business, once approved
              by the board, shall be authorized by the affirmative vote of two-thirds of the shares of those entitled to vote at a shareholder meeting.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Every corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board deems expedient and for the best interests of the
              corporation when so authorized by a resolution adopted by the holders of a majority of the outstanding stock of the corporation entitled to vote.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other corporation into itself without the authorization
              of the shareholders of any corporation.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into itself and assume all of its obligations without the
              vote or consent of shareholders; however, in case the parent corporation is not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation entitled to vote at a duly
              called shareholder meeting.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the vote or consent of the shareholders, unless otherwise
              provided for in the articles of incorporation.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any mortgage or pledge of a corporation&#8217;s property and assets may be authorized without the vote or consent of shareholders, except to the extent that the certificate of incorporation
              otherwise provides</div>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
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            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Directors</div>
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          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
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            <div style="text-align: justify; color: rgb(0, 0, 0);">The board of directors must consist of at least one member.</div>
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          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">The board of directors must consist of at least one member.</div>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">The number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific provisions of a bylaw.</div>
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          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">The number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes the number of directors, in which case a change in the number shall be made
              only by an amendment to the certificate of incorporation.</div>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify;">If the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no decrease in the number shall shorten the term of any incumbent director.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">If the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of the certificate.</div>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
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        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Removal</font>:</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
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            <div style="text-align: justify; color: #000000;"><font style="font-style: italic;">Removal</font>:</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any or all of the directors may be removed for cause by vote of the shareholders.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Any or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless the certificate of incorporation otherwise provides.</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">11</font></div>
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        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify;"><font style="color: rgb(0, 0, 0);">If the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</font>.</div>
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          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify;">I<font style="color: rgb(0, 0, 0);">n the case of a classified board, shareholders may effect removal of any or all directors only for cause</font>.</div>
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        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Dissenter&#8217;s Rights of Appraisal</div>
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        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Marshall Islands</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle; padding-bottom: 2px;">&#160;</td>
          <td style="width: 45%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Delaware</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Shareholders have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course of business, and receive payment of the
              fair value of their shares. However, the right of a dissenting shareholder under the BCA to receive payment of the appraised fair value of his shares shall not be available for the shares of any class or series of stock, which shares or
              depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i)
              listed on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders. The right of a dissenting shareholder to receive payment of the fair value of his or her shares
              shall not be available for any shares of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders of the surviving corporation.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Appraisal rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to limited exceptions, such as a merger or
              consolidation of corporations listed on a national securities exchange in which listed stock is offered for consideration is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">A holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation has the right to dissent and to receive payment for
              such shares if the amendment:</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -18pt; margin-left: 26pt;"><font style="color: rgb(0, 0, 0);">&#8226;</font>&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">alters or abolishes any preferential right of any outstanding shares having preference;
                or</font></div>
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          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -18pt; margin-left: 26pt;"><font style="color: rgb(0, 0, 0);">&#8226;</font>&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">creates, alters or abolishes any provision or right in respect to the redemption of any
                outstanding shares; or</font></div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -18pt; margin-left: 26pt;"><font style="color: rgb(0, 0, 0);">&#8226;</font>&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">alters or abolishes any preemptive right of such holder to acquire shares or other
                securities; or</font></div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -18pt; margin-left: 26pt;"><font style="color: rgb(0, 0, 0);">&#8226;</font>&#160;&#160;&#160; <font style="color: rgb(0, 0, 0);">excludes or limits the right of such holder to vote on any matter, except as such right
                may be limited by the voting rights given to new shares then being authorized of any existing or new class.</font></div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>

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      <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-size: 8pt; color: rgb(0, 0, 0); font-weight: normal; font-style: normal;">12</font></div>
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        <tr>
          <td style="vertical-align: top;" colspan="3">
            <div style="text-align: justify; color: rgb(0, 0, 0); font-weight: bold;">Shareholders&#8217; Derivative Actions</div>
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        </tr>
        <tr>
          <td style="vertical-align: top;" colspan="3" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">An action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust certificates or of a beneficial interest in such shares
              or certificates. It shall be made to appear that the plaintiff is such a holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or that his shares or his interest therein
              devolved upon him by operation of law.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">In any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder of the corporation at the time of the
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            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">A complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or the reasons for not making such effort.</div>
            <div style="text-align: justify; color: rgb(0, 0, 0);">Such action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall Islands</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Other requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative suit unless he or she first demands that the
              corporation sue on its own behalf and that demand is refused (unless it is shown that such demand would have been futile).</div>
          </td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">Reasonable expenses including attorneys&#8217; fees may be awarded if the action is successful.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3.05%; vertical-align: middle;" rowspan="1">&#160;</td>
          <td style="width: 45%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 42%; vertical-align: top;">
            <div style="text-align: justify; color: rgb(0, 0, 0);">A corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less than 5% of any class of outstanding shares or holds
              voting trust certificates or a beneficial interest in shares representing less than 5% of any class of such shares and the shares, voting trust certificates or beneficial interest of such plaintiff has a fair value of&#160; $50,000 or less.</div>
          </td>
          <td style="width: 3.05%; vertical-align: middle;">&#160;</td>
          <td style="width: 45%; vertical-align: top;">&#160;</td>
        </tr>

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    <div style="text-align: center;"><font style="color: rgb(0, 0, 0); font-weight: normal; font-style: normal; font-size: 8pt;">13</font></div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.23
<SEQUENCE>4
<FILENAME>ef20060828_ex4-23.htm
<DESCRIPTION>EXHIBIT 4.23
<TEXT>
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  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Exhibit 4.23</b></font></p>
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        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt 30pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shipbroker <br>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Place and date</font></div>
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          <div style="margin-left: 36pt;"><font style="font-weight: bold;">1 August 2025</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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                laws of the Republic of Liberia with registration number C-128836 whose registered office is at 80 Broad Street, Monrovia, Liberia</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      </tr>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of delivery (Cl. 3)</font></p>
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        <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
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                area declared by the Joint War Committee, see also Clause 46.1(t), 46.1(u) and 46.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 32 (Charter Period)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Changes to Interest Rate, Default Interest)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 36 (Charterhire and Advance Charterhire); such
                account as the Owners may notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bank guarantee/bond (sum and
              place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage(s), if any (state
              whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
              war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance) - Clause 14 does not apply</b></font></p>
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        </td>
      </tr>
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        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Charterers&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 68 (Definitions)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PREAMBLE - It is mutually agreed that this Contract shall be performed
      subject to the conditions contained in this Charter which shall include PART I and PART II <font style="color: #B3122F"><u>and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B3122F"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B3122F"><u>and</u></font><font style="color: #3C95D1"><strike>shall prevail over those of</strike></font> PART II to the extent of such
      conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V
      apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt; text-indent: 0.5in">
          <div>
            <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature (Owners)</font></div>
            <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
              </font></div>
            <div>/s/ Chen Keqi<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
              </font></div>
          </div>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature (Charterers)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
            </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> /s/ Alexandros Tsirikos </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
            </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ALEXANDROS TSIRIKOS, Attorney-in-fact<br>
            </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.4in; text-align: left">1</td>
        <td style="width: 0.4in;"><b>1.</b></td>
        <td style="text-align: left"><b>Definitions</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">2</td>
        <td>In this Charter, the following terms shall have the meanings hereby assigned to them:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">3</td>
        <td>&#8220;The Owners&#8221; shall mean the party identified in Box 3;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">4</font></td>
        <td>&#8220;The Charterers&#8221; shall mean the party identified in Box 4;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">5</font></td>
        <td>&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">6</font></td>
        <td>
          <div>&#8220;Financial Instrument<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>s</u></font>&#8221; <font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>has the meaning ascribed to it in Clause 68
                (Definitions). </u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>means the mortgage, deed of </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>covenant or other such financ</strike>i<strike>a</strike>l <strike>secur</strike>i<strike>ty </strike>i<strike>nstrument as</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17pt 0pt 46pt; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>7</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>annexed to this Charter and stated in Box 28.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">8</font></td>
        <td style="width: 0.4in"><b>2.</b></td>
        <td><b>Charter Period</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">9</font></td>
        <td>In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">10</font></td>
        <td>hire the Vessel for the period stated in Box 21 <font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(&#8220;The Charter Per</strike>i<strike>od&#8221;)</strike></font>.<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u> See also Clause 32</u> (<u>Charter Period</u>)</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">11</font></td>
        <td style="width: 0.4in"><b>3.</b></td>
        <td><b>Delivery</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">12</font></td>
        <td>(not applicable when Part III applies, as indicated in Box 37)</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">13</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in</strike></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>14</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>every respect ready in hull, machinery and equipment for service under this Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">15</font></td>
        <td>The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">16</font></td>
        <td>Box 13<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>.</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2">&#160;i<strike>n such ready safe berth as the Charterers may d</strike>i<strike>rect.</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">17</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in</strike></font></td>
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        <td style="vertical-align: top; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td style="vertical-align: top; width: 0.4in">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="color: #3C96D2"><strike>12.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
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        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions,</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>but the Owners sha</strike>ll <strike>be</strike> li<strike>ab</strike>l<strike>e for</strike></font></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repa</strike>i<strike>rs or renewa</strike>l<strike>s occas</strike>i<strike>oned
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, ex</strike>i<strike>sting at the time of de</strike>li<strike>very under th</strike>i<strike>s
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 34 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217;</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling<font style="color: #B31330"><u> (See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td style="vertical-align: top"><font style="color: rgb(60,150,210)"><strike>(a)</strike></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="color: rgb(59,149,210)"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under th</strike>i<strike>s Charter.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><b>6.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 46.1(t), 46.1 (u) and 46.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 47.2</u> (<u>Inspection of Vessel</u>)</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37)</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>de</strike>li<strike>very and </strike></font>redelivery <font style="color: #B31330"><u>pursuant









                  to Clause 41.6 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss)</u></font> hereunder <font style="color: #B31330"><u>(if applicable) at the costs of the Charterers</u></font>.
              <font style="color: #3C96D2"><strike>The Owners shall bear all </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>expenses</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 47 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided;</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 34.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td>&#160;</td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation</b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repair, in efficient operating condition and in accordance with good commercial maintenance practice and,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Classification</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Class</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties concerned in order to achieve a reasonable distribution thereof as between the Owners and the</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of agreement, be referred to the d</strike>i<strike>spute reso</strike>l<strike>ution method agreed</strike> i<strike>n C</strike>l<strike>ause 30.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) Financial Security - The Charterers shall maintain financial security or responsibility in respect of third party</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities as required by any government, including federal, state or municipal or other division or authority</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">territorial or contiguous waters of any country, state or municipality in performance of this Charter without any</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">government or division or authority thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>wh</strike>i<strike>ch shall not be unreasonab</strike>l<strike>y w</strike>i<strike>thhe</strike>l<strike>d,










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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period <font style="color: #B31330">(<u>with all fees, costs and expenses arising in relation thereto for </u></font></font></div>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes to the Vessel - Subject to Clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securing</font></div>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the term</strike>i<strike>nation of th</strike>i<strike>s Charter</strike></font>.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>or, if Box 19 has</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 36 (Charterhire and Advance Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(a)</strike></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">respect</font></strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Per</strike>i<strike>od.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>((See Clause 64.3 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>181</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>(only to apply if Box 28 has been appropriately filled in)</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190<br>
              191</strike></font></td>
        <td>&#160;</td>
        <td>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>stated</strike></font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 39 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 39 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 39 (Insurance</u>) </font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and










                  freight, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>demurrage and defence risks</u></font> (and any risks against which it is compulsory to insure for the</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurances</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s)</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the OnOwners and the Owners&#8217; Financiers (if any)</u></font>. Insurance policies shall cover the</font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u> </font>and the Charterers according to their</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses,</u>&#160;</font><font style="color: #3C96D2"><strike>Financial Instrument, if
                  any</strike>, </font>and the approval of the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners and the insurers,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>C</strike>l<strike>ause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">shall</font></strike></font></div>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the</strike></font> Charterers</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party</strike></font> <font style="color: #B31330"><u>Owners</u></font> with particulars of any additional insurance </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effected,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that any </u></font></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies.</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such documents</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330"><u>(if </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 41.13 (Termination, Redelivery and Total Loss</u>)</font>, </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a),</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330">(o<u>r, if a</u>p<u>plicable, the Owners&#8217; Financiers in accordance with the terms of </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the relevant loss</u> pa<u>yable clauses</u>). </font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accord</strike>i<strike>ng to the</strike>i<strike>r respective</strike> i<strike>nterests.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to notify the Owners <font style="color: #B31330"><u>and the Owners&#8217; Financiers</u> </font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any,&#160;</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the Vessel
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 39 (Insurance)</u>. </font><font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs,</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a).</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance effected,</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 41.6 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>range</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of expected date and port or place of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>291</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>292</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>excepted.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>294</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>least the number of months agreed in Box 17.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">295</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Save for Permitted Security Interest (if any), t</u></font><font style="color: #3C95D1"><strike>T</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">he Charterers will not suffer, nor permit to be continued, any lien </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or encumbrance incurred by them or their</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221; <font style="color: #B3122F"><u>or a notice in such analogous form as reasonably </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by any Mortgagee (if any).</u></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">303</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indemnity<font style="color: #B3122F"><u>&#160;(See Clauses 38.3 (Possession of Vessel), 39.16 (Insurance), 39.17 (Insurance), 39.18 (Insurance), </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>41.4 (Termination, Redelivery and Total Loss), 54 (Indemnities) and 56.4 (Increased Costs))</u></font></font></div>
        </td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>304</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>305</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>306</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>307</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>308</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>309</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the provision of bail.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>310</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>311</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.</strike></font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>312</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>313</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> released,</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>314</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>including the provision of bail.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>315</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>316</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B3122F"><u>shall</u></font><font style="color: #3C95D1"><strike>to</strike></font> have a
            lien upon all cargoes, sub-hires and sub-freights belonging or due to the Charterers or <br>
            any</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C95D1"><strike>, and
                the Charterers to have a lien on</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>the Vessel for all moneys paid in advance and not earned</strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">321</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">330</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment</b><font style="color: #3C95D1"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B3122F"><b><u>(See









                  Clause 64 (Assignment and Transfer))</u></b></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions as the Owners shall approve.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall not sell the Vessel during the currency of this Charter except with the prior written consent of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Charter.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)* </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>343</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>346</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>347</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>348</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Delete as applicable.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">349</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><b><strike>Bank </strike></b></font><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Corporate </u></font></b><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>(Optional, only to apply if Box 27 filled in)</strike></strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B3122F"><u>on or about the date of this Charter,</u></font> <font style="color: #3C95D1"><strike>before
                  delivery of the Vessel, a first </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>class bank guarantee or bond in the </strike></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>sum and at the place as indicated in Box 27 as</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>a
              corporate guarantee from the Guarantor as</u></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantee <font style="color: #B3122F"><u>and the <br>
                other Security Documents (if not already earlier entered into)</u></font> for full performance of their obligations under this</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">354</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>Sub</u>j<u>ect to the provisions of the Financial Instruments (if any ) and the General Assignment, i</u></font><font style="color: #3C95D1"><strike>I</strike></font>n the event of the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Requisition for Hire of the Vessel by any governmental or other competent authority</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B3122F"><u>. </u></font><font style="color: #3C95D1"><strike>always
                  provided however </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>that</strike></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for Hire&#8221; whichever be the shorter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Sub</u>j<u>ect to the other provisions of this Charter and the Financial Instruments (if an</u>y) <u>i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the Owners</font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> being deprived of their ownership in the Vessel by any Compulsory Acquisition of the</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C95D1"><strike>to </strike></font><font style="color: #B3122F"><u>shall</u></font> be
              paid up to the date and time of such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory</font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">371</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C95D1"><strike>unless the wri</strike>tt<strike>en consent of the Owners be</strike> fi<strike>rst obtained,</strike></font> <font style="color: #B3122F"><u>unless trading within the limits and safe </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>and the additional insurances of the Vessel, </u></font> shall not continue to or go through any</font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>within,</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the next payment of hire is due.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war<font style="color: #3C95D1"><strike> (whether there be a declaration of war or not)</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>406</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Kingdom;</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>407</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>France; and the People&#8217;s Republic of China,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>408</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>409</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>410</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>411</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>412</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid in accordance
            with Clause 11 <font style="color: #3C95D1"><strike>and except as aforesaid </strike></font>all</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C95D1"><strike>redelivery</strike></font><font style="color: #B3122F"><u>the end of the Charter Period</u></font>.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">415</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>416</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>417</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>418</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>actual expenses of the Brokers and a reasonable fee for their work.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>419</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor
              shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>420</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnify the Brokers against their loss of commission.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>421</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>422</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">423</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B3122F"><u>(See Clauses 41 (Termination, Redelivery and Total Loss) and 49
                  (Termination Events))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>424</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charterers&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>425</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charter</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>426</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>with immediate effect by written notice to the Charterers if:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>427</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> punctual</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>428</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>429</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>430</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>431</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>432</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>433</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>434</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>terminate the Charter without further notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>435</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Charterers fail to comply with the requirements of:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>436</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(1) Clause 6 (Trading Restrictions)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>437</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(2) Clause 13(a) (Insurance and Repairs)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>438</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>439</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>440</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>441</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i)
              (Maintenance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>442</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>443</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>444</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Owners&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>445</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>446</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>447</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>448</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>449</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Loss of Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>450</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>451</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>452</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>453</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>454</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>455</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>456</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>457</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>458</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>459</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>composition with its creditors.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>460</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>461</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date of termination and to any claim that either party might have.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. </b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Repossession<font style="color: #B3122F"><u> (See also Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination Events)). </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>In the event the Vessel is due for redelivery pursuant to Clause 41.6 (Termination, Redelivery and Total Loss) or </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Clause 41.10 (Termination, Redelivery and Total Loss),</u></font></b></font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners<font style="color: #B3122F"><u> and the Charterers shall procure that the master and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall not </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>be materially and adversely compromised</u>)</font>. <font style="color: #3C95D1"><strike>The Owners shall arrange for an authorised</strike></font></font></div>
        </td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>468</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>469</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>Vessel by the Owners&#8217; representative.</strike></strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
            arrangements and expenses relating to the settling of wages,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">473</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution</b> <font style="color: #B3122F"><b>(<u>See Clause 66</u></b> <b>(<u>Governing Law and Enforcement</u>))</b></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>474</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>475</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>476</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>477</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provisions of this Clause.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>478</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>479</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Terms current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>480</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>481</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>482</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>483</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>484</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>485</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>486</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> accordingly.</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appointment of a sole arbitrator.</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>490</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>491</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>492</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>496</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>498</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>499</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>500</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>501</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>502</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(c)* </strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>503</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at
              a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>504</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mutually agreed place, subject to the procedures applicable there.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>505</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>506</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or dispute arising out of or in connection with this Contract.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>507</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>508</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following shall apply:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>510</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>511</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>512</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>513</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days,</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>514</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>515</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted</strike></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>516</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>517</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of disagreement, as may be set by the mediator.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>518</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>519</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>520</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>521</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>necessary to protect its interest.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>522</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>523</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>524</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>when setting the timetable for steps in the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>525</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>526</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>527</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>528</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>529</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and procedure governing the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>530</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>531</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d)
              shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>532</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>apply in all cases.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>533</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">534</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B3122F">(<u>See Clause 44 </u>(<u>No</u>ti<u>ces</u>))</font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>535</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex,</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>536</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>registered or recorded mail or by personal service.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>537</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Specifications and Building Contract</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; padding-right: 0px;"></td>
        <td style="width: 0.4in; padding-right: 0;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td style="text-align: justify; padding-right: 0; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a) </strike></font></td>
        <td style="text-align: justify; padding-right: 0;">
          <div><font style="color: #3C95D1;"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Contract&#8221;) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td style="text-align: justify; padding-right: 56pt;">
          <div><font style="color: #3C95D1;"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>specifications </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>approved by the Charterers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify; padding-right: 19pt;">
          <div><font style="color: #3C95D1;"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>from </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>remedies.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify; padding-right: 31pt;">
          <div><font style="color: #3C95D1;"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>recover </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>incurred. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>41(a) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify; padding-right: 29pt;">
          <div><font style="color: #3C95D1;"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Builders) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>29</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>30</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>31</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>32</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>33</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>34</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>35</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>36</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>37</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>38</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>39</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>40</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties,</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>41</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>42</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>43</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>44</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>45</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>46</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>47</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>48</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>49</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>50</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>to have effect; or</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>51</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7)</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>52</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>53</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>54</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Owners shall commence such negotiations and/ or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>55</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>56</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>57</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>58</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>59</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>60</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>61</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>62</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>63</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>64</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>65</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>66</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>67</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>4.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>68</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>69</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>painted in the colours, display the funnel insignia and fly the house flag as r</strike></font><strike><font style="color: #3C96D2;">equired by the Charterers.</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>70</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>5. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>71</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>72</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the condition of the Vessel at the time of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>73</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>74</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>75</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>also bear all loss of time spen</strike></font><strike><font style="color: #3C96D2;">t in connection with any docking and undocking as well as repairs, which shall be</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>76</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>paid at the rate of hire per day or pro rata.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART IV</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 25.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="padding-right: 32pt;">
          <div><font style="color: #3C95D1;"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>anchors,</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>payment. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td style="text-align: justify; padding-right: 42pt;">
          <div><font style="color: #3C95D1;"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>equivalent </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART V</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 212.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1.</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Definitions</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them:</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>as Owners and to which jurisdiction and c</strike></font><strike><font style="color: #3C96D2;">ontrol of the Vessel will revert upon termination of the Bareboat</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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        <td><font style="color: #3C96D2;"><strike><b>Mortgage</b></strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
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        <td><font style="color: #3C95D1;"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II)</strike></font></td>
      </tr>

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        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>shall apply. </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Termination of Charter by Default </strike></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
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      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under this Charter. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin: 0; font-family: Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><u>EXECUTION VERSION</u></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><i>&#160;</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED&#160;</b><font style="font-weight: bold;"><u>&#160;&#160;&#160;&#160; 1 August&#160;&#160;&#160;&#160;&#160;</u></font><b> 2025</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 32 &#8211; Charter Period</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">32.1</td>
        <td style="text-align: justify">The period of this Charter (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Charter Period</b></font>&#8221;) shall, subject to the terms of this Charter, continue for a period of one hundred and twenty
          (120) months starting from the Commencement Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter shall be:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">in full force and effect; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">valid, binding and enforceable against the parties hereto,</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">with effect from the date hereof until the end of the Charter Period (subject to the terms of this Charter).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 33 &#8211; Cancellation</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">33.1</td>
        <td style="text-align: justify">If:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the Cancelling Date (or such later date as the parties to the MOA may agree); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason (in whole or in part),</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">then this Charter shall immediately terminate and be cancelled (without prejudice to Clause 54 &#8211; (<i>Indemnities</i>) and without the
    need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers pursuant to Clause 42 &#8211; (<i>Fees and Expenses</i>) (and without prejudice to
    Clause 42 &#8211; (<i>Fees and Expenses</i>) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in accordance with Clause 42 &#8211; (<i>Fees and Expenses</i>) and such payment shall
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 34 &#8211; Delivery and Charter of Vessel</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">34.1</td>
        <td style="text-align: justify">This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one of the Leasing Documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the delivery of the Vessel by the Existing Owner to the Existing Charterer of the Vessel under the Existing BBC;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">no Potential Termination Event or Termination Event having occurred which is continuing from the date of this Charter to the last day of the Charter Period (inclusive);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the representations and warranties contained in Clause 45 &#8211; (<i>Representations and Warranties</i>) being true and correct on the date hereof and each day thereafter until and including the last date of the Charter
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the Owners having received from the Charterers:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their capacity as buyers under the MOA), the documents or evidence set out in Part A of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy of the protocol of delivery and acceptance evidencing delivery of the Vessel under the MOA and a dated and
          timed copy of the Acceptance Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance satisfactory to them,</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and if any of the documents listed in Schedule 2 are not in the English language then, where required by the Owners, they shall be accompanied by a
    certified English translation.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The conditions precedent specified in Clause 34.2(f) are inserted for the sole benefit of the Owners and may be waived or deferred in whole or in part and with or without conditions by the Owners.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">(i) On the delivery of the Vessel by the Existing Owner to the Existing Charterer under the Existing BBC and (ii) on the delivery to and acceptance by the Owners (in their capacity as buyers) of the Vessel from the
          Charterers (in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the
          possession and use of the Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as
          buyers) from the Charterers (in their capacity as sellers) under</td>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including without limitation, any loss of
    profit or any loss or otherwise:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation,
          performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such
          items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim
          against Owners in respect of the same.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">34.8</td>
        <td style="text-align: justify">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 35 &#8211; Quiet enjoyment</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Provided that no Termination Event has occurred and continuing or Total Loss has occurred, the Owners hereby agree not to disturb or
    interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer), a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms
          as may be agreed between the relevant parties, all acting reasonably; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 36 &#8211; Charterhire and Advance Charterhire</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">36.1</td>
        <td style="text-align: justify">In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners
          the Charterhire, the Advance Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">36.2</td>
        <td style="text-align: justify">The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference between the Purchase Price and the Financing Amount as of the Commencement Date (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Advance Charterhire</b></font>&#8221;).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">36.3</td>
        <td style="text-align: justify">The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement Date by the Owners (as buyers under the MOA) setting off an amount equal</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">to the Advance Charterhire against a corresponding amount of the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">36.4</td>
        <td style="text-align: justify">The Advance Charterhire shall not bear interest and shall be non-refundable.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">36.5</td>
        <td style="text-align: justify">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire in arrears in monthly instalments on each Payment Date. Each instalment shall consist of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of Charterhire (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Fixed Charterhire</b></font>&#8221;) which shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="color: windowtext">(i)</font></td>
        <td style="text-align: justify">if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="color: windowtext">(A)</font></td>
        <td style="text-align: justify">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), US$250,000 (&#8220;<b>Original <font style="font-family: Arial, Helvetica, Sans-Serif">Fixed Charterhire A</font></b>&#8221;); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, US$250,000 (&#8220;<b>Original <font style="font-family: Arial, Helvetica, Sans-Serif">Fixed Charterhire B</font></b>&#8221;); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72pt"></td>
        <td style="width: 40.5pt">(A)</td>
        <td style="text-align: justify">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), <i>Original <font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Fixed Charterhire A</font> x Adjustment Value</i>; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72pt"></td>
        <td style="width: 40.5pt">(B)</td>
        <td style="text-align: justify">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, <i>Original Fixed Charterhire B x Adjustment Value</i>.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">a variable element of Charterhire (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Variable Charterhire</b></font>&#8221;) which shall be calculated by applying the applicable Interest Rate to the
          Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, on the Commencement Date) for the relevant Hire Period ending on the relevant Payment Date by reference to the actual number of
          days elapsed.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
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        <td>For the purposes of determining the Variable Charterhire:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to for that Hire Period;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period, the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Hire
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for that Hire Period and Clause 37.3 shall apply for that Hire Period.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify">Charterhire shall be payable in arrears on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the calendar month following the month in which the preceding
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td>the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the calendar month following the month in which the Commencement Date falls (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>First Payment Date</b></font>&#8221;); and</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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        <td style="text-align: justify">Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the Owners by not later than 4.00 pm (Beijing time). Any payment of Charterhire which is due to be made on a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be of the essence of this Charter.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers to the Owners&#8217; designated bank account as the Owners may notify the Charterers in writing from time to time.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers&#8217; risk until receipt by the Owners.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Vessel shall not at any time be deemed off-hire and the Charterers&#8217; obligation to pay the Charterhire and any other amounts payable in this Charter (including but not limited to the Termination Sum) in Dollars
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">(except in the case of the Advance Charterhire and the Arrangement Fee) any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any time have against the Owners or any other
          person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing between the Owners and the Charterers;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the Charterers, or any sale, exchange, release or surrender of, or other dealing in, any security for any
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel or the ineligibility of the Vessel for any particular trade, or for registration or documentation
          under the laws of any relevant jurisdiction;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">the Total Loss or any damage to or forfeiture or court marshall&#8217;s or other sale of the Vessel if the Termination Sum or any part thereof remains due;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or prevention of or interference with or interruption or cessation in, the use or possession thereof by
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings by or against the Charterers and any other Relevant Person;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or complying with any of the terms and provisions of this Charter or any of the Leasing Documents by
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing Documents executed or to be executed pursuant to this Charter;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage, accident, defective cargo or any other cause which would or might but for this provision have the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak of any viruses or any other highly infectious or contagious diseases (including the 2019 novel coronavirus),
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      </tr>

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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>prohibitions or restrictions against the Vessel calling at or passing through certain ports;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td>quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 35.45pt; text-align: left">(vi)</td>
        <td>any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination event (or any other analogous event howsoever called) has occurred under the relevant charter agreement or management agreement (as the
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services tax), withholding or other taxes and import and export duties and all other similar types of charges which
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">shall be borne by the Charterers. The Charterers shall pay, if applicable, value added tax and other similar tax levied on any Charterhire and other
    payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in Hong Kong and (ii) the introduction or alteration after the date of this
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    Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax
    Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 37 &#8211; Changes to Interest Rate, Default Interest</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">If, before the Reporting Time, the Owners determine (which determination shall be conclusive and binding) that their cost of funds relating to the then prevailing Outstanding Capital Balance or any part thereof would
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">Immediately following the notification referred to in Clause 37.1 above, if the Owners and Charterers so require, the Owners and the Charterers shall negotiate in good faith (for a period not more than thirty (30)
          days) with a view to agreeing upon a substitute basis for determining the applicable Interest Rate for that Hire Period. Subject to Clause 37.4, any substitute or alternative basis agreed pursuant to this Clause shall, with the prior written
          consent of the Parties, be binding on the Parties.</td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">this Clause 37.3 applies pursuant to Clause 36.5A and Clause 37.1; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">a substitute basis is not so requested and/or agreed pursuant to Clause 37.2 above; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 37.4,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">the applicable Interest Rate shall be the percentage rate per annum which is the sum of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the Margin, and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to the Owners at the relevant time (expressed as an annual rate of interest) relating to the then prevailing
          Outstanding Capital Balance or any part thereof during the relevant Hire Period (as reasonably determined by the Owners),</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">provided that if the rate pursuant to (ii) above is less than zero, the relevant rate shall be deemed to be zero. It is hereby agreed
    that the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners pursuant to this Clause 37.3, and this Charter shall terminate in accordance with the procedures set out
    in Clause 50.4.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">If this Clause 37.3 applies pursuant to Clause 37.1 and the Owners do not notify a Funding Rate to the Charterers by the Reporting Time,
    the Owners&#8217; cost of funds relating to that portion of the Outstanding Capital Balance for that Hire Period shall be deemed, for the purposes of Clause 37.3(c)(ii) above, to be the Market Disruption Rate.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">37.4</td>
        <td style="text-align: justify">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the Owners are entitled to make any amendment or waiver to the terms of the Leasing Documents with the consent of the
          Charterers (at the Charterers&#8217; cost) which relates to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition to) that Published Rate; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this Charter (including, without limitation, any consequential changes required to enable that Replacement Reference
          Rate to be used for the purposes of this Charter);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">implementing market conventions applicable to that Replacement Reference Rate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(v)</td>
        <td style="text-align: justify">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if
          any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and pending any such amendment or waiver and the Replacement Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate,
    Clause 37.3 shall apply to the calculation of the Interest Rate.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">37.5</td>
        <td style="text-align: justify">If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional interest on such late payment at a rate which is equal to two per cent. (2%) per annum above the applicable
          Interest Rate for the relevant Hire Period which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and







          the Charterers and the Owners agree that such default rate is proportionate as to amount,</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under
    this Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">37.6</td>
        <td style="text-align: justify">All interest (including default interest) and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of
          days elapsed and a three hundred and sixty (360) days&#8217; year.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 38 &#8211; Possession of Vessel</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">38.1</td>
        <td style="text-align: justify">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not
          permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the
          Charterers under this Charter) except for the Permitted Security Interests.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the
          property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that such party has received such written notification.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">38.3</td>
        <td style="text-align: justify">Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out of their possession or control (whether or not pursuant to any distress, execution or other legal process), the
          Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall immediately notify the Owners of such
          event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing and Clause 53
          &#8211; (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing bills of lading or other documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">38.4</td>
        <td style="text-align: justify">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners&#8217; direct actions or omissions and for reasons which are not in any part of a consequence of contributory
          negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take all reasonable steps to procure that the Vessel is released within a
          reasonable time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to
          liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 39 &#8211; Insurance</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.1</td>
        <td style="text-align: justify">The Charterers shall procure that the insurances for the Vessel are effected:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td>in Dollars;</td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an agreed value basis of at least the higher of (i) the prevailing Market Value of the Vessel at the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher of (i) the highest level of cover from time to time available under protection and indemnity club entry and in
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">with first class international insurers and/or underwriters acceptable to the Owners and having a Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s rating of A or above or an AM Best rating of A- or above or
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall procure that the Obligatory Insurances shall:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable the Owners&#8217; Financiers if so required by the Owners) as the only named assureds unless the interest of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">in respect of any Obligatory Insurances for hull and machinery and war risks;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
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        <td style="text-align: justify">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable claim on underwriters; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
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        <td style="text-align: justify">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against them); and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are entitled to make by way of reimbursement following discharge of any third party liability claims made
          specifically against them,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and every other named assured or co-assured has undertaken in writing to the Owners or the Owners&#8217; Financiers (in such form as they may require) that any
    deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217; Financiers (if any)) in proportion to the gross claims made by or paid to each of them and that they shall do all
    things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">whenever the Owners&#8217; Financiers (if any) require:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional named assured for their rights and interests, warranted no operational interest and with full waiver
          of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of such insurance;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and
          indemnity club rules; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">name the same and the Owners as respectively the first ranking loss payee and the second ranking loss payee (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms
          of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for payment in accordance with the terms of such relevant loss payable clause, as the Owners and the Owners&#8217; Financiers (if any) may
          specify;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners and/or the Owners&#8217; Financiers (as applicable) shall be made without set-off, counterclaim, deductions or
          condition whatsoever;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">provide that such Obligatory Insurances shall be primary without right of contribution from other insurances which may be carried by the Owners or the Owners&#8217; Financiers (if any);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the Charterers fail to do so; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Owners and/or the Owners&#8217; Financiers (if any), or if any
          Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty (30) days after receipt by the Owners
          and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.3</td>
        <td style="text-align: justify">The Charterers shall:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in writing the Owners of the terms and conditions of all Insurances (copied to the Owners&#8217; Financiers (if any) and
          the brokers or insurers with whom the Insurances are or will be placed);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association
          through which Obligatory Insurances are taken from time to time pursuant to this Clause 39 &#8211; (<i>Insurance</i>), notify the Owners (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or
          war risks association through or with whom the Charterers propose to renew or obtain that</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and
          protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions of the renewal; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such
          Insurances for the Vessel as renewed pursuant to Clause 39.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.4</td>
        <td style="text-align: justify">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers (if any) provide the Owners with copies (or upon the Owners&#8217; request, originals) of policies, cover notes and
          certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance
          companies and/or underwriters that:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice of assignment complying with the provisions of this Charter and the Financial Instruments;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the terms of the Obligatory Insurances of which they are aware;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur
          and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less
          than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly
          notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers
          (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other
    insurances, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and
    will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.5</td>
        <td style="text-align: justify">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217; Financiers (if any) and agreed by such associations or in such association&#8217;s standard form; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.6</td>
        <td style="text-align: justify">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the approved brokers (if any) through which the insurances are effected or renewed.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.7</td>
        <td style="text-align: justify">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances are punctually paid and produce all relevant receipts when so required by the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.8</td>
        <td style="text-align: justify">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and effect.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.9</td>
        <td style="text-align: justify">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any
          sum payable under an Obligatory Insurance repayable in whole or in part; and, in particular:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations
          contained in this Clause 39 &#8211; (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are
          made in accordance with the rules of a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the Charterers shall not make or permit any changes relating to the classification or the classification society of the Vessel or, subject to procuring the provision of a replacement manager&#8217;s undertaking in
          substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved by the underwriters of the Obligatory Insurances, the Owners and the Owners&#8217;
          Financiers (if any);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Charterers shall procure that all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the
          United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a
          copy of its valid certificate of financial responsibility; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers
          and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.10</td>
        <td style="text-align: justify">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor waive any right relating to any Obligatory Insurance without the prior written consent of the Owners and the
          Owners&#8217; Financiers (if any).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.11</td>
        <td style="text-align: justify">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and
          information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.12</td>
        <td style="text-align: justify">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total Loss or a Major Casualty the Charterers shall provide the following immediately without the Owners&#8217; making any
          request), copies of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">all communications between the Charterers and:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the approved brokers;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the approved protection and indemnity and/or war risks associations; and/or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the approved insurers and/or underwriters, which relate directly or indirectly to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt">(1)</td>
        <td style="text-align: justify">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all requisite declarations and payments of additional premiums or calls; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt">(2)</td>
        <td style="text-align: justify">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii) above relating wholly or partly to the effecting or maintenance of the Obligatory Insurances; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.13</td>
        <td style="text-align: justify">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for the purpose of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the Obligatory Insurances effected or proposed to be effected; and/or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance and Repairs</i>) or Clause 39 &#8211; (<i>Insurance</i>) dealing with or considering any matters relating to any such
          insurances; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s insurances exceeding the Major Casualty amount.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.14</td>
        <td style="text-align: justify">If one or more of the Obligatory Insurances are not effected and maintained with first class international insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the
          Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the
          Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers shall procure that underwriters of the primary insurances
          assign each reinsurance to the relevant financiers in full, if required.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.15</td>
        <td style="text-align: justify">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses
          which are incurred by:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners interest insurance and an innocent owners additional perils insurance or any similar protective shipowner
          insurance that is taken out in respect of the Vessel; and/or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s additional perils insurance, all protection and indemnity
          insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at the relevant time any form of loan facility to refinance the Vessel,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">in the case as referred to in paragraph (a), in an amount at least one hundred and twenty per cent (120%) of the Outstanding Capital
    Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan amount from time to time and on such other terms, through such insurers and
    generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.16</td>
        <td style="text-align: justify">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect
          thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.17</td>
        <td style="text-align: justify">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by the Owners in obtaining a detailed report signed by an independent firm of</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the
    Obligatory Insurances:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent requirement under Schedule 2 of this Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">when the Owners procure the issuance of such detailed report no more than once every calendar year, unless a Termination Event has occurred in which case such reports may be procured at the Charterer&#8217;s cost at any
          such time; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during the Charter Period there has been a material change in the terms of the Insurances and/or a change in the
          circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">39.18</td>
        <td style="text-align: justify">The Charterers shall:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">keep the Vessel insured at their expense against such other risks (other than loss of hire which shall be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners
          consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners and having regard to the then existing available insurance cover
          and standard practice in the operation of vessels of the same type as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel (including
          without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability insurance, save
          that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability
          insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing insurance cover and market practice for the trading, management,
          operation and safety of vessels of the same type) and takes out in respect of the Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">Clause</td>
        <td style="text-align: justify">40 &#8211; Warranties relating to Vessel</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">40.1</td>
        <td style="text-align: justify">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Charterers (in
          their capacity as sellers) pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has been given to
          the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">40.2</td>
        <td style="text-align: justify">All conditions, terms or warranties express or implied by the law relating to the specifications, quality, description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are
          hereby expressly excluded.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">40.3</td>
        <td style="text-align: justify">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy
          thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability to pay any Charterhire or other payment due under this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 41 &#8211; Termination, Redelivery and Total Loss</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><b><u>Termination</u></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.1</td>
        <td style="text-align: justify">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the Charterers shall be obliged to pay the Owners the Termination Sum on the Termination Date and it is hereby agreed by the
          parties hereto that:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing obligation and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full
          force and effect until irrevocably and unconditionally paid in full;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its
          obligations under this Charter; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of
          a breach of condition by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.2</td>
        <td style="text-align: justify">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5 shall apply and the Owners shall be entitled to exercise their rights under Clauses 41.9 and 41.10.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.3</td>
        <td style="text-align: justify">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or
          in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or
          their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners&#8217; Financier (save for those liens, encumbrances and debts incurred by the
          Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 53.1.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.4</td>
        <td style="text-align: justify">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and
          expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><b><u>Redelivery</u></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in
          such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217;
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">be in compliance with the Obligatory Insurances;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition and with valid, unextended certificates for not less than three (3) months and free of average damage
          affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair wear and tear not affecting the Vessel&#8217;s classification excepted;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second intermediate surveys and drydock at the Charterers&#8217; time and expense without any recommendation or condition:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">to the satisfaction of the Approved Classification Society; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable satisfaction of an Owners&#8217; Surveyor appointed at the cost of the Charterers;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">has her survey cycles up-to-date and trading and class certificate valid for at least the number of months agreed in Box 17;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(g)</td>
        <td style="text-align: justify">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the time of Delivery, and any such spare parts and spare equipment on board at the time of re-delivery shall be
          taken over by the Owners free of charge;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(h)</td>
        <td style="text-align: justify">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial Instruments, if any);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">be free of any crew and officers unless otherwise instructed by the Owners;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(j)</td>
        <td style="text-align: justify">be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing charter or as otherwise agreed by the Owners in their absolute discretion);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(k)</td>
        <td style="text-align: justify">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the next schedule dry docking of the Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(l)</td>
        <td style="text-align: justify">be redelivered to the Owner together with all material information generated during the Charter Period in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical
          condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(m)</td>
        <td style="text-align: justify">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place
          of redelivery, including without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.6</td>
        <td style="text-align: justify">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be
          completed in time to allow redelivery of the Vessel within any time period required by Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is after the date on which redelivery is required to take place
          pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Redelivery Date</b></font>&#8221;), the Charterer shall, without prejudice to any other amounts payable under the
          Leasing Documents (including without limitation pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel
          is redelivered in accordance with Clause 41.5, the rate of hire equivalent to the higher of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as determined by an Approved Valuer appointed by the Owners); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">For the avoidance of doubt, all other terms, conditions and provisions of this Charter and the other Leasing Documents shall continue to
    apply during such period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.7</td>
        <td style="text-align: justify">The Charterers shall provide the Owners&#8217; Surveyor with all such facilities and access to the Vessel as may be required to enable such Owners&#8217; Surveyor to conduct its survey of the Vessel and shall take all such
          actions as may be reasonably recommended by the Owners&#8217; Surveyor to ensure that the Vessel shall be redelivered in accordance with Clause 41.5. The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably
          satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 41.5 and this Clause 41.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to
          be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any
          repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel not being redelivered in accordance with the terms of this Charter).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.8</td>
        <td style="text-align: justify">The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil, unbroached provisions, paints, ropes, other consumable stores and spare parts in the Vessel (but excluding any
          such items owned by a third party which is not a member of the Group) at no cost to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><b><u>Non-payment of Termination Sum</u></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.9</td>
        <td style="text-align: justify">Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the Charterers agree that should the Termination Sum not be paid on the Termination Date:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any way affecting the Charterers&#8217; obligation to pay the Charterer the Termination Sum and comply with their other
          obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow the orders and directions of the Owners and the Charterers shall, upon the
          Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or location as the Owners may require and for the avoidance of doubt,
          any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners&#8217; sole discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the
          Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment contracts provided such contracts do not interfere with the Vessel&#8217;s sale
          process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils),
          (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Net Trading Proceeds</b></font>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing Documents pursuant to Clause 65 &#8211; (<i>General
            Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 54 &#8211; (<i>Indemnities</i>) and be added to the Termination
          Sum; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to any third party on arm&#8217;s length terms taking into account the prevailing market conditions, provided that the
          Charterers may for a period not exceeding a total of sixty (60) days from the Termination Date (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Nomination Period</b></font>&#8221;) nominate or identify a purchaser for the Vessel (a &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Nominated Purchaser</b></font>&#8221;). During the Nomination Period the Owners and the Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to
          a Nominated Purchaser and subject to all of the following conditions being satisfied:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld or delayed); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their
          absolute discretion);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and any net sale proceeds (after deducting all fees, taxes, disbursements and any other costs and expenses incurred or suffered by the Owners in connection
    with such sale) (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Net Sales Proceeds</b></font>&#8221;) derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination Sum in
    accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall continue to
    accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period or until the Owners&#8217; Purchase (as referred to in Clause 41.10) is concluded or until any third party&#8217;s sale
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the Charterers of the Owners&#8217; intention to retain the Vessel instead of selling the Vessel under Clause 41.9(c) and
          41.9(d) above, &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Owners&#8217; Purchase</b></font>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes and costs which would
          be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market Value (less such deductions) of the Vessel
          as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the shortfall to the Owners and default interest shall
          continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum calculated as of the day of the notice of the Owners&#8217;
          Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>).</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><b><u>Total Loss</u></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterer shall,
          subject to Clause 41.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to
          survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter, notwithstanding that the Vessel has become a Total Loss.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 65 &#8211; (<i>General
            Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for
          the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist
          regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for Total Loss.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">41.13</td>
        <td style="text-align: justify">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall
          pay such shortfall to the Owner on the Total Loss Payment Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the occurrence of a Total Loss.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"></td>
        <td style="text-align: justify"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-transform: uppercase; text-align: left">Clause 42 &#8211; Fees and Expenses</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.1</td>
        <td style="text-align: justify">In consideration of:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Owners (in their capacity as buyers) purchasing the Vessel from the Charterers (in their capacity as sellers) in accordance with the terms of the MOA; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the Owners subsequently chartering the Vessel to the Charterers in accordance with the terms of this Charter,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">the Charterers agree to pay to the Owners a non-refundable arrangement fee (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Arrangement Fee</b></font>&#8221;)








    in the amount and at the times agreed in the Fee Letter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.2</td>
        <td style="text-align: justify">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges
          and expenses incurred by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the due date under this Charter and in remedying any other failure of the Charterers to observe the terms and conditions of
          this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.3</td>
        <td style="text-align: justify">Each Party shall be responsible for their own costs and expenses to review and negotiate the term sheet relating to this Charter. All documented costs and expenses (including, but not limited to, third party legal
          costs) reasonably incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document (including without limitation any
          registration or filing expenses, all documented costs incurred by the Owners and all third party legal costs, expenses and other disbursement incurred by the Owners&#8217; legal counsels in connection with the same) shall be for the account of the
          Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.4</td>
        <td style="text-align: justify">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including
          but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the
          laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the
          foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office
          shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when
          the same fall due.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.5</td>
        <td style="text-align: justify">All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal fees) in relation to the transfer of title of the Vessel from the Owners to the Charterers and the re-delivery
          of the Vessel by the Charterers to the Owners pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) shall be for the account of the Charterers.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.6</td>
        <td style="text-align: justify">If:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required pursuant to 37.4 to address the fact that a Published Rate Replacement Event has occurred); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the Charterers make a request to re-register the Vessel in another Flag State,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">the Charterers shall, on demand, reimburse the Owners for the amount of all documented costs and expenses (including third party legal
    fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.7</td>
        <td style="text-align: justify">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation
          of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering
          into a Leasing Document or enforcing those rights.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">42.8</td>
        <td style="text-align: justify">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided in favour of the Owners and shall continue in full force and effect notwithstanding any breach of the
          terms of this Charter or termination of this Charter pursuant to the terms hereof.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 43 &#8211; No Waiver of Rights</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">43.1</td>
        <td style="text-align: justify">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict
          rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">43.2</td>
        <td style="text-align: justify">No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be exclusive of any other right or remedy provided for herein or by law and all such rights and remedies shall be
          cumulative.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 44 &#8211; Notices</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">44.1</td>
        <td style="text-align: justify">Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or
          giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email address:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify; width: 106pt">to the Owners:</td>
        <td style="text-align: justify">China Huarong Shipping Financial Leasing Company Limited</td>
      </tr>
      <tr style="vertical-align: top">
        <td></td>
        <td>&#160;</td>
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td></td>
        <td>&#160;</td>
        <td style="text-align: justify">&#160;</td>
        <td style="text-align: justify">Room 6006, 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, No. 15 Second East Zhongshan Road, Shanghai, China, 200002</td>
      </tr>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify">Email: <u>taobeijuan@hrflc.com/</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>tao.beijuan@msn.cn/ songpengwu@hrflc.com</u><br>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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        <td style="text-align: justify; width: 106pt">to the Charterers:</td>
        <td style="text-align: justify"><b>c/o TOP SHIPS INC.</b></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify">Attention: Alexandros Tsirikos</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify">Tel: +30 210 8128180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">or, if a party hereto changes its address or email address, to such other address or email address as that party may notify to the other.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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        <td style="text-align: justify">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 45 &#8211; Representations and Warranties</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">45.1</td>
        <td style="text-align: justify">The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the Charter Period, as follows:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and controlled by the Guarantor or (following the Disposal) the New Shareholder (as the case may be), and the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated and validly existing under the laws of its jurisdiction of its incorporation;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate actions and obtained all consents, approvals, authorisations, licenses or permits necessary for it:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">to execute each of the Leasing Documents to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(c) (<i>Representations and Warranties</i>) remain in force and nothing has occurred which makes any of them liable to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved Sub-charterer is a party (as the case may be), subject to any general principles of law limiting its obligations
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">in accordance with its respective terms and any relevant insolvency laws affecting creditors&#8217; rights generally;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) of, and the transactions contemplated by, each Leasing Document to which it (and in the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws, Sanctions or laws relating to anti-trust or collusion and laws relating to human rights violation);</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or instrument;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">there are no outstanding notices or demands from any governmental, quasi-governmental or public authority or instrumentality or any other person claiming authority in respect of the Vessel requiring any work or other
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or claim
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a party may be made by such party without deduction or withholding for or on account of any tax
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">no legal or administrative action involving a Relevant Person has been commenced or taken (including but not limited to actions involving any Environmental Claim);</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">each Relevant Person has paid all taxes applicable to, or imposed on or in relation to it, its business or if applicable, the Vessel, except for those being contested in good faith with adequate reserves;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">it is not necessary under the laws of the Relevant Jurisdictions that this Charter or any other Leasing Document be registered, filed, recorded, notarized or enrolled with any court or other authority in that
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          stated in each Leasing Document to which a Relevant Person is a party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to
          judgment, execution or other enforcement);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(n)</td>
        <td style="text-align: justify">the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct, general and unconditional obligations of such Relevant Person and rank at least <i>pari passu</i> with all
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or, once entered into, will create) the Security Interest which it is expressed to create with the ranking and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established a place of business in the United Kingdom or the United States of America;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(q)</td>
        <td style="text-align: justify">no Relevant Person, Approved Manager, Sub-charterer and no member of the Group:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">none of the Relevant Persons or any of their respective directors, officers, and employees or, to the best of its knowledge, any Sub-charterer is in breach of applicable Sanctions laws, and none of them (i) has been
          or is currently being investigated on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and (iii) has taken any action to evade the application
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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          procedures designed to:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure
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        <td style="text-align: justify">that in relation to any Assignable Sub-Charter:</td>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document and there have been no amendments, supplements or variations to the same;</td>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions contemplated under this Charter; and</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="color: windowtext">(in respect of any </font>Assignable Sub-Charter <font style="color: windowtext">(A) whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an
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          Approved Sub-Charterer has consented or, as the case may be, shall consent to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant
          Assignable Sub-Charter pursuant to the General Assignment (for the avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the
          relevant Approved Sub-Charterer, which includes among other things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any
          area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the
          People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed
          by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set off, legal proceedings, attachment prior to judgment or other attachment or execution of judgement on the grounds
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those
          referred to under Clause 49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been
          appointed in respect of the any Relevant Person or all or material part of their assets;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">no Termination Event is continuing or might reasonably be expected to result from the entry into and performance of this Charter or any other Leasing Document;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(y)</td>
        <td style="text-align: justify">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and accurate in all material respects as at the date it was provided or as at the date at which such information was
          stated;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">none of the following events has occurred:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any default by the Charterers under the terms of the Initial Sub-charter;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">breach of any Sanctions by any Relevant Person; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the
          Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with Clause 38 &#8211; (<i>Possession of Vessel</i>) and the General Assignment);</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(aa)</td>
        <td style="text-align: justify">all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have
          been complied with;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(bb)</td>
        <td style="text-align: justify">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse
          Effect; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(cc)</td>
        <td style="text-align: justify">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 46 &#8211; Undertakings</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">46.1</td>
        <td style="text-align: justify">The Charterers undertake that they shall comply or procure compliance with the following undertakings during the Charter Period (and to the extent that the Charterers are required to procure or ensure compliance with
          any undertaking under this Clause 46 &#8211; (<i>Undertaking</i>) by any Other Charterer which is not directly owned by the Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance):</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or
          any other Permitted Security Interests) in the Vessel to the Owners;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">there shall be sent to the Owners:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial
          year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be delivered under paragraph (iii) or (v) below;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor&#8217;s or
          following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
          for that financial year; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the New Shareholder, the audited consolidated annual financial
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        <td style="text-align: justify">following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the New Shareholder for that half-year
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        <td style="text-align: justify">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes relating to any of their extraordinary shareholders&#8217; meeting which are despatched to the Charterers&#8217; or the
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        <td style="text-align: justify">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">any litigation, arbitration or administrative proceedings or investigations relating to any other matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred,
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure the obtainment or renewal of and provide copies of, from time to time,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall at their own cost and shall procure that each other Relevant Person will:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
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          Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days prior to the expiry of the fixed period as per the Initial Sub-charter), together with any evidence requested by
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners as soon as they become aware of the occurrence of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable Sub-charter;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">an event of default or termination event howsoever called under the terms of any Assignable Sub-charter entitling either the Charterers or any Approved Sub-charterer to terminate an Assignable Sub-charter;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">any Potential Termination Event or a Termination Event,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and will keep the Owners fully up-to-date with all developments and the Charterers shall, if so requested by the Owners, provide any such certificate
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(k)</td>
        <td style="text-align: justify">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each calendar year and otherwise upon the Owners&#8217; and/or the Owners&#8217; Financiers (if any) request (acting reasonably)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">after receiving such request, provide the Owners with any additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">to the Vessel (including, but not limited to the management, employment, condition, class records, location and pooling arrangement of the Vessel) and, to their best knowledge having made due enquiry, to the Initial
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">the terms and conditions of any Sub-charter together with any other information relating to such Sub-charter; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">to any other matter (which include without limitation, to their best knowledge having made due enquiry, any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its
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          Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other relevant laws and regulations;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society and shall be free of all overdue conditions, recommendations, qualifications and conditions;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall not and shall ensure that each of the Other Charterers, the Guarantor and (following the Disposal), the New Shareholder shall not enter into any form of merger, sub-division, amalgamation, demerger,
          reorganization, corporate reconstruction or change of ownership, or change of voting control:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>in the case of the Charterers or any Other Charterer, other than any &#8220;Disposal&#8221; made under and in accordance with the terms of this Charter and/or the Other Charters; and</td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>in the case of the Guarantor, unless it remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and clause 11.14 (<i>Financial







            Covenant</i>) of the Guarantee is complied with;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">they will comply, and will procure that each other Relevant Person, each other member of the Group or, will use best endeavours to procure that, any Sub-charterer will comply, with all Sanctions and all laws and
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited Person;</td>
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        <td style="text-align: justify">the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at any port in any Prohibited Country or any area or country where trading in such area or country would constitute
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        <td style="text-align: justify">the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances or in any manner which would result or would reasonably be
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        <td style="width: 35.45pt">(v)</td>
        <td style="text-align: justify">that each charterparty in respect of the Vessel (other than the Initial Sub-charter) shall contain, for the benefit of the Owners, language which gives effect to the provisions of Clause 46.1(p) as regards Sanctions
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        <td style="text-align: justify">they shall ensure that the Market Value of the Vessel will be tested at any of the following instances:</td>
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        <td>in the absence of a Termination Event which is continuing, at least once every calendar year during the Charter Period (being, 31 December of each calendar year)</td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">and the Charterers shall procure a valuation report issued by the Approved Valuers to be delivered to the Owners (for the avoidance of doubt, such valuation
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        <td>if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of the Vessel or vessels of the similar type of the Vessel, at any time at the request of the Owners, but in any case no more than once per
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      <tr style="vertical-align: top; text-align: justify">
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        <td>at any time at the request of the Owners (acting reasonably) if the Owners have determined that the then applicable Outstanding Capital Balance is likely to exceed eighty five (85%) per cent of the Market Value of the Vessel; and</td>
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        <td>upon the occurrence of a Termination Event which is continuing, at any time at the request of the Owners,</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  </table>
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        <td style="text-align: justify">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer in connection with the Vessel or any Environmental Incident;</td>
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        <td style="text-align: justify">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any damage caused to or alteration of the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel which exceed $5,000,000; or</td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on a bareboat charter basis, irrespective of duration) save that the Owners&#8217; prior written consent shall be required
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">maintain a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time;</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">they shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
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        <td style="text-align: justify">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and provide all information in relation to its business and operations which may be relevant for the purposes of
          ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing immediately upon being aware that any of the Charterers&#8217;
          shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions;</td>
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        <td style="text-align: justify">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager on terms acceptable to the Owners and such Approved Manager has (prior to accepting its appointment entered into
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">the Charterers shall, promptly and in any event no later than the date falling thirty (30) days from the date on which the Owners receive
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that
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        <td style="text-align: justify">provide, or ensure that a third party has provided, additional Security Interests which, has a Market Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed), they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction,
          arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving any term of the Initial Sub-charter or any other Assignable Sub-Charter;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>they shall ensure that:</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="text-align: justify">all Earnings and any other amounts received by them in connection with the Vessel are paid into the Operating Account ;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">all of their operating expenses in connection with the Vessel are paid from the Operating Account or via the monthly budget from the manager&#8217;s bank account which shall be credited from the Operating Account ; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the credit balance in the Operating Account shall not at any time as from the Commencement Date, be less than $550,000;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">they shall not:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.4pt">(1)</td>
        <td style="text-align: justify">purchase, cancel or redeem any of its issued shares;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.4pt">(2)</td>
        <td style="text-align: justify">increase or reduce the number of shares that it is authorized to issue or change the par value of such shares or create any new class of shares;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">they shall not, and shall procure that the Guarantor and (following the Disposal) the New Shareholder shall not, make or pay any dividend or other distribution (in cash or in kind) in respect of its issued shares to
          any shareholder (including the holders of preference shares (if any)) following the occurrence of a Termination Event (other than a Termination Event which has been waived by the Owners or remedied to the satisfaction of the Owners (acting
          reasonably));</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">the Vessel shall be registered under the Flag State at all times;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(cc)</td>
        <td style="text-align: justify">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with all stores on board together with all records, logs, plans, operating manuals and drawings in relation to the
          Vessel or the Vessel&#8217;s operations and/or maintenance;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July in each calendar year, supply or procure the supply to the Owners all information necessary in order for the Owners
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">they will procure that:</td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">no Disposal shall take place unless fifteen (15) Business Days prior written notification has been given to the Owners;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">without prejudice to paragraph (i) above, on the completion of a Disposal, the relevant Disposal Conditions are, or will be satisfied;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">upon the completion of the Disposal, the Security Interest created under the New Shares Security shall be fully perfected in accordance with the terms of the New Shares Security;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">there shall be made and/or deemed to be made any further amendments necessary consequential to the effect of the Disposal to the Leasing Documents, or otherwise reasonably required by the Owners the &#8220;<b>Disposal
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">shall or shall procure that any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities imposed by the ISM Code (including each Approved Manager or any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">shall fulfil all obligations (including without limitation, paying all documented costs, expenses, liabilities and losses, legal and accounting fees and disbursements, penalties and interest) which may be imposed on
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with EU ETS and Fuel EU Maritime, or any consequences resulting from or
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">if the Vessel sails into any European Union ports, the Charterers shall register the Vessel as part of a &#8220;Shipping Company&#8221; as required under EU ETS and shall comply in all respects with EU ETS and Fuel EU Maritime
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the Owners confirming that they have assumed responsibility for the operation of the Vessel and have indemnified the
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering authority upon registration of the Vessel pursuant to EU ETS and shall promptly provide the Owners (which shall be no
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that any other organisation or person whom the Charterers have contractually agreed to take over all duties and
          responsibilities imposed by the ISM Code (including the Approved Manager or any Sub-charterer) enters an agreement with the Owners setting out how the parties will co-operate to exchange, review and analyse all relevant data and information
          relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties&#8217; obligations under Clauses 46.1(ff), (gg) and (hh) (the &#8220;<b>ETS and Fuel EU
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):</td>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">co-operate and exchange all relevant data and information with each other in a timely manner to:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable Emission Scheme; and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances in respect of the Vessel which are required to be surrendered to the relevant Emission Scheme Authority
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with all relevant documents (including without limitation, any relevant mandating documents required in connection
          with surrendering the relevant Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be provided to such Emission Scheme Authority relating to such Emission Scheme,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">and to do all such things necessary or advisable to ensure that the Owners, the Charterers, each Emission Scheme Participant and the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify">The Charterers undertake that they will, at all times comply, and require compliance by:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">all parties (each a &#8220;<b>Counterparty</b>&#8221;) with whom the Charterers or a sub-charterer enters into a contract of carriage in respect of the Vessel,</td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will prior to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or
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          any ship-to-ship or similar transfer) obtain:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at or below the applicable price cap; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each applicable jurisdiction.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall promptly, and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td>an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that the Charterers have complied in all respects with the Russian Oil Price Cap Measures; or</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td>documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each applicable jurisdiction.</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 35.45pt; text-align: left"><font style="color: windowtext">(i)</font></td>
        <td style="text-indent: 1in;">provide the Owners with such information, and at such times, as they may reasonably require for the purposes of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="text-indent: 1in;">promptly upon request and within 30 days of any request provide the Owners with such other information in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably
          request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to the Russian Oil Price Cap Measures; and</td>
      </tr>

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        <td style="text-indent: 1in;">comply with such further or additional requirements as the Owners may from time to time require in writing, acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of
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        <td style="text-align: justify">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves, based on the information available, of the reliability and accuracy of any information provided by such
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        <td style="text-align: justify">The Charterers agree that the Owners may forward all attestations and other documents which the Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 47 &#8211; Inspection of Vessel</font></p>
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        <td style="width: 0"></td>
        <td style="width: 35.45pt">47.1</td>
        <td style="text-align: justify">Without prejudice to Clause 47.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving notice to the Charterers, be entitled to inspect or survey the Vessel or instruct a surveyor to carry out such
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        <td style="text-align: justify">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained;</td>
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical Dry-Docking</i>); and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">for any other reason they consider necessary,</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">provided it does not unduly interfere with the operation of the Vessel.</p>
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        <td style="text-align: justify">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause 47.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where
          inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel), save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds
          the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more
          than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time
          prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of inspection and survey.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall whenever required by the Owners furnish them with full information regarding any casualties or other
          accidents or damage to the Vessel.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">47.4</td>
        <td style="text-align: justify">Except as otherwise provided under Clause 47.2, the documented costs and fees for any inspection and survey permitted under this Clause shall be paid by the Charterers.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">47.5</td>
        <td style="text-align: justify">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers&#8217; account and form part of the Charter Period.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 48 &#8211; VolUNTARY PREPAYMENT</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">48.1</td>
        <td style="text-align: justify">Upon providing the Owners not less than ninety (90) days&#8217; (or such shorter period as the Owners may agree) prior written notice, the Charterers shall have the option to make a prepayment to the Owners on the next
          occurring Payment Date in an amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof provided that,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the Charterers may only exercise such option once per year after the date falling twelve (12) months from the Commencement Date;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">any such prepayment shall be made together with a prepayment fee in the amount of:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">if the option of such partial prepayment is exercised after the date falling twelve (12) months from the Commencement Date but on or before the date falling twenty four (24) months after the Commencement Date, one
          point five per cent (1.5%) of the amount prepaid;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">if the option of such partial prepayment is exercised after the date falling twenty four (24) months from the Commencement Date but on or before the date falling thirty six (36) months from the Commencement Date, one
          per cent (1.00%) of the amount prepaid; or</td>
      </tr>

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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">if the option of such partial prepayment is exercised after the date falling thirty six (36) months from the Commencement Date, zero per cent (0%);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the aggregate amount of any such prepayment shall not exceed $5,000,000 in total throughout the Charter Period; and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">any such prepayment shall be deemed to be an advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date
          falling after that prepayment will be reduced pro rata by the amount paid.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 49 &#8211; Termination Events</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination Event:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms of any Leasing Document to which it is a party, unless such non-payment is caused by administrative or technical
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        <td style="text-align: justify">the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (a), (f), (g), (j)(iii), (l), (o), (p), (t), (u), (v), (x) or (z)(iii) or the Guarantor breaches or omits to observe or
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          or the financial covenants contained under the New Guarantee;</td>
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 &#8211; (<i>Insurance</i>) in accordance with the provisions thereof (or any insurer in respect of such Insurances cancels the
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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraphs
          (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach or omission to the satisfaction of the Owners within fifteen (15) Business Days
          of the occurrence of such breach or omission;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to which it is a party proves to be untrue or misleading when it is made;</td>
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        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">any of the following occurs in relation to any Financial Indebtedness of any of the Charterer, the Guarantor and (following the Disposal) the New Shareholder:</td>
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        <td style="text-align: justify">any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any applicable grace period has expired;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(ii)</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(t)</td>
        <td style="text-align: justify">there is a change in control of ownership or control of the Charterers or there is a change of voting control in the case of the Guarantor and/or (following the Disposal) the New Shareholder as set out in Clause 45 &#8211;
          (<i>Representations and Warranties</i>) unless prior written consent from the Owners has been obtained prior to such change;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(u)</td>
        <td style="text-align: justify">there is any occurrence of any litigation, arbitration or administrative proceedings or investigations involving a Relevant Person which has been commenced or taken and has been adversely determined and which has or
          is reasonably likely to have a Material Adverse Effect; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Associated Vessel (other than the Vessel and the Other Vessels) is terminated, cancelled or repudiated by the relevant
          lessor or owner or financier as a consequence of any termination event or event of default (howsoever defined therein).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Notwithstanding and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>), upon the occurrence of any Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this
          leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Termination Notice</b></font>&#8221;), whereupon the Charterers shall be obliged to pay the
          Termination Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination Notice (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Termination Date</b></font>&#8221;).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this
          Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Owners in accordance with Clause 41.5, or the title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing the rights of the Charterers pursuant to Clause 41.9), upon the occurrence of a Termination Event which is
          continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii)
          make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other
          action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the appointment of any originally appointed manager may be terminated immediately without any recourse to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Each Termination Event which is continuing shall either be a breach of condition by the Charterers where it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise
          be an agreed terminating event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise its rights under this clause, provided that, in case of a breach of contract
          claim, the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 50 &#8211; Mandatory Sale</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">50.1</td>
        <td style="text-align: justify">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the
          Owners shall notify the Charterers of this event and the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the
          Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">50.2</td>
        <td style="text-align: justify">If it is or has become:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law is or will be interpreted or applied; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">contrary to, or inconsistent with, any regulation,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">for any Relevant Person to maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to
    which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable, the
    Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">(being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures
    set out in Clause 50.4.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">50.3</td>
        <td style="text-align: justify">If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that reference to &#8220;the People&#8217;s Republic of China&#8221; applies to the definition of &#8220;Prohibited Person&#8221; or paragraph (e) of
          the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date
          specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the relevant official institution, agency or the government of the People&#8217;s Republic of China) and this Charter shall terminate in
          accordance with the procedures set out in Clause 50.4.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If the Mandatory Sale Price becomes payable in accordance with Clause 36.13 or Clause 37.3 or Clause 50.1 or Clause 50.2 or Clause 50.3 or Clause 55.5, the same shall (in each such case) be payable in consideration
          of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 53 &#8211; (<i>Sale of the Vessel</i>). The day on which the Mandatory Sale Price is paid pursuant to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause
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              Sale</b></font>&#8221;.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 51 &#8211; Voluntary early termination</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">51.1</td>
        <td style="text-align: justify">The Charterers shall have the right (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Voluntary Early Termination</b></font>&#8221;), after the date falling twelve (12) months from the Commencement Date, to
          purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 51 &#8211; (<i>Voluntary Early Termination</i>).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">51.2</td>
        <td style="text-align: justify">The Voluntary Early Termination shall be exercisable only:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Voluntary Early Termination Notice</b></font>&#8221;) to purchase the
          Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners) (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Voluntary Early Termination Date</b></font>&#8221;);







          and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">in the absence of the occurrence of a Termination Event which is continuing on or prior to either the date of the Voluntary Early Termination Notice or the Voluntary Early Termination Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">51.3</td>
        <td style="text-align: justify">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the
          Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">51.4</td>
        <td style="text-align: justify">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall be conducted in accordance with Clause 53 &#8211; (<i>Sale of the Vessel</i>).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">CLAUSE 51A &#8211;UStr Termination event</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">51A.1</td>
        <td style="text-align: justify">If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in relation to any port call of the Vessel in the US (a &#8220;<b>US Port Call</b>&#8221;):</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port fees, dues, imposts, levies or any other additional fees or expenses (the &#8220;<b>Additional Port Call Fees</b>&#8221;)
          (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall be borne by the Charterers); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need to be paid for the specific US Port Call had the Additional Port Call Fees
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">the Charterers shall notify the Owners accordingly and provide the Owners with all documentary evidence relating to it as reasonably
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        <td style="text-align: justify">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any Relevant Person under any Leasing Documents;</td>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="width: 35.45pt">(B)</td>
        <td style="text-align: justify">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any
          mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(C)</td>
        <td style="text-align: justify">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(D)</td>
        <td style="text-align: justify">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the USTR Remedy Period:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>the Charterers shall have the option to (but always at the cost of the Charterers):</td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA as of the relevant date, cancel the MOA in accordance with the terms thereof; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(y)</td>
        <td style="text-align: justify">otherwise, purchase the Vessel on any date thereafter (the &#8220;<b>Special <font style="font-family: Arial, Helvetica, Sans-Serif">Termination </font>Date</b>&#8220;) as specified in a written notice by the Charterers to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0in">subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217;
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      <tr style="vertical-align: top; text-align: justify">
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        <td>a Special Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount on
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td>only one Special Termination Notice may be served throughout the duration of the Charter Period; and</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: -35.4pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt">(4)</td>
        <td style="text-align: justify">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall immediately transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set
          out at Clause 53 &#8211; (<i>Sale of the Vessel</i>) to the Charterers or their nominees.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 52 &#8211; PURCHASE OBLIGATION</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-weight: normal">Provided all moneys owing and payable under this Charter have been fully and irrevocably paid to the
      Owners, the Charterers shall be obliged to purchase from the Owners all of the</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and the Charterers shall perform their
    obligations referred to in <font style="font-weight: normal">Clause 53 &#8211; (<i>Sale of the Vessel</i>) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the Parties agree
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 53 &#8211; Sale of the Vessel</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">53.1</td>
        <td style="text-align: justify">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer&#8217;s payment of the Termination Sum under Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217;
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in
          entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217; behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including,
          without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the
          Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in
          tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or warranty relating to the Vessel or any part thereof is the agent of the
          Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which
          the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Owners shall procure the discharge and release of any registered mortgages created by the Owners and/or Owners&#8217; Financier in relation to the Vessel;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the
          Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other
          moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the last day of the Charter Period or the</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory
          Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal
          and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing
          the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners).</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 54 &#8211; Indemnities</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.1</td>
        <td style="text-align: justify">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims, expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax
          incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery,
          possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or
          requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217; rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event
          or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or
          otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL
          Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.2</td>
        <td style="text-align: justify">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.3</td>
        <td style="text-align: justify">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay
          immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the
          Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses. The Parties hereby further agree and acknowledge that:</td>
      </tr>

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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50 </font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  </table>
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        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the
          Other Charterers and the Other Charters; and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to
          which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) and form part of this Charter.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.4</td>
        <td style="text-align: justify">All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the
          Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of
          performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this Clause:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">to be indemnified by any Other Charterer or such Relevant Person;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">to claim any contribution from any third party providing security for, or any other guarantor of any Other Charterer&#8217;s or such Relevant Person&#8217;s obligations under the Leasing Documents;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security
          taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person to make any payment, or perform any obligation, in respect of any Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(g)</td>
        <td style="text-align: justify">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become
          payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the
          same to the Owners or the Other Owners as may be directed by the Owners.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.5</td>
        <td style="text-align: justify">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217;
          Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 54.5 shall not apply if the MOA is terminated due to the application of Clause 51A (<i>USTR Termination Event</i>).</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.6</td>
        <td style="text-align: justify">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>)) and without prejudice to any right to damages or other claim</td>
      </tr>

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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall
    continue in full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall
    procure the Guarantor and (following the Disposal) the New Shareholder to furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will
    confirm the Guarantor&#8217;s and (following the Disposal) the New Shareholder&#8217;s agreement to assume and to be bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter,
    whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">54.7</td>
        <td style="text-align: justify">The obligations of the Charterers under this Clause 54 &#8211; (<i>Indemnities</i>) and in respect of any Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission,
          matter or thing which would reduce, release or prejudice any of its obligations under this Clause 54 &#8211; (<i>Indemnities</i>) or in respect of any Security Interest created pursuant to the Security Documents (without limitation and whether or not
          known to it or any Relevant Person) including:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">the release of any other Relevant Person or any other person under the terms of any composition or arrangement with any creditor of a Relevant Person or any of its affiliates;</td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights
          against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Relevant Person or any other person;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Leasing Document or any other document or security;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(f)</td>
        <td style="text-align: justify">any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any other document or security; or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(g)</td>
        <td style="text-align: justify">any insolvency or similar proceedings.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 55 &#8211; No Set-off or Tax deduction</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">55.1</td>
        <td style="text-align: justify">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually and:</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">without any form of set-off, cross-claim, condition or counterclaim;</td>
      </tr>

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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Without prejudice to Clause 55.1 (<i>No Set-off or Tax Deduction</i>), if the Owners are required by law to make a tax deduction from any payment:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">the Owners shall notify the Charterers as soon as they become aware of the requirement; and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability relating to the tax deduction) a net amount which, after the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount equal to the loss, liability or cost which the Owners determine will be or has been (directly or indirectly)
          suffered for or on account of tax by the Owners in respect of a Leasing Document.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident
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        <td style="text-align: justify">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2 or 56.3.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or will be required to be made by the Charterers or the Owners in respect of a payment to the Owners as a result of
          the Tax Changes, the Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all
          costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the
          Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners
          within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</td>
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        <td style="text-align: justify">If the Charterers compensate the Owners by an increased payment pursuant to Clause 56.2 or 56.3 and the Owners determine that they have obtained and utilized a tax credit attributable to this increased payment, the
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-transform: uppercase; text-align: left">Clause 56 &#8211; Increased Costs</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">56.1</td>
        <td style="text-align: justify">This Clause 56 &#8211; (<i>Increased Costs</i>) applies if the Owners notify the Charterers that they (or their financiers) consider that as a result of:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter in the manner in which a law is interpreted or applied (excluding any effect which relates to the
          application to payments under this Charter of a tax on the Owners&#8217; overall net income); or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates capital resources to their obligations under this
          Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter,</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">the Owners or a parent company of them (if any) has incurred or will incur an &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>increased cost</b></font>&#8221;.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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        <td style="text-align: justify">In this Clause 56 &#8211; (<i>Increased Costs</i>), &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>increased cost</b></font>&#8221; means, in relation to the Owners:</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners&#8217; parent company or the Owners&#8217; Financiers (if any) having entered into, or being a party to, this Charter, of
          funding or financing the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a payment represents to the Owners (if any) on their capital; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the MOA,</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and for the purposes of this Clause 56.2 the Owners may in good faith allocate or spread costs and/or losses among their assets and liabilities (or any
    class of their assets and liabilities) on such basis as they consider appropriate.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">56.3</td>
        <td style="text-align: justify">Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the Owners&#8217; demand and any evidence thereto (where available to the Owners), the amounts which the Owners from time to time
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or under any order or judgment relating thereto has to be converted from the currency in which this Charter or such
          Leasing Document provided for the sum to be paid (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Contractual Currency</b></font>&#8221;) into another currency (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Payment
              Currency</b></font>&#8221;) for the purpose of:</td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Charterers, whether in their liquidation, any arrangement involving them or otherwise; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">obtaining an order or judgment from any court or other tribunal; or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">enforcing any such order or judgment;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">the Charterers shall indemnify the Owners against the loss arising when the amount of the payment actually received by the Owners is converted at the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In this Clause 56.4, the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>available rate of exchange</b></font>&#8221; means the rate at which the
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 57 &#8211; Confidentiality</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents (the &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Confidential Information</b></font>&#8221;) strictly confidential, provided that a Party may disclose Confidential Information in the following cases:</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">it is already known to the public or becomes available to the public other than through the act or omission of the disclosing Party;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market regulation, the US Securities and Exchange Commission&#8217;s rules or by a governmental order, decree, regulation or rule
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in discovery arising out of such proceedings;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided
          that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 62 &#8211; Counterparties</font></p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or
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        <td style="text-align: justify">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the IRS, the US government or any governmental or taxation authority in any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>FATCA Non-Exempt Party</b></font>&#8221; means any Relevant Party who is not a FATCA Exempt Party.</p>
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      <tr style="vertical-align: top">
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      </tr>

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        <td style="text-align: justify">Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten Business Days of a reasonable request by another Relevant Party:</td>
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        <td style="width: 35.45pt">(ii)</td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the
    relevant facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If the representation made by the Charterers under Clause 45.1(p) (<i>Representations and Warranties</i>) proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">If the Owners are required to make a deduction or withholding from a payment under any Financial Instruments in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect
          of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding and payment of additional amounts, leaves the Owners with an amount
          equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such Financial Instruments.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">63.4</td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Owners may make any FATCA Deduction they are required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the
    Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">63.5</td>
        <td style="text-align: justify">FATCA Mitigation</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will be required to be made by any party under Clause 63.3 (<i>FATCA</i>)
    in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation
    to such transfer shall be for the account of the Charterers.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 64 &#8211; Assignment and Transfer</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">64.1</td>
        <td style="text-align: justify">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">64.2</td>
        <td style="text-align: justify">The Owners may assign any of their rights or transfer by novation any of their rights and obligations under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior
          written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale is made:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">at such time following the occurrence of a Termination Event which is continuing; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale, this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for
          logical, consequential or mutually agreed amendments).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">64.3</td>
        <td style="text-align: justify">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after
          any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that any Relevant Person (in the case of any Other Charterer which is not directly owned by
          the Guarantor, on a best endeavour basis) which is a party to a Leasing Document:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations pursuant to such Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">enters into all necessary documents or takes any necessary actions or provide all necessary assistance required for such Leasing Document and any Security Interest created thereunder remaining in full force and
          effect (or to be novated and/or executed) as from the completion of the relevant assignment, transfer or sale.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">64.4</td>
        <td style="text-align: justify">Without limiting the generality of Clause 64.2:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">subject to Clause 35 &#8211; (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks
          and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding arrangement shall not result in any adverse effect of the Charterers&#8217; rights and obligations under the Leasing
          Documents; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">(b)</td>
        <td>the Owners may do any of the following as security for the funding arrangements referred to in paragraph (a) above, in each case, without the prior consent of the Charterers:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or its agent, trustee or nominee);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents in favour of a Mortgagee (or its agent, trustee or nominee);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(iv)</td>
        <td style="text-align: justify">enter into any other document or arrangement which is necessary to give effect to such financing arrangements;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">the Charterers undertake to comply, and provide such information and documents and all necessary assistance required to enable the Owners to comply, with all such instructions or directions in regard to the
          employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in
          conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in any form that may be required
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners (by sale of shares in the Owners or other transactions having the same effect) may be effected without the
          Charterers&#8217; consent, provided always that (i) in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or mutually
          agreed amendments) and (ii) to the extent that any prior written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial
          ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Charterer has granted such prior written consent. The Charterers shall, and shall procure the Guarantor and (following the Disposal) the New Shareholder
    shall (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners
    from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this
    Clause.</p>
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        <td style="text-align: justify">All expenses arising out of assignment or transfer of this Charter as per Clause 64 &#8211; (<i>Assignment and Transfer</i>) shall be for the Owner&#8217;s account subject to no Termination Event or Potential Termination Event
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 65 &#8211; General Application of Proceeds</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such portion of it that then remains unpaid) in any order of application in the amounts comprising the Termination Sum
          as the Owners may determine; and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to the Charterers, but always subject to the terms of the General Assignment.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 66 &#8211; Governing Law and Enforcement</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">This Charter and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence, validity or termination of this Charter or any non-contractual obligation arising out of or in connection
          with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give
          effect to the provisions of this Clause 66 &#8211; (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration
          proceedings are commenced.</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14)
    calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not
    appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as
    sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these
    provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to
    appoint the third arbitrator within fourteen (14) days of such request.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The language of the arbitration shall be English.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
          current at the time when the arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 67 &#8211; ENTIRE AGREEMENT</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">This Agreement, in conjunction with the other Leasing Documents, constitutes the entire agreement between the parties and supersedes all previous agreements, understandings and arrangements between them, whether in
          writing or oral, in respect of its subject matter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Each Party acknowledges that it has not entered into this agreement or any other Leasing Document in reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out
          in this Agreement or in any other Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="text-transform: uppercase">Clause 68 &#8211; Definitions</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.1</td>
        <td style="text-align: justify">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the meanings ascribed to them below:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Acceptance Certificate</b></font>&#8221; means a certificate substantially in the
    form set out in Schedule 1 (<i>Acceptance Certificate</i>) to be signed by the Charterers at Delivery.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Account Bank</b></font>&#8221; means Citic Group Alpha Bank, Berenberg Bank, ABN Amro
    Bank N.V., Citi Bank, HSBC or another reputable bank acceptable to the Owners, in and/or through which all revenues and operating expenses of the Charterers shall be credited and/or transferred.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Account Security</b></font>&#8221; means the document creating security over the
    Operating Account made or to be made between the Charterers and the Owners.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Adjustment Value</b></font>&#8221; means the value derived by dividing the Initial
    Market Value by the Purchase Price. For the avoidance of doubt, if the Initial Market Value is higher than the Purchase Price, the Adjustment Value shall be deemed to be 1.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Advance Charterhire</b></font>&#8221; has the meaning as defined under Clause 36.2 (<i>Charterhire







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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Affiliate</b></font>&#8221; means in relation to any person, a Subsidiary of that
    person or a Holding Company of that person or any other Subsidiary of that Holding Company.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Annex VI</b></font>&#8221; means Annex VI of the Protocol of 1997 to amend the
    International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Anti-Money Laundering Laws</b></font>&#8221; means all applicable financial
    record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and
    without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are&#160;(a)
    issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is
    subjected or subject to.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Anti-Terrorism Financing Laws</b></font>&#8221; means all applicable anti-terrorism
    laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People&#8217;s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having jurisdiction over
    any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Approved Classification Society</b></font>&#8221; means Bureau Veritas, DNV or such
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Approved Manager</b></font>&#8221; means the Commercial Manager or the Technical
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Approved Valuer</b></font>&#8221; means Simpson Spence &amp; Young, Clarksons Platou,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Assignable Sub-charter</b></font>&#8221; means the Initial Sub-charter or any charter
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Approved Sub-charterer</b></font>&#8221; means the Initial Sub-charterer and any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Arrangement Fee</b></font>&#8221; has the meaning given to that term in Clause 42.1.</p>
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  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">following the completion of the Disposal, each of the Guarantor and the New Shareholder continues to be controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion of the Disposal, be issued) by lawyers appointed by the Owners (at the cost of the Charterers) relating to the New
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the completion of the Disposal, have) provided in favour of the</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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          Vessel and in connection with which the Vessel is actually or potentially liable to be arrested and/or where any Relevant Person and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(a)</td>
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      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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    Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor and/or (following the Disposal) the New Shareholder (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding
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    respect of the Vessel, in favour of the Owners and in the agreed form agreed on or prior to signing of this Charter.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Group</b></font>&#8221; means collectively, the Guarantor, (following the Disposal)
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Guarantor</b></font>&#8221; means Top Ships Inc., a corporation incorporated under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in">and such valuation shall be prepared by an Approved Valuer nominated by the Owners.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify"><font style="font-weight: normal">all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks association, which are effected in respect of the Vessel or
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">71</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Major Casualty</b></font>&#8221; means any casualty to the Vessel in respect of which
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Manager&#8217;s Undertaking</b></font>&#8221; means, in relation to an Approved Manager,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Mandatory Sale</b></font>&#8221; has the meaning given to that term in Clause 50.4.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Mandatory Sale Date</b></font>&#8221; has the meaning given to that term in Clause
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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          date;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise of the Mandatory Sale; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Mandatory Sale Date including any default interest on amounts under (a)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><b>&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif">New Guarantee</font>&#8221; </b>has the meaning given to such term in the definition
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><b>&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif">New Shares Security</font>&#8221; </b>has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Obligatory Insurances</b></font>&#8221; means any insurances of the Vessel required
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Operating Account</b></font>&#8221; means an account in the name of the Charterers
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">with respect to the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s audited consolidated annual financial statement accounts of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">with respect to the Guarantor, its audited financial statements for the financial year ended 31 December 2024 (and if such statements are not in English, they shall be accompanied by a certified English translation).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Other Vessel</b>&#8221; means, other than the Vessel, each, or as the context may require, any of the vessels listed in the first column (<i>The







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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Owners&#8217; Surveyor</b></font>&#8221; means the surveyor appointed by the Owners in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 70.9pt; text-align: left">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 110pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">B)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange,
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        <td style="text-align: justify">the administrator of that Published Rate publicly announces that it has ceased or will cease to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 110pt; text-align: justify">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </table>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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    under or in connection with the Leasing Documents or any judgment relating to the Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by,
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            BBC Additional Clauses<br>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the date falling one hundred and twenty (120) days after the Total Loss Date or such later date as the Owners may agree; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">the date on which the Owners receive the Total Loss Proceeds.</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>US Tax Obligor</b></font>&#8221; means (a) a person which is resident for tax
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>USTR </b></font><b>Remedy Period</b>&#8221; has the meaning given to that term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Variable Charterhire</b></font>&#8221; shall have the meaning as defined under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">85</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Voluntary Early Termination</b></font>&#8221; means the right to early terminate
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">if the Voluntary Early Termination is exercised on or after the date falling twelve (12) months from the Commencement Date and until (including) the date falling twenty four (24) months after the Commencement Date,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">if the Voluntary Early Termination is exercised after the date falling twenty four (24) months from the Commencement Date and until (including) the date falling thirty six (36) months from the Commencement Date, one
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>if the Voluntary Early Termination is exercised after the date falling thirty six (36) months from the Commencement Date zero per cent. (0%) of the Outstanding Capital Balance as at the applicable Voluntary Early Termination Date.</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(a)</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">any Variable Charterhire accrued but unpaid as at the date of payment of the Voluntary Early Termination Date Price;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">any documented legal (subject to pre-agreed cap) or other costs reasonably incurred by the Owners in connection with the exercise of the Voluntary Early Termination under Clause 51 &#8211; (<i>Voluntary Early Termination</i>);







          and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(f)</td>
        <td style="text-align: justify">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Voluntary Early Termination Date including any default interest on
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.2</td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">86</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.3</td>
        <td style="text-align: justify">Construction</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">in relation to anything which will be prohibited or restricted by law if a governmental or official authority intervenes or acts in any way within a specified period after lodgment, filing, registration or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">87</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>document</b></font>&#8221; includes a deed; also a letter, fax or telex;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">the Owners&#8217; &#8220;<b>cost of funds</b>&#8221; in relation to the Outstanding Capital Balance or any part thereof is a reference to the average cost
    (determined either on an actual or a notional basis) which the Owners would incur if they were to fund or finance, from whatever source(s) they may reasonably select, an amount equal to the amount of the Outstanding Capital Balance or any part thereof
    for a period equal in length to the Hire Period of the Outstanding Capital Balance or any part thereof;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>expense</b></font>&#8221; means any kind of cost, charge or expense (including all
    legal costs, charges and expenses) and any applicable value added or other tax;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>gross negligence</b></font>&#8221; means a form of negligence which is distinct from
    ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most obvious to everybody
    has not been followed.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>law</b></font>&#8221; includes any order or decree, any form of delegated
    legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>legal or administrative action</b></font>&#8221; means any legal proceeding or
    arbitration and any administrative or regulatory action or investigation;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>liability</b></font>&#8221; includes every kind of debt or liability (present or
    future, and including contingent liabilities only in the case of Clause 49.1(g)(ii), Clause 54 &#8211; (<i>Indemnities</i>) and the definition of &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>Financial Indebtedness</b></font>&#8221;), whether
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>months</b></font>&#8221; shall be construed in accordance with Clause 68.4 (<i>Meaning







      of &#8220;month&#8221;</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>person</b></font>&#8221; includes any company; any state, political sub-division of a
    state and local or municipal authority; and any international organisation;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>policy</b></font>&#8221;, in relation to any insurance, includes a slip, cover note,
    certificate of entry or other document evidencing the contract of insurance or its terms;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>protection and indemnity risks</b></font>&#8221; means the usual risks covered by a
    protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person or persons in
    case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses (Hulls)(1/10/83) or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>regulation</b></font>&#8221; includes any regulation, rule, official directive,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>tax</b></font>&#8221; includes any present or future tax, duty, impost, levy or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">(including any such imposed in connection with exchange controls), and any connected penalty, interest or fine.</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.4</td>
        <td style="text-align: justify">Meaning of &#8220;month&#8221;</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">A period of one or more &#8220;months&#8221; ends on the day in the relevant calendar month numerically corresponding to the day of the calendar month on which the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day in the same calendar month, on the Business Day
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the period has no numerically corresponding day;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>month</b></font>&#8221; and &#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>monthly</b></font>&#8221;
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.5</td>
        <td style="text-align: justify">In this Charter:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">references to a Leasing Document or any other document being in the form of a particular appendix or to any document referred to in the recitals include references to that form with any modifications to that form
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">references to, or to a provision of, a Leasing Document or any other document are references to it as amended or supplemented, whether before the date of this Charter or otherwise;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Charter or otherwise;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">references to a page or screen of an information service displaying a rate shall include:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(i)</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
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        <td style="text-align: justify">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">and, if such page or service ceases to be available, shall include any other page or service displaying that rate specified by the Owners after
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.6</td>
        <td style="text-align: justify">Construction of Insurance terms</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In this Charter:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>approved</b></font>&#8221; means, for the purposes of Clause 39 &#8211; (<i>Insurance</i>),
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">89</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>obligatory insurances</b></font>&#8221; means all insurances effected, or which the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>policy</b></font>&#8221; includes a slip, cover note, certificate of entry or other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>protection and indemnity risks</b></font>&#8221; means the usual risks (including but
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    payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the
    Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif"><b>war risks</b></font>&#8221; includes the risk of mines and all risks excluded by
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">68.7</td>
        <td style="text-align: justify"><b>Headings</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">In interpreting a Leasing Document or any provision of a Leasing Document, all clauses, sub-clauses and other headings in that and any other Leasing
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">90</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><br>
    Acceptance Certificate</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>JULIUS CAESAR INC.</b> (the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges that at [&#9679;] hours on [&#9679;], there was delivered to, and accepted by, the Charterers the Vessel
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    and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will be subject to all the terms and conditions contained in the Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Charterers warrant that the representations and warranties made by them in Clause 45 &#8211; (<i>Representation and Warranties</i>) of the Charter remain correct and
    that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Name:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Title: attorney in fact</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">for and on behalf of</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>JULIUS CAESAR INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dated:&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">91</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 2</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part A&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following are the documents referred to in Clause 34.2(f)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Corporate Authority</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.1</td>
        <td style="text-align: justify">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent Persons</b>&#8221;).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.2</td>
        <td style="text-align: justify">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent Persons:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a
          party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.3</td>
        <td style="text-align: justify">If required, an original of the power of attorney of any party to a Leasing Document authorising a specified person or persons to execute the Leasing Documents to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.4</td>
        <td style="text-align: justify">If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph 1.2 above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.5</td>
        <td style="text-align: justify">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant Person, approving the terms of, and the transactions contemplated by such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.6</td>
        <td style="text-align: justify">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy document relating to it specified in this Part A of Schedule 2 is correct, complete and in full force and effect
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">2</td>
        <td style="text-align: justify">Documents and other security</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td>A duly executed copy of this Charter, the MOA and the Guarantee and of each document to be delivered under each of them.</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td>Duly executed but undated copies of each of the Shares Security, the Account Security, the General Assignment and the Manager&#8217;s Undertaking and of each document to be delivered under each of them.</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td>Evidence that the Charterers&#8217; Operating Account have been opened and maintained with the Account Bank.</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3</td>
        <td style="text-align: justify">Legal opinion</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td>Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this Schedule, in form and substance acceptable to
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td>Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands, German
          and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4</td>
        <td style="text-align: justify">Valuation of Vessel</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-weight: normal">If the Prepositioning Date occurs in the calendar year 2026, valuation of the Vessel, indicating the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">5</td>
        <td style="text-align: justify">Vessel Insurances</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">5.1</td>
        <td>Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39 &#8211; (<i>Insurance</i>).</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">5.2</td>
        <td style="text-align: justify">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) from the relevant insurer, insurance broker, protection and
          indemnity association or war risks association (as the case may be).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">5.3</td>
        <td>An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">6</td>
        <td style="text-align: justify">Vessel Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">6.1</td>
        <td>A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as from the Commencement Date, be managed by the relevant Approved Manager.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">6.2</td>
        <td>A copy of the Document of Compliance of the Technical Manager.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">6.3</td>
        <td>A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains such classification.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">6.4</td>
        <td>Copies of the Vessel&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Owners may require) and of any other documents required under the ISM Code and the ISPS Code (including,
          without limitation, an ISSC and IAPPC).</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">7</td>
        <td style="text-align: justify">Initial Sub-charter</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">7.1</td>
        <td>A copy of the executed Initial Sub-charter (and any addendums thereto).</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">93</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">7.2</td>
        <td>Evidence to the satisfaction of the Owners that the Initial Sub-charterer consents to the sale and leaseback of the Vessel contemplated by the Leasing Documents.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">8</td>
        <td style="text-align: justify">Escrow Agreement</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">A copy of the duly executed Escrow Agreement in form and substance acceptable to the Owners.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">9</td>
        <td style="text-align: justify">Deed of Release</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-weight: normal">An agreed form Deed of Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">10</td>
        <td style="text-align: justify">Others</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">10.1</td>
        <td>A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than five (5) Business Days prior to the Prepositioning Date<i>.</i></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">10.2</td>
        <td>A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their capacity as buyers under the MOA), specifying the aggregate amount payable by the Owners
          (in their capacity as buyers under the MOA) to the Charterers (in their capacity as sellers under the MOA) for the purchase of the Vessel under the MOA.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">10.3</td>
        <td>Evidence that the Arrangement Fee and all other fees, costs and expenses then due from the Charterers to the Owners under the Leasing Documents have been paid and received by the Owners.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">10.4</td>
        <td>Copies of the Original Financial Statements.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left">10.5</td>
        <td>Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the Leasing
          Documents.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">10.6</td>
        <td style="text-align: justify">A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in connection with the entry into and performance of the
          transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">10.7</td>
        <td style="text-align: justify">If required, evidence that any process agent referred to under the Leasing Documents has accepted its appointment.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">10.8</td>
        <td style="text-align: justify">if any, evidence to the satisfactory to the Owners that the Delivery Shortfall (as defined in the MOA) has been deposited in the Escrow Account (as defined in the MOA) or paid to the Existing Owner no later than one
          (1) Business Day prior to the Prepositioning Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">10.9</td>
        <td>If required by the Flag State for purposes of registering the Vessel in the name of the Owners, evidence that the Owners have been registered as a foreign maritime entity under the laws of the Flag State (with such cost to be borne by the
          Charterers).</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">10.10</td>
        <td>Such other documents as the Owners may require by giving notice to the Charterers.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94</font></td>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following are the documents referred to in Clause 34.2(f)(ii):</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">Corporate Authorisations/Confirmation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Security Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">Duly executed and dated copies of each of the Shares Security, the Account Security, the General Assignment and each Manager&#8217;s Undertaking and of each document to be delivered under it and evidence of their delivery
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.1</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">is or will be unconditionally delivered by the Existing Owner to the Charterers pursuant to the terms of the Existing BBC, where such documents shall include without limitation:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed by the Existing Owner (and where executed by an attorney
          of the Existing Owner, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Existing Owner&#8217;s power of attorney); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Existing Owner and the Charterers;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">is or will be unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners (in their capacity as buyers) pursuant to the terms of the MOA, where such documents shall include without
          limitation:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
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        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">a certificate or transcript or an email confirmation issued by the competent authorities of the Flag State on the date of Delivery evidencing the Charterers&#8217; (as sellers under the MOA) ownership of the Vessel and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of
          the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Charterers&#8217; power of attorney); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(iii)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(e)</td>
        <td style="text-align: justify">has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with the laws and regulations of the Flag State (including, without limitation, a side letter to be entered into
          between the Owners and the Charterers as required by the competent authorities of the Flag State).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4</td>
        <td style="text-align: justify">Legal opinions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt">4.1</td>
        <td style="text-align: justify">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters on the laws of England as may be satisfactory to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4.2</td>
        <td style="text-align: justify">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands and German and any other jurisdictions as may be satisfactory to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">5</td>
        <td style="text-align: justify">Deed of Release</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-weight: normal">A copy of the duly executed Deed of Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">6</td>
        <td style="text-align: justify">Others</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Owners being satisfied that all conditions precedent or documents or evidence specified in Schedule 1 to the MOA have been satisfied or provided in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part C</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following are the documents referred to in Clause 34.8:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Not later than five (5) Business Days after the Commencement Date, documentary evidence that the Security Interests intended to be created by each of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">Legal opinions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3</td>
        <td style="text-align: justify">Insurances</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
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        <td>Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>)
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.2</td>
        <td style="text-align: justify">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center">Schedule 3</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="text-transform: uppercase">THE VESSELS, THE PARTIES AND THE Charters</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: 0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="background-color: #0A5D66">
        <td style="padding-right: 5.4pt; width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt"><font style="color: white"><b>The Vessels</b></font></td>
        <td style="padding-right: 5.4pt; width: 30%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt"><font style="color: white"><b>The Owners</b></font></td>
        <td style="padding-right: 5.4pt; width: 28%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt"><font style="color: white"><b>The Charterers</b></font></td>
        <td style="padding-right: 5.4pt; width: 25%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt"><font style="color: white"><b>The Charters</b></font></td>
      </tr>
      <tr>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Eco Malibu with IMO number 9902823</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel A</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 6 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128841 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner A&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ATHENEAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">104090</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer A&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or to be entered into between Owner A and Charterer A in respect
          of Vessel A, as amended and/or supplemented from time to time <br>
          <b>(&#8220;Charter A&#8221;)</b></td>
      </tr>
      <tr>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Eco Oceano CA with IMO number 9794020</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel B</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 3 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128838 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner B&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ECO OCEANO CA INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">107152</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer B&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or to be entered into between Owner B and
          Charterer B in respect of Vessel B, as amended and/or supplemented from time to time<br>
          <b>(&#8220;Charter B&#8221;)</b></td>
      </tr>
      <tr>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Eco West Coast with IMO number 9902811</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel C</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 4 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128839 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner C&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">ROMAN EMPIRE INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">104089</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer C&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or to be entered into between Owner C and
          Charterer C in respect of Vessel C, as amended and/or supplemented from time to time<br>
          <b>(&#8220;Charter C&#8221;)</b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="padding-right: 5.4pt; width: 1%; border: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Julius Caesar with IMO number 9912244</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel D</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; width: 1%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 1 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128836 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner D&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; width: 1%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">JULIUS CAESAR INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">104940</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer D&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; vertical-align: top; width: 1%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or
          to be entered into between Owner D and Charterer D in respect of Vessel D, as amended and/or supplemented from time to time <br>
          <b>(&#8220;Charter D&#8221;)</b></td>
      </tr>
      <tr>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Legio X Equestris with IMO number 9912256</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel E</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 2 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128837 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner E&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">LEGIO X INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">107059</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer E&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or to be entered into between Owner E and
          Charterer E in respect of Vessel E, as amended and/or supplemented from time to time<br>
          <b>(&#8220;Charter E&#8221;)</b></td>
      </tr>
      <tr>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">m.v. Eco Marina Del Rey with IMO number <b>9798349</b></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">(&#8220;<b>Vessel F</b>&#8221;)</p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="color: windowtext">Lustre 5 Holding Limited</font>, a corporation with <font style="color: windowtext">registration number C-128840 and </font>incorporated








            under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Owner F&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">PCH DREAMING INC., a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">94703</font>
            whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><b>(&#8220;Charterer F&#8221;)</b></p>
        </td>
        <td style="padding-right: 5.4pt; vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-left: 5.4pt">Bareboat charter entered or to be entered into between Owner F and
          Charterer F in respect of Vessel F, as amended and/or supplemented from time to time <br>
          <b>(&#8220;Charter F&#8221;)</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td style="width: 33%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 34%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
        <td style="width: 33%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
      </tr>

  </table>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in"><b>SCHEDULE 4 </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in"><font style="text-transform: uppercase"><b>Form of Attestation to be issued by CHARTERERS</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To: [Owners]</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From: [Charterers]</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Dated: [&#9679;]</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>[Charterers] &#8211; Bareboat Charter dated [&#9679;] (the &#8220;Charter&#8221;)</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Capitalised terms used in this attestation shall have the meanings set out in the Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">With respect to [&#9679;] [<b><i>describe cargo</i></b>] [scheduled to be] loaded at [&#9679;] [<b><i>insert port or details of ship-to-ship transfer</i></b>] on
    [&#9679;] [<b><i>insert date</i></b>] (the &#8220;<b>Voyage</b>&#8221;):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">We confirm that we were, and the operation of the Vessel and, to the best of our knowledge, each sub-charterer and any other relevant third party was, in compliance with the Russian Oil Price Cap Measures.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">We attest that, with respect to the Voyage:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">we have received and retained price information demonstrating that the Russian Oil Products were purchased at or below the relevant price cap; or</td>
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        <td style="text-align: justify">where not practicable to request and receive such information, we have obtained a signed attestation from our sub-charterer or other relevant counterparty that the Russian Oil Products were purchased at or below the
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        <td style="text-align: justify">we have received a signed attestation from our sub-charterer or other relevant counterparty that the purchase of Russian Oil Products was done pursuant to a license or a derogation.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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            BBC Additional Clauses<br>
            &#8220;Julius Caesar&#8221; <br>
            SINGAPORE/91896279v1</font></td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">for and on behalf of</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>LUSTRE 1 HOLDING LIMITED </b></td>
        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">in the presence of:</td>
        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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            <div style="text-align: right; font-size: 10pt;">Shanghai, P.R. China 200002</div>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">for and on behalf of</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="text-align: justify; font-family: Arial,Helvetica,'sans-serif';">in the presence of:</td>
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            BBC Additional Clauses<br>
            (Julius Caesar)</font></td>
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<DOCUMENT>
<TYPE>EX-4.24
<SEQUENCE>5
<FILENAME>ef20060828_ex4-24.htm
<DESCRIPTION>EXHIBIT 4.24
<TEXT>
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      Dated&#160;</font><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> 2025</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to<br>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Index</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;" colspan="2"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Clause</b></font> </td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Page</b></font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;">
          <p style="margin-top: 0; margin-bottom: 0"></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        </td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 85%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing Law and Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;" colspan="2">
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;" colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Schedules</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;" colspan="2">
          <p style="margin-top: 0; margin-bottom: 0"></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parties</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>LUSTRE 1 HOLDING LIMITED</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the &#8220;<b>Owner</b>&#8221; which expression includes its successors and assigns)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Background</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a bareboat charter dated<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025 (the &#8220;<b>Bareboat Charter</b>&#8221;) and made
            between (i) the Owner, as owner and (ii) <b>Julius Caesar Inc.,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
            Islands, MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;), the Owner has agreed to bareboat charter one (1) crude tanker named m.v. &#8220;Julius Caesar&#8221; and flagged in the Marshall Islands with IMO no. 9912244 (the &#8220;<b>Vessel</b>&#8221;) to the Charterer
            pursuant to the terms and conditions contained therein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As at the date of this Guarantee, the Guarantor is the shareholder of the Charterer and holds all of
            the issued and outstanding shares in the Charterer.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee is the Guarantee referred to in the Bareboat Charter.</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operative Provisions</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Interpretation</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Defined expressions</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Words and expressions defined in the Bareboat Charter shall have the same meanings
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Construction of certain terms</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form
      set out in <font style="color: black">Schedule 1</font> or in any other form approved by the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>control</b>&#8221; over a particular company means the power
      (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be
            cast at a general meeting of such company;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
            or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give directions with respect to the operating and financial policies of such company with which the
            directors or other equivalent officers of such company are obliged to comply.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Group</b>&#8221; means the Guarantor and its subsidiaries from time
      to time.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Party</b>&#8221; means a party to this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Relevant Person</b>&#8221; means each &#8220;Relevant Person&#8221; as defined
      in the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Secured Liabilities</b>&#8221; means all present and future
      obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award
      relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement
      or other procedure under the insolvency laws of any country.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Security Period</b>&#8221; means the period commencing on the date
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Guarantee</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee and indemnity</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor unconditionally and irrevocably:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">undertakes to pay to the Owner on the Owner&#8217;s demand any such amount which is not paid by that
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses
            which are made or brought against or incurred by the Owner as a result of or in connection with any obligation or liability guaranteed by the Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under
            this indemnity shall be equal to the amount which the Owner would otherwise have been entitled to recover.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner may serve more than one demand under Clause <font style="color: black">2.1</font>
      (<i>Guarantee and indemnity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee of whole amount</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall be construed and take effect as a guarantee of all amounts due
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Liability as Principal and Independent Debtor</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Principal and independent debtor</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall be liable under this Guarantee as a principal and independent
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Waiver of rights and defences</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal




        and independent debtor</i>), the Guarantor shall neither be discharged by, nor have any claim against the Owner in respect of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
            to, or affecting, the Bareboat Charter or any other Leasing Document;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any release or loss (even though negligent) of any right or Security Interest created by any Leasing
            Document;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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            Security Interest, including a failure to realise for its full market value an asset covered by such a Security Interest; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable,
            illegal or invalid or otherwise defective for any reason, including a neglect to register it.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Expenses</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Costs of preservation of rights, enforcement etc</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand the amount of all documented
      expenses (including, without limitation, legal fees) incurred by the Owner in connection with the enforcement of, or the preservation of any rights under this Guarantee or any other Leasing Document, including any advice, claim or proceedings
      relating to such matters.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fees and expenses payable under Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ADJUSTMENT OF TRANSACTIONS</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.1</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand any amount which the Owner is
      required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was
      invalid or unenforceable or on any similar ground.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.1</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall be paid:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in immediately available funds;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to such account as the Owner may from time to time notify to the Guarantor;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">free and clear of any tax deduction or withholding for or on account of any tax payable under any law
            of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Grossing-up for taxes</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Guarantor is required by law to make a tax deduction, the amount due to the
      Owner shall be increased by the amount necessary to ensure that the Owner receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity and evidence of payment of taxes</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of
      all claims, expenses, liabilities and losses incurred by the Owner by reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause <font style="color: black">6.2</font> (<i>Grossing-up taxes</i>). Within 30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had
      been paid to the appropriate taxation authority.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Interest</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Accrual of interest</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall carry interest after the date on which the
      Owner demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Calculation of interest</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest under this Guarantee shall be calculated and accrue (as well after as
      before judgment) at the rate described in clauses 37.5 and 37.6 of the Bareboat Charter and otherwise in accordance with the terms thereof.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SUBORDINATION</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b></b></font>
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        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Guarantor at any time has (whether in respect of this Guarantee
      or any other transaction) against each other Relevant Person or its assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by
            that Relevant Person, whether in respect of this Guarantee or any other transaction;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">take or enforce any Security Interest for any such amount;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
            or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or
            recovered by the Owner under such Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No requirement to commence proceedings against other Relevant Person</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner will not need to commence any proceedings under, or enforce any Security
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, as against the Guarantor:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be binding and conclusive as to all matters of fact and law to which it
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Representations and Warranties</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      and on each day henceforth until the last day of the Security Period as follows.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Status</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the
            Marshall Islands.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate power</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has the corporate capacity, and has taken all corporate action and
      obtained all consents necessary for it:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute this Guarantee or any other Leasing Document to which it is a party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing
            Document to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consents in force</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and nothing has occurred which makes any of them liable to revocation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No conflicts</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The execution by the Guarantor of the Leasing Documents to which it is a party and
      its compliance with this Guarantee will not involve or lead to a contravention of:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of the Guarantor; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any contractual or other obligation or restriction which is binding on the Guarantor or any of its
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.6</b></font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.7</b></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Pari passu</i> ranking</b></font></td>
      </tr>

  </table>
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      unconditional obligations of the Guarantor and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue
      of any contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.12</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tax obligor and place of business</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.13</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments which the Guarantor is liable to make under the Leasing Documents to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.14</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Taxes paid</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.15</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Termination Event has occurred nor is continuing or might reasonably be expected
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.16</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of
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  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">7</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>statements</i>); and there has been no Material Adverse Effect on the Guarantor
      from its position disclosed in the latest of those accounts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.17</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No legal or administrative action involving the Guarantor has been commenced or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.18</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sanctions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited
            Person.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Relevant Person, and their respective directors, officers, and employees is in compliance with
            all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions, they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.19</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Laws</b></font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All Environmental Laws relating to the ownership, operation and management of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.20</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Claim</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Claim has been made against any Relevant Person or otherwise in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.21</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Incident</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Incident has occurred and no person has claimed that an
      Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.22</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ownership of the Charterer</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Until the Disposal has taken place in accordance with clause 46.1 (ee) of the
      Bareboat Charter, the Charterer is legally and beneficially and indirectly wholly owned and controlled by the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.23</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Status of the Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New
            York Stock Exchange or NASDAQ or Over the Counter (OTC); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Undertakings</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor undertakes with the Owner to comply with the following provisions of
      this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any
      undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Information provided to be accurate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All financial and other information which is provided by or on behalf of the
      Guarantor under or in connection with the Leasing Documents will be true and not misleading and will not omit any material fact or consideration.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Provision of financial statements</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send to the Owner (or, following the Disposal, procure the New
      Shareholder will send to the Owner):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial
            statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness by at least one officer of the Guarantor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Form of financial statements</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be prepared in accordance with all applicable laws and generally accepted accounting principles in the
            United States consistently applied;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
            of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit for the period to which those accounts relate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully disclose or provide for all significant liabilities of the Group; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If not in the English language, be accompanied by an English translation duly certified as to its
            correctness.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder and creditor notices</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send the Owner, upon its request, copies of all communications
      which are despatched to the Guarantor&#8217;s shareholders or creditors or any class of them.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the
      transactions contemplated under each Leasing Document to which it is a party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valid obligations</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will at its own cost, and will procure that each other Relevant Person
      will:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
            Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing
            Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant
            Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security
            Interest which such Relevant Person creates.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notification of legal or administrative action</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will provide or will procure that each other Relevant Person provides
      the Owner with details of any legal or administrative action involving such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is
      likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notification of damage or default</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
            occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to result, in repairs on the Vessel which exceed US$5,000,000; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
            occurrence of any Termination Event,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and will keep the Owner fully up-to-date with all developments and the Guarantor
      will, if so requested by the Owner, provide any such certificate signed by its authorised signatory, confirming that there exists no Termination Event.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Additional information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will, and will procure that each other Relevant Person will, as soon
      as practicable after receiving the request, provide the Owner with any additional financial or other information relating:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to themselves and/or the Vessel (including, but not limited to the condition, location and employment
            status of the Vessel); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">which may be reasonably requested by the Owner (or their financiers (if any)) at any
      time, provided that, in the case of information on the employment status of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly
      period during each calendar year.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.11</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.12</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance with other laws</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide
          all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any
            non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all
            information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner
            which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a
            breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the
            Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any
            sanctions limitation or exclusion clause in any insurance documentation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers,
            directors and employees, will:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
            with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
            use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
            person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.13</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall not, and shall procure that each other Relevant Person will not
      create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.14</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial covenants</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that, at any time during the Security Period, the Guarantor&#8217;s Leverage
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Total Net Debt; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of
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      </tr>

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      enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</font></td>
      </tr>

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        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by an Approved Valuer nominated
      by the Charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the occurrence of a Termination Event which is continuing,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
            reports prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">13</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the
            two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as
            set out under paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate
      Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage
      of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity
      holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is
      subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any
      financing arrangement of any member of the Group.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting
      principles in the United States.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.15</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance Certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall supply to the Owner, together with each set of financial
      statements delivered pursuant to Clause 11.3 (<i>Provision of financial statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial
        Covenants</i>); and each Compliance Certificate shall be signed by the Co-Chief Financial Officer of the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.16</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Negative Pledge</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the Charterers will not create or permit to arise any Security Interest over any of its
            assets present or future except for the Permitted Security Interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that its liabilities under this Guarantee will rank at least pari passu with all its other
            present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">14</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.17</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No disposal of assets, change of business</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will not, and shall (at all times) procure that no other Relevant
      Person shall:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any
            of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether related or not except in the usual course of their respective trading operations, other than any Disposal made in accordance with
            the Bareboat Charter; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make any substantial change (or any change, in the case of the Charterer) to the nature of their
            respective business or corporate structure from that existing as at the date of this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.18</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger,
      sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.20</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Judgments and Currency Indemnity</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Judgments relating to Bareboat Charter and other Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall cover any amount payable by any other Relevant Person under or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency indemnity</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any sum due from the Guarantor to the Owner under this Guarantee or under any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any
            arrangement involving it or otherwise; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order, judgment or award from any court or other tribunal; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center">15</p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order, judgment or award;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor shall indemnify the Owner against the loss arising when the amount of
      the payment actually received by the Owner is converted at the available rate of exchange into the Contractual Currency.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>),
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Supplemental</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Continuing guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall remain in force as a continuing security interest at all times
      during the Security Period.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rights cumulative, non-exclusive</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may
      be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.3</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owner omits to exercise, delays in exercising or invalidly exercises any of
      its rights under this Guarantee, that shall not impair that or any other right of the Owner under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.4</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any provision of this Guarantee is or subsequently becomes void, illegal,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.5</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall not impair, nor be impaired by, any other guarantee or any
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.6</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat
      Charter and any other Leasing Document in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Applicability of provisions of Guarantee to other rights</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clauses <font style="color: black">3</font> (<i>Liability as principal and
        independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the
      time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability </i></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">16</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px 0pt 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">as <i>principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat
        Charter</i>)), being an agreement referring to this Guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0px 0pt 0.5in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Third party rights</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other than the Other Owners, a person who is not a party to this Guarantee has no
      right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterpart</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee may be executed in any number of counterparts, and this has the same
      effect as if the signatures on the counterparts were on a single copy of this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FATCA Information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter
            within ten (10) Business Days of a reasonable request by the other Party:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other relevant parties) such other form or forms
            (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information
            required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or
            W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other
            relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion,
            might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations);
            provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9
            (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party fails to confirm its status or to supply forms, documentation or other information
            requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
            shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">17</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated
            for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Assignment</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Owner</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 64 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to
      this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and
      &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when applied herein.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor may not assign any of its rights or transfer any of
      its rights or obligations under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Notices</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices to Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in connection with this Guarantee
      shall be given by letter or email at:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: atsirikos@topships.org</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 81 28 180</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
      or to such other address or email address which the Guarantor may notify to the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Validity of demands</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A demand under this Guarantee shall be valid notwithstanding that it is served:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the
            Leasing Document to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly
      authorised officer of the Owner and delivered to the Guarantor pursuant to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed
      obligations to be paid and/or performed (as the case may be); and (v) set forth payment instructions in respect of any amount or amounts payable to the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">18</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices to Owner</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice to the Owner under or in connection with this Guarantee shall be sent to
      the same address and in the same manner as notices to the Owner under clause 44 (<i>Notice</i>) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Invalidity of Bareboat Charter</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Invalidity of Bareboat Charter or other Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or
            retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the
            introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for
            example, by interest ceasing to accrue);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Guarantee shall cover any amount which would have been or become payable under
      or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such
      events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts
      payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly
            incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 43 (<i>No waiver of rights</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 55 (<i>no set-off or tax deduction</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 57 (<i>confidentiality</i>); and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 59 (<i>partial invalidity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">19</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee<br>
      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Governing law</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee and any non-contractual obligations arising out of or in connection
      with it are governed by English law.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the
            existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance
            with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the
            two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association,
            or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14
            calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
            appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as
            sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary
            these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">20</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">21</font></p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1<br>
      <br>
      Form of Compliance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LUSTRE 1 HOLDING LIMITED</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC. </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: _______________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee dated </b>_______________ <b>2025 (the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect
        of a bareboat charter for m.v. &#8220;JULIUS CAESAR&#8221;</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear Sirs</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the
            same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance Certificate.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has
            not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if any, being taken to remedy the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>85





            per cent 85%); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Liquid Funds is <font style="color: windowtext">[&#9679;], which is not less than US$</font>550,000.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed: ___________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Co-Chief Financial Officer of</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b></font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center; font: 10pt Arial, Helvetica, Sans-Serif">22</p>
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      m.v. Julius Caesar <br>
      SINGAPORE/91880870v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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      m.v. Julius Caesar <br>
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<DOCUMENT>
<TYPE>EX-4.25
<SEQUENCE>6
<FILENAME>ef20060828_ex4-25.htm
<DESCRIPTION>EXHIBIT 4.25
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            <div style="margin-left: 36pt;"><font style="font-weight: bold;">1 August 2025</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
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        </td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of delivery (Cl. 3)</font></p>
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        <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 32 (Charter Period)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 36 (Charterhire and Advance Charterhire)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Changes to Interest Rate, Default Interest)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dollars/Bank transfer</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 36 (Charterhire and Advance Charterhire); such
                account as the Owners may notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bank guarantee/bond (sum and
              place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 24</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage(s), if any (state
              whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
              war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance) - Clause 14 does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Charterers&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Dispute Resolution (state 30(a),
              30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 30 not applicable. See Clause 66 (Governing Law and
                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;War cancellation (indicate
              countries agreed) (Cl. 26(f))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding Vessel (indicate with
              &#8220;yes&#8221; or &#8220;no&#8221; whether PART III applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 68 (Definitions)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PREAMBLE - It is mutually agreed that this Contract shall be performed
      subject to the conditions contained in this Charter which shall include PART I and PART II <font style="color: #B3122F"><u>and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B3122F"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B3122F"><u>and</u></font><font style="color: #3C95D1"><strike>shall prevail over those of</strike></font> PART II to the extent of such
      conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V
      apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt; text-indent: 0.5in;">
          <div><font style="font-size: 10pt;">Signature (Owners)</font></div>
          <div><font style="font-size: 10pt;"> <br>
            </font></div>
          <div>
            <div style="text-align: left; font-size: 10pt;">/s/ Chen Keqi</div>
            <font style="font-size: 10pt;"> </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt;">
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;">Signature (Charterers)</font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> <br>
            </font></p>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">/s/ Alexandros Tsirikos</div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;"> <br>
          </div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">ALEXANDROS TSIRIKOS, Attorney-in-fact</div>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> </font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 10pt;">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.4in; text-align: left">1</td>
        <td style="width: 0.4in;"><b>1.</b></td>
        <td style="text-align: left"><b>Definitions</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">2</td>
        <td>In this Charter, the following terms shall have the meanings hereby assigned to them:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">3</td>
        <td>&#8220;The Owners&#8221; shall mean the party identified in Box 3;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">4</font></td>
        <td>&#8220;The Charterers&#8221; shall mean the party identified in Box 4;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">5</font></td>
        <td>&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">6</font></td>
        <td>
          <div>&#8220;Financial Instrument<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>s</u></font>&#8221; <font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>has the meaning ascribed to it in Clause 68
                (Definitions). </u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>means the mortgage, deed of </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>covenant or other such financ</strike>i<strike>a</strike>l <strike>secur</strike>i<strike>ty </strike>i<strike>nstrument as</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17pt 0pt 46pt; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>7</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>annexed to this Charter and stated in Box 28.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">8</font></td>
        <td style="width: 0.4in"><b>2.</b></td>
        <td><b>Charter Period</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">9</font></td>
        <td>In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">10</font></td>
        <td>hire the Vessel for the period stated in Box 21 <font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(&#8220;The Charter Per</strike>i<strike>od&#8221;)</strike></font>.<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u> See also Clause 32</u> (<u>Charter Period</u>)</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">11</font></td>
        <td style="width: 0.4in"><b>3.</b></td>
        <td><b>Delivery</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">12</font></td>
        <td>(not applicable when Part III applies, as indicated in Box 37)</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">13</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in</strike></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>14</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>every respect ready in hull, machinery and equipment for service under this Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">15</font></td>
        <td>The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">16</font></td>
        <td>Box 13<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>.</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2">&#160;i<strike>n such ready safe berth as the Charterers may d</strike>i<strike>rect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">17</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in</strike></font></td>
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        <td style="vertical-align: top; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td style="vertical-align: top; width: 0.4in">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her</strike></font></td>
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      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="color: #3C96D2"><strike>12.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
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        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions,</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>but the Owners sha</strike>ll <strike>be</strike> li<strike>ab</strike>l<strike>e for</strike></font></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repa</strike>i<strike>rs or renewa</strike>l<strike>s occas</strike>i<strike>oned
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, ex</strike>i<strike>sting at the time of de</strike>li<strike>very under th</strike>i<strike>s
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 34 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217;</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling<font style="color: #B31330"><u> (See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td style="vertical-align: top"><font style="color: rgb(60,150,210)"><strike>(a)</strike></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="color: rgb(59,149,210)"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under th</strike>i<strike>s Charter.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><b>6.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 46.1(t), 46.1 (u) and 46.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter.</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial,</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37)</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers </strike></font>shall <font style="color: #3C96D2"><strike>each </strike></font>appoint surveyors for
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>de</strike>li<strike>very and </strike></font>redelivery <font style="color: #B31330"><u>pursuant




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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection<font style="color: #B31330"><u> (See Clause 47 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided;</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation</b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
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      <tr style="vertical-align: top">
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        <td>&#160;</td>
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      <tr style="vertical-align: top">
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        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">territorial or contiguous waters of any country, state or municipality in performance of this Charter without any</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">government or division or authority thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

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        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>wh</strike>i<strike>ch shall not be unreasonab</strike>l<strike>y w</strike>i<strike>thhe</strike>l<strike>d,






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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period<font style="color: #B31330"> <u>(with all fees, costs and expenses arising in relation thereto for </u></font></font></div>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes to the Vessel - Subject to Clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first securing</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition<font style="color: #3C96D2"><strike> before the term</strike>i<strike>nation of th</strike>i<strike>s Charter</strike></font>.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>or, if Box 19 has</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire<font style="color: #B31330"><u> (See Clause 36 (Charterhire and Advance Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(a)</strike></font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">respect</font></strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Per</strike>i<strike>od.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage<font style="color: #B31330"><u> ((See Clause 64.3 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>181</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>(only to apply if Box 28 has been appropriately filled in)</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190<br>
              191</strike></font></td>
        <td>&#160;</td>
        <td>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs<font style="color: #B31330"><u> (See also Clause 39 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 39 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>with Clause 39 (Insurance</u>) </font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and






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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>demurrage and defence risks</u></font> (and any risks against which it is compulsory to insure for the</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint<font style="color: #B31330"><u> provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the OnOwners and the Owners&#8217; Financiers (if any)</u></font>. Insurance policies shall cover the</font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u> </font>and the Charterers according to their</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses, </u></font><font style="color: #3C96D2"><strike>Financial Instrument, if
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners and the insurers,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>C</strike>l<strike>ause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">shall</font></strike></font></div>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the&#160;</strike></font>Charterers</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party</strike></font> <font style="color: #B31330"><u>Owners </u></font>with particulars of any additional insurance </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effected,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary.<font style="color: #B31330"><u> The Charterers hereby undertake that any </u></font></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies.</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330"><u>(if </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 41.13 (Termination, Redelivery and Total Loss</u>)</font>, </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a),&#160;</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners<font style="color: #B31330"><u> (or, if a</u>p<u>plicable, the Owners&#8217; Financiers in accordance with the terms of </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the relevant loss</u> pa<u>yable clauses</u>). </font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accord</strike>i<strike>ng to the</strike>i<strike>r respective</strike> i<strike>nterests.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to notify the Owners <font style="color: #B31330"><u>and the Owners&#8217; Financiers</u> </font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any,&#160;</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the Vessel
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 39 (Insurance). </u></font><font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs,</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a).</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>effected,</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery<font style="color: #B31330"><u> (See Clause 41.6 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>range</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of expected date and port or place of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>291</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>292</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>excepted.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>294</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>least the number of months agreed in Box 17.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">295</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Save for Permitted Security Interest (if any), t</u></font><font style="color: #3C95D1"><strike>T</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">he Charterers will not suffer, nor permit to be continued, any lien </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or encumbrance incurred by them or their</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221; <font style="color: #B3122F"><u>or a notice in such analogous form as reasonably </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by any Mortgagee (if any).</u></font></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">303</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indemnity<font style="color: #B3122F"><u>&#160;(See Clauses 38.3 (Possession of Vessel), 39.16 (Insurance), 39.17 (Insurance), 39.18 (Insurance), </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>41.4 (Termination, Redelivery and Total Loss), 54 (Indemnities) and 56.4 (Increased Costs))</u></font></font></div>
        </td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>304</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>305</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>306</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>307</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>308</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>309</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the provision of bail.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>310</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>311</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>312</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>313</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> released,</strike></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>314</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>including the provision of bail.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>315</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>316</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B3122F"><u>shall</u></font><font style="color: #3C95D1"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
              sub-freights belonging or due to the Charterers or </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C95D1"><strike>, and
                the Charterers to have a lien on</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>the Vessel for all moneys paid in advance and not earned</strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">321</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">330</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment</b><font style="color: #3C95D1"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B3122F"><b><u>(See





                  Clause 64 (Assignment and Transfer))</u></b></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions as the Owners shall approve.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall not sell the Vessel during the currency of this Charter except with the prior written consent of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Charter.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)* </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>343</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>346</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>347</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>348</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Delete as applicable.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">349</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><b><strike>Bank </strike></b></font><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Corporate </u></font></b><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>(Optional, only to apply if Box 27 filled in)</strike></strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B3122F"><u>on or about the date of this Charter,</u></font> <font style="color: #3C95D1"><strike>before
                  delivery of the Vessel, a first </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>class bank guarantee or bond in the </strike></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="color: #3C95D1"><strike>sum and at the place as indicated in Box 27 as</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>a corporate guarantee from the Guarantor as</u></font>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantee <font style="color: #B3122F"><u>and the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>other Security Documents (if not already earlier entered into)</u></font> for full performance of their obligations under this</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">354</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>Sub</u>j<u>ect to the provisions of the Financial Instruments (if any ) and the General Assignment, i</u></font><font style="color: #3C95D1"><strike>I</strike></font>n the event of the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Requisition for Hire of the Vessel by any governmental or other competent authority</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B3122F"><u>. </u></font><font style="color: #3C95D1"><strike>always
                  provided however </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>that</strike></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for Hire&#8221; whichever be the shorter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Sub</u>j<u>ect to the other provisions of this Charter and the Financial Instruments (if an</u>y) <u>i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the Owners </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> being deprived of their ownership in the Vessel by any Compulsory Acquisition of the</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C95D1"><strike>to </strike></font><font style="color: #B3122F"><u>shall</u></font> be
              paid up to the date and time of such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">371</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C95D1"><strike>unless the wri</strike>tt<strike>en consent of the Owners be</strike> fi<strike>rst obtained,</strike></font> <font style="color: #B3122F"><u>unless trading within the limits and safe </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>and the additional insurances of the Vessel, </u></font> shall not continue to or go through any</font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>within,</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the next payment of hire is due.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war<font style="color: #3C95D1"><strike> (whether there be a declaration of war or not)</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>406</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Kingdom;</strike></font></div>
        </td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>407</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>France; and the People&#8217;s Republic of China,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>408</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>409</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>410</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>411</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>412</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid in accordance
            with Clause 11 <font style="color: #3C95D1"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C95D1"><strike>redelivery</strike></font><font style="color: #B3122F"><u>the end of the Charter Period</u></font>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">415</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>416</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>417</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>418</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>actual expenses of the Brokers and a reasonable fee for their work.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>419</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor
              shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>420</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnify the Brokers against their loss of commission.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>421</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>422</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">423</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination<font style="color: #B3122F"><u> (See Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination
                  Events))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>424</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charterers&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>425</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charter</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>426</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>with immediate effect by written notice to the Charterers if:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>427</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>punctual</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>428</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>429</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>430</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>431</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>432</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>433</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>434</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>terminate the Charter without further notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>435</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Charterers fail to comply with the requirements of:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>436</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(1) Clause 6 (Trading Restrictions)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>437</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(2) Clause 13(a) (Insurance and Repairs)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>438</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>439</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>440</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>441</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i)
              (Maintenance</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>442</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>443</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>444</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Owners&#8217; Default</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>445</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>446</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14)</strike></font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>447</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>448</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>449</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Loss of Vessel</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>450</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>451</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>452</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>453</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>454</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>455</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>456</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>457</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>receiver</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>458</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>459</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>composition with its creditors.</strike></font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>460</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>461</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date of termination and to any claim that either party might have.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. </b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Repossession<font style="color: #B3122F"><u> (See also Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination Events)). </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>In the event the Vessel is due for redelivery pursuant to Clause 41.6 (Termination, Redelivery and Total Loss) or </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Clause 41.10 (Termination, Redelivery and Total Loss),</u></font></b></font></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners<font style="color: #B3122F"><u> and the Charterers shall procure that the master and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall not </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>be materially and adversely compromised</u>)</font>. <font style="color: #3C95D1"><strike>The Owners shall arrange for an authorised</strike></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>468</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>469</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements and expenses
            relating to the settling of wages,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">473</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution<font style="color: #B3122F"> <u>(See Clause 66</u> (<u>Governing Law and Enforcement</u>))</font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>474</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>475</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>476</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>477</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provisions of this Clause.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>478</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>479</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Terms current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>480</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>481</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>482</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>483</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>484</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>485</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>486</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accordingly.</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>487</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>489</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appointment of a sole arbitrator.</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>490</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>491</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>492</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>493</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>496</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>497</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>498</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>499</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>500</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>501</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>502</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(c)* </strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>503</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at
              a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>504</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mutually agreed place, subject to the procedures applicable there.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>505</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>506</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or dispute arising out of or in connection with this Contract.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>507</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>508</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following shall apply:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>509</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> mediation</strike></font></div>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>510</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>511</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>512</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>513</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>514</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>515</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted</strike></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>516</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>517</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of disagreement, as may be set by the mediator.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>518</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>519</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>520</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>521</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>necessary to protect its interest.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>522</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>523</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>524</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>when setting the timetable for steps in the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>525</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>526</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>527</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>528</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>529</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and procedure governing the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>530</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>531</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d)
              shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>532</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>apply in all cases.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>533</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">534</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B3122F">(<u>See Clause 44 </u>(<u>No</u>ti<u>ces</u>))</font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>535</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex,</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>536</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>registered or recorded mail or by personal service.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>537</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Specifications and Building Contract</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; padding-right: 0px;"></td>
        <td style="width: 0.4in; padding-right: 0;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td style="text-align: justify; padding-right: 0; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a) </strike></font></td>
        <td style="text-align: justify; padding-right: 0;">
          <div><font style="color: #3C95D1;"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Contract&#8221;) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td style="text-align: justify; padding-right: 56pt;">
          <div><font style="color: #3C95D1;"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>specifications </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>approved by the Charterers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify; padding-right: 19pt;">
          <div><font style="color: #3C95D1;"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>from </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px; padding-bottom: 10pt;"></td>
        <td style="width: 0.8in; text-align: left; padding-bottom: 10pt"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="padding-bottom: 10pt"><font style="color: #3C95D1;"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>remedies.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify; padding-right: 31pt;">
          <div><font style="color: #3C95D1;"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>recover </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>incurred. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>41(a) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify; padding-right: 29pt;">
          <div><font style="color: #3C95D1;"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Builders) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>29</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>30</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>31</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>32</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>33</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>34</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>35</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>36</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>37</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>38</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>39</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>40</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties,</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>41</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>42</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>43</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>44</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>45</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>46</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>47</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>48</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>49</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0%;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>50</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>to have effect; or</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>51</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7)</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>52</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>53</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>54</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Owners shall commence such negotiations and/ or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>55</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>56</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>57</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>58</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>59</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>60</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>61</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>62</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>63</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>64</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>65</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>66</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>67</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>4.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>68</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>69</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>painted in the colours, display the funnel insignia and fly the house flag as r</strike></font><strike><font style="color: #3C96D2;">equired by the Charterers.</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>70</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>5. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>71</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>72</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the condition of the Vessel at the time of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>73</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>74</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>75</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>also bear all loss of time spen</strike></font><strike><font style="color: #3C96D2;">t in connection with any docking and undocking as well as repairs, which shall be</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>76</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>paid at the rate of hire per day or pro rata.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART IV</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 25.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="padding-right: 32pt;">
          <div><font style="color: #3C95D1;"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>anchors,</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>payment. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td style="text-align: justify; padding-right: 42pt;">
          <div><font style="color: #3C95D1;"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>equivalent </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART V</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 212.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1.</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Definitions</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them:</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>as Owners and to which jurisdiction and c</strike></font><strike><font style="color: #3C96D2;">ontrol of the Vessel will revert upon termination of the Bareboat</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charter Registration.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2.</strike></b></font></td>
        <td><font style="color: #3C96D2;"><strike><b>Mortgage</b></strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II)</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>shall apply. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin: 0; font-family: Arial, Helvetica, Sans-Serif"></p>
  <p style="margin: 0; font-size: 10pt"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>EXECUTION VERSION</u></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><font style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt;"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED&#160;</b><b><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 &#8211; Charter Period &#160;</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">32.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter, continue for a period of one hundred and twenty (120)
            months starting from the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">32.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with effect from the date hereof until the end of the Charter Period (subject to
      the terms of this Charter).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 33 &#8211; Cancellation</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">33.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the Cancelling Date (or such later date as the parties to
            the MOA may agree); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason (in whole or in part),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">then this Charter shall immediately terminate and be cancelled
      (without prejudice to Clause 54 &#8211; (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers
      pursuant to Clause 42 &#8211; (<i>Fees and Expenses</i>) (and without prejudice to Clause 42 &#8211; (<i>Fees and Expenses</i>) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in
      accordance with Clause 42 &#8211; (<i>Fees and Expenses</i>) and such payment shall be irrevocable and unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in
      protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter. For the avoidance of doubt, the termination of this Charter shall not prejudice the operation of any provision of any Leasing Document which
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 34 &#8211; Delivery and Charter of Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one of the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the delivery of the Vessel by the Existing Owner to the Existing Charterer of the Vessel under the Existing BBC;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Potential Termination Event or Termination Event having occurred which is continuing from the date of this Charter to the last day of the Charter Period
            (inclusive);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the representations and warranties contained in Clause 45 &#8211; (<i>Representations and Warranties</i>) being true and correct on the date hereof and each day
            thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners having received from the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their capacity as buyers under
            the MOA), the documents or evidence set out in Part A of Schedule 2 in form and substance satisfactory to them; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy of the protocol of delivery and acceptance evidencing
            delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance satisfactory to them,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the documents listed in Schedule 2 are not in the English language
      then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The conditions precedent specified in Clause 34.2(f) are inserted for the sole benefit of the Owners and may be waived or deferred in whole or in part and
            with or without conditions by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i) On the delivery of the Vessel by the Existing Owner to the Existing Charterer under the Existing BBC and (ii) on the delivery to and acceptance by the
            Owners (in their capacity as buyers) of the Vessel from the Charterers (in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter
            and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver to the Owners, the Acceptance Certificate. The
            Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed and/or the Charterers do
            not take actual possession of the Vessel at that time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this Charter once the Vessel has been
            delivered to and accepted by the Owners (in their capacity as buyers) from the Charterers (in their capacity as sellers) under </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the MOA, and the Owners shall not be liable for any losses, costs or
      expenses whatsoever or howsoever arising including without limitation, any loss of profit or any loss or otherwise:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited to any deficiency in seaworthiness,
            merchantability, classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating oils and hydraulic oils and greases in storage
            tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils and hydraulic
            oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">34.8</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule 2 in a form and substance satisfactory to the
            Owners within the time periods permitted therein.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 35 &#8211; Quiet enjoyment</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      or Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer), a quiet enjoyment to be entered between the Owners, the
            Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers in a form mutually acceptable to the Mortgagee
            and the Charterer.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 36 &#8211; Charterhire and Advance Charterhire</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the request of the Charterers, the Charterers hereby
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference between the Purchase Price and the Financing
            Amount as of the Commencement Date (the &#8220;<b>Advance Charterhire</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement Date by the Owners (as buyers under the MOA) setting off
            an amount equal </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Advance Charterhire shall not bear interest and shall be non-refundable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire in arrears in monthly instalments on each Payment Date.
            Each instalment shall consist of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;) which shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">(A)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), US$250,000 (&#8220;<b>Original Fixed Charterhire A</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(B)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, US$250,000 (&#8220;<b>Original



              Fixed Charterhire B</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 72pt;"></td>
        <td style="width: 40.5pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(A)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), <i>Original <font style="font-weight: normal">Fixed Charterhire A</font> x Adjustment Value</i>; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 72pt;"></td>
        <td style="width: 40.5pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(B)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, <i>Original
              Fixed Charterhire B x Adjustment Value</i>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by applying the applicable Interest Rate to the Outstanding
            Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, on the Commencement Date) for the relevant Hire Period ending on the relevant Payment Date by reference to the actual number of days
            elapsed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.5A</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of determining the Variable Charterhire:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to
            for that Hire Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If no Term SOFR is available for any relevant Hire Period and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference Rate shall
            be the Historic Term SOFR;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period, the applicable Reference Rate shall be the Interpolated
            Historic Term SOFR for a period equal in length to that Hire Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for that Hire Period
            and Clause 37.3 shall apply for that Hire Period.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Charterhire shall be payable in arrears on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the
            calendar month following the month in which the preceding Payment Date falls, save that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the calendar
            month following the month in which the Commencement Date falls (the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the final instalment of Charterhire shall fall on the last day of the Charter Period,</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such that there is a total of one hundred and twenty (120) Payment Dates during
      the Charter Period (each, a &#8220;<b>Payment Date</b>&#8221;).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the Owners by not later than 4.00 pm (Beijing time). Any
            payment of Charterhire which is due to be made on a Payment Date which is not also a Business Day shall be made on the preceding Business Day instead.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.8</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be of the essence of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.9</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.10</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers to the Owners&#8217; designated bank account as the Owners
            may notify the Charterers in writing from time to time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.11</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers&#8217; risk until receipt by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.12</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Vessel shall not at any time be deemed off-hire and the Charterers&#8217; obligation to pay the Charterhire and any other amounts payable in this Charter
            (including but not limited to the Termination Sum) in Dollars shall be absolute and unconditional under any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not limited to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      </tr>

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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or complying with any of the terms and
            provisions of this Charter or any of the Leasing Documents by any party to this Charter or any other person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing Documents executed or to be executed pursuant
            to this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(j)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage, accident, defective cargo or any other
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(k)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak of any viruses or any other highly infectious or
            contagious diseases (including the 2019 novel coronavirus), including but not limited to those caused by:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">closure of ports;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">prohibitions or restrictions against the Vessel calling at or passing through certain ports;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel or the operation of the ports (including stevedoring
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination event (or any other analogous event howsoever
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">36.13</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services tax), withholding or other taxes and import and
            export duties and all other similar types of charges which may be levied or assessed on or in connection with:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the import, export, purchase, operation, delivery and re-delivery of the Vessel,</font></td>
      </tr>

  </table>
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      added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in Hong Kong
      and (ii) the introduction or alteration after the date of this Charter of a law in Hong Kong or an alteration after the date of this Charter in the manner in which a law in Hong Kong is interpreted or applied (the &#8220;<b>Tax Changes</b>&#8221;), and after the
      Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax
      Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, before the Reporting Time, the Owners determine (which determination shall be conclusive and binding) that their cost of funds relating to the then prevailing
            Outstanding Capital Balance or any part thereof would be in excess of the Market Disruption Rate, the Owners shall promptly notify the Charterers accordingly and Clause 37.3 below shall apply to the prevailing Outstanding Capital Balance or any
            part thereof for that Hire Period.</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font-size: 10pt">
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            negotiate in good faith (for a period not more than thirty (30) days) with a view to agreeing upon a substitute basis for determining the applicable Interest Rate for that Hire Period. Subject to Clause 37.4, any substitute or alternative basis
            agreed pursuant to this Clause shall, with the prior written consent of the Parties, be binding on the Parties.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">this Clause 37.3 applies pursuant to Clause 36.5A and Clause 37.1; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 37.4,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Margin, and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to the Owners at the relevant time (expressed as an annual rate of
            interest) relating to the then prevailing Outstanding Capital Balance or any part thereof during the relevant Hire Period (as reasonably determined by the Owners),</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      zero, the relevant rate shall be deemed to be zero. It is hereby agreed that the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners pursuant to this Clause 37.3,
      and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Owners do not notify a Funding Rate to the Charterers by the Reporting Time, the Owners&#8217; cost of funds relating to that portion of the Outstanding Capital Balance for that Hire Period shall be deemed, for the purposes of Clause 37.3(c)(ii) above, to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">37.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the Owners are entitled to make any amendment or waiver to
            the terms of the Leasing Documents with the consent of the Charterers (at the Charterers&#8217; cost) which relates to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition to) that Published Rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this Charter (including, without limitation, any
            consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of
            the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the
            basis of that designation, nomination or recommendation),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and pending any such amendment or waiver and the Replacement Reference Rate being
      utilised under the Leasing Documents to calculate the Interest Rate, Clause 37.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">37.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional interest on such late payment at a rate which is
            equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Hire Period which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment became due up
            to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the Owners agree that such default rate is proportionate as to amount, </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">having regard to the legitimate interest of the Owners, in protecting
      against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">37.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All interest (including default interest) and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and
            shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 38 &#8211; Possession of Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">38.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the Vessel or any interest therein, its Earnings,
            Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising from any breach by
            the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">38.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer or any other Sub-charterer of the Vessel) (as the
            Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that such party has
            received such written notification.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">38.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out of their possession or control (whether or not pursuant
            to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may
            require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without
            prejudice to the generality of the foregoing and Clause 53 &#8211; (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing bills of lading
            or other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">38.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners&#8217; direct actions or omissions and for reasons which
            are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take all reasonable
            steps to procure that the Vessel is released within a reasonable time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">38.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of the Vessel to pay and discharge all obligations and
            liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent) an arrest
            (threatened or otherwise) of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall procure that the insurances for the Vessel are effected:</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an agreed value basis of at least the
            higher of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher of (i) the highest level of cover from time to time
            available under protection and indemnity club entry and in the international marine insurance market and (ii) an amount of not less than $1,000,000,000;</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a protection and indemnity club which is a member of the
            International Group of Protection and Indemnity Clubs;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">with first class international insurers and/or underwriters acceptable to the Owners and having a Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s
            rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the Owners or, in the case of war risks through a protection and indemnity club which meets the requirements of paragraph (d) above; and</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on terms and in form acceptable to the Owners.</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall procure that the Obligatory Insurances shall:</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable the Owners&#8217; Financiers if so required by the
            Owners) as the only named assureds unless the interest of every other named assured or co-assured is limited:</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
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        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable claim on underwriters; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against
            them); and</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are entitled to make by way of reimbursement following
            discharge of any third party liability claims made specifically against them,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and every other named assured or co-assured has undertaken in writing to the
      Owners or the Owners&#8217; Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217; Financiers (if any)) in proportion to
      the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of the loss payable
      clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">whenever the Owners&#8217; Financiers (if any) require:</font></td>
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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional named assured for their rights and
            interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in
            respect of such insurance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the
            extent permissible under the relevant protection and indemnity club rules; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">name the same and the Owners as respectively the first ranking loss payee and the second ranking loss payee (and in the absence of any financiers, the Owners
            as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for payment in accordance with the terms of such relevant loss payable clause,
            as the Owners and the Owners&#8217; Financiers (if any) may specify;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners and/or the Owners&#8217; Financiers (as applicable) shall be
            made without set-off, counterclaim, deductions or condition whatsoever;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">provide that such Obligatory Insurances shall be primary without right of contribution from other insurances which may be carried by the Owners or the Owners&#8217;
            Financiers (if any);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the Charterers fail to do so; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Owners
            and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners&#8217; Financiers (if any)
            for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall:</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in writing the Owners of the terms and conditions of all
            Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change of appointment of any brokers (or other insurers) and
            any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 39 &#8211; (<i>Insurance</i>), notify the Owners (copied to the Owners&#8217; Financiers (if any)) of the brokers
            (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Obligatory Insurance and of the proposed terms of such renewed or new
      insurance cover and obtain the Owners&#8217; approval to such matters;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance is renewed or to be renewed on its expiry date
            in accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after
            the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions of the renewal; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after such expiry, deliver to the Owners a letter of
            undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 39.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover notes or entry certificates duly endorsed with
            the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers (if any) provide the Owners with copies (or upon the
            Owners&#8217; request, originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners and/or the Owners&#8217;
            Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice of assignment complying with the provisions of this
            Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the Owners&#8217; Financiers (if any) and/or such other party in
            accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the terms of the Obligatory Insurances of which they are
            aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and the Owners&#8217; Financiers (if any) when any cancellation,
            charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month before the expiry of the Obligatory Insurances they will
            notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the
            event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the insurance broker(s), or leading insurer, as the case
            may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Obligatory Insurances any premiums due in respect of any other vessel
      under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under them, which they might have in respect of such premiums, and they will not cancel such
      Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and
      where practicable.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Owners and the Owners&#8217;
            Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217; Financiers (if any) and agreed by such associations or in
            such association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant
            certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the approved brokers (if any) through which the insurances
            are effected or renewed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances are punctually paid and produce all relevant
            receipts when so required by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.8</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force
            and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.9</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any Obligatory Insurance
            invalid, void, voidable or unenforceable or render any sum payable under an Obligatory Insurance repayable in whole or in part; and, in particular:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from time to time be applicable to the
            Obligatory Insurances, and (without limiting the obligations contained in this Clause 39 &#8211; (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which the Owners have not given
            their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall not make or permit any changes relating to the classification or the classification society of the Vessel or, subject to procuring the
            provision of a replacement manager&#8217;s undertaking in substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved by the underwriters of
            the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">13</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall procure that all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the Obligatory
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor waive any right relating to any Obligatory Insurance
            without the prior written consent of the Owners and the Owners&#8217; Financiers (if any).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all
            things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.12</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total Loss or a Major Casualty the Charterers shall provide
            the following immediately without the Owners&#8217; making any request), copies of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the approved protection and indemnity and/or war risks associations; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the approved insurers and/or underwriters, which relate directly or indirectly to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all requisite declarations and payments of additional
            premiums or calls; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii) above relating wholly or partly to the
            effecting or maintenance of the Obligatory Insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.13</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for the purpose of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">14</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the Obligatory Insurances effected or proposed to be
            effected; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance and Repairs</i>) or Clause 39 &#8211; (<i>Insurance</i>)
            dealing with or considering any matters relating to any such insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s insurances exceeding the Major Casualty amount.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.14</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If one or more of the Obligatory Insurances are not effected and maintained with first class international insurers or are effected with an insurance or
            captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers, in each
            case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable to the Owners and/or the Owners&#8217; Financiers (if any). The
            Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.15</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make direct payment to the relevant insurer or broker for
            the same) in respect of all premiums and other expenses which are incurred by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners interest insurance and an innocent owners additional
            perils insurance or any similar protective shipowner insurance that is taken out in respect of the Vessel; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s
            additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at the relevant time any form of loan facility to refinance
            the Vessel,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case as referred to in paragraph (a), in an amount at
      least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan amount
      from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.16</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the Vessel (insofar as the Owners shall not be
            reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.17</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by the Owners in obtaining a detailed report signed by an
            independent firm of </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">15</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">marine insurance brokers approved by the Owners dealing with the
      Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory Insurances:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent requirement under Schedule 2 of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">when the Owners procure the issuance of such detailed report no more than once every calendar year, unless a Termination Event has occurred in which case such
            reports may be procured at the Charterer&#8217;s cost at any such time; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during the Charter Period there has been a material change in the
            terms of the Insurances and/or a change in the circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">39.18</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">keep the Vessel insured at their expense against such other risks (other than loss of hire which shall be insured against upon an occurrence and during the
            continuance of a Termination Event) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners and
            having regard to the then existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels
            similar to the Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance
            but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners in respect of any other insurances (other than
            loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing insurance cover
            and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 40 &#8211; Warranties relating to Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">40.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the Vessel but that the Owners (in their capacity as
            buyers) have purchased the Vessel from the Charterers (in their capacity as sellers) pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term,
            warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">40.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All conditions, terms or warranties express or implied by the law relating to the specifications, quality, description, merchantability or fitness for any
            purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">16</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">40.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense or other liability of any kind or nature caused
            directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability to pay any Charterhire
            or other payment due under this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 41 &#8211; Termination, Redelivery and Total Loss</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Termination</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the Charterers shall be obliged to pay the Owners the Termination
            Sum on the Termination Date and it is hereby agreed by the parties hereto that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing obligation and shall survive the termination of the leasing of
            the Vessel under this Charter and shall continue in full force and effect until irrevocably and unconditionally paid in full;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the
            Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the Owners serve a Termination Notice, be either an
            obligation to pay damages following acceptance by the Owners of a breach of condition by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5 shall apply and the Owners shall be entitled to
            exercise their rights under Clauses 41.9 and 41.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to the terms of this Charter, this Charter shall terminate
            and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the Charterers, transfer the legal and beneficial ownership of the
            Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners&#8217; Financier (save for
            those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be
            completed otherwise in accordance with Clause 53.1.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel prior to such transfer of ownership. Any
            documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Redelivery</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">17</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter, the Vessel shall be redelivered and taken over
            safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers shall where
            applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of expected date and port or place of redelivery.
            Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the Owners, the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be in compliance with the Obligatory Insurances;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition and with valid, unextended certificates for not
            less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair wear and tear
            not affecting the Vessel&#8217;s classification excepted;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second intermediate surveys and drydock at the Charterers&#8217; time
            and expense without any recommendation or condition:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the satisfaction of the Approved Classification Society; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable satisfaction of an Owners&#8217; Surveyor appointed at the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the time of Delivery, and any such spare parts and spare
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial Instruments, if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(j)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing charter or as otherwise agreed by the Owners in
            their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(k)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the next schedule dry docking of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(l)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">be redelivered to the Owner together with all material information generated during the Charter Period in respect of the use, possession, operation,
            navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">18</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(m)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to the nearest bunker port in compliance with all
            bunkering fuel content regulations then applicable in such place of redelivery, including without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel to commence a voyage (including any preceding ballast
            voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within any time period required by Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is after the
            date on which redelivery is required to take place pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<b>Redelivery Date</b>&#8221;), the Charterer shall, without prejudice to any other amounts payable under the Leasing
            Documents (including without limitation pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is
            redelivered in accordance with Clause 41.5, the rate of hire equivalent to the higher of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as determined by an Approved Valuer appointed by the
            Owners); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, all other terms, conditions and
      provisions of this Charter and the other Leasing Documents shall continue to apply during such period.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall provide the Owners&#8217; Surveyor with all such facilities and access to the Vessel as may be required to enable such Owners&#8217; Surveyor to
            conduct its survey of the Vessel and shall take all such actions as may be reasonably recommended by the Owners&#8217; Surveyor to ensure that the Vessel shall be redelivered in accordance with Clause 41.5. The Owners shall not be obliged to accept
            redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 41.5 and this Clause 41.7) are met, and the Vessel shall (if the
            redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers any costs, expense and/or liabilities incurred or
            suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel not being redelivered in accordance with the terms of this
            Charter).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.8</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil, unbroached provisions, paints, ropes, other consumable
            stores and spare parts in the Vessel (but excluding any such items owned by a third party which is not a member of the Group) at no cost to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Non-payment of Termination Sum</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.9</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the Charterers agree that should the Termination Sum not be paid on
            the Termination Date:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">19</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any way affecting the Charterers&#8217; obligation to pay the
            Charterer the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow the orders and
            directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or
            location as the Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners&#8217; sole discretion) but subject always to any quiet enjoyment
            letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment contracts
            provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses (which would include, without limitation, any
            costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing Documents pursuant to Clause 65 &#8211; (<i>General
              Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 54 &#8211; (<i>Indemnities</i>) and be added to the Termination
            Sum; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to any third party on arm&#8217;s length terms taking into
            account the prevailing market conditions, provided that the Charterers may for a period not exceeding a total of sixty (60) days from the Termination Date (the &#8220;<b>Nomination Period</b>&#8221;) nominate or identify a purchaser for the Vessel (a &#8220;<b>Nominated



              Purchaser</b>&#8221;). During the Nomination Period the Owners and the Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following
            conditions being satisfied:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld or delayed); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs of sale) is equal to or more than the applicable
            Termination Sum (unless otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and any net sale proceeds (after deducting all fees, taxes, disbursements and any
      other costs and expenses incurred or suffered by the Owners in connection with such sale) (the &#8220;<b>Net Sales Proceeds</b>&#8221;) derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination
      Sum in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall
      continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">20</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period or until the Owners&#8217; Purchase (as referred to in
            Clause 41.10) is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.10</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the Charterers of the Owners&#8217; intention to retain the
            Vessel instead of selling the Vessel under Clause 41.9(c) and 41.9(d) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes and costs which would
            be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market Value (less such deductions) of the Vessel
            as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the shortfall to the Owners and default interest
            shall continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum calculated as of the day of the notice of the
            Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.11</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other damage to the Vessel howsoever arising. If the Vessel
            becomes a Total Loss after Delivery, the Charterer shall, subject to Clause 41.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter shall terminate
            (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter,
            notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.12</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            shall be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners&#8217; Financiers in accordance
            with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>)). The obligation of the Charterers to
            pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.13</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">41.14</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">21</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 42 &#8211; Fees and Expenses</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the Owners within three (3) Business Days of the Owners&#8217;
            written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the due date under this Charter and in remedying any other
            failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Each Party shall be responsible for their own costs and expenses to review and negotiate the term sheet relating to this Charter. All documented costs and
            expenses (including, but not limited to, third party legal costs) reasonably incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any
            other Leasing Document (including without limitation any registration or filing expenses, all documented costs incurred by the Owners and all third party legal costs, expenses and other disbursement incurred by the Owners&#8217; legal counsels in
            connection with the same) shall be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration of title of the Vessel in the Owners&#8217; name in
            the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and maintenance costs if required to be registered as a foreign
            maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is
            delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the
            Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual register/tonnage tax amounts payable to the
            Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal fees) in relation to the transfer of title of the
            Vessel from the Owners to the Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) shall be for the account of the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required pursuant to 37.4 to address the fact that a
            Published Rate Replacement Event has occurred); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers make a request to re-register the Vessel in another Flag State,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on demand, reimburse the Owners for the
      amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">22</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">responding to, evaluating, negotiating or complying with that request or
      requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including third party legal fees) incurred by the Owners
            in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any proceedings
            instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">42.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided in favour of the Owners and shall continue in
            full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 43 &#8211; No Waiver of Rights</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">43.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and conditions of this Charter or any other Leasing Document
            (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be exclusive of any other right or remedy provided for
            herein or by law and all such rights and remedies shall be cumulative.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 44 &#8211; Notices</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">44.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to this Charter shall be in English and in
            writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the following respective address or email address:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0%;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify; width: 106.3pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the Owners:</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">China Huarong Shipping Financial Leasing Company Limited</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Room 6006, 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, No. 15 Second East Zhongshan Road, Shanghai, China, 200002</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Annie Tao/Song Pengwu</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: <u>taobeijuan@hrflc.com</u>/ <u>tao.beijuan@msn.cn</u>/ <u>songpengwu@hrflc.com</u></font><br>
    <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +86(0)21 63268756</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0%;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify; width: 106.3pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the Charterers:</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>c/o TOP SHIPS INC.</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: atsirikos@topships.org</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 8128180</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">23</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address
      or email address as that party may notify to the other.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">44.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered (in case of a registered letter), or (b) when
            actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to be served on the next following working day in such
            place.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 45 &#8211; Representations and Warranties</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">45.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the Charter Period, as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and controlled by the Guarantor or (following the Disposal)
            the New Shareholder (as the case may be), and the Guarantor and (following the Disposal) the New Shareholder controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated and validly existing under the laws of its jurisdiction
            of its incorporation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate actions and obtained all consents, approvals,
            authorisations, licenses or permits necessary for it:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to execute each of the Leasing Documents to which it is a party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(c) (<i>Representations and Warranties</i>) remain in force and
            nothing has occurred which makes any of them liable to revocation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved Sub-charterer is a party (as the case may be), subject
            to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered to the Owners pursuant Clause 34.2(f), constitutes such Relevant Person&#8217;s or an Approved Sub-charterer&#8217;s legal, valid
            and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors&#8217; rights generally;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) of, and the transactions
            contemplated by, each Leasing Document to which it (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) is a party do not and will not conflict with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws, Sanctions or laws relating to anti-trust or collusion and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">24</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the constitutional documents of such Relevant Person; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or
            instrument;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">there are no outstanding notices or demands from any governmental, quasi-governmental or public authority or instrumentality or any other person claiming
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third party has any Security Interest, other than the Permitted
            Security Interests, or any other interest, right or claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a party may be made by such party without
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no legal or administrative action involving a Relevant Person has been commenced or taken (including but not limited to actions involving any Environmental
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each Relevant Person has paid all taxes applicable to, or imposed on or in relation to it, its business or if applicable, the Vessel, except for those being
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(l)</font></td>
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            enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or the transactions contemplated by
            those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is a party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing
            Document are valid and binding against such Relevant Person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(m)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
            shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(n)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct, general and unconditional obligations of such
            Relevant Person and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of such Relevant Person save for any obligation which is mandatorily preferred by law and not by virtue of any
            contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(o)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or, once entered into, will create) the Security Interest
            which it is expressed to create with the ranking and priority it is expressed to have;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">25</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(p)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established a place of business in the United Kingdom or the United
            States of America;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(q)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Relevant Person, Approved Manager, Sub-charterer and no member of the Group:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">is a Prohibited Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">owns or controls a Prohibited Person; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(r)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">none of the Relevant Persons or any of their respective directors, officers, and employees or, to the best of its knowledge, any Sub-charterer is in breach of
            applicable Sanctions laws, and none of them (i) has been or is currently being investigated on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of them with respect to
            Sanctions and (iii) has taken any action to evade the application of Sanctions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(s)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each Relevant Person has
            instituted and maintained systems, controls, policies and procedures designed to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or Business Ethics Laws including, but not limited to,
            ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and
            Business Ethics Laws,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(t)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">that in relation to any Assignable Sub-Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document and there have been no amendments, supplements or
            variations to the same;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions contemplated under this Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif;">Assignable Sub-Charter <font style="color: windowtext">(A)



              whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where the applicable law requires the consent of the relevant Approved
              Sub-Charterer in order to effect an assignment thereof) </font>the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent to the assignment by the Charterers to the Owners of all their
            rights, interests and benefits in relation to the Initial Sub-charter or, as the case </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">26</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">may be, the relevant Assignable Sub-Charter pursuant to the General
      Assignment (for the avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes
      among other things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(u)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to
            benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the
            European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to
            be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set off, legal proceedings, attachment prior to judgment or
            other attachment or execution of judgement on the grounds of sovereign immunity or otherwise;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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            bankruptcy procedure (including, without limitation, those referred to under Clause 49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver,
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      <tr style="vertical-align: top; font-size: 10pt">
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            Document;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and accurate in all material respects as at the date it
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">none of the following events has occurred:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">breach of any Sanctions by any Relevant Person; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused to the Vessel for any reason whatsoever which
            results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with Clause 38 &#8211; (<i>Possession



              of Vessel</i>) and the General Assignment);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">27</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(aa)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(bb)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or
            (ii) has or is reasonably likely to have a Material Adverse Effect; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(cc)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
            Material Adverse Effect.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 46 &#8211; Undertakings</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">46.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers undertake that they shall comply or procure compliance with the following undertakings during the Charter Period (and to the extent that the
            Charterers are required to procure or ensure compliance with any undertaking under this Clause 46 &#8211; (<i>Undertaking</i>) by any Other Charterer which is not directly owned by the Guarantor, the Charterers are only required to use their best
            endeavours to procure or ensure such compliance):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial title (free of any Security Interests save for those
            created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">there shall be sent to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the annual financial
            statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be delivered
            under paragraph (iii) or (v) below;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for
            that half-year (as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited
            consolidated annual financial statement accounts of the Guarantor for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the
            Guarantor for that half-year certified as to their correctness by at least one officer of the Guarantor;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the New
            Shareholder, the audited consolidated annual financial statement accounts of the New Shareholder for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">28</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(vi)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated
            unaudited accounts of the New Shareholder for that half-year certified as to their correctness by at least one officer of the New Shareholder;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly
      authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes relating to any of their extraordinary
            shareholders&#8217; meeting which are despatched to the Charterers&#8217; or the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or actual breach of any Sanctions or Anti-Money Laundering
            Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer or other member of the Group;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any litigation, arbitration or administrative proceedings or investigations relating to any other matters not referred to in paragraph (i) above (including
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being taken to remedy it);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer on its behalf certifying that no Termination Event
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure the obtainment or renewal of and provide copies of,
            from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party (including without limitation to
            sell, charter and operate the Vessel);</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to exist any Security Interest (other than any Permitted
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall at their own cost and shall procure that each other Relevant Person will:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">29</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations
            and the Security Interests which such Relevant Person purports to create; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing Document to which such Relevant Person is a party with
            any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other
            step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days prior to the expiry of the fixed period as per the
            Initial Sub-charter), together with any evidence requested by the Owners, whether the Initial Sub-charterer intends to and will (with irrevocable confirmation from the Initial Sub-charterer) extend the charter period of the Initial Sub-charter
            in accordance with the terms thereunder;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(j)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable Sub-charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">an event of default or termination event howsoever called under the terms of any Assignable Sub-charter entitling either the Charterers or any Approved
            Sub-charterer to terminate an Assignable Sub-charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">breach of any Sanctions; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Potential Termination Event or a Termination Event,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and will keep the Owners fully up-to-date with all developments and the Charterers
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(k)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each calendar year and otherwise upon the Owners&#8217; and/or the
            Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other information relating:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the Vessel (including, but not limited to the management, employment, condition, class records, location and pooling arrangement of the Vessel) and, to
            their best knowledge having made due enquiry, to the Initial Sub-charterer;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the terms and conditions of any Sub-charter together with any other information relating to such Sub-charter; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">30</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to any other matter (which include without limitation, to their best knowledge having made due enquiry, any other matters relating to the Initial
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other Relevant Person will comply or procure compliance, with
            all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel&#8217;s registry and shall
            procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other relevant laws and regulations;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(m)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society and shall be free of all overdue conditions,
            recommendations, qualifications and conditions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(n)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall not and shall ensure that each of the Other Charterers, the Guarantor and (following the Disposal), the New Shareholder shall not enter into any
            form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of the Guarantor, unless it remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they will comply, and will procure that each other Relevant Person, each other member of the Group or, will use best endeavours to procure that, any
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            (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect and maintain a sanctions compliance policy which,
            inter alia, implements the recommendations of the Sanctions Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that (in the case of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have sufficient resources in place to ensure execution of and compliance with their own sanctions policies by their personnel, e.g., direct hires,
            contractors, and staff;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">31</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">ensure subsidiaries and affiliates comply with the relevant policies, as applicable;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have relevant controls in place to monitor automatic identification system (AIS) transponders;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to present a high risk;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(vi)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have controls to assess authenticity of bills of lading, as necessary; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(vii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">have controls in place consistent with the Sanctions Advisory;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without limiting Clause 46.1(o), they will procure that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited Person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at any port in any Prohibited Country or any area or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances
            or in any manner which would result or would reasonably be expected to result in any Relevant Person or the Owners becoming a Prohibited Person; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">that each charterparty in respect of the Vessel (other than the Initial Sub-charter) shall contain, for the benefit of the Owners, language which gives effect
            to the provisions of Clause 46.1(p) as regards Sanctions and of this Clause and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions and which prohibits trading to any Prohibited Country;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(q)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall ensure that the Market Value of the Vessel will be tested at any of the following instances:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the absence of a Termination Event which is continuing, at least once every calendar year during the Charter Period (being, 31 December of each calendar
            year) and the Charterers shall procure a valuation report issued by the Approved Valuers to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated not earlier than fifteen (15) calendar days before the
            applicable testing date (or on such other date as the Owners and the Charterers may agree));</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of the Vessel or vessels of the similar type of the Vessel,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">32</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">at any time at the request of the Owners (acting reasonably) if the Owners have determined that the then applicable Outstanding Capital Balance is likely to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon the occurrence of a Termination Event which is continuing, at any time at the request of the Owners,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(r)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall notify the Owners immediately of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer in connection with the Vessel or any Environmental
            Incident;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">arrest or detention of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on a bareboat charter basis, irrespective of duration) save
            that the Owners&#8217; prior written consent shall be required to any Assignable Sub-charter (such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their rights and interests under such Assignable Sub-charter
            and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(t)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(u)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">33</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and provide all information in relation to its business
            and operations which may be relevant for the purposes of ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing
            immediately upon being aware that any of the Charterers&#8217; shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(w)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager on terms acceptable to the Owners and such Approved
            Manager has (prior to accepting its appointment entered into a Manager&#8217;s Undertaking);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(x)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if at any time;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the shares of the Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The New York Stock Exchange or the NASDAQ or Over the
            Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to the Owners and
            documented in such terms as the Owners may require; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">pursuant to Clause 46.1(q), it is determined that the then applicable Outstanding Capital Balance exceeds eighty five (85%) per cent of the Market Value of
            the Vessel (the &#8220;<b>LTV Breach</b>&#8221; and the said difference between the applicable Outstanding Capital Balance and eighty five (85%) per cent of the Market Value of the Vessel shall be referred to as the &#8220;<b>shortfall</b>&#8221;),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, promptly and in any event no later than
      the date falling thirty (30) days from the date on which the Owners receive the valuation report(s) pursuant to Clause 46.1(q), at the Owners&#8217; discretion, either:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance payment of hire and credited against future
            instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid; and/or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">provide, or ensure that a third party has provided, additional Security Interests which, has a Market Value (in the case of a Security Interests over a
            vessel) or </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">34</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(y)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed), they shall not, and shall procure that no other
            Relevant Person shall, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving any term of the Initial Sub-charter or any other Assignable
            Sub-Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all Earnings and any other amounts received by them in connection with the Vessel are paid into the Operating Account ;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all of their operating expenses in connection with the Vessel are paid from the Operating Account or via the monthly budget from the manager&#8217;s bank account
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the credit balance in the Operating Account shall not at any time as from the Commencement Date, be less than $550,000;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(aa)</font></td>
        <td style="text-align: justify;"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall not:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">purchase, cancel or redeem any of its issued shares;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">increase or reduce the number of shares that it is authorized to issue or change the par value of such shares or create any new class of shares;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall not, and shall procure that the Guarantor and (following the Disposal) the New Shareholder shall not, make or pay any dividend or other
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            the Owners or remedied to the satisfaction of the Owners (acting reasonably));</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with all stores on board together with all records, logs,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">35</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      purposes of Clause 57 &#8211; (<i>Confidentiality</i>) but the Charterers acknowledge that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the Owners&#8217; and/or Owners&#8217; Financiers&#8217; portfolio
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no Disposal shall take place unless fifteen (15) Business Days prior written notification has been given to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without prejudice to paragraph (i) above, on the completion of a Disposal, the relevant Disposal Conditions are, or will be satisfied;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon the completion of the Disposal, the Security Interest created under the New Shares Security shall be fully perfected in accordance with the terms of the
            New Shares Security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">there shall be made and/or deemed to be made any further amendments necessary consequential to the effect of the Disposal to the Leasing Documents, or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ff)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">they:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">shall or shall procure that any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities
            imposed by the ISM Code (including each Approved Manager or any Sub-charterer) will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">promptly upon the Owners&#8217; request, provide and submit such signed mandate letter in the form required by the Owners and the relevant authority and provide any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">shall fulfil all obligations (including without limitation, paying all documented costs, expenses, liabilities and losses, legal and accounting fees and
            disbursements, penalties and interest) which may be imposed on the Owners as registered owner of the Vessel by the MARPOL Carbon Intensity Regulations; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with EU ETS and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(gg)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without prejudice to the foregoing paragraph (ff) in relation to EU ETS:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">36</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the Owners confirming that they have assumed responsibility
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that any other organisation or person whom the Charterers
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            review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties&#8217; obligations under Clauses
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(hh)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable Emission Scheme; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances in respect of the Vessel which are required to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with all relevant documents (including without
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            Scheme Authority relating to such Emission Scheme,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and to do all such things necessary or advisable to ensure that
      the Owners, the Charterers, each Emission Scheme Participant and the Vessel will be in compliance with all Environmental Laws.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">46.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Russian oil price cap</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">37</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers undertake that they will, at all times comply, and require compliance by:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all Sub-charterers of the Vessel;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">all parties (each a &#8220;<b>Counterparty</b>&#8221;) with whom the Charterers or a sub-charterer enters into a contract of carriage in respect of the Vessel,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with the Russian Oil Price Cap Measures.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will prior to the Vessel first commencing lifting or loading of
            Russian Oil Products (including any ship-to-ship or similar transfer) or the effective date of a contract between the Charterers and an applicable Counterparty (whichever is earlier) and, throughout the duration of each contract, prior to any
            lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each
            applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall promptly, and in any event no later than 30 days after the
            Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) provide to the Owners such of the following as the Owners shall specify:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that the Charterers have complied in all respects with the
            Russian Oil Price Cap Measures; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each
            applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that they will ensure, exercising best commercial
            endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom the Charterers have sub-let the Vessel or with whom
            it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers to comply with this Clause 46.2 (<i>Russian oil
              price cap</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">38</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers undertake that they will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-indent: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the purposes of the Owners satisfying any
            record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-indent: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon request and within 30 days of any request provide the Owners with such other information in relation to compliance with the
            Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to the Russian Oil Price Cap Measures;
            and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-indent: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">comply with such further or additional requirements as the Owners may from time to time require in writing, acting reasonably, in response to
            changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market practice in respect of the Russian Oil Price Cap
            Measures.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations in this paragraph (e) are continuing and, in
      particular, shall survive and remain binding on the Charterers until all attestations and such other information as may be requested pursuant to this paragraph (e) have been received in satisfactory form by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves, based on the information available, of the reliability
            and accuracy of any information provided by such counterparties for the purposes of or relating to satisfying the requirements of paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers agree that the Owners may forward all attestations and other documents which the Charterers may from time to time deliver to the Owners
            pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents in accordance with the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 47 &#8211; Inspection of Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">47.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without prejudice to Clause 47.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving notice to the Charterers, be entitled to inspect or
            survey the Vessel or instruct a surveyor to carry out such survey on their behalf:</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained;</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical Dry-Docking</i>); and</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">for any other reason they consider necessary,</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided it does not unduly interfere with the operation of the
      Vessel.</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">39</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">47.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause 47.1 once a year at the cost of the Charterers and at
            any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel), save that (a) upon the occurrence of a Termination Event
            or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on
            their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized
            surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of inspection and survey.</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">47.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall whenever required by the Owners furnish them with
            full information regarding any casualties or other accidents or damage to the Vessel.</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">47.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Except as otherwise provided under Clause 47.2, the documented costs and fees for any inspection and survey permitted under this Clause shall be paid by the
            Charterers.</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">47.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers&#8217; account and form part of the Charter Period.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 48 &#8211; VolUNTARY PREPAYMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">48.1</font></td>
        <td style="text-align: justify; padding-left: 0; text-indent: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Upon providing the Owners not less than ninety (90) days&#8217; (or such shorter period as the Owners may agree) prior written
            notice, the Charterers shall have the option to make a prepayment to the Owners on the next occurring Payment Date in an amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof provided that,</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers may only exercise such option once per year after the date falling twelve (12) months from the Commencement Date;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any such prepayment shall be made together with a prepayment fee in the amount of:</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the option of such partial prepayment is exercised after the date falling twelve (12) months from the Commencement Date but on or before the date falling
            twenty four (24) months after the Commencement Date, one point five per cent (1.5%) of the amount prepaid;</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the option of such partial prepayment is exercised after the date falling twenty four (24) months from the Commencement Date but on or before the date
            falling thirty six (36) months from the Commencement Date, one per cent (1.00%) of the amount prepaid; or</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the option of such partial prepayment is exercised after the date falling thirty six (36) months from the Commencement Date, zero per cent (0%);</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the aggregate amount of any such prepayment shall not exceed $5,000,000 in total throughout the Charter Period; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">40</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any such prepayment shall be deemed to be an advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such
            that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 49 &#8211; Termination Events</b></font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">49.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination Event:</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms of any Leasing Document to which it is a party, unless
            such non-payment is caused by administrative or technical error and the relevant payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5) Business Days (in the case of any other payment, other than
            Charterhire) of the relevant due date;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (a), (f), (g), (j)(iii), (l), (o), (p), (t), (u), (v), (x) or
            (z)(iii) or the Guarantor breaches or omits to observe or perform any of its undertakings or the financial covenants contained under clause 11.14 (<i>Financial covenants</i>) of the Guarantee or (following the Disposal) the New Shareholder
            breaches or omits to observe or perform any of its undertakings or the financial covenants contained under the New Guarantee;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 &#8211; (<i>Insurance</i>) in accordance with the provisions thereof (or any
            insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto);</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations or undertakings in this Charter or any Leasing
            Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach or omission to the
            satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;</font></td>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to which it is a party proves to be untrue or misleading
            when it is made;</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a lease, hire purchase agreement or charter creating any Financial Indebtedness of such entity is terminated by the lessor or owner as a consequence of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">41</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any of the following occurs in relation to any of the Charterer, the Guarantor and (following the Disposal) the New Shareholder:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">such entity becomes, in the opinion of the Owners, unable to pay their debts as they fall due;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in respect of such entity, the value of its assets is less than its liabilities (taking into account contingent liabilities);</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any administrative or other receiver is appointed over all or a substantial part of the assets of such entity unless as part of a solvent reorganisation which
            has been approved by the Owners;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they are insolvent or likely to become insolvent, or a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of such entity;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(vi)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">such entity petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their
            debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of them or with a minority proportion (by number or value) of their creditors or of any class of them
            which would reasonably likely to have a Material Adverse Effect or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise;</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any meeting of the members or board of directors of such entity is summoned for the purpose of considering a resolution or proposal to authorise or take any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">42</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(viii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in any jurisdiction, any event occurs or any procedure is commenced which, in the opinion of the Owners, is similar to any of the foregoing referred to in
            (ii) to and including (vii) above; or</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ix)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction which affects any asset or assets of such
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterer or the Guarantor or (following the Disposal) the New Shareholder suspends or ceases or threatens to suspend or cease carrying on its business;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate or charter the Vessel or any Relevant Person to comply
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(j)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(k)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">this Charter or any Leasing Document or any Security Interest created by a Leasing Document:</font></td>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">43</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">has a Prohibited Person serving as a director, officer or employee;;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(r)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">save as expressly permitted under this Charter there is a merger, amalgamation, demerger or corporate reconstruction of any of the Charterers, the Other
            Charterers, the Guarantor and (following the Disposal) the New Shareholder, without the Owners&#8217; prior written consent;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the shares of the Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The New York Stock Exchange or the NASDAQ or Over the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Guarantor and/or (following the Disposal) the New Shareholder cease being an entity reporting with the U.S. Securities and Exchange Commission;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(t)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">there is a change in control of ownership or control of the Charterers or there is a change of voting control in the case of the Guarantor and/or (following
            the Disposal) the New Shareholder as set out in Clause 45 &#8211; (<i>Representations and Warranties</i>) unless prior written consent from the Owners has been obtained prior to such change;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(u)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">there is any occurrence of any litigation, arbitration or administrative proceedings or investigations involving a Relevant Person which has been commenced or
            taken and has been adversely determined and which has or is reasonably likely to have a Material Adverse Effect; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(v)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Associated Vessel (other than the Vessel and the Other
            Vessels) is terminated, cancelled or repudiated by the relevant lessor or owner or financier as a consequence of any termination event or event of default (howsoever defined therein).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Notwithstanding and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>), upon the occurrence of any Termination Event which is continuing, the Owners may
            issue a written notice to the Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the &#8220;<b>Termination Notice</b>&#8221;), whereupon the Charterers shall be obliged to pay the Termination
            Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination Notice (the &#8220;<b>Termination Date</b>&#8221;).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the Charterers shall remain liable for the
            outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance with Clause
            41.5, or the title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with 41.9 or the Owners exercise the option set out in Clause 41.10.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">44</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">49.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing the rights of the Charterers pursuant to Clause
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            or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims
            for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the appointment of any originally appointed manager may be terminated
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Each Termination Event which is continuing shall either be a breach of condition by the Charterers where it involves a breach of this Charter or any of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as contemplated by this Charter or the MOA to perform
            their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such written notice by
            the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">50.2</font></td>
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      </tr>

  </table>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing
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  </table>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">contrary to, or inconsistent with, any regulation,</font></td>
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      party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">50.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that reference to &#8220;the People&#8217;s Republic of China&#8221; applies to
            the definition of &#8220;Prohibited Person&#8221; </font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">45</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last
      day of any applicable grace period permitted by law or the relevant official institution, agency or the government of the People&#8217;s Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">50.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Mandatory Sale Price becomes payable in accordance with Clause 36.13 or Clause 37.3 or Clause 50.1 or Clause 50.2 or Clause 50.3 or Clause 55.5, the
            same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 53 &#8211; (<i>Sale of the Vessel</i>). The day on which the Mandatory Sale Price is paid
            pursuant to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause 50.2 or Clause 50.3 or Clause 55.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided therein is a &#8220;<b>Mandatory Sale</b>&#8221;.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 51 &#8211; Voluntary early termination</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">51.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), after the date falling twelve (12) months from the Commencement Date, to
            purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 51 &#8211; (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">51.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary Early Termination Notice</b>&#8221;) to purchase the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;);
            and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the absence of the occurrence of a Termination Event which is continuing on or prior to either the date of the Voluntary Early Termination Notice or the
            Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">51.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, will be
            irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">51.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall be conducted in accordance with Clause 53 &#8211; (<i>Sale of
              the Vessel</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 51A &#8211;UStr Termination event</b></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">51A.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in relation to any port call of the Vessel in the US (a &#8220;<b>US
              Port Call</b>&#8221;):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port fees, dues, imposts, levies or any other additional
            fees or expenses (the </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">46</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as
      between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall be borne by the Charterers); and</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer (as the case may be) exclusively due to the beneficial
              or legal ownership of the Owners; </font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s Targeting of the Maritime, Logistics and Shipbuilding Sectors
            for Dominance, or any governmental policy or directive targeting Chinese maritime or financial interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">would have direct and adverse effect to the business or operations of the Charterers (for the purposes of this sub-paragraph (iii), a
            direct and adverse effect shall be deemed to exist if:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 72.5pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(x)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention to terminate the Initial Sub-charter as a
            result of the Additional Port Call Fees; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 72.5pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">(y)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">in relation to any other Assignable Sub-charter, the relevant Approved Sub-charterer has informed the Charterers of its intention to
            terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif;">thereunder which are equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>)); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 72.5pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(z)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need to be paid for
            the specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall notify the Owners accordingly and provide
      the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive, ports
      demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all reasonable steps to mitigate any such
      circumstances or events <b><i>provided that:</i></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(A)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any Relevant Person under any Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(B)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure on a best effort basis that the Approved Sub-charterer
            will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably incurred by the Owners
            in connection with such mitigation measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">47</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(C)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have been agreed upon between the Parties or (2) either
            Party reasonably determines that no mitigation measures could be agreed upon and implemented by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be applicable;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(D)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the USTR Remedy Period:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(1)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers shall have the option to (but always at the cost of the Charterers):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 106.25pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(x)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA as of the relevant date, cancel the MOA in
            accordance with the terms thereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 108pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(y)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">otherwise, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners
            (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special Termination Amount,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to giving the Owners no less than (in case this
      sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may
      be);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(2)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, is irrevocable and
            the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(3)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 70.9pt;"></td>
        <td style="width: 35.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(4)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall immediately transfer the legal and beneficial ownership of the
            Vessel in accordance with the terms and conditions set out at Clause 53 &#8211; (<i>Sale of the Vessel</i>) to the Charterers or their nominees.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">48</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 52 &#8211; PURCHASE OBLIGATION</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided all moneys owing and payable under
      this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and
      the Charterers shall perform their obligations referred to in Clause 53 &#8211; (<i>Sale of the Vessel</i>) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the Parties agree
      otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 53 &#8211; Sale of the Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">53.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer&#8217;s payment of the Termination Sum under Clause 41 &#8211; (<i>Termination,



              Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 51 &#8211; (<i>Voluntary Early Termination</i>) or the Charterers&#8217; payment of the Special Termination Amount under 51A (<i>USTR
              Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 52 &#8211; (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 50 &#8211; (<i>Mandatory Sale</i>) shall be on an &#8220;as is where is&#8221;
            and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and
            accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217; behalf, express or implied, whether arising by law or otherwise
            in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety,
            durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the
            extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under paragraph (a) above and irrevocably
            agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or warranty relating
            to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any
            rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners shall procure the discharge and release of any registered mortgages created by the Owners and/or Owners&#8217; Financier in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory Sale Price or the Special Termination Amount
            shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">49</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">day of the Charter Period or the Termination Date or the Mandatory
      Sale Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
      last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or, as the case may be, the Purchase Obligation Price or
            the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the
            event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers&#8217; cost) execute a
            bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the
            Vessel shall be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 54 &#8211; Indemnities</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims, expenses, liabilities, losses, fees (including but not
            limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing
            Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii)
            costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217; rights under this Charter or any Leasing Document
            or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of the leasing of this Charter and whether or not
            the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any
            law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or
            other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers under the Other Charters, the Charterers
            hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or
            payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">50</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">against all such losses, moneys, costs, fees and expenses. The
      Parties hereby further agree and acknowledge that:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The Vessels, The Parties and The Charters)</i> containing the
            updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) given to the Charterers pursuant to
            paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) and form part of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against any Other Charterer or any Relevant
            Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have (whether in
            respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to claim any contribution from any third party providing security for, or any other guarantor of any Other Charterer&#8217;s or such Relevant Person&#8217;s obligations
            under the Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Other Charterer or such Relevant Person under
            the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person to make any payment, or perform any obligation, in
            respect of any Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the
            extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing Documents to be repaid in full on trust for the
            Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense, liability or loss reasonably incurred by the
            Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 54.5 shall not apply if the MOA is terminated due to the
            application of Clause 51A (<i>USTR Termination Event</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">51</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>)) and without prejudice to any right to
            damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding any breach of the
            terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure the Guarantor and (following the Disposal) the New
            Shareholder to furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm the Guarantor&#8217;s and (following the Disposal)
            the New Shareholder&#8217;s agreement to assume and to be bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the
            Charterers release any such indemnities in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">54.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The obligations of the Charterers under this Clause 54 &#8211; (<i>Indemnities</i>) and in respect of any Security Interest created pursuant to the Security
            Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 54 &#8211; (<i>Indemnities</i>) or in respect of any Security Interest created
            pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person) including:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the release of any other Relevant Person or any other person under the terms of any composition or arrangement with any creditor of a Relevant Person or any
            of its affiliates;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up
            or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any
            failure to realise the full value of any security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Relevant Person or any other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Leasing Document or
            any other document or security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any other document or security; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any insolvency or similar proceedings.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 55 &#8211; No Set-off or Tax deduction</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">55.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually and:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">52</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">made free and clear of all present and future taxes, levies, duties or deductions of any nature whatsoever, whether levied now or in the future, unless
            required by law; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">net of any bank charges or bank fees.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without prejudice to Clause 55.1 (<i>No Set-off or Tax Deduction</i>), if the Owners are required by law to make a tax deduction from any payment:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners shall notify the Charterers as soon as they become aware of the requirement; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability
            relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">55.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount equal to the loss, liability or cost which the Owners
            determine will be or has been (directly or indirectly) suffered for or on account of tax by the Owners in respect of a Leasing Document.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">55.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Clause 55.3 shall not apply:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are incorporated or, if different, the jurisdiction (or
            jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by the Owners; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2 or 56.3.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">55.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or will be required to be made by the Charterers or the
            Owners in respect of a payment to the Owners as a result of the Tax Changes, the Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their interest in the Vessel
            (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable
            endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the
            Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">55.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Charterers compensate the Owners by an increased payment pursuant to Clause 56.2 or 56.3 and the Owners determine that they have obtained and utilized
            a tax credit attributable to this increased payment, the Owners shall reimburse the Charterers that </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">53</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">increased payment (or part thereof if the tax credit is attributable
      to only part of such increased payment).</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 56 &#8211; Increased Costs</b></font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">56.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">This Clause 56 &#8211; (<i>Increased Costs</i>) applies if the Owners notify the Charterers that they (or their financiers) consider that as a result of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter in the manner in which a law is
            interpreted or applied (excluding any effect which relates to the application to payments under this Charter of a tax on the Owners&#8217; overall net income); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates
            capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        cost</b>&#8221;.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">56.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In this Clause 56 &#8211; (<i>Increased Costs</i>), &#8220;<b>increased cost</b>&#8221; means, in relation to the Owners:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners&#8217; parent company or the Owners&#8217; Financiers (if any)
            having entered into, or being a party to, this Charter, of funding or financing the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a payment represents to the Owners (if any) on
            their capital; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the MOA,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the Owners&#8217; demand and any evidence thereto (where available to
            the Owners), the amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">56.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or under any order or judgment relating thereto has to be
            converted from the currency in which this Charter or such Leasing Document provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">54</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to any permitted Sub-charterer of the Vessel provided that such person receiving Confidential Information shall undertake that it would not disclose
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including the employees, officers and directors thereof);</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">professional advisers retained by a disclosing party; or</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">persons advising on, providing or considering the provision of financing to the disclosing party or an Affiliate,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">55</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided that the disclosing party shall exercise due diligence to ensure that no
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">with the prior written consent of all Parties; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to any person which is a classification society or other entity which the Owners or the Owners&#8217; Financiers have engaged to make the calculations necessary to
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 58 &#8211; Rights of Third Parties</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No term of this Charter is enforceable under the Contracts (Rights of Third
      Parties) Act 1999 by a person who is not party to this Charter, save that any of the Other Owners may rely on the rights conferred on them under Clause 54.3.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      under the law of any other jurisdiction will in any way be affected or impaired.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any settlement or discharge under any Leasing Document between the Owners and any Relevant Person shall be conditional upon no security or payment to the
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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            obligation of that Relevant Person to the Owners under the Leasing Documents is capable of being avoided or otherwise set aside on the liquidation or administration of that Relevant Person or otherwise, then that amount shall not be considered
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">56</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 63 &#8211; FATCA</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">63.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Defined terms</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of Clause 55 &#8211; (<i>No Set-off or Tax Deduction</i>) and this
      Clause 63 &#8211; (<i>FATCA</i>), the following terms shall have the following meanings:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Code</b>&#8221; means the United States Internal Revenue Code of 1986, as amended.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>FATCA</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sections 1471 to 1474 of the Code or any associated regulations;</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case)
            facilitates the implementation of any law or regulation referred to in paragraph (a) above; or</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the IRS, the US government or any
            governmental or taxation authority in any other jurisdiction.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>FATCA Deduction</b>&#8221; means a deduction or withholding from a payment under
      this Charter or the Leasing Documents required by or under FATCA.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>FATCA Exempt Party</b>&#8221; means a Relevant Party that is entitled under FATCA
      to receive payments free from any FATCA Deduction.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>FATCA Non-Exempt Party</b>&#8221; means any Relevant Party who is not a FATCA
      Exempt Party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>IRS</b>&#8221; means the United States Internal Revenue Service or any successor
      taxing authority or agency of the United States government.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Relevant Party</b>&#8221; means any of the parties to this Charter and the Leasing
      Documents (other than the Initial Sub-charterer).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">63.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">FATCA Information</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten Business Days of a reasonable request by
            another Relevant Party:</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or
            substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including
            intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">57</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt
            Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other Relevant Parties or provide the relevant
            revised form, as applicable, reasonably promptly.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or
            regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this
            paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or
            substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this
            Charter or the provided information is insufficient under FATCA, then:</font></td>
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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the
            Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
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        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents
            (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">63.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">FATCA Deduction and gross-up by Relevant Party</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the representation made by the Charterers under Clause 45.1(p) (<i>Representations and Warranties</i>) proves to be untrue or misleading such that the
            Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them to the Owners to an amount which (after
            making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change in the rate or basis of a FATCA
            Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence
            satisfactory to the Owners that the FATCA </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">58</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
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            Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding and
            payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such Financial Instruments.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">63.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">FATCA Deduction by Owners</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">63.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">FATCA Mitigation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">64.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">64.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Owners may assign any of their rights or transfer by novation any of their rights and obligations under the Leasing Documents and/or sell and transfer
            title to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale is made:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale, this Charter will continue (or will be novated to
            the applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">64.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as the case may be) for its performance of all
            obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that any Relevant Person
            (the case of any Other Charterer which is not directly owned by the Guarantor, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">59</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations pursuant to such Leasing Document; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">enters into all necessary documents or takes any necessary actions or provide all necessary assistance required for such Leasing Document and any Security
            Interest created thereunder remaining in full force and effect (or to be novated and/or executed) as from the completion of the relevant assignment, transfer or sale.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">64.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Without limiting the generality of Clause 64.2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">subject to Clause 35 &#8211; (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding arrangements with their financier(s), including but not
            limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding arrangement shall not result in any adverse effect of the
            Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Owners may do any of the following as security for the funding arrangements referred to in paragraph (a) above, in each case, without the prior consent of
            the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents in favour of a Mortgagee (or its agent, trustee or
            nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition Compensation of the Vessel in favour of the
            Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">enter into any other document or arrangement which is necessary to give effect to such financing arrangements;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Charterers undertake to comply, and provide such information and documents and all necessary assistance required to enable the Owners to comply, with all
            such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of this Charter by the
            Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge
            this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners (by sale of shares in the Owners or other
            transactions having the same effect) may be effected without the Charterers&#8217; consent, provided always that (i) in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter would
            continue on identical terms (save for logical, consequential or mutually agreed amendments) and (ii) to the extent that any prior written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable
            Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">60</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Charterer has granted such prior written consent. The Charterers
      shall, and shall procedure the Guarantor and (following the Disposal) the New Shareholder shall (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this
      Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or
      perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">All expenses arising out of assignment or transfer of this Charter as per Clause 64 &#8211; (<i>Assignment and Transfer</i>) shall be for the Owner&#8217;s account
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 65 &#8211; General Application of Proceeds</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination Sum (including but not limited to any costs and expenses
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such portion of it that then remains unpaid) in any order of
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">This Charter and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence, validity or termination of this Charter or any
            non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
            re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 66 &#8211; (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;)



            Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">61</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice
      that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without
      the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed
      by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third
      arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">The language of the arbitration shall be English.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 67 &#8211; ENTIRE AGREEMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">This Agreement, in conjunction with the other Leasing Documents, constitutes the entire agreement between the parties and supersedes all previous agreements,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Each Party acknowledges that it has not entered into this agreement or any other Leasing Document in reliance on, and shall have no remedies in respect of,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 68 &#8211; Definitions</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the meanings ascribed to them below:</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Acceptance Certificate</b>&#8221; means a certificate substantially
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Bank</b>&#8221; means Citic Group Alpha Bank, Berenberg
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Security</b>&#8221; means the document creating security
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">62</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and
      without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are&#160;(a)
      issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is
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      anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People&#8217;s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having
      jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">63</font></p>
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      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery Act 2010 and (ii)
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Cancelling Date</b>&#8221; shall have the same meaning as defined
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">written confirmation from the Owners that certain internal notification requirements relating to the Disposal has been completed;</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">following the completion of the Disposal, each of the Guarantor and the New Shareholder continues to be controlled by companies affiliated with the family of
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font-size: 10pt">
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">65</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any documented costs or expenses incurred by the Owners in relation to the Disposal have been fully settled by the Charterers (or the Owners are satisfied
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Emission Allowances</b>&#8221; means an allowance, credit, quota, permit or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">66</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
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      </tr>

  </table>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any other incident in which Environmentally Sensitive Material is released, emitted, spilled or discharged into or upon the air, water, land or soils (including the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">67</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Environmentally Sensitive Material</b>&#8221; means and includes all
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Escrow Agent</b>&#8221; has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Escrow Agreement</b>&#8221; has the meaning given to such term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ETS and Fuel EU Maritime Agreement</b>&#8221; shall have the meaning
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ETS and Fuel EU Maritime Letter</b>&#8221; shall have the meaning as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU ETS</b>&#8221; means the European Union Emissions Trading System
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU MRV</b>&#8221; means the European Regulation 2023/957 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing BBC</b>&#8221; has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Charter A</b>&#8221; means, the bareboat charterparty dated
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Charterer</b>&#8221; has the meaning given to such term in
      the MOA.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Charterer A</b>&#8221; means &#8220;Charterer A&#8221; as referred to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Owner</b>&#8221; has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Owner A</b>&#8221; means &#8220;Owner A&#8221; as referred to in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Financing Amount</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">68</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Prepositioning Date occurs in the calendar year 2025, $68,500,000 (&#8220;<b>Original Financing Amount</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Financial Indebtedness</b>&#8221; means, in relation to a person
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under any loan stock, bond, note or other security issued by the debtor;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under any acceptance credit, guarantee or letter of credit facility made available to the debtor;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under a financial lease, a deferred purchase consideration arrangement (other than deferred payments for assets or services obtained on normal commercial terms in the
            ordinary course of business) or any other agreement having the commercial effect of a borrowing or raising of money by the debtor;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under any foreign exchange transaction, any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under
            which any such transaction is entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within paragraphs (a) to (e) if
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Financial Instruments</b>&#8221; means the applicable loan or
      facility agreement entered into between the Owners (or their affiliate) and the Owners&#8217; Financiers and any mortgage, deed of covenants, assignment in respect of this Charter, assignment in respect of the Guarantees, assignment in respect of Earnings,
      Insurances and Requisition Compensation, manager&#8217;s undertaking and subordination (including assignment of manager&#8217;s interests in the Insurances) or any other financial security instruments (excluding interest rate swaps and similar interest rate
      hedging instruments) granted by the Owners to the Owners&#8217; Financiers as security for the financing or refinancing of the Owners&#8217; acquisition of the Vessel.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Flag State</b>&#8221; means the flag state named in Box 5 of this
      Charter or any other state or jurisdiction approved in writing by the Owners (whose approval shall not be unreasonably withheld).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Fleet Vessel</b>&#8221; means any ship or vessel (including but not
      limited to the Vessel and Other Vessels) from time to time wholly owned, leased under a capital lease, operating lease with a purchase option at the end of the relevant charter period, vessels owned under a joint venture agreement where the relevant
      member of the Group owns no less than 50 per cent.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">69</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">of the issued shares of the jointly owned entity or controlled by a Guarantor and/or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Fuel EU Maritime</b>&#8221; means Fuel EU Maritime Regulation
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>General Assignment</b>&#8221; means the general assignment executed
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Group</b>&#8221; means collectively, the Guarantor, (following the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Guarantee</b>&#8221; means the guarantee executed or to be executed
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Hire Period</b>&#8221; means (i) in the case of the first Hire
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Historic Term SOFR</b>&#8221; means, in relation to any Hire Period,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Holding Company</b>&#8221; means, in relation to a person, any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>IAPPC</b>&#8221; means a valid international air pollution
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Index</b>&#8221; means the Baltic Tanker Indices applicable to the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Initial Market Value</b>&#8221; means a valuation prepared:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than thirty (30) days prior to the Commencement Date;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">70</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of the Vessel; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Initial Sub-charter</b>&#8221; means a time charter entered into
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Initial Sub-charterer</b>&#8221; means Trafigura Maritime Logistics
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Insurances</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">all policies and contracts of insurance, including entries of the Vessel in any protection and indemnity or war risks association, which
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">all rights and other assets relating to, or derived from, any of the foregoing, including any rights to a return of a premium and any
            rights in respect of any claim whether or not the relevant policy, contract of insurance or entry has expired on or before the date of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Interpolated Historic Term SOFR</b>&#8221; means, in relation to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">either:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the most recent applicable Term SOFR (as of a day which is not more than three (3) US Government Securities Business Days before the Quotation Day) for the longest period
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if no such Term SOFR is available for a period which is less than three months, SOFR for a day which is no more than five (5) US Government Securities Business Days (and
            no less than two (2) US Government Securities Business Days) before the Quotation Day; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">the most recent applicable Term SOFR (as of a day which is not more than three (3) US Government Securities Business Days before the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Interpolated Term SOFR</b>&#8221; means, in relation to any Hire
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.55pt"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">71</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal;">either:</font></td>
      </tr>

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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the applicable Term SOFR (as of the Quotation Day in respect of that Hire Period) for the longest period (for which Term SOFR is available) which is less than three
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      from time to time (and the terms &#8220;<b>safety management system</b>&#8221;, &#8220;<b>Safety Management Certificate</b>&#8221; and &#8220;<b>Document of Compliance</b>&#8221; have the same meanings as are given to them in the ISM Code).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ISSC</b>&#8221; means a valid international ship security
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">similar principles, rights and defences under the laws of any Relevant Jurisdiction; and</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered to the Owners
            pursuant to Clause 34.2(f).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Security Documents and the Escrow Agreement.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">72</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Major Casualty</b>&#8221; means any casualty to the Vessel in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Management Agreement</b>&#8221; means:</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the technical and commercial management agreement made or to be made between the Approved Manager and the Charterers; or</font></td>
      </tr>

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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">such other management agreement subsequently entered into in respect of the Vessel as may be approved by the Owners (such approval not to be unreasonably
            withheld).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Manager&#8217;s Undertaking</b>&#8221; means, in relation to an Approved
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      signing of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale</b>&#8221; has the meaning given to that term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale Date</b>&#8221; has the meaning given to that term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale Price</b>&#8221; means, in respect of the Mandatory
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Variable Charterhire accrued as at the date of payment of the Mandatory Sale Price;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(in case of Clause 37.3) if the Mandatory Sale Date occurs on or before the date falling thirty six (36) months from the Commencement Date, one per cent.
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Breakfunding Costs;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise of the Mandatory Sale; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Mandatory Sale
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Value</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a
            valuation prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">73</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iv)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by an Approved Valuer nominated
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">upon the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif;">:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">subject to sub-paragraph (ii) below, </font><font style="font-family: Arial, Helvetica, Sans-Serif;">the arithmetic mean of the valuations
            shown by two (2) valuation reports prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(A)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(B)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(C)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(D)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
            existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such reports shall be prepared by Approved Valuers nominated by the Owners; and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 1in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>MARPOL Carbon Intensity Regulations</b>&#8221; means the regulations
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>MARPOL Protocol</b>&#8221; means Annex VI (Regulations for the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Material Adverse Effect</b>&#8221; means, in the opinion of the
      Owners, a material adverse effect on:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">74</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the business, operations, property, condition (financial or otherwise) or prospects of any Relevant Person or the Group as a whole;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the ability of any Relevant Person to perform its obligations under any Leasing Document to which it is a party; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the validity or enforceability of, or the effectiveness or ranking of any Security Interests granted pursuant to any of the Leasing Documents or the rights or remedies of
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>MOA</b>&#8221; means the memorandum of agreement dated on or about
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Net Sales Proceeds</b>&#8221; has the meaning given to it under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Net Trading Proceeds</b>&#8221; has the meaning given to it under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;New Guarantee&#8221; </b>has the meaning given to such term in the
      definition of &#8220;Disposal Conditions&#8221;.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;New Shareholder&#8221; </b>has the meaning given to such term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;New Shares Security&#8221; </b>has the meaning given to such term
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Obligatory Insurances</b>&#8221; means any insurances of the Vessel
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Operating Account</b>&#8221; means an account in the name of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">75</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        Prepayment</i>).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Party</b>&#8221; means a party to this Charter, namely the Owners or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Payment Date</b>&#8221; means each of the dates upon which
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Perfection Requirements</b>&#8221; means the making or procuring of
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      relevant third party) and/or perfection of that Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Permitted Security Interest</b>&#8221; means:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Security Interest created by a Security Document or a Financial Instrument;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">prior to the Commencement Date, any Security Interest created by any &#8220;Security Document&#8221; (howsoever described in the Existing BBC);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any lien for unpaid master&#8217;s and crew&#8217;s wages in accordance with the ordinary course of operation of the Vessel or in accordance with usual reputable maritime
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any lien for master&#8217;s disbursements incurred in the ordinary course of trading;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">76</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any other lien arising by operation of law or otherwise in the ordinary course of the operation, repair or maintenance of the Vessel provided such liens do
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Security Interest created in favour of a plaintiff or defendant in any action of the court or tribunal before whom such action is brought as security for
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(h)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Security Interests arising by operation of law in respect of taxes which are not overdue or for payment of taxes which are overdue for payment but which are
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided that the foregoing have not arisen due to the default or
      omission of any Relevant Person.</font></p>
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      framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory
      requirements of the International Maritime Organisation from time to time.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Potential Termination Event</b>&#8221; means, an event or
      circumstance which, with the expiry of a grace period, the giving of any notice, the lapse of time and/or the making of any determination under the Leasing Documents and/or the satisfaction of any other condition, would constitute a Termination
      Event.</font></p>
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      territories subject to country-wide or territory-wide Sanctions and/or trade embargoes from time to time during the Charter Period, in particular but not limited to pursuant to the U.S.&#8217;s Office of Foreign Assets Control of the U.S. Department of
      Treasury (&#8220;<b>OFAC</b>&#8221;) or the United Nations including at the date of this Charter, but without limitation, non-Ukrainian government controlled areas of Donetsk, Luhansk and Zaporizhzhia Regions, Cuba, Syria, Iran, North Korea, Crimea and Venezuela
      and any additional countries based on respective country-wide or territory-wide Sanctions being imposed by OFAC or any of the regulative bodies referred to in the definition of Prohibited Person.</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">77</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 24.9pt; text-align: justify; text-indent: 11.1pt">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"> <font style="font: 10pt Arial, Helvetica, Sans-Serif">(b)</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 11.5pt 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 28.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the opinion of the Parties, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Charter.</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">78</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the Prepositioning Date occurs in the calendar year 2025, $38,500,000 (the &#8220;<b>Original Purchase Obligation Price</b>&#8221;) ; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>the Original Purchase Obligation Price x the Adjustment Value</i></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Purchase Price</b>&#8221; has the meaning given to it in the MOA.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Quotation Day</b>&#8221; means, in relation to any Hire Period, two
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">as otherwise determined pursuant to Clause 36.5A,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font-size: 10pt">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">80</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">81</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
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      &#8220;Legio X Equestris&#8221; <br>
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">aside from the amounts described under paragraphs (a) to (d) above, any other moneys due and owing under the Leasing Documents at the relevant Special
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Special Termination Date</b>&#8221; has the meaning given to that term in Clause 51A (<i>USTR



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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">82</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Variable Charterhire due and payable, but unpaid up to (and including) the date of payment of the Termination Sum;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Termination Fee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Breakfunding Costs;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any and all documented costs, losses and liabilities incurred by the Owners as a result of the early termination of the leasing under this Charter including
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing, recovering, repositioning, berthing, insuring and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">83</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Charter or the other Leasing Documents (including, but not limited to,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(g)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and payable, but unpaid, under the Leasing Documents at the Relevant
            Date including any default interest on amounts under (a) to (f) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">actual, constructive, compromised, agreed or arranged total loss of the Vessel;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any expropriation, confiscation, requisition or acquisition of the Vessel, whether for full consideration, a consideration less than its proper value, a nominal
            consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed
            period not exceeding one (1) year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the Charterers; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any arrest, capture, seizure or detention of the Vessel (including any hijacking or theft but excluding any event specified in paragraph (b) of this definition) unless it
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss Date</b>&#8221; means, in relation to the Total Loss of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of an actual loss of the Vessel, the date on which it occurred;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date on which a notice of abandonment is given to the insurers;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date when the Vessel was last heard of; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 1in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date of any compromise, arrangement or agreement made by or on behalf of the Charterers with the Vessel&#8217;s insurers in which the insurers agree to treat the Vessel as a
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of any expropriation, confiscation, requisition or acquisition of the Vessel whether for full consideration, a consideration less than its proper value, a
            nominal consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a
            fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation, confiscation, requisition or, as the case may be, the acquisition of the Vessel is completed by delivery of the Vessel to the
            relevant government or official authority or the person or persons claiming to be or to represent the relevant government or official authority unless it is redelivered within twenty-one (21) days to the full control of the Owners or the
            Charterers; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">84</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of any arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking or theft), unless it is redelivered within thirty (30) days
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss Payment Date</b>&#8221; means, following the occurrence
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the date falling one hundred and twenty (120) days after the Total Loss Date or such later date as the Owners may agree; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the date on which the Owners receive the Total Loss Proceeds.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss Proceeds</b>&#8221; means the proceeds of any policy or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>US</b>&#8221; means the United States of America.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.9pt; text-align: justify; text-indent: 11.1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>US Government Securities Business Day</b>&#8221; means any day
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 24.9pt; text-align: justify; text-indent: 11.1pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a Saturday or a Sunday; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its
            members be closed for the entire day for purposes of trading in US Government securities.</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Variable Charterhire</b>&#8221; shall have the meaning as defined
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Vessel</b>&#8221; means m.v. Legio X Equestris with IMO number
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Voluntary Early Termination Fee</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">85</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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            Balance as at the applicable Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Voluntary Early Termination Notice</b>&#8221; shall have the meaning
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the Outstanding Capital Balance prevailing as at the relevant the Voluntary Early Termination Date;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Variable Charterhire accrued but unpaid as at the date of payment of the Voluntary Early Termination Date Price;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Voluntary Early Termination Fee;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any Breakfunding Costs;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any documented legal (subject to pre-agreed cap) or other costs reasonably incurred by the Owners in connection with the exercise of the Voluntary Early
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(f)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Voluntary Early
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Inconsistency between Charter provisions and Leasing Documents</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the case of any conflict between the provisions or terms so
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Construction</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless a contrary indication appears, in this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the &#8220;<b>Approved Manager</b>&#8221;, the &#8220;<b>Charterers</b>&#8221;, the &#8220;<b>Guarantor</b>&#8221;,



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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>agreed form</b>&#8221; means, in relation to a document, such
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">86</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      right, including any present, future or contingent right to any revenues or other payment;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>company</b>&#8221; includes any partnership, joint venture and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>consent</b>&#8221; means:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0.5in;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">in relation to anything which will be prohibited or restricted by law if a governmental or official authority intervenes or acts in any way within a specified
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>expense</b>&#8221; means any kind of cost, charge or expense
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">87</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      distinct from ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most
      obvious to everybody has not been followed.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>law</b>&#8221; includes any order or decree, any form of delegated
      legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>legal or administrative action</b>&#8221; means any legal proceeding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221;, in relation to any insurance, includes a slip,
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      or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>tax</b>&#8221; includes any present or future tax, duty, impost,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.4</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Meaning of &#8220;month&#8221;</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business
            Day in the same calendar month, on the Business Day preceding the numerically corresponding day; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">88</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">In this Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(a)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">references to a Leasing Document or any other document being in the form of a particular appendix or to any document referred to in the recitals include
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(b)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">references to, or to a provision of, a Leasing Document or any other document are references to it as amended or supplemented, whether before the date of this
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Charter or
            otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be available, shall include any other page
      or service displaying that rate specified by the Owners after consultation with the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Construction of Insurance terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause 39 &#8211; (<i>Insurance</i>),



      approved in writing by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>excess risks</b>&#8221; means the proportion of claims for general
      average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of such claims.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>obligatory insurances</b>&#8221; means all insurances effected, or
      which the Charterers are obliged to effect, under Clause 39 &#8211; (<i>Insurance</i>) or any other provision of this Charter or another Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221; includes a slip, cover note, certificate of entry
      or other document evidencing the contract of insurance or its terms.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">89</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
      (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the proportion (if any)
      of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8
      of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>war risks</b>&#8221; includes the risk of mines and all risks
      excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">68.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Headings</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In interpreting a Leasing Document or any provision of a Leasing Document, all
      clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">90</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1<br>
      <br>
      Acceptance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LEGIO X INC.</b> (the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges that at [&#9679;] hours on [&#9679;],
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      Islands with IMO number 9912256 under a bareboat charter dated [&#9679;] (the &#8220;<b>Charter</b>&#8221;) and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will
      be subject to all the terms and conditions contained in the Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that the representations and warranties made by them in Clause 45 &#8211; (<i>Representation



        and Warranties</i>) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30%; border-top: Black 1pt solid;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</font></td>
        <td style="width: 70%">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: attorney in fact</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LEGIO X INC.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">91</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 2&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part A&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.2(f)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Authority</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent



              Persons</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent Persons:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents to which it
            is a party;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in connection
            with, the Leasing Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If required, an original of the power of attorney of any party to a Leasing Document authorising a specified person or persons to execute the Leasing
            Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant Person, approving the terms of, and the transactions
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy document relating to it specified in this Part A of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documents and other security</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of this Charter, the MOA and the Guarantee and of each document to be delivered under each of them.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed but undated copies of each of the Shares Security, the Account Security, the General Assignment and the Manager&#8217;s Undertaking and of each document to be
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Charterers&#8217; Operating Account have been opened and maintained with the Account Bank.</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">92</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal opinion</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in paragraphs
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A this
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valuation of Vessel</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">If the Prepositioning Date occurs in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">5</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Vessel Insurances</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39 &#8211; (<i>Insurance</i>).</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">5.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) from
            the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel Documents</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as from the Commencement Date, be managed by the relevant Approved
            Manager.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Document of Compliance of the Technical Manager.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains such classification.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Vessel&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Owners may require) and of any
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Initial Sub-charter</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the executed Initial Sub-charter (and any addendums thereto).</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">93</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.2</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Escrow Agreement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deed of Release</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">An agreed form Deed of Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Others</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than five (5) Business Days prior to the Prepositioning Date<i>.</i></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their capacity as
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that all fees, costs and expenses then due from the Charterers to the Owners under the Leasing Documents have been paid and received by the Owners.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Original Financial Statements.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their &#8220;know your customer&#8221;
            or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">10.6</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">10.7</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">If required, evidence that any process agent referred to under the Leasing Documents has accepted its appointment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">10.8</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">if any, evidence to the satisfactory to the Owners that the Delivery Shortfall (as defined in the MOA) has been deposited in the Escrow Account (as defined in
            the MOA) or paid to the Existing Owner no later than one (1) Business Day prior to the Prepositioning Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required by the Flag State for purposes of registering the Vessel in the name of the Owners, evidence that the Owners have been registered as a foreign maritime entity
            under the laws of the Flag State (with such cost to be borne by the Charterers).</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">94</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part B</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.2(f)(ii):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Corporate Authorisations/Confirmation</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document provided under paragraph 1 of Part A of Schedule
            2 of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination Event or Termination Event has occurred and is
            continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Security Documents</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">2.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Duly executed and dated copies of each of the Shares Security, the Account Security, the General Assignment and each Manager&#8217;s Undertaking and of each
            document to be delivered under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">2.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law or
            will be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Delivery and title registration of the Vessel</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">3.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Documentary evidence that the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(c)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">is or will be unconditionally delivered by the Existing Owner to the Charterers pursuant to the terms of the Existing BBC, where such documents shall include
            without limitation:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Existing Owner and the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">is or will be unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners (in their capacity as buyers) pursuant to the terms of
            the MOA, where such documents shall include without limitation:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">95</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(i)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a certificate or transcript or an email confirmation issued by the competent authorities of the Flag State on the date of Delivery evidencing the Charterers&#8217;
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(ii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed
            by the Charterers (and where executed by an attorney of the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Charterers&#8217; power of attorney); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 35.45pt;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(iii)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">(e)</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">3.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with the laws and regulations of the Flag State (including,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal opinions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">4.1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters on the laws of England as may be satisfactory to the
            Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">4.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands and German and any other jurisdictions as may be
            satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Deed of Release</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">A copy of the duly executed Deed of
      Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Others</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners being satisfied that all conditions precedent or documents or evidence
      specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">96</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part C</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">1</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Security Interests</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date, documentary
      evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law (as applicable).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Legal opinions</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than three (3) Business Days after the Commencement Date, issued signed
      copies of the legal opinions referred to in paragraph 4 of Part B of Schedule 2 of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 0.5in;"><font style="font-family: Arial, Helvetica, Sans-Serif;">3</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Insurances</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
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            paragraph 5.2 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-size: 10pt">
        <td style="width: 0;"></td>
        <td style="width: 35.45pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">3.2</font></td>
        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of
            this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">97</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 3</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">THE VESSELS, THE PARTIES AND THE
      Charters</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="background-color: #0A5D66;">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Vessels</b></font></td>
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      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
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      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
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      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
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      </tr>

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  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">98</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">m.v. Julius Caesar with IMO number 9912244</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 28%; border-top: Black 1pt solid;">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">JULIUS CAESAR INC., a corporation incorporated under the laws of the Republic of Marshall Islands with
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;</font></p>
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            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">m.v. Legio X Equestris with IMO number 9912256</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;</font></p>
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">LEGIO X INC., a corporation incorporated under the laws of the Republic of Marshall Islands with
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        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter entered or to be entered into between Owner E and Charterer E in respect of Vessel E, as amended and/or supplemented from time to time<br>
            <b>(&#8220;Charter E&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">m.v. Eco Marina Del Rey with IMO number <b>9798349</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">&#160;</font></p>
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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        </td>
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        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter entered or to be entered into between Owner F and Charterer F in respect of Vessel F, as amended and/or supplemented from time to time<br>
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">99</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">We confirm that we were, and the operation of the Vessel and, to the best of our knowledge, each sub-charterer and any other relevant third party was, in
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">we have received and retained price information demonstrating that the Russian Oil Products were purchased at or below the relevant price cap; or</font></td>
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">where not practicable to request and receive such information, we have obtained a signed attestation from our sub-charterer or other relevant counterparty
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        <td style="text-align: justify;"><font style="font-family: Arial, Helvetica, Sans-Serif;">we have received a signed attestation from our sub-charterer or other relevant counterparty that the purchase of Russian Oil Products was done pursuant to a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II <br>
      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221; <br>
      SINGAPORE/91896280v1&#160;</font></p>
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              Chen Keqi</font></div>
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        <td style="text-align: justify; width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Second East Zhongshan Road,</div>
  <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Shanghai, P.R. China 200002</div>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;"><b>SIGNED </b>by </font>ALEXANDROS TSIRIKOS</div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">101</font></p>
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      BBC Additional Clauses <br>
      &#8220;Legio X Equestris&#8221;</font></p>
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<DOCUMENT>
<TYPE>EX-4.26
<SEQUENCE>7
<FILENAME>ef20060828_ex4-26.htm
<DESCRIPTION>EXHIBIT 4.26
<TEXT>
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  <p style="margin: 0; text-align: right"><b>Exhibit 4.26</b></p>
  <p style="margin: 0; text-align: right"><b>&#160;</b></p>
  <p style="margin: 0"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>EXECUTION VERSION</u></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
      &#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><br>
      <font style="font-weight: bold;">Dated&#160;<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</font></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Top Ships Inc. <br>
    </font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as Guarantor</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LUSTRE 2 HOLDING LIMITED</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as Owner</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to<br>
      a bareboat charter of the vessel m.v. LEGIO X EQUESTRIS<br>
      dated&#160;<font style="color: windowtext"><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><img src="image002.jpg" alt="">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Index</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Clause</b></font> </td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Page</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;">
          <p style="margin-top: 0; margin-bottom: 0"></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        </td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 85%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing Law and Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;">
          <p style="margin-top: 0; margin-bottom: 0"></p>
          <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
        </td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="margin-top: 0; margin-bottom: 0"></p>
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        <td colspan="2" style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Execution Page</font></td>
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      </tr>

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  <p style="margin-top: 0; margin-bottom: 0; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>THIS GUARANTEE</b> is made on&#160;<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parties</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose
            registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>LUSTRE 2 HOLDING LIMITED</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the &#8220;<b>Owner</b>&#8221; which expression includes its successors and assigns)</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Background</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a bareboat charter dated<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025 (the &#8220;<b>Bareboat Charter</b>&#8221;) and made
            between (i) the Owner, as owner and (ii) <b>Legio X Inc.,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands,
            MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;), the Owner has agreed to bareboat charter one (1) crude tanker named m.v. &#8220;Legio X Equestris&#8221; and flagged in the Marshall Islands with IMO no. 9912256 (the &#8220;<b>Vessel</b>&#8221;) to the Charterer
            pursuant to the terms and conditions contained therein.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">As at the date of this Guarantee, the Guarantor is the shareholder of the Charterer and holds all of
            the issued and outstanding shares in the Charterer.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering
            of the Vessel under the Bareboat Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee is the Guarantee referred to in the Bareboat Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operative Provisions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Defined expressions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Words and expressions defined in the Bareboat Charter shall have the same meanings
      when used in this Guarantee unless the context otherwise requires.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Construction of certain terms</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>bankruptcy</b>&#8221; includes a liquidation, receivership or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form
      set out in <font style="color: black">Schedule 1</font> or in any other form approved by the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>control</b>&#8221; over a particular company means the power
      (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be
            cast at a general meeting of such company;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">appoint or remove all, or the majority, of the directors or other equivalent officers of such company;
            or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give directions with respect to the operating and financial policies of such company with which the
            directors or other equivalent officers of such company are obliged to comply.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award
      relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.1</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor unconditionally and irrevocably:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">undertakes to pay to the Owner on the Owner&#8217;s demand any such amount which is not paid by that
            Relevant Person when due and payable under or in connection to that Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantees the punctual performance by that Relevant Person of all that Relevant Person&#8217;s obligations
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses
            which are made or brought against or incurred by the Owner as a result of or in connection with any obligation or liability guaranteed by the Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under
            this indemnity shall be equal to the amount which the Owner would otherwise have been entitled to recover.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No limit on number of demands</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner may serve more than one demand under Clause <font style="color: black">2.1</font>
      (<i>Guarantee and indemnity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee of whole amount</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall be construed and take effect as a guarantee of all amounts due
      to the Owner under the Leasing Documents to which each other Relevant Person is a party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Principal and independent debtor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall be liable under this Guarantee as a principal and independent
      debtor and accordingly it shall not have, as regards this Guarantee, any of the rights or defences of a surety.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Waiver of rights and defences</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal



        and independent debtor</i>), the Guarantor shall neither be discharged by, nor have any claim against the Owner in respect of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating
            to, or affecting, the Bareboat Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any release or loss (even though negligent) of any right or Security Interest created by any Leasing
            Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any failure (even though negligent) promptly or properly to exercise or enforce any such right or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable,
            illegal or invalid or otherwise defective for any reason, including a neglect to register it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand the amount of all documented
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Fees and expenses payable under Leasing Documents</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights,
        enforcement etc</i>) is without prejudice to the Guarantor&#8217;s liabilities in respect of any other Relevant Person&#8217;s obligations under any Leasing Document to which it is a party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Reinstatement of obligation to pay</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand any amount which the Owner is
      required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was
      invalid or unenforceable or on any similar ground.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Method of payments</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall be paid:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in immediately available funds;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to such account as the Owner may from time to time notify to the Guarantor;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">free and clear of any tax deduction or withholding for or on account of any tax payable under any law
            of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Grossing-up for taxes</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Guarantor is required by law to make a tax deduction, the amount due to the
      Owner shall be increased by the amount necessary to ensure that the Owner receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity and evidence of payment of taxes</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of
      all claims, expenses, liabilities and losses incurred by the Owner by reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause <font style="color: black">6.2</font> (<i>Grossing-up taxes</i>). Within 30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had
      been paid to the appropriate taxation authority.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Accrual of interest</b></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall carry interest after the date on which the
      Owner demands payment of it until it is actually paid, unless interest on that same amount also accrues under the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Calculation of interest</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest under this Guarantee shall be calculated and accrue (as well after as
      before judgment) at the rate described in clauses 37.5 and 37.6 of the Bareboat Charter and otherwise in accordance with the terms thereof.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Subordination of rights of Guarantor</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Guarantor at any time has (whether in respect of this Guarantee
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by
            that Relevant Person, whether in respect of this Guarantee or any other transaction;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">take or enforce any Security Interest for any such amount;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
            or</font></td>
      </tr>

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or
            recovered by the Owner under such Leasing Document.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No requirement to commence proceedings against other Relevant Person</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner will not need to commence any proceedings under, or enforce any Security
      Interest created by, the Bareboat Charter or any other Leasing Document before claiming or commencing proceedings under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Conclusive evidence of certain matters</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, as against the Guarantor:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or
            award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any
            other Leasing Document,</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be binding and conclusive as to all matters of fact and law to which it
      relates.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor represents and warrants to the Owner as of the date of this Guarantee,
      and on each day henceforth until the last day of the Security Period as follows.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Status</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the
            Marshall Islands.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate power</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has the corporate capacity, and has taken all corporate action and
      obtained all consents necessary for it:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute this Guarantee or any other Leasing Document to which it is a party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing
            Document to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consents in force</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and nothing has occurred which makes any of them liable to revocation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No conflicts</b></font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The execution by the Guarantor of the Leasing Documents to which it is a party and
      its compliance with this Guarantee will not involve or lead to a contravention of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of the Guarantor; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any contractual or other obligation or restriction which is binding on the Guarantor or any of its
            assets.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal, valid and binding obligations</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Governing law</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The choice of governing law as stated in this Guarantee and the agreement by the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Immunity</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds
      of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>Pari passu</i> ranking</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations of the Guarantor under this Guarantee, are the direct, general and
      unconditional obligations of the Guarantor and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue
      of any contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal or administrative action</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No legal or administrative action involving the Guarantor has been commenced or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.11</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No insolvency</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is not insolvent or in liquidation or administration or subject to any
      other formal or informal insolvency procedure, and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.12</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tax obligor and place of business</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is not a US Tax Obligor, and has not established a place of business
      in the United Kingdom or the United States of America.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.13</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No withholding taxes</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments which the Guarantor is liable to make under the Leasing Documents to
      which it is a party may be made without deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.14</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Taxes paid</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it,
      its business or except for those being contested in good faith with adequate reserves.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.15</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No default</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Termination Event has occurred nor is continuing or might reasonably be expected
      to result from the entry into and performance of this Guarantee or any other Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.16</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any factual information provided by the Guarantor (or on its behalf) to the Owner
      was true and accurate in all material respects as at the date it was provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of
        financial statements</i>) satisfied the requirements of Clause <font style="color: black">11.4</font> (<i>Form of financial</i></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>&#160;</i></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>statements</i>); and there has been no Material Adverse Effect on the Guarantor from its position
      disclosed in the latest of those accounts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.17</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No legal or administrative action involving the Guarantor has been commenced or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.18</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited
            Person.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Relevant Person, and their respective directors, officers, and employees is in compliance with
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems, controls, policies and procedures designed to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
            Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money
            Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.19</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Laws</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All Environmental Laws relating to the ownership, operation and management of the
      Vessel and the business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.20</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Claim</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Claim has been made against any Relevant Person or otherwise in
      connection with the Vessel which is either (i) in excess of US$5,000,000 or (ii) has or is reasonably likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.21</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Environmental Incident</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Incident has occurred and no person has claimed that an
      Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.22</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Ownership of the Charterer</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Until the Disposal has taken place in accordance with clause 46.1 (ee) of the
      Bareboat Charter, the Charterer is legally and beneficially and indirectly wholly owned and controlled by the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.23</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Status of the Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New
            York Stock Exchange or NASDAQ or Over the Counter (OTC); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor undertakes with the Owner to comply with the following provisions of
      this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any
      undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Information provided to be accurate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All financial and other information which is provided by or on behalf of the
      Guarantor under or in connection with the Leasing Documents will be true and not misleading and will not omit any material fact or consideration.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Provision of financial statements</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send to the Owner (or, following the Disposal, procure the New
      Shareholder will send to the Owner):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial
            statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness by at least one officer of the Guarantor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Form of financial statements</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be prepared in accordance with all applicable laws and generally accepted accounting principles in the
            United States consistently applied;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
            of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit for the period to which those accounts relate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully disclose or provide for all significant liabilities of the Group; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If not in the English language, be accompanied by an English translation duly certified as to its
            correctness.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder and creditor notices</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send the Owner, upon its request, copies of all communications
      which are despatched to the Guarantor&#8217;s shareholders or creditors or any class of them.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Consents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will obtain and promptly renew and will procure that each other
      Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the
      transactions contemplated under each Leasing Document to which it is a party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valid obligations</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will at its own cost, and will procure that each other Relevant Person
      will:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
            Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person purports to create; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing
            Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant
            Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security
            Interest which such Relevant Person creates.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notification of legal or administrative action</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will provide or will procure that each other Relevant Person provides
      the Owner with details of any legal or administrative action involving such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is
      likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notification of damage or default</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
            occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to result, in repairs on the Vessel which exceed US$5,000,000; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
            occurrence of any Termination Event,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      will, if so requested by the Owner, provide any such certificate signed by its authorised signatory, confirming that there exists no Termination Event.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Additional information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      as practicable after receiving the request, provide the Owner with any additional financial or other information relating:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to themselves and/or the Vessel (including, but not limited to the condition, location and employment
            status of the Vessel); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      time, provided that, in the case of information on the employment status of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly
      period during each calendar year.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.11</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance with operational laws</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the
      laws of the Vessel&#8217;s registry.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.12</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance with other laws</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all
            applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any
            non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that </font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Relevant Person or their respective shareholders,
      directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of
      the aforesaid parties are in compliance with such laws.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any
            non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all
            information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner
            which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a
            breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the
            Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any
            sanctions limitation or exclusion clause in any insurance documentation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers,
            directors and employees, will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
            with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
            use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
            person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.13</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall not, and shall procure that each other Relevant Person will not
      create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.14</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Financial covenants</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that, at any time during the Security Period, the Guarantor&#8217;s Leverage
            Ratio shall not be more than eighty five per cent (85%).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less
            than US$550,000.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed
      as a percentage) of:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Total Net Debt; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of
            ownership by the Guarantor of each such Fleet Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Liquid Funds</b>&#8221; means, at any time, cash at bank and
      credited to an account in the name of any member of the Group and to which the Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or
      enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by an Approved Valuer nominated
      by the Charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the occurrence of a Termination Event which is continuing,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
            reports prepared:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">13</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the
            two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as
            set out under paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate
      Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage
      of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity
      holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is
      subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any
      financing arrangement of any member of the Group.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting
      principles in the United States.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.15</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance Certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall supply to the Owner, together with each set of financial
      statements delivered pursuant to Clause 11.3 (<i>Provision of financial statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial
        Covenants</i>); and each Compliance Certificate shall be signed by the Co-Chief Financial Officer of the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.16</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Negative Pledge</b></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the Charterers will not create or permit to arise any Security Interest over any of its
            assets present or future except for the Permitted Security Interests; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that its liabilities under this Guarantee will rank at least pari passu with all its other
            present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">14</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.17</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No disposal of assets, change of business</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will not, and shall (at all times) procure that no other Relevant
      Person shall:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any
            of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether related or not except in the usual course of their respective trading operations, other than any Disposal made in accordance with
            the Bareboat Charter; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make any substantial change (or any change, in the case of the Charterer) to the nature of their
            respective business or corporate structure from that existing as at the date of this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.18</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No merger etc</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other than any Disposal made in accordance with the Bareboat Charter, the Guarantor
      shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger,
      sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.19</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FATCA</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall not, and shall procure that no Relevant Person will become a
      FATCA FFI or US Tax Obligor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.20</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No payment of dividend</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall not declare, make or pay any dividend or other distribution (or
      interest on any unpaid dividend or other distribution) on or in respect of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (<i>Termination Events</i>) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Judgments relating to Bareboat Charter and other Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall cover any amount payable by any other Relevant Person under or
      in connection with any judgment or award relating to the Bareboat Charter and any other Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Currency indemnity</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any sum due from the Guarantor to the Owner under this Guarantee or under any
      order, judgment or award relating to this Guarantee has to be converted from the currency in which this Guarantee provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the
      purpose of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any
            arrangement involving it or otherwise; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order, judgment or award from any court or other tribunal; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">15</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order, judgment or award;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor shall indemnify the Owner against the loss arising when the amount of
      the payment actually received by the Owner is converted at the available rate of exchange into the Contractual Currency.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>),
      the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Continuing guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall remain in force as a continuing security interest at all times
      during the Security Period.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Rights cumulative, non-exclusive</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may
      be exercised as often as appears expedient and shall not be taken to exclude or limit any right or remedy conferred by law.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No impairment of rights under Guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owner omits to exercise, delays in exercising or invalidly exercises any of
      its rights under this Guarantee, that shall not impair that or any other right of the Owner under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Severability of provisions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any provision of this Guarantee is or subsequently becomes void, illegal,
      unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability of its other provisions.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee not affected by other Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall not impair, nor be impaired by, any other guarantee or any
      right of set-off or netting or to combine accounts which the Owner may now or later hold in connection with the Bareboat Charter or any other Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantor bound by Bareboat Charter and other Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat
      Charter and any other Leasing Document in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Applicability of provisions of Guarantee to other rights</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clauses <font style="color: black">3</font> (<i>Liability as principal and
        independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the
      time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability</i></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>&#160;</i></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">16</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><i>as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of
        Bareboat Charter</i>)), being an agreement referring to this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Third party rights</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Other than the Other Owners, a person who is not a party to this Guarantee has no
      right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to enjoy the benefit of any term of this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Counterpart</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee may be executed in any number of counterparts, and this has the same
      effect as if the signatures on the counterparts were on a single copy of this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>FATCA Information</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter
            within ten (10) Business Days of a reasonable request by the other Party:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other relevant parties) such other form or forms
            (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information
            required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or
            W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other
            relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion,
            might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations);
            provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9
            (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party fails to confirm its status or to supply forms, documentation or other information
            requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
            shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">17</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated
            for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Owner</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 64 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to
      this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and
      &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when applied herein.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor may not assign any of its rights or transfer any of
      its rights or obligations under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices to Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in connection with this Guarantee
      shall be given by letter or email at:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: atsirikos@topships.org</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 81 28 180</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
      or to such other address or email address which the Guarantor may notify to the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Validity of demands</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A demand under this Guarantee shall be valid notwithstanding that it is served:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the
            Leasing Document to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly
      authorised officer of the Owner and delivered to the Guarantor pursuant to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed
      obligations to be paid and/or performed (as the case may be); and (v) set forth payment instructions in respect of any amount or amounts payable to the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">18</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices to Owner</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice to the Owner under or in connection with this Guarantee shall be sent to
      the same address and in the same manner as notices to the Owner under clause 44 (<i>Notice</i>) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Invalidity of Bareboat Charter or other Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or
            retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the
            introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for
            example, by interest ceasing to accrue);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Guarantee shall cover any amount which would have been or become payable under
      or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such
      events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts
      payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly
            incorporated therein with any necessary modifications:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 43 (<i>No waiver of rights</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 55 (<i>no set-off or tax deduction</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 57 (<i>confidentiality</i>); and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 59 (<i>partial invalidity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">19</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing Law and Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.2</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the
            existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance
            with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the
            two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association,
            or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14
            calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
            appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as
            sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary
            these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
            or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">20</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date
        stated at the beginning of this GUARANTEE.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>&#160;</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">21</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1<br>
      <br>
      Form of Compliance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>LUSTRE 2 HOLDING LIMITED</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC. </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: _______________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee dated </b>_______________ <b>2025 (the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear Sirs</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the
            same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance Certificate.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has
            not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if any, being taken to remedy the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>)
            for the [6-month period][financial year] ending on [&#9679;].</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>85




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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Liquid Funds is <font style="color: windowtext">[&#9679;], which is not less than US$</font>550,000.</font></td>
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  </table>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">23</font></p>
  <p style="margin-top: 0; margin-bottom: 0; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif">Huarong Top Ships II - Guarantee <br>
    m.v. Legio X Equestris <br>
    SINGAPORE/91880871v1</p>
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<DOCUMENT>
<TYPE>EX-4.27
<SEQUENCE>8
<FILENAME>ef20060828_ex4-27.htm
<DESCRIPTION>EXHIBIT 4.27
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            <div style="margin-left: 36pt;"><font style="font-weight: bold;">1 August 2025</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              10(g))</font></p>
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                requirements of Flag State</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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                area declared by the Joint War Committee, see also Clause 46.1(t), 46.1(u) and 46.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 32 (Charter Period)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Changes to Interest Rate, Default Interest)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 36 (Charterhire and Advance
                Charterhire); such account as the Owners may notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bank guarantee/bond (sum and
              place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage(s), if any (state
              whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
              war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance) - Clause 14 does not apply</b></font></p>
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        </td>
      </tr>
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        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 39 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
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        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 68 (Definitions)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PREAMBLE - It is mutually agreed that this Contract shall be performed
      subject to the conditions contained in this Charter which shall include PART I and PART II <font style="color: #B3122F"><u>and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B3122F"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B3122F"><u>and</u></font><font style="color: #3C95D1"><strike>shall prevail over those of</strike></font> PART II to the extent of such
      conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V
      apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt; text-indent: 0.5in">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature (Owners)</font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
            </font></div>
          <div>
            <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">/s/ Chen Keqi</div>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </font></div>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature (Charterers)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
            </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> /s/ Alexandros Tsirikos </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><br>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </font></p>
          &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ALEXANDROS TSIRIKOS, Attorney-in-fact</font>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.4in; text-align: left">1</td>
        <td style="width: 0.4in;"><b>1.</b></td>
        <td style="text-align: left"><b>Definitions</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">2</td>
        <td>In this Charter, the following terms shall have the meanings hereby assigned to them:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">3</td>
        <td>&#8220;The Owners&#8221; shall mean the party identified in Box 3;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">4</font></td>
        <td>&#8220;The Charterers&#8221; shall mean the party identified in Box 4;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">5</font></td>
        <td>&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">6</font></td>
        <td>
          <div>&#8220;Financial Instrument<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>s</u></font>&#8221; <font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>has the meaning ascribed to it in Clause 68
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        </td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17pt 0pt 46pt; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>7</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>annexed to this Charter and stated in Box 28.</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">8</font></td>
        <td style="width: 0.4in"><b>2.</b></td>
        <td><b>Charter Period</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">9</font></td>
        <td>In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">10</font></td>
        <td>hire the Vessel for the period stated in Box 21 <font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(&#8220;The Charter Per</strike>i<strike>od&#8221;)</strike></font>.<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u> See also Clause 32</u> (<u>Charter Period</u>)</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">11</font></td>
        <td style="width: 0.4in"><b>3.</b></td>
        <td><b>Delivery</b></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">12</font></td>
        <td>(not applicable when Part III applies, as indicated in Box 37)</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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        <td style="width: 0.4in; text-align: left">13</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in</strike></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2"></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>14</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>every respect ready in hull, machinery and equipment for service under this Charter.</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">15</font></td>
        <td>The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">16</font></td>
        <td>Box 13<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>.</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2">&#160;i<strike>n such ready safe berth as the Charterers may d</strike>i<strike>rect.</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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        <td style="width: 0.4in; text-align: left">17</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in</strike></font></td>
      </tr>

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        <td style="vertical-align: top; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td style="vertical-align: top; width: 0.4in">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="color: #3C96D2"><strike>12.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
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        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions,</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>but the Owners sha</strike>ll <strike>be</strike> li<strike>ab</strike>l<strike>e for</strike></font></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repa</strike>i<strike>rs or renewa</strike>l<strike>s occas</strike>i<strike>oned
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, ex</strike>i<strike>sting at the time of de</strike>li<strike>very under th</strike>i<strike>s
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 34 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217;</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
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        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling<font style="color: #B31330"><u> (See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td style="vertical-align: top"><font style="color: rgb(60,150,210)"><strike>(a)</strike></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="color: rgb(59,149,210)"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under th</strike>i<strike>s Charter.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><b>6.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 46.1(t), 46.1 (u) and 46.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 47.2</u> (<u>Inspection of Vessel</u>)</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37)</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>de</strike>li<strike>very and </strike></font>redelivery <font style="color: #B31330"><u>pursuant





                  to Clause 41.6 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss)</u></font> hereunder <font style="color: #B31330"><u>(if applicable) at the costs of the Charterers</u></font>.
              <font style="color: #3C96D2"><strike>The Owners shall bear all <br>
                  expenses</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 47 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided;</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period.</strike></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 34.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation</b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repair, in efficient operating condition and in accordance with good commercial maintenance practice and,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>except as prov</strike>i<strike>ded for</strike> i<strike>n C</strike>l<strike>ause 1</strike>4<strike>(</strike>l<strike>),</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, at their own expense they shall at all times keep the Vessel&#8217;s</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties concerned in order to achieve a reasonable distribution thereof as between the Owners and the</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) Financial Security - The Charterers shall maintain financial security or responsibility in respect of third party</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities as required by any government, including federal, state or municipal or other division or authority</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place,</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">territorial or contiguous waters of any country, state or municipality in performance of this Charter without any</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so.</font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel&#8217;s</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">their own colours, install and display their funnel insignia and fly their own house flag <font style="color: #B31330"><u>(with all fees, costs and <br>
                expenses arising in relation thereto for the Charterers&#8217; account)</u></font>. The Charterers shall also</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>wh</strike>i<strike>ch shall not be unreasonab</strike>l<strike>y w</strike>i<strike>thhe</strike>l<strike>d,






              </strike></font>to change the flag and/or</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period <font style="color: #B31330">(<u>with all fees, costs and expenses arising in relation thereto for </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Charterers&#8217; account</u>)</font>. Painting and re-painting, instalment and re-instalment,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes to the Vessel - Subject to Clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securing</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the term</strike>i<strike>nation of th</strike>i<strike>s Charter</strike></font>.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wear and tear excepted. The Charterers shall from time to time during the Charter Period replace<font style="color: #B31330"><u>, renew or </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substitute</u></font> such items of</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>replaced, renewed or substituted shall vest in and remain with the Owners.</u></font> The Charterers have the right</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to fit additional equipment at their expense and risk <font style="color: #B31330">(<u>provided that no permanent structural dama</u>g<u>e is caused to </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Vessel by reason of such installation) and</u></font> <font style="color: #3C96D2"><strike>but </strike></font>the Charterers
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>and make good any damage caused by the fitting or removal of such additional equipment before the Vessel is r</u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>edelivered to the Owners.</u></font><font style="color: #3C96D2"><strike>at the end</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
            including radio equipment on hire on the Vessel at</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>or, if Box 19 has</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 36 (Charterhire and Advance Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(a)</strike></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">respect</font></strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Per</strike>i<strike>od.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>((See Clause 64.3 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>181</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>(only to apply if Box 28 has been appropriately filled in)</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190<br>
              191</strike></font></td>
        <td>&#160;</td>
        <td>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>stated</strike></font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 39 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 39 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 39 (Insurance</u>) </font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and






                freight, <br>
                demurrage and defence risks</u></font> (and any risks against which it is compulsory to insure for the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurances</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u><br>
                Owners&#8217; Financiers</u></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s)</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the <font style="color: #3C96D2"><strike>On</strike></font>Owners and the Owners&#8217; Financiers (if any)</u></font>.
              Insurance policies shall cover the</font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u> </font>and the Charterers according to their</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>C</strike>l<strike>ause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">shall</font></strike></font></div>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the</strike></font> Charterers</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party</strike></font> <font style="color: #B31330"><u>Owners</u></font> with particulars of any additional insurance </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effected,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that any </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330"><u>(if </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 41.13 (Termination, Redelivery and Total Loss</u>)</font>, </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a),</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330">(o<u>r, if a</u>p<u>plicable, the Owners&#8217; Financiers in accordance with the terms of </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the relevant loss</u> pa<u>yable clauses</u>). </font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accord</strike>i<strike>ng to the</strike>i<strike>r respective</strike> i<strike>nterests.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to notify the Owners <font style="color: #B31330"><u>and the Owners&#8217; Financiers</u> </font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any,&#160;</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the Vessel
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 39 (Insurance)</u>. </font><font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel,</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld.</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance.</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs,</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a).</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts.</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances.</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period.</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>effected,</strike></font></div>
        </td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 41.6 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>range</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of expected date and port or place of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>291</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>292</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>excepted.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>294</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>least the number of months agreed in Box 17.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">295</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Save for Permitted Security Interest (if any), t</u></font><font style="color: #3C95D1"><strike>T</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">he Charterers will not suffer, nor permit to be continued, any lien </font></div>
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        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221; <font style="color: #B3122F"><u>or a notice in such analogous form as reasonably </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by any Mortgagee (if any).</u></font></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">303</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indemnity<font style="color: #B3122F"><u>&#160;(See Clauses 38.3 (Possession of Vessel), 39.16 (Insurance), 39.17 (Insurance), 39.18 (Insurance), <br>
                41.4 (Termination, Redelivery and Total Loss), 54 (Indemnities) and 56.4 (Increased Costs))</u></font></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>304</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>305</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>306</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>307</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>308</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>309</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the provision of bail.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>310</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>311</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>312</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>313</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>released,</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>314</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>including the provision of bail.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>315</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>316</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B3122F"><u>shall</u></font><font style="color: #3C95D1"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
              sub-freights belonging or due to the Charterers or </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C95D1"><strike>, and
                the Charterers to have a lien on</strike></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>the Vessel for all moneys paid in advance and not earned</strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">321</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">330</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment</b><font style="color: #3C95D1"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B3122F"><b><u>(See





                  Clause 64 (Assignment and Transfer))</u></b></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions as the Owners shall approve.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall not sell the Vessel during the currency of this Charter except with the prior written consent of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Charter.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)* </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>343</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>346</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>347</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>348</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Delete as applicable.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">349</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><b><strike>Bank </strike></b></font><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Corporate </u></font></b><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>(Optional, only to apply if Box 27 filled in)</strike></strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B3122F"><u>on or about the date of this Charter,</u></font> <font style="color: #3C95D1"><strike>before delivery of the Vessel, a first <br>
                class bank guarantee or bond in the </strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="color: #3C95D1"><strike>sum and at the place as indicated in Box 27 as</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>a corporate guarantee from the Guarantor as</u></font>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantee <font style="color: #B3122F"><u>and the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>other Security Documents (if not already earlier entered into)</u></font> for full performance of their obligations under this</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">354</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>Sub</u>j<u>ect to the provisions of the Financial Instruments (if any )
                and the General Assignment, i</u></font><font style="color: #3C95D1"><strike>I</strike></font>n the event of the <br>
            Requisition for Hire of the Vessel by any governmental or other competent authority</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B3122F"><u>. </u></font><font style="color: #3C95D1"><strike>always
                  provided however </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>that</strike></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for Hire&#8221; whichever be the shorter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Sub</u>j<u>ect to the other provisions of this Charter and the Financial Instruments (if an</u>y) <u>i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the Owners </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">being deprived of their ownership in the Vessel by any Compulsory Acquisition of the</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C95D1"><strike>to </strike></font><font style="color: #B3122F"><u>shall</u></font> be
              paid up to the date and time of such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">371</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C95D1"><strike>unless the wri</strike>tt<strike>en consent of the Owners be</strike> fi<strike>rst obtained,</strike></font> <font style="color: #B3122F"><u>unless trading within the limits and safe <br>
                </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>and the additional insurances of the Vessel, </u></font> shall not continue to or go through any</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area.</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>within,</strike></font></div>
        </td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the next payment of hire is due.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war<font style="color: #3C95D1"><strike> (whether there be a declaration of war or not)</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>406</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Kingdom;</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>407</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>France; and the People&#8217;s Republic of China,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>408</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>409</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>410</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>411</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>412</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid in accordance
            with Clause 11 <font style="color: #3C95D1"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C95D1"><strike>redelivery</strike></font><font style="color: #B3122F"><u>the end of the Charter Period</u></font>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">415</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>416</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>417</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>418</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>actual expenses of the Brokers and a reasonable fee for their work.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>419</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor
              shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>420</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnify the Brokers against their loss of commission.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>421</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>422</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">423</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B3122F"><u>(See Clauses 41 (Termination, Redelivery and Total Loss) and 49
                  (Termination Events))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>424</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charterers&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>425</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charter</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>426</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>with immediate effect by written notice to the Charterers if:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>427</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>punctual</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>428</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>429</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>430</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>431</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>432</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>433</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>434</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>terminate the Charter without further notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>435</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Charterers fail to comply with the requirements of:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>436</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(1) Clause 6 (Trading Restrictions)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>437</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(2) Clause 13(a) (Insurance and Repairs)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>438</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>439</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>440</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>441</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i)
              (Maintenance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>442</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>443</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>444</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Owners&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>445</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>446</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>447</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>448</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>449</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Loss of Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>450</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>451</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>452</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>453</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>454</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>455</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>456</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>457</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>receiver</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>458</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>459</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>composition with its creditors.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>460</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>461</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date of termination and to any claim that either party might have.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. </b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Repossession<font style="color: #B3122F"><u> (See also Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination Events)). </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>In the event the Vessel is due for redelivery pursuant to Clause 41.6 (Termination, Redelivery and Total Loss) or </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Clause 41.10 (Termination, Redelivery and Total Loss),</u></font></b></font></div>
        </td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners<font style="color: #B3122F"><u> and the Charterers shall procure that the master and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall not </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>be materially and adversely compromised</u>)</font>. <font style="color: #3C95D1"><strike>The Owners shall arrange for an authorised</strike></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>468</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>469</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>Vessel by the Owners&#8217; representative.</strike></strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
            arrangements and expenses relating to the settling of wages,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">473</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution</b> <font style="color: #B3122F"><b>(<u>See Clause 66</u></b> <b>(<u>Governing Law and Enforcement</u>))</b></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>474</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>475</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>476</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>477</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provisions of this Clause.</strike></font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>478</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>479</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Terms current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>480</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>481</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>482</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>483</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>484</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>485</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>486</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accordingly.</strike></font></div>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>487</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>488</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>489</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appointment of a sole arbitrator.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>490</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>491</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>492</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>493</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>494</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>495</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>496</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>497</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>498</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>499</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>500</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>501</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>502</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(c)* </strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>503</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at
              a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>504</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mutually agreed place, subject to the procedures applicable there.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>505</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>506</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or dispute arising out of or in connection with this Contract.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>507</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>508</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following shall apply:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>509</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>510</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>511</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>512</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>513</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days,</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>514</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>515</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted</strike></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>516</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>517</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of disagreement, as may be set by the mediator.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>518</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>519</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>520</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>521</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>necessary to protect its interest.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>522</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>523</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>524</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>when setting the timetable for steps in the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>525</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>526</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>527</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>528</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>529</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and procedure governing the arbitration.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>530</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>531</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d)
              shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>532</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>apply in all cases.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>533</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">534</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices<font style="color: #B3122F"><u> (See Clause 44 (Notices))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>535</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex,</strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>536</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>registered or recorded mail or by personal service.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>537</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Specifications and Building Contract</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; padding-right: 0px;"></td>
        <td style="width: 0.4in; padding-right: 0;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td style="text-align: justify; padding-right: 0; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a) </strike></font></td>
        <td style="text-align: justify; padding-right: 0;">
          <div><font style="color: #3C95D1;"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Contract&#8221;) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td style="text-align: justify; padding-right: 56pt;">
          <div><font style="color: #3C95D1;"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>specifications </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>approved by the Charterers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify; padding-right: 19pt;">
          <div><font style="color: #3C95D1;"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>from </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>remedies.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify; padding-right: 31pt;"><font style="color: #3C95D1;"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>incurred. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>41(a) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify; padding-right: 29pt;">
          <div><font style="color: #3C95D1;"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Builders) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>29</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>30</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>31</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>32</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>33</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>34</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>35</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>36</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>37</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>38</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>39</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>40</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties,</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>41</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>42</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>43</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>44</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>45</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>46</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>47</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>48</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>49</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>50</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>to have effect; or</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>51</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7)</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>52</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>53</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>54</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Owners shall commence such negotiations and/ or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>55</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>56</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>57</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>58</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>59</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>60</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>61</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>62</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>63</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>64</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>65</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>66</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>67</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>4.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>68</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>69</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>painted in the colours, display the funnel insignia and fly the house flag as r</strike></font><strike><font style="color: #3C96D2;">equired by the Charterers.</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>70</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>5. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>71</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>72</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the condition of the Vessel at the time of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>73</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>74</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>75</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>also bear all loss of time spen</strike></font><strike><font style="color: #3C96D2;">t in connection with any docking and undocking as well as repairs, which shall be</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>76</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>paid at the rate of hire per day or pro rata.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART IV</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 25.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="padding-right: 32pt;"><font style="color: #3C95D1;"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>payment. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td style="text-align: justify; padding-right: 42pt;">
          <div><font style="color: #3C95D1;"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>equivalent </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART V</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 212.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1.</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Definitions</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them:</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>as Owners and to which jurisdiction and c</strike></font><strike><font style="color: #3C96D2;">ontrol of the Vessel will revert upon termination of the Bareboat</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charter Registration.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2.</strike></b></font></td>
        <td><font style="color: #3C96D2;"><strike><b>Mortgage</b></strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II)</strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>shall apply. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0; font-family: Arial, Helvetica, Sans-Serif"></p>
  <p style="margin: 0; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>EXECUTION VERSION</u></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED&#160;</b><b><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 32 &#8211; Charter Period</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter,
            continue for a period of one hundred and twenty (120) months starting from the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
            shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with effect from the date hereof until the end of the Charter Period (subject to
      the terms of this Charter).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 33 &#8211; Cancellation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the
            Cancelling Date (or such later date as the parties to the MOA may agree); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      (without prejudice to Clause 54 &#8211; (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the Charterers
      pursuant to Clause 42 &#8211; (<i>Fees and Expenses</i>) (and without prejudice to Clause 42 &#8211; (<i>Fees and Expenses</i>) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to the Owners in
      accordance with Clause 42 &#8211; (<i>Fees and Expenses</i>) and such payment shall be irrevocable and unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in
      protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter. For the avoidance of doubt, the termination of this Charter shall not prejudice the operation of any provision of any Leasing Document which
      is expressed to survive the termination or cancellation of this Charter).</font></p>
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      Charter of Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and
            constitutes one of the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and
            conditional upon:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery of the Vessel by the Existing Owner to the Existing Charterer of the Vessel under the
            Existing BBC;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred which is continuing from the date
            of this Charter to the last day of the Charter Period (inclusive);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations and warranties contained in Clause 45 &#8211; (<i>Representations and Warranties</i>)
            being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners having received from the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the
            MOA) to the Owners (in their capacity as buyers under the MOA), the documents or evidence set out in Part A of Schedule 2 in form and substance satisfactory to them; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed
            copy of the protocol of delivery and acceptance evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance
            satisfactory to them,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the documents listed in Schedule 2 are not in the English language
      then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The conditions precedent specified in Clause 34.2(f) are inserted for the sole benefit of the Owners
            and may be waived or deferred in whole or in part and with or without conditions by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) On the delivery of the Vessel by the Existing Owner to the Existing Charterer under the Existing
            BBC and (ii) on the delivery to and acceptance by the Owners (in their capacity as buyers) of the Vessel from the Charterers (in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted
            without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of
            the Vessel under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and
            deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the
            Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the
            Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Charterers (in their capacity as sellers) under the MOA, and the Owners shall not be liable for any losses, costs
            or expenses whatsoever or howsoever arising including without limitation, any loss of profit or any loss or otherwise:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not
            limited to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure
            of the Vessel; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
            to commence.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused
            lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any
            such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of
            Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 35 &#8211; Quiet enjoyment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provided that no Termination Event has occurred and continuing
      or Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
            a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the
            Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 36 &#8211; Charterhire and
      Advance Charterhire</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at
            the request of the Charterers, the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire, the Advance Charterhire and all other amounts payable under this Charter in accordance with the terms of this
            Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the
            difference between the Purchase Price and the Financing Amount as of the Commencement Date (the &#8220;<b>Advance Charterhire</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement
            Date by the Owners (as buyers under the MOA) setting off an amount equal to the Advance Charterhire against a corresponding amount of the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Advance Charterhire shall not bear interest and shall be non-refundable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
            in arrears in monthly instalments on each Payment Date. Each instalment shall consist of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of
            Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;) which shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>)
            to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), US$183,333 (&#8220;<b>Original Fixed Charterhire A</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, US$183,373 (&#8220;<b>Original Fixed Charterhire B</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 40.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>)
            to the one hundred nineteenth (119<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalments (both inclusive), <i>Original <font style="font-weight: normal">Fixed Charterhire A</font> x Adjustment Value</i>;
            and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 40.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the one hundred twentieth (120<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, <i>Original Fixed Charterhire B x Adjustment Value</i>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by
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            Payment Date by reference to the actual number of days elapsed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.5A</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of determining the Variable Charterhire:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.1pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the
            Interpolated Term SOFR for a period equal in length to for that Hire Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.1pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If no Term SOFR is available for any relevant Hire Period and it is not possible to calculate the
            Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.1pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period,
            the applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Hire Period; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the calendar month following the month in which the Commencement Date falls (the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
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            the Owners by not later than 4.00 pm (Beijing time). Any payment of Charterhire which is due to be made on a Payment Date which is not also a Business Day shall be made on the preceding Business Day instead.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            be of the essence of this Charter.</font></td>
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      </tr>

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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            until receipt by the Owners.</font></td>
      </tr>

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.12</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(except in the case of the Advance Charterhire) any set off, counterclaim, recoupment, defence, claim
            or other right which the Charterers may at any time have against the Owners or any other person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      </tr>

  </table>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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      </tr>

  </table>
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      </tr>

  </table>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the operation of this Charter in respect of the hire and all other payments to be made pursuant to
            this Charter and the remittance thereof to the Owners; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in Hong Kong
      and (ii) the introduction or alteration after the date of this Charter of a law in Hong Kong or an alteration after the date of this Charter in the manner in which a law in Hong Kong is interpreted or applied (the &#8220;<b>Tax Changes</b>&#8221;), and after the
      Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax
      Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the
      procedures set out in Clause 50.4.</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, before the Reporting Time, the Owners determine (which determination shall be conclusive and
            binding) that their cost of funds relating to the then prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market Disruption Rate, the Owners shall promptly notify the Charterers accordingly and Clause 37.3
            below shall apply to the prevailing Outstanding Capital Balance or any part thereof for that Hire Period.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.2</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the applicable Interest Rate shall be the percentage rate per
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Margin, and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference
            Rate; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">and pending any such amendment or waiver and the Replacement Reference Rate being utilised under the
      Leasing Documents to calculate the Interest Rate, Clause 37.3 shall apply to the calculation of the Interest Rate.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers fail to make any payment due under this Charter on the due date, they shall pay
            additional interest on such late payment at a rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Hire Period which shall apply prior to, during or following Delivery and shall accrue on a
            daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the Owners agree that such default rate is proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All interest (including default interest) and any other payments under this Charter which are of an
            annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
            the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for
            any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly notify any party (including, without limitation, the Initial
            Sub-charterer or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory
            evidence to the opinion of the Owners that such party has received such written notification.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
            of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or
            otherwise do such lawful things as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking
            possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of the foregoing and Clause 53 &#8211; (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising
            from the master, officers or agents signing bills of lading or other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take all reasonable steps to
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer
            of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any
            Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 39 &#8211; Insurance</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure that the insurances for the Vessel are effected:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and
            trapping), on an agreed value basis of at least the higher of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the
            higher of (i) the highest level of cover from time to time available under protection and indemnity club entry and in the international marine insurance market and (ii) an amount of not less than $1,000,000,000;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a
            protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with first class international insurers and/or underwriters acceptable to the Owners and having a
            Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the Owners or, in the case of war risks through a protection and indemnity club which meets the
            requirements of paragraph (d) above; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on terms and in form acceptable to the Owners.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall
            procure that the Obligatory Insurances shall:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if
            applicable the Owners&#8217; Financiers if so required by the Owners) as the only named assureds unless the interest of every other named assured or co-assured is limited:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
            claim on underwriters; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any third party liability claims where cover for such claims is provided by the policy (and then
            only in respect of discharge of any claims made against them); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are
            entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against them,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Owners or the Owners&#8217; Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217; Financiers (if any)) in proportion to
      the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of the loss payable
      clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the Owners&#8217; Financiers (if any) require:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same
            as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right
            to pay) premiums, calls or other assessments in respect of such insurance;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to protection and indemnity risks, name (or be amended to name) the same as additional
            insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">name the same and the Owners as respectively the first ranking loss payee and the second ranking loss
            payee (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for payment in
            accordance with the terms of such relevant loss payable clause, as the Owners and the Owners&#8217; Financiers (if any) may specify;</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the
            Owners and/or the Owners&#8217; Financiers (as applicable) shall be made without set-off, counterclaim, deductions or condition whatsoever;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that such Obligatory Insurances shall be primary without right of contribution from other
            insurances which may be carried by the Owners or the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the
            Charterers fail to do so; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the
            coverage which adversely affects the interest of the Owners and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of </font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">11</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty
            (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
            writing the Owners of the terms and conditions of all Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the
            change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 39 &#8211; (<i>Insurance</i>), notify the
            Owners (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the
            proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory
            Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the approved brokers and/or the war risks and protection and indemnity associations with
            which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions
            of the renewal; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
            such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 39.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover
            notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers
            (if any) provide the Owners with copies (or upon the Owners&#8217; request, originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in
            a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
            of assignment complying with the provisions of this Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
            Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the
            terms of the Obligatory Insurances of which they are aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
            the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month
            before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of
            renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that
            the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to
            the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
            received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
            respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which
            the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217;
            Financiers (if any) and agreed by such associations or in such association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certified copy of each certificate of financial responsibility for pollution by oil or other
            Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the
            approved brokers (if any) through which the insurances are effected or renewed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory
            Insurances are punctually paid and produce all relevant receipts when so required by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">13</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks
            association are promptly issued and remain in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or
            thing which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any sum payable under an Obligatory Insurance repayable in whole or in part; and, in particular:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all necessary action is taken and all requirements are complied with
            which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause 39 &#8211; (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or
            qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of
            Protection And Indemnity Clubs);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not make or permit any changes relating to the classification or the
            classification society of the Vessel or, subject to procuring the provision of a replacement manager&#8217;s undertaking in substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such
            changes have, if required, first been approved by the underwriters of the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all quarterly or other voyage declarations which may be required by
            the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
            applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
            with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
            waive any right relating to any Obligatory Insurance without the prior written consent of the Owners and the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for
            Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory
            Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a
            Total Loss or a Major Casualty the Charterers shall provide the following immediately without the Owners&#8217; making any request), copies of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">14</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved protection and indemnity and/or war risks associations; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved insurers and/or underwriters, which relate directly or indirectly to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all
            requisite declarations and payments of additional premiums or calls; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs
            (i) or (ii) above relating wholly or partly to the effecting or maintenance of the Obligatory Insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for
            the purpose of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of
            the Obligatory Insurances effected or proposed to be effected; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance





              and Repairs</i>) or Clause 39 &#8211; (<i>Insurance</i>) dealing with or considering any matters relating to any such insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s
            insurances exceeding the Major Casualty amount.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If one or more of the Obligatory Insurances are not effected and maintained with first class
            international insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative
            reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable
            to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.15</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners,
            make direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses which are incurred by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">15</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
            interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out in respect of the Vessel; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or
            renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at
            the relevant time any form of loan facility to refinance the Vessel,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case as referred to in paragraph (a), in an amount at
      least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan amount
      from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.16</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or
            damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only
            reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.17</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
            the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory
            Insurances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition
            precedent requirement under Schedule 2 of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Owners procure the issuance of such detailed report no more than once every calendar year,
            unless a Termination Event has occurred in which case such reports may be procured at the Charterer&#8217;s cost at any such time; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.18</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">keep the Vessel insured at their expense against such other risks (other than loss of hire which shall
            be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at
            the relevant time (as notified by the Owners and having regard to the then existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel) and which risks are, at that time, generally insured
            against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel (including without limitation,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">16</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> innocent owners interest insurance, innocent owners additional
      perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a
      Termination Event); and</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the
            Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem
            necessary (having regard to the existing insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 40 &#8211; Warranties
      relating to Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
            of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Charterers (in their capacity as sellers) pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to
            the Charterers hereunder and that no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All conditions, terms or warranties express or implied by the law relating to the specifications,
            quality, description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage,
            expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason
            thereof be released from any liability to pay any Charterhire or other payment due under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 41 &#8211; Termination,
      Redelivery and Total Loss</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Termination</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the
            Charterers shall be obliged to pay the Owners the Termination Sum on the Termination Date and it is hereby agreed by the parties hereto that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing
            obligation and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until irrevocably and unconditionally paid in full;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">17</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which
            the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a
            breach of contract by the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5
            shall apply and the Owners shall be entitled to exercise their rights under Clauses 41.9 and 41.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
            the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the
            Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred
            or permitted by the Owners and/or Owners&#8217; Financier (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and
            acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 53.1.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
            Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Redelivery</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this
            Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the
            Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of
            expected date and port or place of redelivery. Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the Owners, the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in compliance with the Obligatory Insurances;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in an equivalent class as she was as at the Commencement Date and without any recommendation or
            condition and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">18</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
            intermediate surveys and drydock at the Charterers&#8217; time and expense without any recommendation or condition:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the satisfaction of the Approved Classification Society; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable
            satisfaction of an Owners&#8217; Surveyor appointed at the cost of the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the
            Financial Instruments, if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any charter or other employment (unless the Owners wish to retain the continuance of any
            prevailing charter or as otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to
            the next schedule dry docking of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be redelivered to the Owner together with all material information generated during the Charter Period
            in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to
            the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place of redelivery, including without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the
            Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within any time period required by Clause 41 &#8211; (<i>Termination, Redelivery and
              Total Loss</i>). If the time of actual redelivery is after the date on which redelivery is required to take place pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<b>Redelivery Date</b>&#8221;), the Charterer shall,
            without prejudice to any other amounts payable under the Leasing Documents (including without limitation pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery
            Date and for each day until the date on which the Vessel is redelivered in accordance with Clause 41.5, the rate of hire equivalent to the higher of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">19</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
            determined by an Approved Valuer appointed by the Owners); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, all other terms, conditions and
      provisions of this Charter and the other Leasing Documents shall continue to apply during such period.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners&#8217; Surveyor with all such facilities and access to the Vessel as
            may be required to enable such Owners&#8217; Surveyor to conduct its survey of the Vessel and shall take all such actions as may be reasonably recommended by the Owners&#8217; Surveyor to ensure that the Vessel shall be redelivered in accordance with
            Clause 41.5. The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 41.5 and
            this Clause 41.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers
            any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel not being
            redelivered in accordance with the terms of this Charter).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil,
            unbroached provisions, paints, ropes, other consumable stores and spare parts in the Vessel (but excluding any such items owned by a third party which is not a member of the Group) at no cost to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Non-payment of Termination Sum</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the
            Charterers agree that should the Termination Sum not be paid on the Termination Date:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any
            way affecting the Charterers&#8217; obligation to pay the Charterer the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall
            procure that the master and crew follow the orders and directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to
            the Owners at such ready and nearest safe port or location as the Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this
            Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners&#8217; sole
            discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or
            any other form of short term employment contracts provided such contracts do not interfere with the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">20</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> Vessel&#8217;s sale process, including relevant inspections, provided that
      the Earnings of the Vessel during such period less its operational expenses (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied
      against the Termination Sum and any other amounts payable under the Leasing Documents pursuant to Clause 65 &#8211; (<i>General Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses
      shall be included in the indemnities contained in Clause 54 &#8211; (<i>Indemnities</i>) and be added to the Termination Sum; and</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to
            any third party on arm&#8217;s length terms taking into account the prevailing market conditions, provided that the Charterers may for a period not exceeding a total of sixty (60) days from the Termination Date (the &#8220;<b>Nomination Period</b>&#8221;)
            nominate or identify a purchaser for the Vessel (a &#8220;<b>Nominated Purchaser</b>&#8221;). During the Nomination Period the Owners and the Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a
            Nominated Purchaser and subject to all of the following conditions being satisfied:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably
            withheld or delayed); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other
            costs of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and any net sale proceeds (after deducting all fees, taxes, disbursements and any
      other costs and expenses incurred or suffered by the Owners in connection with such sale) (the &#8220;<b>Net Sales Proceeds</b>&#8221;) derived from any such sale to a Nominated Purchaser or any other person shall be applied towards reduction of the Termination
      Sum in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall
      continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination
            Period or until the Owners&#8217; Purchase (as referred to in Clause 41.10) is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform
            the Charterers of the Owners&#8217; intention to retain the Vessel instead of selling the Vessel under Clause 41.9(c) and 41.9(d) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after
            deducting any commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase.
            If the Market Value (less such deductions) of the Vessel as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to
            pay the shortfall to the Owners and default interest shall continue to accrue on the unpaid</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">21</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> portion of the Termination Sum. If the Market Value (less such
      deductions) of the Vessel as at the date of such nomination is more than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the
      notice of the Owners&#8217; Purchase in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>).</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any
            other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterer shall, subject to Clause 41.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners
            of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all
            other amounts to the Owners under this Charter, notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent
            received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 65 &#8211; (<i>General
              Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for
            Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following
            the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 42 &#8211; Fees and
      Expenses</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to
            the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the
            due date under this Charter and in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party shall be responsible for their own costs and expenses to review and negotiate the term
            sheet relating to this Charter. All documented costs and expenses (including, but not limited to, third party legal costs) reasonably incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of
            all documentation in</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">22</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> relation to this Charter or any other Leasing Document (including
      without limitation any registration or filing expenses, all documented costs incurred by the Owners and all third party legal costs, expenses and other disbursement incurred by the Owners&#8217; legal counsels in connection with the same) shall be for the
      account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition,
            registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and
            maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the
            account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction
            of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of
            payment of the annual register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners (including but not limited to
            legal fees) in relation to the transfer of title of the Vessel from the Owners to the Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) shall be
            for the account of the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any
      amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses
            (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">23</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Rights</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
            conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party
            preclude any other or further exercise thereof.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be
            exclusive of any other right or remedy provided for herein or by law and all such rights and remedies shall be cumulative.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 44 &#8211; Notices</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice, certificate, demand or other communication to be served, given made or sent under or in
            relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the
            following respective address or email address:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 105pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Owners: </font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">China Huarong Shipping Financial Leasing Company Limited</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Room 6006, 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Floor, No. 15 Second East Zhongshan Road, Shanghai, China, 200002</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Annie Tao/Song Pengwu</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: <u>taobeijuan@hrflc.com/</u>&#160;<u>tao.beijuan@msn.cn/</u>&#160;<u>songpengwu@hrflc.com</u></font><br>
    <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +86(0)21 63268756</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0%; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 105pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers: </font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o TOP SHIPS INC.</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 8128180</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address
      or email address as that party may notify to the other.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when
            delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to
            be served on the next following working day in such place.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">24</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 45 &#8211; Representations
      and Warranties</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the
            Charter Period, as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and
            controlled by the Guarantor or (following the Disposal) the New Shareholder (as the case may be), and the Guarantor and (following the Disposal) the New Shareholder controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
            and validly existing under the laws of its jurisdiction of its incorporation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute each of the Leasing Documents to which it is a party; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of such Relevant Person; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement or instrument binding upon it or any of its assets or constitute a default or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">25</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all payments which a Relevant Person is liable to make under any Leasing Document to which such
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            to which it is a party or the transactions contemplated by those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is a party and the agreement by such party to refer disputes to the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">26</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">owns or controls a Prohibited Person; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons or any of their respective directors, officers, and employees or, to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or
            Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money
            Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that in relation to any Assignable Sub-Charter:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such
            document and there have been no amendments, supplements or variations to the same;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the
            transactions contemplated under this Charter; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignable Sub-Charter <font style="color: windowtext">(A) whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where
              the applicable law requires the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof) </font>the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent
            to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the
            avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other
            things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">27</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(u)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions
            and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
            boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the
            Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion
            clause in any insurance documentation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set
            off, legal proceedings, attachment prior to judgment or other attachment or execution of judgement on the grounds of sovereign immunity or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(w)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or
            subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those referred to under Clause 49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such
            procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material part of their assets;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event is continuing or might reasonably be expected to result from the entry into and
            performance of this Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(y)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true
            and accurate in all material respects as at the date it was provided or as at the date at which such information was stated;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the following events has occurred:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions by any Relevant Person; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage
            caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without
            limitation in accordance with Clause 38 &#8211; (<i>Possession of Vessel</i>) and the General Assignment);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Environmental Laws relating to the ownership, operation and management of the Vessel and the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">28</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they shall comply or procure compliance with the following undertakings
            during the Charter Period (and to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 46 &#8211; (<i>Undertaking</i>) by any Other Charterer which is not directly owned by the Guarantor,
            the Charterers are only required to use their best endeavours to procure or ensure such compliance):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there shall be sent to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial
            statement accounts for that financial year to be delivered under paragraph (iii) or (v) below;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness by at least one officer of the Guarantor;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150)
            days after the end of each financial year of the New Shareholder, the audited consolidated annual financial statement accounts of the New Shareholder for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end
            of each half-year, the semi-annual consolidated unaudited accounts of the New Shareholder for that half-year certified as to their correctness by at least one officer of the New Shareholder;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">29</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the statements above are not in the English language then they shall
      be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly
      authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and
            minutes relating to any of their extraordinary shareholders&#8217; meeting which are despatched to the Charterers&#8217; or the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s respective shareholders or creditors or any class of them, unless
            same are publicly available;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
            actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer or other member of the Group;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any other
            matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being
            taken to remedy it);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an
            officer on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred, specifying the nature of the Termination Event (and the steps, if any, being taken to remedy it));</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">30</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (i), promptly register, file, record or enroll any
            Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
            Relevant Person is a party, give any notice or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days
            prior to the expiry of the fixed period as per the Initial Sub-charter), together with any evidence requested by the Owners, whether the Initial Sub-charterer intends to and will (with irrevocable confirmation from the Initial Sub-charterer)
            extend the charter period of the Initial Sub-charter in accordance with the terms thereunder;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will (where applicable), notify the
            Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable
            Sub-charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an event of default or termination event howsoever called under the terms of any Assignable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Potential Termination Event or a Termination Event,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each
            calendar year and otherwise upon the Owners&#8217; and/or the Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other
            information relating:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel (including, but not limited to the management, employment, condition, class records,
            location and pooling arrangement of the Vessel) and, to their best knowledge having made due enquiry, to the Initial Sub-charterer;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the terms and conditions of any Sub-charter together with any other information relating to such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter (which include without limitation, to their best knowledge having made due
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">31</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 1in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> any)) at any time or which under the terms of the relevant Leasing
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other
            Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental
            Laws and the laws of the Vessel&#8217;s registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall be maintained in the highest standard and classed with the Approved Classification
            Society and shall be free of all overdue conditions, recommendations, qualifications and conditions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not and shall ensure that each of the Other Charterers, the Guarantor and (following the
            Disposal), the New Shareholder shall not enter into any form of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will comply, and will procure that each other Relevant Person, each other member of the Group or,
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            registration, including the ISM Code, the ISPS Code (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect
            and maintain a sanctions compliance policy which, inter alia, implements the recommendations of the Sanctions Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have sufficient resources in place to ensure execution of and compliance with their own sanctions
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">32</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have controls in place consistent with the Sanctions Advisory;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall not be traded in any manner which would trigger the operation of any sanctions
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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            for the benefit of the Owners, language which gives effect to the provisions of Clause 46.1(p) as regards Sanctions and of this Clause and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">33</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at any time at the request of the Owners (acting reasonably) if the Owners have determined that the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or
            otherwise, likely to become, a Major Casualty;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on
            a bareboat charter basis, irrespective of duration) save that the Owners&#8217; prior written consent shall be required to any Assignable Sub-charter (such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their
            rights and interests under such Assignable Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may
            reasonably require regarding the due execution of such Assignable Sub-charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, comply with all applicable laws
            and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person and their respective officers, directors
            and employees, will:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">34</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
            with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners
            and provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the
            Charterers shall notify the Owners in writing immediately upon being aware that any of the Charterers&#8217; shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(w)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at any time;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the shares of the Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The
            New York Stock Exchange or the NASDAQ or Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided,
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an
            advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid;
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">35</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide, or ensure that a third party has provided, additional Security Interests which, has a Market
            Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case of Security Interests over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the
            Owners, and which is documented in such terms as the Owners may require.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or
            delayed), they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving
            any term of the Initial Sub-charter or any other Assignable Sub-Charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Earnings and any other amounts received by them in connection with the Vessel are paid into the
            Operating Account ;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all of their operating expenses in connection with the Vessel are paid from the Operating Account or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the credit balance in the Operating Account shall not at any time as from the Commencement Date, be
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchase, cancel or redeem any of its issued shares;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">increase or reduce the number of shares that it is authorized to issue or change the par value of such
            shares or create any new class of shares;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">issues any further shares; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not, and shall procure that the Guarantor and (following the Disposal) the New Shareholder
            shall not, make or pay any dividend or other distribution (in cash or in kind) in respect of its issued shares to any shareholder (including the holders of preference shares (if any)) following the occurrence of a Termination Event (other than
            a Termination Event which has been waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably));</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(bb)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall be registered under the Flag State at all times;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(cc)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and
            with all stores on board together with all records, logs, plans, operating manuals and drawings in relation to the Vessel or the Vessel&#8217;s operations and/or maintenance;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">36</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July
            in each calendar year, supply or procure the supply to the Owners all information necessary in order for the Owners to comply with their or any Owners&#8217; Financiers&#8217; obligations under the Poseidon Principles in respect of the preceding year,
            including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance relating to the Vessel for the preceding calendar year and,
            for the avoidance of doubt, such information shall be &#8220;Confidential Information&#8221; for the purposes of Clause 57 &#8211; (<i>Confidentiality</i>) but the Charterers acknowledge that, in accordance with the Poseidon Principles, such information will
            form part of the information published regarding the Owners&#8217; and/or Owners&#8217; Financiers&#8217; portfolio climate alignment;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will procure that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Disposal shall take place unless fifteen (15) Business Days prior written notification has been
            given to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to paragraph (i) above, on the completion of a Disposal, the relevant Disposal
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the completion of the Disposal, the Security Interest created under the New Shares Security shall
            be fully perfected in accordance with the terms of the New Shares Security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall fulfil all obligations (including without limitation, paying all documented costs, expenses,
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">37</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            setting out how the parties will co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime
            in accordance with the parties&#8217; obligations under Clauses 46.1(ff), (gg) and (hh) (the &#8220;<b>ETS and Fuel EU Maritime Agreement</b>&#8221;); and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hh)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">38</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            promptly, and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) provide to the Owners such of the following as the Owners shall
            specify:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price information demonstrating that the Russian Oil Products were purchased at or below the
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners
            that they will ensure, exercising best commercial endeavours, that any sub-charter</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">39</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      for the benefit of the Charterers provisions requiring the sub-charterer or person to whom the Charterers have sub-let the Vessel or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide
      such information and documentation at such times as is necessary for the Charterers to comply with this Clause 46.2 (<i>Russian oil price cap</i>).</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the
            purposes of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon request and within 30 days of any request provide the Owners with such other information
            in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to
            the Russian Oil Price Cap Measures; and</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">comply with such further or additional requirements as the Owners may from time to time require in
            writing, acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market
            practice in respect of the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree that the Owners may forward all attestations and other documents which the
            Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to Clause 47.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">40</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical




              Dry-Docking</i>); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            47.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel),
            save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or
            instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            survey permitted under this Clause shall be paid by the Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the
            Charterers&#8217; account and form part of the Charter Period.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            agree) prior written notice, the Charterers shall have the option to make a prepayment to the Owners on the next occurring Payment Date in an amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof
            provided that,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers may only exercise such option once per year after the date falling twelve (12) months
            from the Commencement Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any such prepayment shall be made together with a prepayment fee in the amount of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the option of such partial prepayment is exercised after the date falling twelve (12) months from
            the Commencement Date but on or before the date falling twenty four (24) months after the Commencement Date, one point five per cent (1.5%) of the amount prepaid;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">
    <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

        <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the option of such partial prepayment is exercised after the date falling twenty four (24) months
              from the Commencement Date but on or before the date falling</font></td>
        </tr>

    </table>

  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">41</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> thirty six (36) months from the Commencement Date, one per cent (1.00%) of the amount prepaid; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the option of such partial prepayment is exercised after the date falling thirty six (36) months
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            Charter Period; and</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners and the Charterers hereby agree that any of the following events shall constitute a
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Relevant Person fails to make any payment on the due date or on demand in accordance with the
            terms of any Leasing Document to which it is a party, unless such non-payment is caused by administrative or technical error and the relevant payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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            obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">42</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the following occurs in relation to any of the Charterer, the Guarantor and (following the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            entity unless as part of a solvent reorganisation which has been approved by the Owners;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">43</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 70.9pt; text-align: justify"> certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of
    any class of them or with a minority proportion (by number or value) of their creditors or of any class of them which would reasonably likely to have a Material Adverse Effect or any such suspension or deferral of payments, reorganisation or
    arrangement is effected by court order, contract or otherwise;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">44</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there is any occurrence of any litigation, arbitration or administrative proceedings or investigations
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any lease, hire purchase agreement, charter or any other financing arrangement in respect of any
            Associated Vessel (other than the Vessel and the Other Vessels) is terminated, cancelled or repudiated by the relevant lessor or owner or financier as a consequence of any termination event or event of default (howsoever defined therein).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>), upon the occurrence of any
            Termination Event which is continuing, the Owners may issue a written notice to the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">45</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"> Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the &#8220;<b>Termination




      Notice</b>&#8221;), whereupon the Charterers shall be obliged to pay the Termination Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination Notice (the &#8220;<b>Termination Date</b>&#8221;).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49.3</font></td>
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            Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is
            redelivered to the Owners in accordance with Clause 41.5, or the title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with 41.9 or the Owners exercise the option set out in Clause 41.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of the foregoing or any other rights of the Owners (but without
            prejudicing the rights of the Charterers pursuant to Clause 41.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i)
            settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained
            pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the
            appointment of any originally appointed manager may be terminated immediately without any recourse to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Termination Event which is continuing shall either be a breach of condition by the Charterers
            where it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed terminating event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the
            Vessel under this Charter and to exercise its rights under this clause, provided that, in case of a breach of contract claim, the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 50 &#8211; Mandatory Sale</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their
            obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the Mandatory Sale Price to
            the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period
            permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it is or has become:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an
            existing law or a change in the manner in which an existing law is or will be interpreted or applied; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">46</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contrary to, or inconsistent with, any regulation,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any Relevant Person to maintain or give effect to any of its
      obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a
      party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being
      no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that
            reference to &#8220;the People&#8217;s Republic of China&#8221; applies to the definition of &#8220;Prohibited Person&#8221; or paragraph (e) of the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to
            pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the relevant
            official institution, agency or the government of the People&#8217;s Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.4</font></td>
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            50.1 or Clause 50.2 or Clause 50.3 or Clause 55.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 53 &#8211; (<i>Sale of the Vessel</i>).
            The day on which the Mandatory Sale Price is paid pursuant to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause 50.2 or Clause 50.3 or Clause 55.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided therein is a &#8220;<b>Mandatory





              Sale</b>&#8221;.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), after the date falling
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            this Clause 51 &#8211; (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of the occurrence of a Termination Event which is continuing on or prior to either the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">47</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional
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            be borne by the Charterers); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer
              (as the case may be) exclusively due to the beneficial or legal ownership of the Owners; </font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">would have direct and adverse effect to the business or operations of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(y)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved
            Sub-charterer has informed the Charterers of its intention to terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereunder which are
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall notify the Owners accordingly and provide
      the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">48</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">include, among other things, any applicable termination notice from the relevant Approved
      Sub-charterer, US governmental directive, ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;),
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any
            Relevant Person under any Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
            on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed
            documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures
            have been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be
            applicable;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of
            the USTR Remedy Period:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall have the option to (but always at the cost of the Charterers):</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">otherwise, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to giving the Owners no less than (in case this
      sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">49</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall
            immediately transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set out at Clause 53 &#8211; (<i>Sale of the Vessel</i>) to the Charterers or their nominees.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 52 &#8211; PURCHASE
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided all moneys owing and payable under
      this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and
      the Charterers shall perform their obligations referred to in Clause 53 &#8211; (<i>Sale of the Vessel</i>) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the Parties agree
      otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 53 &#8211; Sale of the
      Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer&#8217;s
            payment of the Termination Sum under Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 51 &#8211; (<i>Voluntary Early Termination</i>) or the Charterers&#8217;
            payment of the Special Termination Amount under 51A (<i>USTR Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 52 &#8211; (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 50
            &#8211; (<i>Mandatory Sale</i>) shall be on an &#8220;as is where is&#8221; and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no condition, warranty or representation of any kind is or has been given by or on behalf of the
            Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217;
            behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness
            for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby
            irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby also waive any rights which they may have in tort in respect of any of the
            matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions.
            No third party making any representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing
            contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third
            party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">50</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall procure the discharge and release of any registered mortgages created by the Owners
            and/or Owners&#8217; Financier in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the
            Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
            Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
            last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price
            or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the
            terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the
            Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees
            (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 54 &#8211; Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims,
            expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the
            Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership
            and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217;
            rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of
            the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or
            are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business
            Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
            Master, officers or agents signing Bills of Lading or other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">51</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the
            Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every
            kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses.
            The Parties hereby further agree and acknowledge that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The
              Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The
              Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>)
            and form part of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Charterers have at any time (whether in respect of this Charter or any other
            transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall
            not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability
            arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim any contribution from any third party providing security for, or any other guarantor of any
            Other Charterer&#8217;s or such Relevant Person&#8217;s obligations under the Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
            of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
            to make any payment, or perform any obligation, in respect of any Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
            hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing
            Documents to</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">52</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"> be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or
    the Other Owners as may be directed by the Owners.</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim,
            expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause
            54.5 shall not apply if the MOA is terminated due to the application of Clause 51A (<i>USTR Termination Event</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>))




            and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and
            effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure the
            Guarantor and (following the Disposal) the New Shareholder to furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm
            the Guarantor&#8217;s and (following the Disposal) the New Shareholder&#8217;s agreement to assume and to be bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter,
            whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations of the Charterers under this Clause 54 &#8211; (<i>Indemnities</i>) and in respect of any
            Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 54 &#8211; (<i>Indemnities</i>) or
            in respect of any Security Interest created pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person) including:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the release of any other Relevant Person or any other person under the terms of any composition or
            arrangement with any creditor of a Relevant Person or any of its affiliates;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect
            or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any incapacity or lack of power, authority or legal personality of or dissolution or change in the
            members or status of a Relevant Person or any other person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">53</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made free and clear of all present and future taxes, levies, duties or deductions of any nature
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 35.45pt; text-align: justify"> Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours to mitigate the
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">complying with any regulation (including any which relates to capital adequacy or liquidity controls
            or which affects the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        cost</b>&#8221;.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause 56 &#8211; (<i>Increased Costs</i>), &#8220;<b>increased cost</b>&#8221; means, in relation to the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost incurred as a result of, or in connection with, the Owners or the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a reduction in the amount of any payment to the Owners under this Charter or in the effective return
            which such a payment represents to the Owners (if any) on their capital; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the
            MOA,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">55</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the
            Owners&#8217; demand and any evidence thereto (where available to the Owners), the amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or
            under any order or judgment relating thereto has to be converted from the currency in which this Charter or such Leasing Document provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment
              Currency</b>&#8221;) for the purpose of:</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Charterers, whether in their liquidation, any
            arrangement involving them or otherwise; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order or judgment from any court or other tribunal; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order or judgment;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall indemnify the Owners against the loss arising when the amount
      of the payment actually received by the Owners is converted at the available rate of exchange into the Contractual Currency.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause 56.4, the &#8220;<b>available rate of exchange</b>&#8221; means the rate at
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 57 &#8211; Confidentiality</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Parties agree to keep the terms and conditions of this
      Charter and any other Leasing Documents (the &#8220;<b>Confidential Information</b>&#8221;) strictly confidential, provided that a Party may disclose Confidential Information in the following cases:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is already known to the public or becomes available to the public other than through the act or
            omission of the disclosing Party;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market
            regulation, the US Securities and Exchange Commission&#8217;s rules or by a governmental order, decree, regulation or rule (provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the
            disclosure);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in filings with a court or arbitral body in proceedings in which the Confidential Information is
            relevant and in discovery arising out of such proceedings;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any
            of its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any
            other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">56</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any permitted Sub-charterer of the Vessel provided that such person receiving Confidential
            Information shall undertake that it would not disclose Confidential Information to any other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all
            Parties;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any of the following persons on a need to know basis:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
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      BBC Additional Clauses<br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter
            within ten Business Days of a reasonable request by another Relevant Party:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms
            (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information
            required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides
            an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so
            notify all other Relevant Parties or provide the relevant revised form, as applicable, reasonably promptly.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its
            reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and
            calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on
            such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information
            requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
            shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated
            for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">59</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction and gross-up by Relevant Party</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the representation made by the Charterers under Clause 45.1(p) (<i>Representations and Warranties</i>)
            proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the
            minimum amount required by FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the
            payment due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there
            is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers
            shall deliver to the Owners evidence satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owners are required to make a deduction or withholding from a payment under any Financial
            Instruments in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to
            an amount which, after such deduction or withholding and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such
            Financial Instruments.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction by Owners</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Mitigation</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 64 &#8211; Assignment and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">60</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may assign any of their rights or transfer by novation any of their rights and obligations
            under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if
            such assignment, transfer and/or sale is made:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or
            sale, this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel
            (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The
            Charterers shall procure that any Relevant Person (in the case of any Other Charterer which is not directly owned by the Guarantor, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all
            obligations pursuant to such Leasing Document; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enters into all necessary documents or takes any necessary actions or provide all necessary assistance
            required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or executed) as from the completion of the relevant assignment, transfer or sale.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of Clause 64.2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to Clause 35 &#8211; (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding
            arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding
            arrangement shall not result in any adverse effect of the Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may do any of the following as security for the funding arrangements referred to in
            paragraph (a) above, in each case, without the prior consent of the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
            its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with this Charter or any other Leasing
            Documents in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the
            Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter into any other document or arrangement which is necessary to give effect to such financing
            arrangements;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">61</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers undertake to comply, and provide such information and documents and all necessary
            assistance required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be
            directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and
            provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the
            Owners (by sale of shares in the Owners or other transactions having the same effect) may be effected without the Charterers&#8217; consent, provided always that (i) in the event of change in the registered or beneficial ownership of the Vessel,
            notwithstanding such change, this Charter would continue on identical terms (save for logical, consequential or mutually agreed amendments) and (ii) to the extent that any prior written consent from the Approved Sub-Charterer is expressly
            required under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved
            Sub-Charterer has granted such prior written consent. The Charterers shall, and shall procure the Guarantor and (following the Disposal) the New Shareholder shall (where applicable) remain jointly and severally liable to the aforesaid new owner
            of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners from the Owners to such new owner and agree and undertake to enter into any
            such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All expenses arising out of assignment or transfer of this Charter as per Clause 64 &#8211; (<i>Assignment
              and Transfer</i>) shall be for the Owner&#8217;s account subject to no Termination Event or Potential Termination Event having occurred or being continuing at the relevant time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 65 &#8211; General
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners
            in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner (as trustee of the Owners and the Other Owners) shall be applied in
            the following order of application against amounts payable under the Leasing Documents:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
            Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to the extent these are not covered under the Termination Sum);</font></td>
      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">62</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Charter (including a dispute regarding the
            existence, validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with
            the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 66 &#8211; (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case
            who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
            arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has
            done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
            within fourteen (14) days of such request.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">63</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement, in conjunction with the other Leasing Documents, constitutes the entire agreement
            between the parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect of its subject matter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party acknowledges that it has not entered into this agreement or any other Leasing Document in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 68 &#8211; Definitions</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
            meanings ascribed to them below:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Acceptance Certificate</b>&#8221; means a certificate substantially
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Bank</b>&#8221; means Citic Group Alpha Bank, Berenberg
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Initial Market Value by the Purchase Price. For the avoidance of doubt, if the Initial Market Value is higher than the Purchase Price, the Adjustment Value shall be deemed to be 1.</font></p>
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      Clause 36.2 (<i>Charterhire and Advance Charterhire</i>) of the Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Affiliate</b>&#8221; means in relation to any person, a Subsidiary
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      the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Anti-Money Laundering Laws</b>&#8221; means all applicable financial
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      without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are (a)
      issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      &#8220;Eco Oceano CA&#8221;<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the New Shareholder has (or the Owners are satisfied that the New Shareholder will, by the completion
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the
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            Relevant Person pursuant to the Leasing Documents to which it is a party shall remain in full force and effect notwithstanding the Disposal and the operation of Clause 46.1 (ee)(iv) (including the Disposal Amendments) and enforceable in
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">67</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all freight, hire and passage moneys;</font></td>
      </tr>

  </table>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any compensation payable in the event of requisition of the Vessel for hire;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">68</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
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            either case, in connection with which the Vessel is actually or potentially liable to be arrested, attached, detained or injuncted and/or the Vessel and/or any Relevant Person and/or any operator or manager of the Vessel is at fault or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Escrow Agreement</b>&#8221; has the meaning given to such term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ETS and Fuel EU Maritime Agreement</b>&#8221; shall have the meaning
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ETS and Fuel EU Maritime Letter</b>&#8221; shall have the meaning as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU ETS</b>&#8221; means the European Union Emissions Trading System
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">69</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU MRV</b>&#8221; means the European Regulation 2023/957 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing BBC</b>&#8221; has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Existing Charterer</b>&#8221; has the meaning given to such term in
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">70</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
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      Insurances and Requisition Compensation, manager&#8217;s undertaking and subordination (including assignment of manager&#8217;s interests in the Insurances) or any other financial security instruments (excluding interest rate swaps and similar interest rate
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      limited to the Vessel and Other Vessels) from time to time wholly owned, leased under a capital lease, operating lease with a purchase option at the end of the relevant charter period, vessels owned under a joint venture agreement where the relevant
      member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor and/or (following the Disposal) the New Shareholder (directly or indirectly) excluding, for the avoidance of doubt, any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>General Assignment</b>&#8221; means the general assignment executed
      or to be executed between the Charterers and the Owners in respect of the Vessel, pursuant to which the Charterers shall, <i>inter alia, </i>assign its rights under the Insurances, Earnings and Requisition Compensation and any Assignable
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Group</b>&#8221; means collectively, the Guarantor, (following the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">71</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">72</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">73</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
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      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the technical and commercial management agreement made or to be made between the Approved Manager and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such other management agreement subsequently entered into in respect of the Vessel as may be approved
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Manager&#8217;s Undertaking</b>&#8221; means, in relation to an Approved
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">74</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">Manager against the Vessel and the Charterers to the rights of the Owners under the Leasing Documents
      in an agreed form agreed on or prior to signing of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale</b>&#8221; has the meaning given to that term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale Date</b>&#8221; has the meaning given to that term in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Mandatory Sale Price</b>&#8221; means, in respect of the Mandatory
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued as at the date of payment of the Mandatory Sale Price;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 37.3) if the Mandatory Sale Date occurs on or before the date falling thirty six
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
            of the Mandatory Sale; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing
            under the Leasing Documents at the relevant Mandatory Sale Date including any default interest on amounts under (a) to (f) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Margin</b>&#8221; means one point nine five per cent. (1.95 %) per
      annum.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Disruption Rate</b>&#8221; means the Reference Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Value</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a valuation prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by an Approved Valuer nominated
      by the Charterers; and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">upon the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">75</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">subject to sub-paragraph (ii) below, </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">76</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
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      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Net Sales Proceeds</b>&#8221; has the meaning given to it under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Net Trading Proceeds</b>&#8221; has the meaning given to it under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;New Guarantee&#8221; </b>has the meaning given to such term in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;New Shares Security&#8221; </b>has the meaning given to such term
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to the Charterers, the annual financial statement accounts of the Charterers for that
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">77</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Owners&#8217; Financier</b>&#8221; means any financier providing financing
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Security Interest created in favour of a plaintiff or defendant in any action of the court or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">78</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> contested by the Owners or the Charterers in good faith by
      appropriate steps and in respect of which adequate reserves have been made,</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">provided that the foregoing have not arisen due to the default or omission of any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Poseidon Principles</b>&#8221; means the financial industry
      framework for assessing and disclosing the climate alignment of ship finance portfolios published in June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory
      requirements of the International Maritime Organisation from time to time.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Potential Termination Event</b>&#8221; means, an event or
      circumstance which, with the expiry of a grace period, the giving of any notice, the lapse of time and/or the making of any determination under the Leasing Documents and/or the satisfaction of any other condition, would constitute a Termination
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      Treasury (&#8220;<b>OFAC</b>&#8221;) or the United Nations including at the date of this Charter, but without limitation, non-Ukrainian government controlled areas of Donetsk, Luhansk and Zaporizhzhia Regions, Cuba, Syria, Iran, North Korea, Crimea and Venezuela
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      may be), any Approved Manager which is an entity within the Group, any Sub-charterer which is an entity within the Group, (following the Disposal) the New Shareholder (in its capacity as the guarantor and the shareholder of the Charterers) and any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">81</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the administrator of that Published Rate (provided that the market or economic reality that such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Russian Oil Price Cap Measures</b>&#8221; means the Russian oil
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Russian Oil Products</b>&#8221; means oil and oil products falling
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Safety Management Certificate</b>&#8221; shall have the same meaning
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">82</font></p>
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      BBC Additional Clauses<br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">83</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire due and payable, but unpaid up to (and including) the date of payment of the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            recovering, repositioning, berthing, insuring and maintaining the Vessel and/or in collecting any payments due under this Charter and/or in obtaining the due performance of the obligations of the Charterers under this Charter or the other
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and payable,
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  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">85</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">actual, constructive, compromised, agreed or arranged total loss of the Vessel;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss Date</b>&#8221; means, in relation to the Total Loss of
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of an actual loss of the Vessel, the date on which it occurred;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation, confiscation, requisition or, as the case may be, the
            acquisition of the Vessel is completed by delivery of the Vessel to the relevant government or official authority or the person or persons claiming to be or to represent the relevant government or official authority unless it is redelivered
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      </tr>

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      &#8220;Eco Oceano CA&#8221;<br>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      the &#8220;<b>New Shareholder</b>&#8221;, any &#8220;<b>Relevant Person</b>&#8221;, the &#8220;<b>Owners</b>&#8221;, any &#8220;<b>Other Charterer</b>&#8221;, any &#8220;<b>Other Owner</b>&#8221;, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>asset</b>&#8221; includes every kind of property, asset, interest or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>company</b>&#8221; includes any partnership, joint venture and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">88</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
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      or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>regulation</b>&#8221; includes any regulation, rule, official
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.4</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A period of one or more &#8220;months&#8221; ends on the day in the relevant calendar month
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the last Business Day in the relevant calendar month, if the period started on the last Business
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">90</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a Leasing Document or any other document being in the form of a particular appendix or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, a Leasing Document or any other document are references to it as
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, any law include any amendment, extension, re-enactment or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">words denoting the singular number shall include the plural and vice versa; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a page or screen of an information service displaying a rate shall include:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any replacement page of that information service which displays that rate; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the appropriate page of such other information service which displays that rate from time to time in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be available, shall include any other page
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68.6</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause 39 &#8211; (<i>Insurance</i>),



      approved in writing by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>excess risks</b>&#8221; means the proportion of claims for general
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221; includes a slip, cover note, certificate of entry
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">91</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> of collision which are not recoverable under the hull and machinery policies by reason of the
      incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>war risks</b>&#8221; includes the risk of mines and all risks
      excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In interpreting a Leasing Document or any provision of a Leasing Document, all
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">92</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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      <br>
      Acceptance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ECO OCEANO CA INC.</b> (the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges that at [&#9679;] hours on
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      Islands with IMO number 9794020 under a bareboat charter dated [&#9679;] (the &#8220;<b>Charter</b>&#8221;) and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that, accordingly, the Vessel is and will
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that the representations and warranties made by them in Clause 45 &#8211; (<i>Representation



        and Warranties</i>) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: attorney in fact</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ECO OCEANO CA INC.</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">93</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part A</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.2(f)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authority</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for
            the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent Persons</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the
            Pertinent Persons:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a
            party and resolving that it execute the Leasing Documents to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on
            its behalf; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and
            notices to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a party.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, an original of the power of attorney of any party to a Leasing Document authorising a
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a specimen of the signature of each person authorized by the resolution referred to in
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of this Charter, the MOA and the Guarantee and of each document to be delivered
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed but undated copies of each of the Shares Security, the Account Security, the General
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Charterers&#8217; Operating Account have been opened and maintained with the Account Bank.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">94</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinion</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of
            England in relation to the applicable documents listed in paragraphs 2.1 and 2.2 of Part A of this Schedule, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the
            applicable documents listed in paragraphs 2.1 and 2.2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands, Netherlands and such other relevant jurisdictions as the Owners may reasonably require, in form and
            substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valuation of Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">If the Prepositioning Date occurs in the
      calendar year 2026, valuation of the Vessel, indicating the Initial Market Value to be received by the Owners not later than thirty days prior to the Prepositioning Date.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39 &#8211; (<i>Insurance</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to
            insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) from the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the
            Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as
            from the Commencement Date, be managed by the relevant Approved Manager.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Document of Compliance of the Technical Manager.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains such classification.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Vessel&#8217;s Safety Management Certificate (together with any other details of the
            applicable safety management system which the Owners may require) and of any other documents required under the ISM Code and the ISPS Code (including, without limitation, an ISSC and IAPPC).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Initial Sub-charter</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the executed Initial Sub-charter (and any addendums thereto).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">95</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence to the satisfaction of the Owners that the Initial Sub-charterer consents to the sale and
            leaseback of the Vessel contemplated by the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Escrow Agreement</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the duly executed Escrow Agreement in form and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Deed of Release</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">An agreed form Deed of Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than
            five (5) Business Days [prior to the Prepositioning Date<i>.</i></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their
            capacity as sellers under the MOA) to the Owners (in their capacity as buyers under the MOA), specifying the aggregate amount payable by the Owners (in their capacity as buyers under the MOA) to the Charterers (in their capacity as sellers
            under the MOA) for the purchase of the Vessel under the MOA.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that all fees, costs and expenses then due from the Charterers to the Owners under the
            Leasing Documents have been paid and received by the Owners.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Original Financial Statements.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their
            financiers) to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of any other consents, approvals, authorization or other document, opinion or assurance which
            the Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, evidence that any process agent referred to under the Leasing Documents has accepted its
            appointment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if any, evidence to the satisfactory to the Owners that the Delivery Shortfall (as defined in the MOA)
            has been deposited in the Escrow Account (as defined in the MOA) or paid to the Existing Owner no later than one (1) Business Day prior to the Prepositioning Date.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required by the Flag State for purposes of registering the Vessel in the name of the Owners,
            evidence that the Owners have been registered as a foreign maritime entity under the laws of the Flag State (with such cost to be borne by the Charterers).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">96</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part B</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.2(f)(ii):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authorisations/Confirmation</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy
            document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of the Charterers certifying that there is no Potential
            Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed and dated copies of each of the Shares Security, the Account Security, the General
            Assignment and each Manager&#8217;s Undertaking and of each document to be delivered under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Security Interests intended to be created by each of the Security
            Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery and title registration of the Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners
            under the flag of the Flag State;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is or will be unconditionally delivered by the Existing Owner to the Charterers pursuant to the terms
            of the Existing BBC, where such documents shall include without limitation:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
            the Flag State) copies of the bill of sale duly executed by the Existing Owner (and where executed by an attorney of the Existing Owner, together with such original or a copy of the notarized and legalised copies (if required by the Flag State)
            of the Existing Owner&#8217;s power of attorney); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
            executed by the Existing Owner and the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is or will be unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners
            (in their capacity as buyers) pursuant to the terms of the MOA, where such documents shall include without limitation:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">97</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certificate or transcript or an email confirmation issued by the competent authorities of the Flag
            State on the date of Delivery evidencing the Charterers&#8217; (as sellers under the MOA) ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
            the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the
            Charterers&#8217; power of attorney); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
            executed by the Charterers and the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance
            with the laws and regulations of the Flag State (including, without limitation, a side letter to be entered into between the Owners and the Charterers as required by the competent authorities of the Flag State).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters
            on the laws of England as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall
            Islands and Netherlands and any other jurisdictions as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Deed of Release</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">A copy of the duly executed Deed of
      Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners being satisfied that all conditions precedent or documents or evidence
      specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">98</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part C</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date, documentary
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than three (3) Business Days after the Commencement Date, issued signed
      copies of the legal opinions referred to in paragraph 4 of Part B of Schedule 2 of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks
            association (as the case may be), each in the agreed form under paragraph 5.2 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">99</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 3</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">THE VESSELS, THE PARTIES AND THE
      Charters</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="background-color: #0A5D66; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><b>The Vessels</b></font></td>
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      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.v. Eco Malibu with IMO number 9902823</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel A</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Lustre 6 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with <font style="color: windowtext">registration number C-128841 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner A&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ATHENEAN EMPIRE INC., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number <font style="color: windowtext">104090 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer A&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bareboat charter entered or to be entered into between Owner A and Charterer A in respect of Vessel A, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.v. Eco Oceano CA with IMO number 9794020</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel B</b>&#8221;)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Lustre 3 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with <font style="color: windowtext">registration number C-128838 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner B&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ECO OCEANO CA INC., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number <font style="color: windowtext">107152 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer B&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bareboat charter entered or to be entered into between Owner B and Charterer B in respect of Vessel B, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter B&#8221;)</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.v. Eco West Coast with IMO number 9902811</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel C</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Lustre 4 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with <font style="color: windowtext">registration number C-128839 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner C&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ROMAN EMPIRE INC., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number <font style="color: windowtext">104089 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer C&#8221;)</b></font></p>
        </td>
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            <b>(&#8220;Charter C&#8221;)</b></font></td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">100</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-bottom: rgb(153,153,153) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="border-bottom: rgb(153,153,153) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="border-bottom: rgb(153,153,153) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
        <td style="vertical-align: top; border-bottom: rgb(153,153,153) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&#160;</td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 17%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.v. Julius Caesar with IMO number 9912244</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel D</b>&#8221;)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JULIUS CAESAR INC., a corporation incorporated under the laws of the Republic of
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer D&#8221;)</b></font></p>
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            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">m.v. Legio X Equestris with IMO number 9912256</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel E</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Lustre 2 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with <font style="color: windowtext">registration number C-128837 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner E&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">LEGIO X INC., a corporation incorporated under the laws of the Republic of Marshall
              Islands with registration number <font style="color: windowtext">107059 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Huarong Top Ships II <br>
      BBC Additional Clauses<br>
      &#8220;Eco Oceano CA&#8221;<br>
      SINGAPORE/91896282v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXECUTION PAGE</b></font></p>
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  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
  <p style="font: 10pt Arial,Helvetica,'sans-serif'; margin: 0pt 0px; text-align: justify;"><font style="font-size: 10pt;">&#160;</font></p>
  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 3in; font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;"><b>SIGNED </b>by </font></td>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">duly authorized attorney-in-fact </font></td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">for and on behalf of </font></td>
        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">)</font></td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;"><b>LUSTRE 3 HOLDING LIMITED </b></font></td>
        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">)</font></td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">in the presence of: </font></td>
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  </table>
  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
  <p style="font: 10pt Arial,Helvetica,'sans-serif'; margin: 0pt 0px; text-align: justify;"><font style="font-size: 10pt;">&#160;</font></p>
  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
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  <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160;&#160; &#160; &#160; &#160;&#160; Room 6006, 6th Floor, No. 15</div>
  <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160; &#160; Second East Zhongshan Road,</div>
  <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160; &#160; &#160; &#160;&#160; Shanghai, P.R. China 200002</div>
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  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
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  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
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  <font style="font-family: Arial,Helvetica,'sans-serif';"> </font>
  <p style="font: 10pt Arial,Helvetica,'sans-serif'; margin: 0pt 0px; text-align: justify;"><font style="font-size: 10pt;">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 3in; font-family: Arial,Helvetica,'sans-serif';">
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      BBC Additional Clauses<br>
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<DESCRIPTION>EXHIBIT 4.28
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center">&#160;</p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause </b></font></td>
        <td style="font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#160;</b></font></td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Page</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td>&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif;">&#160;</td>
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        <td style="width: 5%"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="width: 90%; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">7</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">8</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">9</font></td>
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        <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">10</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">11</font></td>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in connection with the enforcement of, or the preservation of any rights under this Guarantee or any other Leasing Document, including any
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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        of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor's liabilities in respect of any other Relevant Person's obligations under any Leasing Document to which it is a party.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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        <td style="text-align: right; width: 50%">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Adjustment of Transactions</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Method of payments</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in immediately available funds;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
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        <td style="width: 50%; text-align: left">&#160;</td>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">take or enforce any Security Interest for any such amount;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.1</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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        <td style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
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      </tr>

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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      </tr>

  </table>
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      </tr>

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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Undertakings</font></td>
      </tr>

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or
      ensure compliance with any undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.3</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Provision of financial statements</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send to the Owner (or,
      following the Disposal, procure the New Shareholder will send to the Owner):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of
            each financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor's or following the Disposal, the New Shareholder's audited consolidated annual
            financial statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.4</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Form of financial statements</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be prepared in accordance with all applicable laws and generally accepted accounting principles in
            the United States consistently applied;</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
            of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit for the period to which those accounts relate;</font></td>
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully disclose or provide for all significant liabilities of the Group; and</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If not in the English language, be accompanied by an English translation duly certified as to its
            correctness.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder and creditor notices</b></font></td>
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  </table>
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      will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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            breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People's Republic of China (provided that operation or use of the Vessel by the
            Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People's Republic of China) or (ii) would trigger the operation of any
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
            use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
            person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.13</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall not, and shall procure that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
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        <td style="width: 50%; text-align: left">&#160;</td>
        <td style="text-align: right; width: 50%">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 1.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 1in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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      equal to the percentage of the Guarantor's ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash
      balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor's and/or such member's ownership in that entity, but excluding any cash held by any bank or any other third party or
      otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.15</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Compliance Certificate</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.16</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall:</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            assets present or future except for the Permitted Security Interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 50%; text-align: left">&#160;</td>
        <td style="text-align: right; width: 50%">
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
        </td>
      </tr>

  </table>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order, judgment or award;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Supplemental</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      </tr>

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        as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement
      entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability</i></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Guarantor</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor may not assign
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.1</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.3pt; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20, Iouliou Kaisara Str., 19002 Paiania,
      Athens-Greece&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">or to such other address or email address which the Guarantor may
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.2</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A demand under this Guarantee shall be valid
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.3</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice to the Owner under or in connection
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Invalidity of Bareboat Charter</font></td>
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  </table>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.1</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
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        <td style="width: 35.45pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 43 (<i>No waiver of rights</i>);</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></p>
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        <td style="width: 50%; text-align: left">&#160;</td>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">SINGAPORE/91880868v1</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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            with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in
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            or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14
            calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
            appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as
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            these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, elvetica, Sans-Serif; font-size: 10pt">Huarong Top Ships II - Guarantee</font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA</font></p>
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        <td style="width: 3%; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="width: 25%; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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<TYPE>EX-4.29
<SEQUENCE>10
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            <div style="margin-left: 36pt;"><font style="font-weight: bold;">1 August 2025</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
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      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
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        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of redelivery (Cl.
              15)</font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Running days&#8217; notice if other
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              10(g))</font></p>
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                requirements of Flag State</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
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                area declared by the Joint War Committee, see also Clause 46.1(t), 46.1(u) and 46.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
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                account as the Owners may notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bank guarantee/bond (sum and
              place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Dispute Resolution (state 30(a),
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 30 not applicable. See Clause 66 (Governing Law and
                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;War cancellation (indicate
              countries agreed) (Cl. 26(f))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding
              Vessel (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART III applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and
              place of Builders (only to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s
              Yard Building No. (only to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liquidated damages and costs
              shall accrue to (state party acc. to Cl. 1)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bareboat Charter Registry
              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 68 (Definitions)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PREAMBLE - It is mutually agreed that this Contract shall be performed
      subject to the conditions contained in this Charter which shall include PART I and PART II <font style="color: #B3122F"><u>and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B3122F"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B3122F"><u>and</u></font><font style="color: #3C95D1"><strike>shall prevail over those of</strike></font> PART II to the extent of such
      conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V
      apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt; text-indent: 0.5in;">
          <div><font style="font-size: 10pt;">Signature (Owners)</font></div>
          <div><font style="font-size: 10pt;"> <br>
            </font></div>
          <div>
            <div style="text-align: left; font-size: 10pt;">/s/ Chen Keqi</div>
            <font style="font-size: 10pt;"> </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt;">
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;">Signature (Charterers)</font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> <br>
            </font></p>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">/s/ Alexandros Tsirikos</div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;"> <br>
          </div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">ALEXANDROS TSIRIKOS, Attorney-in-fact<br>
          </div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;"> <br>
          </div>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> </font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.4in; text-align: left">1</td>
        <td style="width: 0.4in;"><b>1.</b></td>
        <td style="text-align: left"><b>Definitions</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">2</td>
        <td>In this Charter, the following terms shall have the meanings hereby assigned to them:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left">3</td>
        <td>&#8220;The Owners&#8221; shall mean the party identified in Box 3;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">4</font></td>
        <td>&#8220;The Charterers&#8221; shall mean the party identified in Box 4;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">5</font></td>
        <td>&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">6</font></td>
        <td>
          <div>&#8220;Financial Instrument<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>s</u></font>&#8221; <font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>has the meaning ascribed to it in Clause 68
                (Definitions). </u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>means the mortgage, deed of </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>covenant or other such financ</strike>i<strike>a</strike>l <strike>secur</strike>i<strike>ty </strike>i<strike>nstrument as</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 17pt 0pt 46pt; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>7</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>annexed to this Charter and stated in Box 28.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">8</font></td>
        <td style="width: 0.4in"><b>2.</b></td>
        <td><b>Charter Period</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">9</font></td>
        <td>In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">10</font></td>
        <td>hire the Vessel for the period stated in Box 21 <font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(&#8220;The Charter Per</strike>i<strike>od&#8221;)</strike></font>.<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u> See also Clause 32</u> (<u>Charter Period</u>)</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left"><font style="color: Black">11</font></td>
        <td style="width: 0.4in"><b>3.</b></td>
        <td><b>Delivery</b></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">12</font></td>
        <td>(not applicable when Part III applies, as indicated in Box 37)</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">13</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><strike>14</strike></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><strike>every respect ready in hull, machinery and equipment for service under this Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">15</font></td>
        <td>The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: Black">16</font></td>
        <td>Box 13<font style="font-family: Arial, Helvetica, Sans-Serif; color: #B31330"><u>.</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C96D2">&#160;i<strike>n such ready safe berth as the Charterers may d</strike>i<strike>rect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.4in; text-align: left">17</td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3B95D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr>
        <td style="vertical-align: top; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td style="vertical-align: top; width: 0.4in">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="color: #3C96D2"><strike>12.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions,</font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>but the Owners sha</strike>ll <strike>be</strike> li<strike>ab</strike>l<strike>e for</strike></font></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repa</strike>i<strike>rs or renewa</strike>l<strike>s occas</strike>i<strike>oned
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, ex</strike>i<strike>sting at the time of de</strike>li<strike>very under th</strike>i<strike>s
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      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 34 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217;</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position.</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling<font style="color: #B31330"><u> (See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37)</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td style="vertical-align: top"><font style="color: rgb(60,150,210)"><strike>(a)</strike></font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours</strike></font></td>
      </tr>
      <tr>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td style="vertical-align: bottom"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="color: rgb(59,149,210)"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under th</strike>i<strike>s Charter.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><b>6.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 46.1(t), 46.1 (u) and 46.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein)</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 47.2</u> (<u>Inspection of Vessel</u>)</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37)</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>de</strike>li<strike>very and </strike></font>redelivery <font style="color: #B31330"><u>pursuant





                  to Clause 41.6 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss)</u></font> hereunder <font style="color: #B31330"><u>(if applicable) at the costs of the Charterers</u></font>.
              <font style="color: #3C96D2"><strike>The Owners shall bear all </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>expenses</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 47 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf:</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided;</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or damage to the Vessel.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores<font style="color: #B31330"><u> (See Clause 34.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>A complete inventory of the Vessel&#8217;s entire equipment, outfit including spare parts, appliances and of all</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repair, in efficient operating condition and in accordance with good commercial maintenance practice and,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>except as prov</strike>i<strike>ded for</strike> i<strike>n C</strike>l<strike>ause 1</strike>4<strike>(</strike>l<strike>),</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, at their own expense they shall at all times keep the Vessel&#8217;s</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Classification</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Class</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> fully up to date with the Classification Society indicated in Box 10 and maintain all other </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">necessary</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or by compulsory legislation<font style="color: #B31330"><u>, the Charterers shall ensure that the same are complied with and the time and costs </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>of compliance shall be for the Charterers&#8217; account.</u></font> <font style="color: #3C96D2"><strike>costing (exc</strike>l<strike>ud</strike>i<strike>ng


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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>percentage stated</strike> i<strike>n</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 23, or if Box 23 is left blank, 5 per cent of the Vessel&#8217;s insurance value as stated in Box 29, then the extent, if</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall be shared </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>between</strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties concerned in order to achieve a reasonable distribution thereof as between the Owners and the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of agreement, be referred to the d</strike>i<strike>spute reso</strike>l<strike>ution method agreed</strike> i<strike>n C</strike>l<strike>ause 30.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) Financial Security - The Charterers shall maintain financial security or responsibility in respect of third party</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities as required by any government, including federal, state or municipal or other division or authority</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">territorial or contiguous waters of any country, state or municipality in performance of this Charter without any</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">government or division or authority thereof.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so.</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">navigate, operate, supply, fuel and, whenever required, repair the Vessel during the Charter Period and they</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel under this Charter, including annual <font style="color: #3C96D2"><strike>flag state </strike></font>fees <font style="color: #B31330"><u>of the Flag State </u></font>and




            any foreign general municipality and/or state</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #3C96D2">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel&#8217;s</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">their own colours, install and display their funnel insignia and fly their own house flag <font style="color: #B31330"><u>(with all fees, costs and </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>wh</strike>i<strike>ch shall not be unreasonab</strike>l<strike>y w</strike>i<strike>thhe</strike>l<strike>d,






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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period <font style="color: #B31330">(<u>with all fees, costs and expenses arising in relation thereto for </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Changes to the Vessel - Subject to Clause 10(a)(ii), the Charterers shall make no structural changes in the Vessel</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">securing</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition<font style="color: #3C96D2"><strike> before the term</strike>i<strike>nation of th</strike>i<strike>s Charter</strike></font>.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wear and tear excepted. The Charterers shall from time to time during the Charter Period replace<font style="color: #B31330"><u>, renew or </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #B31330">&#160;</font><font style="color: #3C96D2"><strike>or, if Box 19 has</strike></font></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state.</strike></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire<font style="color: #B31330"><u> (See Clause 36 (Charterhire and Advance Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(a)</strike></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">respect</font></strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Per</strike>i<strike>od.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify; text-indent: -45pt">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 46pt; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reported or when the Vessel is posted as missing by Lloyd&#8217;s, whichever occurs first. Any hire paid in advance to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage<font style="color: #B31330"><u> ((See Clause 64.3 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>181</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2; background-color: white"><strike>(only to apply if Box 28 has been appropriately filled in)</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190<br>
              191</strike></font></td>
        <td>&#160;</td>
        <td>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may
                be</strike></font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than </strike></font></p>
          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2"><strike>stated</strike></font></p>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs<font style="color: #B31330"><u> (See also Clause 39 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 39 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 39 (Insurance</u>) </font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and






                  freight, </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: rgb(179,19,48)"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
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        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u> </font>and the Charterers according to their</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses,</u>&#160;</font><font style="color: #3C96D2"><strike>Financial Instrument, if any</strike>,
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>C</strike>l<strike>ause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike><font style="background-color: white">shall</font></strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively.</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the</strike></font> Charterers</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party</strike></font> <font style="color: #B31330"><u>Owners</u></font> with particulars of any additional insurance </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effected,</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that any <br>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies.</u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument<font style="color: #B31330"><u> (if </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 41.13 (Termination, Redelivery and Total Loss</u>)</font>, </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a),</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330">(o<u>r, if a</u>p<u>plicable, the Owners&#8217; Financiers in accordance with the terms of </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any,&#160;</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the Vessel
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 39 (Insurance). </u></font><font style="color: #3C96D2"><strike>Box
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs,</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a).</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance </strike></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required</strike></font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests.</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub-</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery<font style="color: #B31330"><u> (See Clause 41.6 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, <br>
              range</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1pt; text-indent: 0in">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an
    infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of expected date and port or place of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at</strike></font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>least the number of months agreed in Box 17.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">295</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Save for Permitted Security Interest (if any), t</u></font><font style="color: #3C95D1"><strike>T</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">he Charterers will not suffer, nor permit to be continued, any lien or encumbrance incurred by them or their</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221; <font style="color: #B3122F"><u>or a notice in such analogous
                form as reasonably required by any Mortgagee (if any).</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">303</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Indemnity<font style="color: #B3122F"><u>&#160;(See Clauses 38.3 (Possession of Vessel), 39.16 (Insurance), 39.17 (Insurance), 39.18 (Insurance), 41.4 (Termination, Redelivery
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>304</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>305</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>306</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>307</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>308</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>309</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the provision of bail.</strike></font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>310</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>311</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>312</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>313</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is <br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>314</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>315</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>316</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B3122F"><u>shall</u></font><font style="color: #3C95D1"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
              sub-freights belonging or due to the Charterers or </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C95D1"><strike>, and
                the Charterers to have a lien on</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>the Vessel for all moneys paid in advance and not earned</strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">321</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">330</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment</b><font style="color: #3C95D1"><strike>, Sub-Charter and Sale</strike></font><font style="color: #B3122F"><b><u>
                  (See Clause 64 (Assignment and Transfer))</u></b></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions as the Owners shall approve.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall not sell the Vessel during the currency of this Charter except with the prior written consent of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Charter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)* </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>343</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>346</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>347</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>348</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Delete as applicable.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">349</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><b><strike>Bank </strike></b></font><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Corporate </u></font></b><b><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>(Optional, only to apply if Box 27 filled in)</strike></strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B3122F"><u>on or about the date of this Charter, </u></font><font style="color: #3C95D1"><strike>before
                  delivery of the Vessel, a first </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>class bank guarantee or bond in the </strike></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="color: #3C95D1"><strike>sum and at the place as indicated in Box 27 as</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>a corporate guarantee from the Guarantor as</u></font>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">guarantee <font style="color: #B3122F"><u>and the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>other Security Documents (if not already earlier entered into)</u></font> for full performance of their obligations under this</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">354</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>Sub</u>j<u>ect to the provisions of the Financial Instruments (if any )
                and the General Assignment, i</u></font><font style="color: #3C95D1"><strike>I</strike></font>n the event of the Requisition for Hire of the Vessel by any governmental or other competent authority</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B3122F"><u>. </u></font><font style="color: #3C95D1"><strike>always
                  provided however </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C95D1"><strike>that</strike></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for Hire&#8221; whichever be the shorter.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B3122F"><u>Sub</u>j<u>ect to the other provisions of this Charter and the Financial Instruments (if an</u>y) <u>i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C95D1"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the Owners </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">being deprived of their ownership in the Vessel by any Compulsory Acquisition of the</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C95D1"><strike>to </strike></font><font style="color: #B3122F"><u>shall </u></font>be
              paid up to the date and time of such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">371</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C95D1"><strike>unless the written consent of the Owners be first obtained,</strike></font> <font style="color: #B3122F"><u>unless
                  trading within the limits and safe </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>and the additional insurances of the Vessel, </u></font> shall not continue to or go through any</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> within,</strike></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the next payment of hire is due.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f) </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war<font style="color: #3C95D1"><strike> (whether there be a declaration of war or not)</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>406</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>407</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>France; and the People&#8217;s Republic of China,</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>408</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>409</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>410</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>411</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>412</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid in accordance
            with Clause 11 <font style="color: #3C95D1"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C95D1"><strike>redelivery</strike></font><font style="color: #B3122F"><u>the end of the Charter Period</u></font>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">415</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>416</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>417</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>418</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>actual expenses of the Brokers and a reasonable fee for their work.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>419</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor
              shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>420</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnify the Brokers against their loss of commission.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>421</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>422</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">423</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination<font style="color: #B3122F"><u> (See Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination
                  Events))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>424</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Charterers&#8217; Default</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>425</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the <br>
              Charter</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>426</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>with immediate effect by written notice to the Charterers if:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>427</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike> punctual</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>428</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>429</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>430</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>431</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>432</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>433</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>434</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>terminate the Charter without further notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>435</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Charterers fail to comply with the requirements of:</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>436</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(1) Clause 6 (Trading Restrictions)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>437</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(2) Clause 13(a) (Insurance and Repairs)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>438</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>439</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>440</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>441</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i)
              (Maintenance</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>442</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>443</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>444</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Owners&#8217; Default</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>445</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>446</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>447</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>448</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>449</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Loss of Vessel</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>450</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>451</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>452</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>453</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>454</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>455</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>456</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>457</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>receiver</strike></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>458</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>459</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>composition with its creditors.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>460</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>461</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date of termination and to any claim that either party might have.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. </b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Repossession<font style="color: #B3122F"><u> (See also Clauses 41 (Termination, Redelivery and Total Loss) and 49 (Termination Events)). </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>In the event the Vessel is due for redelivery pursuant to Clause 41.6 (Termination, Redelivery and Total Loss) or </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B3122F"><u>Clause 41.10 (Termination, Redelivery and Total Loss),</u></font></b></font></div>
        </td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 50.3pt; color: #B3122F"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners<font style="color: #B3122F"><u> and the Charterers shall procure that the master and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall not </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B3122F"><u>be materially and adversely compromised</u>)</font>. <font style="color: #3C95D1"><strike>The Owners shall arrange for an authorised</strike></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>468</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>469</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike><strike>Vessel by the Owners&#8217; representative.</strike></strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All
            arrangements and expenses relating to the settling of wages,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">473</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution</b> <font style="color: #B3122F"><b>(<u>See Clause 66</u></b> <b>(<u>Governing Law and Enforcement</u>))</b></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>474</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>475</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>476</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>477</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provisions of this Clause.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>478</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>479</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Terms current at the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>480</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>481</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>482</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>483</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>484</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>485</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>486</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accordingly.</strike></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>487</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>488</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>489</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appointment of a sole arbitrator.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>490</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>491</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>492</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>493</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(b)*</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>494</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>495</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>496</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>497</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>498</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>499</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>500</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>501</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>502</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="color: #3C95D1"><strike>(c)* </strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"> <font style="color: #3C95D1"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>503</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at
              a</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>504</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mutually agreed place, subject to the procedures applicable there.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>505</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>506</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or dispute arising out of or in connection with this Contract.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>507</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>508</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following shall apply:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>509</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>510</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>511</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>mediation.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>512</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>513</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>514</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>515</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conducted</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>516</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>517</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of disagreement, as may be set by the mediator.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>518</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>519</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>520</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>521</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>necessary to protect its interest.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>522</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>523</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">PART II</font></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>524</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>when setting the timetable for steps in the arbitration.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>525</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>526</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>527</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>528</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>529</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and procedure governing the arbitration.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>530</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>531</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d)
              shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>532</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>apply in all cases.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>533</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">534</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices<font style="color: #B3122F"><u> (See Clause 44 (Notices))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>535</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)</strike> </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex,</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>536</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>registered or recorded mail or by personal service.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C95D1">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="color: #3C95D1"><strike>537</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Specifications and Building Contract</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; padding-right: 0px;"></td>
        <td style="width: 0.4in; padding-right: 0;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td style="text-align: justify; padding-right: 0; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a) </strike></font></td>
        <td style="text-align: justify; padding-right: 0;">
          <div><font style="color: #3C95D1;"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Contract&#8221;) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td style="text-align: justify; padding-right: 56pt;">
          <div><font style="color: #3C95D1;"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>specifications </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>approved by the Charterers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify; padding-right: 19pt;">
          <div><font style="color: #3C95D1;"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>from </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>remedies.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify; padding-right: 31pt;">
          <div><font style="color: #3C95D1;"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>recover </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>incurred. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>41(a) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify; padding-right: 29pt;">
          <div><font style="color: #3C95D1;"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>Builders) </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>29</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>30</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>31</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(a)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>32</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>33</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>34</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>35</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>36</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>37</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>38</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>39</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>40</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties,</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>41</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 20.8in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>42</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(b)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>43</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>44</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>45</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>46</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(c)</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>47</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>48</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>49</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>50</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>to have effect; or</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>51</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7)</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>52</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>53</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0px;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>54</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Owners shall commence such negotiations and/ or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>55</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>56</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>57</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>58</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>59</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>60</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><strike>(d) </strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>61</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>62</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>equally between the parties.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>63</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>64</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>65</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>66</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>67</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>4.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>68</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>69</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>painted in the colours, display the funnel insignia and fly the house flag as r</strike></font><strike><font style="color: #3C96D2;">equired by the Charterers.</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>70</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>5. </strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>71</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>72</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the condition of the Vessel at the time of redelivery.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>73</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>74</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>75</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>also bear all loss of time spen</strike></font><strike><font style="color: #3C96D2;">t in connection with any docking and undocking as well as repairs, which shall be</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>76</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>paid at the rate of hire per day or pro rata.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART IV</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 25.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>1</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="padding-right: 32pt;">
          <div><font style="color: #3C95D1;"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>anchors,</strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>20</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>21</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>payment. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>22</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>23</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>24</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>25</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>26</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>27</strike></font></td>
        <td style="text-align: justify; padding-right: 42pt;">
          <div><font style="color: #3C95D1;"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the </strike></font></div>
          <div><font style="color: #3C95D1;"><strike>equivalent </strike></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>28</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif">PART V</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt; text-indent: 212.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>1.</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>1.</strike></b></font></td>
        <td><font style="color: #3C95D1;"><b><strike>Definitions</strike></b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>2</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them:</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>3</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>4</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>5</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>6</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>as Owners and to which jurisdiction and c</strike></font><strike><font style="color: #3C96D2;">ontrol of the Vessel will revert upon termination of the Bareboat</font></strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>7</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>Charter Registration.</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in; text-align: left;"><font style="color: #3C95D1;"><strike>8</strike></font></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><b><strike>2.</strike></b></font></td>
        <td><font style="color: #3C96D2;"><strike><b>Mortgage</b></strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>9</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II)</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>10</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>shall apply. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0in;"></td>
        <td style="width: 0.4in;"><font style="color: #3C95D1;"><strike>11</strike></font></td>
        <td style="text-align: justify; width: 0.4in;"><font style="color: #3C95D1;"><b><strike>3.</strike></b></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>12</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in; text-align: left;"><font style="color: #3C95D1;"><strike>13</strike></font></td>
        <td><font style="color: #3C95D1;"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.3pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>14</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>15</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>16</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>17</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>18</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font-family: Arial, Helvetica, Sans-Serif">
        <td style="width: 0;"></td>
        <td style="width: 0.8in;"><font style="color: #3C95D1;"><strike>19</strike></font></td>
        <td style="text-align: justify;"><font style="color: #3C95D1;"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: #3C95D1">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0; font-family: Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>EXECUTION VERSION</u></font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED&#160;</b><b><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 32 &#8211;
      Charter Period</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">32.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter, continue for a period of eighty four (84) months starting
            from the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">32.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with effect from the date hereof until the end of the Charter Period
      (subject to the terms of this Charter).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 33 &#8211;
      Cancellation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">33.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA by the Cancelling Date (or such later date as the parties to the
            MOA may agree); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason (in whole or in part),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">then this Charter shall immediately terminate and
      be cancelled (without prejudice to Clause 54 &#8211; (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that the Owners shall be entitled to retain all fees and expenses paid by the
      Charterers pursuant to Clause 42 &#8211; (<i>Fees and Expenses</i>) (and without prejudice to Clause 42 &#8211; (<i>Fees and Expenses</i>) and any clause of the MOA, if such fees have not been paid, the Charterers shall forthwith pay such fees and expenses to
      the Owners in accordance with Clause 42 &#8211; (<i>Fees and Expenses</i>) and such payment shall be irrevocable and unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the
      Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter. For the avoidance of doubt, the termination of this Charter shall not prejudice the operation of any provision of any Leasing
      Document which is expressed to survive the termination or cancellation of this Charter).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 34 &#8211;
      Delivery and Charter of Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Charter is part of a transaction involving the sale, purchase and charter back of the Vessel and constitutes one of the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the delivery of the Vessel by the Existing Owner to the Existing Charterer of the Vessel under the Existing BBC;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Potential Termination Event or Termination Event having occurred which is continuing from the date of this Charter to the last day of the Charter Period
            (inclusive);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the representations and warranties contained in Clause 45 &#8211; (<i>Representations and Warranties</i>) being true and correct on the date hereof and each day
            thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners having received from the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">prior to the issuance of the Payment Notice by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their capacity as buyers under the
            MOA), the documents or evidence set out in Part A of Schedule 2 in form and substance satisfactory to them; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy of the protocol of delivery and acceptance evidencing
            delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part B of Schedule 2 in form and substance satisfactory to them,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and if any of the documents listed in Schedule 2 are not in the
      English language then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The conditions precedent specified in Clause 34.2(f) are inserted for the sole benefit of the Owners and may be waived or deferred in whole or in part and with
            or without conditions by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(i) On the delivery of the Vessel by the Existing Owner to the Existing Charterer under the Existing BBC and (ii) on the delivery to and acceptance by the
            Owners (in their capacity as buyers) of the Vessel from the Charterers (in their capacity as sellers) under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter
            and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver to the Owners, the Acceptance Certificate. The
            Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed and/or the Charterers do
            not take actual possession of the Vessel at that time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this Charter once the Vessel has been delivered
            to and accepted by the Owners (in their capacity as buyers) from the Charterers (in their capacity as sellers) under</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">2</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including without limitation, any loss of profit or any loss or otherwise:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited to any deficiency in seaworthiness, merchantability,
            classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating oils and hydraulic oils and greases in storage
            tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils and hydraulic
            oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part C of Schedule 2 in a form and substance satisfactory to the
            Owners within the time periods permitted therein.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 35 &#8211;
      Quiet enjoyment</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer), a quiet enjoyment to be entered between the Owners, the
            Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers in a form mutually acceptable to the Mortgagee
            and the Charterer.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 36 &#8211;
      Charterhire and Advance Charterhire</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In consideration of the Owners agreeing to charter the Vessel to the Charterers under this Charter at the request of the Charterers, the Charterers hereby
            irrevocably and unconditionally agree to pay to the Owners the Charterhire, the Advance Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall pay to the Owners on the Commencement Date, an amount which is equal to the difference between the Purchase Price and the Financing Amount
            as of the Commencement Date (the &#8220;<b>Advance Charterhire</b>&#8221;).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall be deemed to have paid the Advance Charterhire to the Owners on the Commencement Date by the Owners (as buyers under the MOA) setting off
            an amount equal</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">3</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">to the Advance Charterhire against a corresponding amount of the Purchase Price payable by the Owners to the Charterers (as sellers) under the MOA.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Advance Charterhire shall not bear interest and shall be non-refundable.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire in arrears in monthly instalments on each Payment Date.
            Each instalment shall consist of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to any prepayment made in accordance with Clause 46.1(x)(ii)(1), a capital element of Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;) which shall be:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Prepositioning Date occurs in the calendar year 2025, an amount equal to:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the eighty third (83<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) instalments (both inclusive), US$178,571 (&#8220;<b>Original Fixed Charterhire A</b>&#8221;); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the eighty fourth (84<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, US$178,607 (&#8220;<b>Original
              Fixed Charterhire B</b>&#8221;); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Prepositioning Date occurs in the calendar year 2026, an amount to be calculated as follows:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 72pt"></td>
        <td style="width: 40.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the first (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) to the eighty third (83<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) instalments (both inclusive), <i>Original <font style="font-weight: normal">Fixed Charterhire A</font> x Adjustment Value</i>; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72pt"></td>
        <td style="width: 40.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the eighty fourth (84<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment, <i>Original Fixed
              Charterhire B x Adjustment Value</i>.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by applying the applicable Interest Rate to the Outstanding
            Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, on the Commencement Date) for the relevant Hire Period ending on the relevant Payment Date by reference to the actual number of days
            elapsed.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">36.5A</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">For the purposes of determining the Variable Charterhire:</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if no Term SOFR is available for any relevant Hire Period the applicable Reference Rate shall be the Interpolated Term SOFR for a period equal in length to for
            that Hire Period;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If no Term SOFR is available for any relevant Hire Period and it is not possible to calculate the Interpolated Term SOFR, the applicable Reference Rate shall be
            the Historic Term SOFR;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Hire Period, the applicable Reference Rate shall be the Interpolated
            Historic Term SOFR for a period equal in length to that Hire Period; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.1pt"></td>
        <td style="width: 34.9pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term SOFR, there shall be no Reference Rate for that Hire Period
            and Clause 37.3 shall apply for that Hire Period.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">4</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Charterhire shall be payable in arrears on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the calendar
            month following the month in which the preceding Payment Date falls, save that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the
            calendar month following the month in which the Commencement Date falls (the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the final instalment of Charterhire shall fall on the last day of the Charter Period,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">such that there is a total of one hundred and eighty four (84)
      Payment Dates during the Charter Period (each, a &#8220;<b>Payment Date</b>&#8221;).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment of Charterhire on any Payment Date shall be made in same day available funds and received by the Owners by not later than 4.00 pm (Beijing time). Any
            payment of Charterhire which is due to be made on a Payment Date which is not also a Business Day shall be made on the preceding Business Day instead.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Time of payment of the Charterhire and any other payments by the Charterers under this Charter shall be of the essence of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All payments of the Charterhire and any other moneys payable hereunder shall be made in Dollars.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All payments of the Charterhire and any other moneys payable hereunder shall be payable by the Charterers to the Owners&#8217; designated bank account as the Owners
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment of the Charterhire and any other amounts under this Charter shall be at the Charterers&#8217; risk until receipt by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.12</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Vessel shall not at any time be deemed off-hire and the Charterers&#8217; obligation to pay the Charterhire and any other amounts payable in this Charter
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(except in the case of the Advance Charterhire) any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any time have
            against the Owners or any other person for any reason whatsoever including, without limitation, any act, omission or breach on the part of the Owners under this Charter or any other agreement at any time existing between the Owners and the
            Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any change, extension, indulgence or other act or omission in respect of any indebtedness or obligation of the Charterers, or any sale, exchange, release or
            surrender of, or other dealing in, any security for any such indebtedness or obligation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any title defect or encumbrance or any dispossession of the Vessel by title paramount or otherwise;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any defect in the seaworthiness, condition, value, design, merchantability, operation or fitness for use of the Vessel or the ineligibility of the Vessel for
            any particular trade, or for registration or documentation under the laws of any relevant jurisdiction;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">5</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Total Loss or any damage to or forfeiture or court marshall&#8217;s or other sale of the Vessel if the Termination Sum or any part thereof remains due;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any libel, attachment, levy, detention, sequestration or taking into custody of the Vessel or any restriction or prevention of or interference with or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any insolvency, bankruptcy, reorganization, arrangement, readjustment, dissolution, liquidation or similar proceedings by or against the Charterers and any
            other Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay in performing or complying with any of the terms and
            provisions of this Charter or any of the Leasing Documents by any party to this Charter or any other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any enforcement or attempted enforcement by the Owners of their rights under this Charter or any of the Leasing Documents executed or to be executed pursuant to
            this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any loss of use of the Vessel due to deficiency or default or strike of officers or crew, fire, breakdown, damage, accident, defective cargo or any other cause
            which would or might but for this provision have the effect of terminating or in any way affecting any obligation of the Charterers under this Charter; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide outbreak of any viruses or any other highly infectious or
            contagious diseases (including the 2019 novel coronavirus), including but not limited to those caused by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">closure of ports;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">prohibitions or restrictions against the Vessel calling at or passing through certain ports;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel or the operation of the ports (including stevedoring
            operations);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">fumigation or cleaning of the Vessel; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination event (or any other analogous event howsoever called)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">36.13</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services tax), withholding or other taxes and import and
            export duties and all other similar types of charges which may be levied or assessed on or in connection with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">6</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the import, export, purchase, operation, delivery and re-delivery of the Vessel,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">shall be borne by the Charterers. The Charterers shall pay, if
      applicable, value added tax and other similar tax levied on any Charterhire and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being
      incorporated in Hong Kong and (ii) the introduction or alteration after the date of this Charter of a law in Hong Kong or an alteration after the date of this Charter in the manner in which a law in Hong Kong is interpreted or applied (the &#8220;<b>Tax
        Changes</b>&#8221;), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the
      occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If, before the Reporting Time, the Owners determine (which determination shall be conclusive and binding) that their cost of funds relating to the then
            prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market Disruption Rate, the Owners shall promptly notify the Charterers accordingly and Clause 37.3 below shall apply to the prevailing Outstanding Capital
            Balance or any part thereof for that Hire Period.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Immediately following the notification referred to in Clause 37.1 above, if the Owners and Charterers so require, the Owners and the Charterers shall negotiate
            in good faith (for a period not more than thirty (30) days) with a view to agreeing upon a substitute basis for determining the applicable Interest Rate for that Hire Period. Subject to Clause 37.4, any substitute or alternative basis agreed
            pursuant to this Clause shall, with the prior written consent of the Parties, be binding on the Parties.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">this Clause 37.3 applies pursuant to Clause 36.5A and Clause 37.1; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a substitute basis is not so requested and/or agreed pursuant to Clause 37.2 above; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 37.4,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the applicable Interest Rate shall be the
      percentage rate per annum which is the sum of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Margin, and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to the Owners at the relevant time (expressed as an annual
            rate of interest) relating to the then prevailing Outstanding Capital Balance or any part thereof during the relevant Hire Period (as reasonably determined by the Owners),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">7</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">provided that if the rate pursuant to (ii) above is
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">If this Clause 37.3 applies pursuant to Clause 37.1
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      above, to be the Market Disruption Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the Owners are entitled to make any amendment or waiver to the
            terms of the Leasing Documents with the consent of the Charterers (at the Charterers&#8217; cost) which relates to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition to) that Published Rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this Charter (including, without limitation, any
            consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the
            application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the
            basis of that designation, nomination or recommendation),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and pending any such amendment or waiver and the Replacement
      Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate, Clause 37.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers fail to make any payment due under this Charter on the due date, they shall pay additional interest on such late payment at a rate which is
            equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Hire Period which shall apply prior to, during or following Delivery and shall accrue on a daily basis from the date on which such payment became due up
            to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the Owners agree that such default rate is proportionate as to amount,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">8</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All interest (including default interest) and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and
            shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 38 &#8211;
      Possession of Vessel</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the Vessel or any interest therein, its Earnings,
            Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising from any breach by
            the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer or any other Sub-charterer of the Vessel) (as the
            Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that such party has
            received such written notification.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Subject to Clause 38.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out of their possession or control (whether or not pursuant
            to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may
            require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without
            prejudice to the generality of the foregoing and Clause 53 &#8211; (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing bills of lading
            or other documents.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners&#8217; direct actions or omissions and for reasons which
            are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take all reasonable
            steps to procure that the Vessel is released within a reasonable time.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of the Vessel to pay and discharge all obligations and
            liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent) an arrest
            (threatened or otherwise) of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 39 &#8211;
      Insurance</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall procure that the insurances for the Vessel are effected:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">9</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an agreed value basis of at least the higher
            of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher of (i) the highest level of cover from time to time
            available under protection and indemnity club entry and in the international marine insurance market and (ii) an amount of not less than $1,000,000,000;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a protection and indemnity club which is a member of the
            International Group of Protection and Indemnity Clubs;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with first class international insurers and/or underwriters acceptable to the Owners and having a Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s
            rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the Owners or, in the case of war risks through a protection and indemnity club which meets the requirements of paragraph (d) above; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on terms and in form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall procure that the Obligatory Insurances shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable the Owners&#8217; Financiers if so required by the
            Owners) as the only named assureds unless the interest of every other named assured or co-assured is limited:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable claim on underwriters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against
            them); and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are entitled to make by way of reimbursement following
            discharge of any third party liability claims made specifically against them,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and every other named assured or co-assured has undertaken in writing
      to the Owners or the Owners&#8217; Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217; Financiers (if any)) in
      proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of
      the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">10</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">whenever the Owners&#8217; Financiers (if any) require:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the same as additional named assured for their rights and interests,
            warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other assessments in respect of
            such insurance;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to protection and indemnity risks, name (or be amended to name) the same as additional insured or co-assured for their rights and interests to the
            extent permissible under the relevant protection and indemnity club rules; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">name the same and the Owners as respectively the first ranking loss payee and the second ranking loss payee (and in the absence of any financiers, the Owners as
            first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for payment in accordance with the terms of such relevant loss payable clause, as
            the Owners and the Owners&#8217; Financiers (if any) may specify;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners and/or the Owners&#8217; Financiers (as applicable) shall be
            made without set-off, counterclaim, deductions or condition whatsoever;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that such Obligatory Insurances shall be primary without right of contribution from other insurances which may be carried by the Owners or the Owners&#8217;
            Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the Charterers fail to do so; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Owners
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            for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in writing the Owners of the terms and conditions of all
            Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change of appointment of any brokers (or other insurers) and
            any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 39 &#8211; (<i>Insurance</i>), notify the Owners (copied to the Owners&#8217; Financiers (if any)) of the brokers
            (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">11</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance is renewed or to be renewed on its expiry date in
            accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the
            renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions of the renewal; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after such expiry, deliver to the Owners a letter of undertaking
            as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 39.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest
            of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers (if any) provide the Owners with copies (or upon the
            Owners&#8217; request, originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in a form required by the Owners and/or the Owners&#8217;
            Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice of assignment complying with the provisions of this
            Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the Owners&#8217; Financiers (if any) and/or such other party in
            accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the terms of the Obligatory Insurances of which they are
            aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and the Owners&#8217; Financiers (if any) when any cancellation,
            charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month before the expiry of the Obligatory Insurances they will
            notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the
            event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the insurance broker(s), or leading insurer, as the case may
            be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">12</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
          received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect
          of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Owners and the Owners&#8217;
            Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217; Financiers (if any) and agreed by such associations or in such
            association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant
            certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the approved brokers (if any) through which the insurances
            are effected or renewed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances are punctually paid and produce all relevant
            receipts when so required by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and
            effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any Obligatory Insurance
            invalid, void, voidable or unenforceable or render any sum payable under an Obligatory Insurance repayable in whole or in part; and, in particular:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from time to time be applicable to the
            Obligatory Insurances, and (without limiting the obligations contained in this Clause 39 &#8211; (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which the Owners have not given
            their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall not make or permit any changes relating to the classification or the classification society of the Vessel or, subject to procuring the
            provision of a replacement manager&#8217;s undertaking in substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved by the underwriters of
            the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">13</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall procure that all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which
            the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and the Charterers shall
            promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the Obligatory
            Insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor waive any right relating to any Obligatory Insurance
            without the prior written consent of the Owners and the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.11</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things
            necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.12</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total Loss or a Major Casualty the Charterers shall provide
            the following immediately without the Owners&#8217; making any request), copies of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved protection and indemnity and/or war risks associations; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved insurers and/or underwriters, which relate directly or indirectly to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all requisite declarations and payments of additional premiums
            or calls; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii) above relating wholly or partly to the
            effecting or maintenance of the Obligatory Insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.13</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for the purpose of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">14</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the Obligatory Insurances effected or proposed to be
            effected; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance and Repairs</i>) or Clause 39 &#8211; (<i>Insurance</i>)
            dealing with or considering any matters relating to any such insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s insurances exceeding the Major Casualty amount.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.14</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If one or more of the Obligatory Insurances are not effected and maintained with first class international insurers or are effected with an insurance or captive
            Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative reinsurances with reinsurers and through brokers, in each case, of
            recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers
            shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.15</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make direct payment to the relevant insurer or broker for the
            same) in respect of all premiums and other expenses which are incurred by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners interest insurance and an innocent owners additional
            perils insurance or any similar protective shipowner insurance that is taken out in respect of the Vessel; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s
            additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at the relevant time any form of loan facility to refinance
            the Vessel,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case as referred to in paragraph (a), in an
      amount at least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the relevant outstanding loan
      amount from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.16</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the Vessel (insofar as the Owners shall not be
            reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.17</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by the Owners in obtaining a detailed report signed by an
            independent firm of</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">15</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory Insurances:</td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent requirement under Schedule 2 of this Charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">when the Owners procure the issuance of such detailed report no more than once every calendar year, unless a Termination Event has occurred in which case such
            reports may be procured at the Charterer&#8217;s cost at any such time; and</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during the Charter Period there has been a material change in the
            terms of the Insurances and/or a change in the circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.18</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">keep the Vessel insured at their expense against such other risks (other than loss of hire which shall be insured against upon an occurrence and during the
            continuance of a Termination Event) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners and
            having regard to the then existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels
            similar to the Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance
            but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners in respect of any other insurances (other than loss
            of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing insurance cover and
            market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 40 &#8211;
      Warranties relating to Vessel</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the Vessel but that the Owners (in their capacity as
            buyers) have purchased the Vessel from the Charterers (in their capacity as sellers) pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term,
            warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All conditions, terms or warranties express or implied by the law relating to the specifications, quality, description, merchantability or fitness for any
            purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">16</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage, expense or other liability of any kind or nature caused
            directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability to pay any Charterhire
            or other payment due under this Charter.</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 41 &#8211;
      Termination, Redelivery and Total Loss</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Termination</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 49.2, the Charterers shall be obliged to pay the Owners the Termination Sum
            on the Termination Date and it is hereby agreed by the parties hereto that:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without prejudice to Clause 41.9(b), the obligation to pay the Termination Sum is a continuing obligation and shall survive the termination of the leasing of
            the Vessel under this Charter and shall continue in full force and effect until irrevocably and unconditionally paid in full;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the
            Owners&#8217; risk of the Charterers failing to perform its obligations under this Charter; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which the Owners serve a Termination Notice, be either an
            obligation to pay damages following acceptance by the Owners of a breach of condition by the Charterers or an obligation to pay an agreed sum in specified circumstances which do not involve a breach of contract by the Charterers.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 37.5 shall apply and the Owners shall be entitled to exercise
            their rights under Clauses 41.9 and 41.10.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to the terms of this Charter, this Charter shall terminate
            and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 41.9 and 41.10), at the cost of the Charterers, transfer the legal and beneficial ownership of the
            Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners&#8217; Financier (save for
            those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be
            completed otherwise in accordance with Clause 53.1.</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel prior to such transfer of ownership. Any
            documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Redelivery</u></b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">17</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter, the Vessel shall be redelivered and taken over
            safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers shall where
            applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of expected date and port or place of redelivery.
            Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the Owners, the Vessel:</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be in compliance with the Obligatory Insurances;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition and with valid, unextended certificates for not
            less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair wear and tear
            not affecting the Vessel&#8217;s classification excepted;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second intermediate surveys and drydock at the Charterers&#8217; time
            and expense without any recommendation or condition:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the satisfaction of the Approved Classification Society; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable satisfaction of an Owners&#8217; Surveyor appointed at the cost
            of the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has her survey cycles up-to-date and trading and class certificate valid for at least the number of months agreed in Box 17;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the time of Delivery, and any such spare parts and spare
            equipment on board at the time of re-delivery shall be taken over by the Owners free of charge;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial Instruments, if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing charter or as otherwise agreed by the Owners in
            their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the next schedule dry docking of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(l)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be redelivered to the Owner together with all material information generated during the Charter Period in respect of the use, possession, operation, navigation,
            utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">18</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to the nearest bunker port in compliance with all bunkering
            fuel content regulations then applicable in such place of redelivery, including without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel to commence a voyage (including any preceding ballast
            voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within any time period required by Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is after the
            date on which redelivery is required to take place pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<b>Redelivery Date</b>&#8221;), the Charterer shall, without prejudice to any other amounts payable under the Leasing
            Documents (including without limitation pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is
            redelivered in accordance with Clause 41.5, the rate of hire equivalent to the higher of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as determined by an Approved Valuer appointed by the Owners);
            and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">For the avoidance of doubt, all other terms,
      conditions and provisions of this Charter and the other Leasing Documents shall continue to apply during such period.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall provide the Owners&#8217; Surveyor with all such facilities and access to the Vessel as may be required to enable such Owners&#8217; Surveyor to
            conduct its survey of the Vessel and shall take all such actions as may be reasonably recommended by the Owners&#8217; Surveyor to ensure that the Vessel shall be redelivered in accordance with Clause 41.5. The Owners shall not be obliged to accept
            redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 41.5 and this Clause 41.7) are met, and the Vessel shall (if the
            redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers any costs, expense and/or liabilities incurred or
            suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 41.5 as a result of the Vessel not being redelivered in accordance with the terms of this
            Charter).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil, unbroached provisions, paints, ropes, other consumable
            stores and spare parts in the Vessel (but excluding any such items owned by a third party which is not a member of the Group) at no cost to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Non-payment of Termination Sum</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Subject to the terms of any quiet enjoyment letter entered into with any sub charterers, the Charterers agree that should the Termination Sum not be paid on the
            Termination Date:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">19</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any way affecting the Charterers&#8217; obligation to pay the
            Charterer the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow the orders and
            directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or
            location as the Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to paragraph (c) and (d) below and Clause 41.10, the Owners shall be entitled (at Owners&#8217; sole discretion) but subject always to any quiet enjoyment
            letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment contracts
            provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses (which would include, without limitation, any
            costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing Documents pursuant to Clause 65 &#8211; (<i>General
              Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 54 &#8211; (<i>Indemnities</i>) and be added to the Termination
            Sum; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to any third party on arm&#8217;s length terms taking into account
            the prevailing market conditions, provided that the Charterers may for a period not exceeding a total of sixty (60) days from the Termination Date (the &#8220;<b>Nomination Period</b>&#8221;) nominate or identify a purchaser for the Vessel (a &#8220;<b>Nominated
              Purchaser</b>&#8221;). During the Nomination Period the Owners and the Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following
            conditions being satisfied:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably withheld or delayed); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other costs of sale) is equal to or more than the applicable
            Termination Sum (unless otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and any net sale proceeds (after deducting all fees, taxes,
      disbursements and any other costs and expenses incurred or suffered by the Owners in connection with such sale) (the &#8220;<b>Net Sales Proceeds</b>&#8221;) derived from any such sale to a Nominated Purchaser or any other person shall be applied towards
      reduction of the Termination Sum in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and
      default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 37.5.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">20</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period or until the Owners&#8217; Purchase (as referred to in
            Clause 41.10) is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the Charterers of the Owners&#8217; intention to retain the Vessel
            instead of selling the Vessel under Clause 41.9(c) and 41.9(d) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes and costs which would be
            likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market Value (less such deductions) of the Vessel as
            at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the shortfall to the Owners and default interest shall
            continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum calculated as of the day of the notice of the Owners&#8217;
            Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.11</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Throughout the Charter Period, the Charterer shall bear the full risk of any Total Loss of or any other damage to the Vessel howsoever arising. If the Vessel
            becomes a Total Loss after Delivery, the Charterer shall, subject to Clause 41.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter shall terminate
            (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter,
            notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.12</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            shall be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners&#8217; Financiers in accordance
            with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 65 &#8211; (<i>General Application of Proceeds</i>)). The obligation of the Charterers to
            pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.13</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.14</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">21</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 42 &#8211; Fees
      and Expenses</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the Owners within three (3) Business Days of the Owners&#8217;
            written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or the Advance Charterhire or other payments not paid on the due date under this Charter and in remedying any other
            failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Each Party shall be responsible for their own costs and expenses to review and negotiate the term sheet relating to this Charter. All documented costs and
            expenses (including, but not limited to, third party legal costs) reasonably incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any
            other Leasing Document (including without limitation any registration or filing expenses, all documented costs incurred by the Owners and all third party legal costs, expenses and other disbursement incurred by the Owners&#8217; legal counsels in
            connection with the same) shall be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration of title of the Vessel in the Owners&#8217; name in
            the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and maintenance costs if required to be registered as a foreign
            maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is
            delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the
            Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual register/tonnage tax amounts payable to the
            Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal fees) in relation to the transfer of title of the Vessel
            from the Owners to the Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 41 &#8211; (<i>Termination, Redelivery and Total Loss</i>) shall be for the account of the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required pursuant to 37.4 to address the fact that a Published
            Rate Replacement Event has occurred); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers make a request to re-register the Vessel in another Flag State,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall, on demand, reimburse the
      Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">22</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">responding to, evaluating, negotiating or complying
      with that request or requirement (including, for the avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including third party legal fees) incurred by the Owners in
            connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any proceedings
            instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided in favour of the Owners and shall continue in full
            force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 43 &#8211; No
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and conditions of this Charter or any other Leasing Document
            (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party preclude any other or further exercise thereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be exclusive of any other right or remedy provided for herein
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">44.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any notice, certificate, demand or other communication to be served, given made or sent under or in relation to this Charter shall be in English and in writing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 0.5in; text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="width: 106pt; text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Owners:</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">China Huarong Shipping Financial Leasing Company Limited</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Room 6006, 6<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>Floor, No. 15 Second East Zhongshan Road,
            Shanghai, China, 200002</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Annie Tao/Song Pengwu</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: <u>taobeijuan@hrflc.com/tao.beijuan@msn.cn/songpengwu@hrflc.com</u></font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +86(0)21 63268756</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers:</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o TOP SHIPS INC.</b></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: atsirikos@topships.org</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 8128180</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">23</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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    <div style="page-break-after: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">or, if a party hereto changes its address or email address, to such
      other address or email address as that party may notify to the other.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">44.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered (in case of a registered letter), or (b) when
            actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to be served on the next following working day in such
            place.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 45 &#8211;
      Representations and Warranties</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">45.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers represent and warrant to the Owners as of the date hereof, and on each day during the Charter Period, as follows:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and controlled by the Guarantor or (following the Disposal)
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated and validly existing under the laws of its jurisdiction
            of its incorporation;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate actions and obtained all consents, approvals,
            authorisations, licenses or permits necessary for it:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to execute each of the Leasing Documents to which it is a party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all the consents, approvals, authorisations, licenses or permits referred to in Clause 45.1(c) (<i>Representations and Warranties</i>) remain in force and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved Sub-charterer is a party (as the case may be), subject to
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) of, and the transactions
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws, Sanctions or laws relating to anti-trust or collusion and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">24</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the constitutional documents of such Relevant Person; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there are no outstanding notices or demands from any governmental, quasi-governmental or public authority or instrumentality or any other person claiming
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third party has any Security Interest, other than the Permitted
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all payments which a Relevant Person is liable to make under any Leasing Document to which such Relevant Person is a party may be made by such party without
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no legal or administrative action involving a Relevant Person has been commenced or taken (including but not limited to actions involving any Environmental
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each Relevant Person has paid all taxes applicable to, or imposed on or in relation to it, its business or if applicable, the Vessel, except for those being
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is not necessary under the laws of the Relevant Jurisdictions that this Charter or any other Leasing Document be registered, filed, recorded, notarized or
            enrolled with any court or other authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or the transactions contemplated by
            those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is a party and the agreement by such party to refer disputes to the relevant courts or tribunals as stated in such Leasing
            Document are valid and binding against such Relevant Person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall
            include, without limitation, suit, attachment prior to judgment, execution or other enforcement);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(n)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct, general and unconditional obligations of such
            Relevant Person and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of such Relevant Person save for any obligation which is mandatorily preferred by law and not by virtue of any
            contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(o)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or, once entered into, will create) the Security Interest
            which it is expressed to create with the ranking and priority it is expressed to have;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">25</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(p)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established a place of business in the United Kingdom or the United
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(q)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Relevant Person, Approved Manager, Sub-charterer and no member of the Group:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is a Prohibited Person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">owns or controls a Prohibited Person; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(r)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons or any of their respective directors, officers, and employees or, to the best of its knowledge, any Sub-charterer is in breach of
            applicable Sanctions laws, and none of them (i) has been or is currently being investigated on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of them with respect to
            Sanctions and (iii) has taken any action to evade the application of Sanctions;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(s)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each Relevant Person has
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or Business Ethics Laws including, but not limited to,
            ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and
            Business Ethics Laws,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(t)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">that in relation to any Assignable Sub-Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document and there have been no amendments, supplements or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions contemplated under this Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif">Assignable Sub-Charter <font style="color: windowtext">(A)





              whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where the applicable law requires the consent of the relevant Approved
              Sub-Charterer in order to effect an assignment thereof) </font>the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent to the assignment by the Charterers to the Owners of all their
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">26</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217;
          receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(u)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit
            any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union,
            the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or
            contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set off, legal proceedings, attachment prior to judgment or
            other attachment or execution of judgement on the grounds of sovereign immunity or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(w)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or subject to any other formal or informal insolvency or
            bankruptcy procedure (including, without limitation, those referred to under Clause 49.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver,
            administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material part of their assets;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Termination Event is continuing or might reasonably be expected to result from the entry into and performance of this Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and accurate in all material respects as at the date it was
            provided or as at the date at which such information was stated;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the following events has occurred:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">breach of any Sanctions by any Relevant Person; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused to the Vessel for any reason whatsoever which
            results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with Clause 38 &#8211; (<i>Possession





              of Vessel</i>) and the General Assignment);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">27</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(aa)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
            reasonably anticipated to be conducted in the future) have been complied with;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(bb)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or
            (ii) has or is reasonably likely to have a Material Adverse Effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(cc)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
            Material Adverse Effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 46 &#8211;
      Undertakings</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">46.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers undertake that they shall comply or procure compliance with the following undertakings during the Charter Period (and to the extent that the
            Charterers are required to procure or ensure compliance with any undertaking under this Clause 46 &#8211; (<i>Undertaking</i>) by any Other Charterer which is not directly owned by the Guarantor, the Charterers are only required to use their best
            endeavours to procure or ensure such compliance):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial title (free of any Security Interests save for those
            created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there shall be sent to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the annual financial
            statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be delivered
            under paragraph (iii) or (v) below;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that
            half-year (as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated
            annual financial statement accounts of the Guarantor for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the
            Guarantor for that half-year certified as to their correctness by at least one officer of the Guarantor;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">following the Disposal, as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the New
            Shareholder, the audited consolidated annual financial statement accounts of the New Shareholder for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">28</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">following the Disposal, as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited
            accounts of the New Shareholder for that half-year certified as to their correctness by at least one officer of the New Shareholder;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and if any of the statements above are not in the English language
      then they shall be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by
      a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes relating to any of their extraordinary
            shareholders&#8217; meeting which are despatched to the Charterers&#8217; or the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or actual breach of any Sanctions or Anti-Money Laundering
            Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer or other member of the Group;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer on its behalf certifying that no Termination Event has
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure the obtainment or renewal of and provide copies of,
            from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party (including without limitation to
            sell, charter and operate the Vessel);</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to exist any Security Interest (other than any Permitted
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall at their own cost and shall procure that each other Relevant Person will:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">29</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and
            the Security Interests which such Relevant Person purports to create; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing Document to which such Relevant Person is a party with
            any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other
            step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall notify the Owners as soon as possible (but in any event no later than fifty nine (59) days prior to the expiry of the fixed period as per the Initial
            Sub-charter), together with any evidence requested by the Owners, whether the Initial Sub-charterer intends to and will (with irrevocable confirmation from the Initial Sub-charterer) extend the charter period of the Initial Sub-charter in
            accordance with the terms thereunder;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an event of default or termination event howsoever called under the terms of any Assignable Sub-charter entitling either the Charterers or any Approved
            Sub-charterer to terminate an Assignable Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">breach of any Sanctions; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Potential Termination Event or a Termination Event,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and will keep the Owners fully up-to-date with all developments and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each calendar year and otherwise upon the Owners&#8217; and/or the
            Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other information relating:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the Vessel (including, but not limited to the management, employment, condition, class records, location and pooling arrangement of the Vessel) and, to their
            best knowledge having made due enquiry, to the Initial Sub-charterer;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the terms and conditions of any Sub-charter together with any other information relating to such Sub-charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">30</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any other matter (which include without limitation, to their best knowledge having made due enquiry, any other matters relating to the Initial Sub-charterer)
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(l)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without prejudice to Clause 46.1(t), comply, or procure compliance, and shall procure that each other Relevant Person will comply or procure compliance, with
            all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel&#8217;s registry and shall
            procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other relevant laws and regulations;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society and shall be free of all overdue conditions,
            recommendations, qualifications and conditions;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(n)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not and shall ensure that each of the Other Charterers, the Guarantor and (following the Disposal), the New Shareholder shall not enter into any form
            of merger, sub-division, amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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            reconstruction or change of ownership, or change of voting control and clause 11.14 (<i>Financial Covenant</i>) of the Guarantee is complied with;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(o)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will comply, and will procure that each other Relevant Person, each other member of the Group or, will use best endeavours to procure that, any
            Sub-charterer will comply, with all Sanctions and all laws and regulations relating to such Relevant Person, the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code
            (including the maintenance of an ISSC), all Environmental Laws, all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect and maintain a sanctions compliance policy which,
            inter alia, implements the recommendations of the Sanctions Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that (in the case of any
            Sub-charterer, use best endeavours to procure that) each other Relevant Person, each other member of the Group and any Sub-charterer will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">conduct their activities in a manner consistent with US and UN sanctions, as applicable;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have sufficient resources in place to ensure execution of and compliance with their own sanctions policies by their personnel, e.g., direct hires, contractors,
            and staff;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">31</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">ensure subsidiaries and affiliates comply with the relevant policies, as applicable;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have relevant controls in place to monitor automatic identification system (AIS) transponders;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to present a high risk;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have controls to assess authenticity of bills of lading, as necessary; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have controls in place consistent with the Sanctions Advisory;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(p)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without limiting Clause 46.1(o), they will procure that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at any port in any Prohibited Country or any area or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the Insurances or
            in any manner which would result or would reasonably be expected to result in any Relevant Person or the Owners becoming a Prohibited Person; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">that each charterparty in respect of the Vessel (other than the Initial Sub-charter) shall contain, for the benefit of the Owners, language which gives effect
            to the provisions of Clause 46.1(p) as regards Sanctions and of this Clause and which permits refusal of employment or voyage orders if compliance would result in a breach of Sanctions and which prohibits trading to any Prohibited Country;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(q)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall ensure that the Market Value of the Vessel will be tested at any of the following instances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the absence of a Termination Event which is continuing, at least once every calendar year during the Charter Period (being, 31 December of each calendar
            year) and the Charterers shall procure a valuation report issued by the Approved Valuers to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated not earlier than fifteen (15) calendar days before the
            applicable testing date (or on such other date as the Owners and the Charterers may agree));</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of the Vessel or vessels of the similar type of the Vessel,
            at any time at the request of the Owners, but in any case no more than once per calendar year-in addition to any report obtained pursuant to sub-paragraph (i) above;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">32</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at any time at the request of the Owners (acting reasonably) if the Owners have determined that the then applicable Outstanding Capital Balance is likely to
            exceed eighty five (85%) per cent of the Market Value of the Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the occurrence of a Termination Event which is continuing, at any time at the request of the Owners,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and in each case above, the Charterers shall bear
      the fees and expenses of the Approved Valuers arising in connection with conducting any such valuations or reimburse the same to the Owners (as the case may be).</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(r)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall notify the Owners immediately of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer in connection with the Vessel or any Environmental
            Incident;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">arrest or detention of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of that Vessel for hire;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any damage caused to or alteration of the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel which exceed
            $5,000,000; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any casualty or occurrence as a result of which the Vessel has become or is, by the passing of time or otherwise, likely to become, a Major Casualty;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(s)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on a bareboat charter basis, irrespective of duration) save
            that the Owners&#8217; prior written consent shall be required to any Assignable Sub-charter (such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their rights and interests under such Assignable Sub-charter
            and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such
            Assignable Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(t)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular,
            the Charterers shall effect and maintain a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">33</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and provide all information in relation to its business and
            operations which may be relevant for the purposes of ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing immediately
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(w)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager on terms acceptable to the Owners and such Approved
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the shares of the Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The New York Stock Exchange or the NASDAQ or Over the Counter
            (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to the Owners and documented in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">pursuant to Clause 46.1(q), it is determined that the then applicable Outstanding Capital Balance exceeds eighty five (85%) per cent of the Market Value of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance payment of hire and credited against future
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide, or ensure that a third party has provided, additional Security Interests which, has a Market Value (in the case of a Security Interests over a vessel)
            or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">34</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">otherwise in the opinion of the Owners (in the case of Security Interests over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the Owners, and which is documented in
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed), they shall not, and shall procure that no other
            Relevant Person shall, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving any term of the Initial Sub-charter or any other Assignable
            Sub-Charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall ensure that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all Earnings and any other amounts received by them in connection with the Vessel are paid into the Operating Account ;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all of their operating expenses in connection with the Vessel are paid from the Operating Account or via the monthly budget from the manager&#8217;s bank account
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the credit balance in the Operating Account shall not at any time as from the Commencement Date, be less than $350,000;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">purchase, cancel or redeem any of its issued shares;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">increase or reduce the number of shares that it is authorized to issue or change the par value of such shares or create any new class of shares;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not, and shall procure that the Guarantor and (following the Disposal) the New Shareholder shall not, make or pay any dividend or other distribution
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(bb)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall be registered under the Flag State at all times;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with all stores on board together with all records, logs,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">35</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance relating to the Vessel for the preceding calendar
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the completion of the Disposal, the Security Interest created under the New Shares Security shall be fully perfected in accordance with the terms of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ff)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">shall or shall procure that any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities imposed
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">promptly upon the Owners&#8217; request, provide and submit such signed mandate letter in the form required by the Owners and the relevant authority and provide any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">shall fulfil all obligations (including without limitation, paying all documented costs, expenses, liabilities and losses, legal and accounting fees and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with EU ETS and
            Fuel EU Maritime, or any consequences resulting from or in connection with non-compliance with EU ETS and Fuel EU Maritime;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(gg)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without prejudice to the foregoing paragraph (ff) in relation to EU ETS:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">36</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Vessel sails into any European Union ports, the Charterers shall register the Vessel as part of a &#8220;Shipping Company&#8221; as required under EU ETS and shall
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the Owners confirming that they have assumed responsibility for
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering authority upon registration of the Vessel pursuant to EU ETS and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that any other organisation or person whom the Charterers
            have contractually agreed to take over all duties and responsibilities imposed by the ISM Code (including the Approved Manager or any Sub-charterer) enters an agreement with the Owners setting out how the parties will co-operate to exchange,
            review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties&#8217; obligations under Clauses
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(hh)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable Emission Scheme; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances in respect of the Vessel which are required to be
            surrendered to the relevant Emission Scheme Authority for that Emission Scheme during the Charter Period,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with all relevant documents (including without limitation,
            any relevant mandating documents required in connection with surrendering the relevant Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be provided to such Emission Scheme
            Authority relating to such Emission Scheme,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and to do all such things necessary or advisable to
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">46.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Russian oil price cap</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">37</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers undertake that they will, at all times comply, and require compliance by:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all Sub-charterers of the Vessel;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">with the Russian Oil Price Cap Measures.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will prior to the Vessel first commencing lifting or loading of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each
            applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall promptly, and in any event no later than 30 days after the Vessel
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">price information demonstrating that the Russian Oil Products were purchased at or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that the Charterers have complied in all respects with the
            Russian Oil Price Cap Measures; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each
            applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that they will ensure, exercising best commercial endeavours,
            that any sub-charter or other contract of carriage in respect of the Vessel will include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom the Charterers have sub-let the Vessel or with whom it has
            entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers to comply with this Clause 46.2 (<i>Russian oil price cap</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">38</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers undertake that they will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(i)</font></td>
        <td style="text-align: justify; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">provide the Owners with such information, and at such times, as they may reasonably require for the purposes of the Owners satisfying any
            record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">promptly upon request and within 30 days of any request provide the Owners with such other information in relation to compliance with the
            Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to the Russian Oil Price Cap Measures;
            and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">comply with such further or additional requirements as the Owners may from time to time require in writing, acting reasonably, in response
            to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market practice in respect of the Russian Oil Price
            Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">The obligations in this paragraph (e) are
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves, based on the information available, of the reliability
            and accuracy of any information provided by such counterparties for the purposes of or relating to satisfying the requirements of paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree that the Owners may forward all attestations and other documents which the Charterers may from time to time deliver to the Owners pursuant
            to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents in accordance with the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 47 &#8211;
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to Clause 47.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving notice to the Charterers, be entitled to inspect or survey
            the Vessel or instruct a surveyor to carry out such survey on their behalf:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical Dry-Docking</i>); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">for any other reason they consider necessary,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">provided it does not unduly interfere with the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">39</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause 47.1 once a year at the cost of the Charterers and at any
            other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel), save that (a) upon the occurrence of a Termination Event or
            the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on
            their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized
            surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of inspection and survey.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall whenever required by the Owners furnish them with
            full information regarding any casualties or other accidents or damage to the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Except as otherwise provided under Clause 47.2, the documented costs and fees for any inspection and survey permitted under this Clause shall be paid by the
            Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the Charterers&#8217; account and form part of the Charter Period.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 48 &#8211;
      VolUNTARY PREPAYMENT</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">48.1</font></td>
        <td style="text-align: justify; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Upon providing the Owners not less than ninety (90) days&#8217; (or such shorter period as the Owners may agree) prior written notice, the
            Charterers shall have the option to make a prepayment to the Owners on the next occurring Payment Date in an amount of a minimum of one million dollars (US$1,000,000) or higher integral multiples thereof provided that,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers may only exercise such option once per year after the date falling twelve (12) months from the Commencement Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any such prepayment shall be made together with a prepayment fee in the amount of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the option of such partial prepayment is exercised after the date falling twelve (12) months from the Commencement Date but on or before the date falling
            twenty four (24) months after the Commencement Date, one point five per cent (1.5%) of the amount prepaid;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the option of such partial prepayment is exercised after the date falling twenty four (24) months from the Commencement Date but on or before the date
            falling thirty six (36) months from the Commencement Date, one per cent (1.00%) of the amount prepaid; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the option of such partial prepayment is exercised after the date falling thirty six (36) months from the Commencement Date, zero per cent (0%);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the aggregate amount of any such prepayment shall not exceed $5,000,000 in total throughout the Charter Period; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">40</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any such prepayment shall be deemed to be an advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that
            the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 49 &#8211;
      Termination Events</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">49.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination Event:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms of any Leasing Document to which it is a party, unless
            such non-payment is caused by administrative or technical error and the relevant payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5) Business Days (in the case of any other payment, other than
            Charterhire) of the relevant due date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers breach or omit to observe or perform any of their undertakings in Clause 46.1 (a), (f), (g), (j)(iii), (l), (o), (p), (t), (u), (v), (x) or
            (z)(iii) or the Guarantor breaches or omits to observe or perform any of its undertakings or the financial covenants contained under clause 11.14 (<i>Financial covenants</i>) of the Guarantee or (following the Disposal) the New Shareholder
            breaches or omits to observe or perform any of its undertakings or the financial covenants contained under the New Guarantee;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers fail to obtain and/or maintain the Insurances required under Clause 39 &#8211; (<i>Insurance</i>) in accordance with the provisions thereof (or any
            insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations or undertakings in this Charter or any Leasing
            Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach or omission to the
            satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to which it is a party proves to be untrue or misleading when
            it is made;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any of the following occurs in relation to any Financial Indebtedness of any of the Charterer, the Guarantor and (following the Disposal) the New Shareholder:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any applicable grace period has expired;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Financial Indebtedness of such entity becomes due and payable, or capable of being declared due and payable, prior to its stated maturity date as a
            consequence of any event of default and not as a consequence of the exercise of any voluntary right of prepayment;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a lease, hire purchase agreement or charter creating any Financial Indebtedness of such entity is terminated by the lessor or owner as a consequence of any
            termination event or event of default (howsoever defined); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">41</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange or other facility, or any swap or other derivative contract
            or transaction, relating to any Financial Indebtedness of such entity ceases to be available or becomes capable of being terminated or declared due and payable or cash cover is required or becomes capable of being required, as a result of any
            termination event or event of default (howsoever defined);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any of the following occurs in relation to any of the Charterer, the Guarantor and (following the Disposal) the New Shareholder:</font></td>
      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">such entity becomes, in the opinion of the Owners, unable to pay their debts as they fall due;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of such entity, the value of its assets is less than its liabilities (taking into account contingent liabilities);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any administrative or other receiver is appointed over all or a substantial part of the assets of such entity unless as part of a solvent reorganisation which
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they are insolvent or likely to become insolvent, or a winding
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the appointment of a provisional liquidator, of such entity;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">such entity petitions a court, or presents any proposal for, any form of judicial or non-judicial suspension or deferral of payments, reorganisation of their
            debt (or certain of their debt) or arrangement with all or a substantial proportion (by number or value) of their creditors or of any class of them or with a minority proportion (by number or value) of their creditors or of any class of them
            which would reasonably likely to have a Material Adverse Effect or any such suspension or deferral of payments, reorganisation or arrangement is effected by court order, contract or otherwise;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any meeting of the members or board of directors of such entity is summoned for the purpose of considering a resolution or proposal to authorise or take any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">42</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(viii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in any jurisdiction, any event occurs or any procedure is commenced which, in the opinion of the Owners, is similar to any of the foregoing referred to in (ii)
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ix)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any expropriation, attachment, sequestration, distress or execution or any analogous process in any jurisdiction which affects any asset or assets of such
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterer or the Guarantor or (following the Disposal) the New Shareholder suspends or ceases or threatens to suspend or cease carrying on its business;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate or charter the Vessel or any Relevant Person to comply
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any event or circumstance occurs which has or is reasonably likely to have a Material Adverse Effect;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">this Charter or any Leasing Document or any Security Interest created by a Leasing Document:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason or no longer constitutes valid, binding
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is amended or varied without the prior written consent of the Owners;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(l)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Security Interest constituted by any Leasing Document is in any way imperiled or in jeopardy;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(n)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Termination Event (as defined in the Existing Charter A) occurs under the Existing Charter A;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(o)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Termination Event (howsoever described in the Existing BBC) occurs under the Existing BBC;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(p)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Termination Event (as defined in each Other Charter) occurs under such Other Charter (for the avoidance of doubt, in relation to each Other Charter, this
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">43</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(r)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">save as expressly permitted under this Charter there is a merger, amalgamation, demerger or corporate reconstruction of any of the Charterers, the Other
            Charterers, the Guarantor and (following the Disposal) the New Shareholder, without the Owners&#8217; prior written consent;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(s)</font></td>
        <td style="text-align: justify"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the shares of the Guarantor and/or (following the Disposal) the New Shareholder cease to trade on The New York Stock Exchange or the NASDAQ or Over the Counter
            (OTC), unless the Charterers comply with their obligations under Clause 46.1(x); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Guarantor and/or (following the Disposal) the New Shareholder cease being an entity reporting with the U.S. Securities and Exchange Commission;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(t)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there is a change in control of ownership or control of the Charterers or there is a change of voting control in the case of the Guarantor and/or (following the
            Disposal) the New Shareholder as set out in Clause 45 &#8211; (<i>Representations and Warranties</i>) unless prior written consent from the Owners has been obtained prior to such change;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(u)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there is any occurrence of any litigation, arbitration or administrative proceedings or investigations involving a Relevant Person which has been commenced or
            taken and has been adversely determined and which has or is reasonably likely to have a Material Adverse Effect; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any lease, hire purchase agreement, charter or any other financing arrangement in respect of any Associated Vessel (other than the Vessel and the Other Vessels)
            is terminated, cancelled or repudiated by the relevant lessor or owner or financier as a consequence of any termination event or event of default (howsoever defined therein).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">49.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>), upon the occurrence of any Termination Event which is continuing, the Owners may
            issue a written notice to the Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the &#8220;<b>Termination Notice</b>&#8221;), whereupon the Charterers shall be obliged to pay the Termination
            Sum to the Owners on the date specified by the Owners in their sole discretion in the Termination Notice (the &#8220;<b>Termination Date</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">49.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the Charterers shall remain liable for the outstanding
            obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance with Clause 41.5, or the
            title is transferred to the Charterers in accordance with Clause 41.3, the Vessel is sold in accordance with 41.9 or the Owners exercise the option set out in Clause 41.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">44</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">49.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing the rights of the Charterers pursuant to Clause
            41.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any action, suit
            or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims
            for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the appointment of any originally appointed manager may be terminated
            immediately without any recourse to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">49.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Each Termination Event which is continuing shall either be a breach of condition by the Charterers where it involves a breach of this Charter or any of the
            other Leasing Document by the Charterers or shall otherwise be an agreed terminating event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise its rights under
            this clause, provided that, in case of a breach of contract claim, the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 50 &#8211;
      Mandatory Sale</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their obligations as contemplated by this Charter or the MOA to perform
            their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such written notice by
            the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the
            procedures set out in Clause 50.4.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If it is or has become:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an existing law or a change in the manner in which an existing law
            is or will be interpreted or applied; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">contrary to, or inconsistent with, any regulation,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">for any Relevant Person to maintain or give effect
      to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to
      which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the
      Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If there is a breach of 46.1(j)(iii), 46.1(t), 46.1(u) or 46.1(v) in any such case on the basis that reference to &#8220;the People&#8217;s Republic of China&#8221; applies to
            the definition of &#8220;Prohibited Person&#8221;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">45</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">or paragraph (e) of the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to pay the Mandatory Sale Price to the Owners within sixty (60) days
          following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the relevant official institution, agency or the government of the People&#8217;s Republic
          of China) and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Mandatory Sale Price becomes payable in accordance with Clause 36.13 or Clause 37.3 or Clause 50.1 or Clause 50.2 or Clause 50.3 or Clause 55.5, the same
            shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 53 &#8211; (<i>Sale of the Vessel</i>). The day on which the Mandatory Sale Price is paid pursuant
            to Clause 36.13 or Clause 37.3 or Clause 50.1, Clause 50.2 or Clause 50.3 or Clause 55.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided therein is a &#8220;<b>Mandatory Sale</b>&#8221;.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 51 &#8211;
      Voluntary early termination</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), after the date falling twelve (12) months from the Commencement Date, to
            purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 51 &#8211; (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary Early Termination Notice</b>&#8221;) to purchase the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;);
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the absence of the occurrence of a Termination Event which is continuing on or prior to either the date of the Voluntary Early Termination Notice or the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, will be
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall be conducted in accordance with Clause 53 &#8211; (<i>Sale of the
              Vessel</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">CLAUSE 51A &#8211;UStr
      Termination event</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51A.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If, prior to the occurrence of the date falling twelve (12) months from the Commencement Date, in relation to any port call of the Vessel in the US (a &#8220;<b>US
              Port Call</b>&#8221;):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port fees, dues, imposts, levies or any other additional
            fees or expenses (the</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">46</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees
            shall be borne by the Charterers); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer (as the case may be) exclusively due to the beneficial or
              legal ownership of the Owners; </font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s Targeting of the Maritime, Logistics and Shipbuilding Sectors for
            Dominance, or any governmental policy or directive targeting Chinese maritime or financial interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">would have direct and adverse effect to the business or operations of the Charterers (for the purposes of this sub-paragraph (iii), a direct
            and adverse effect shall be deemed to exist if:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72.5pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention to terminate the Initial Sub-charter as a result
            of the Additional Port Call Fees; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72.5pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved Sub-charterer has informed the Charterers of its intention to
            terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif">thereunder which are equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>)); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 72.5pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need to be paid for the
            specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall notify the Owners accordingly
      and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive,
      ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all reasonable steps to mitigate any
      such circumstances or events <b><i>provided that:</i></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any Relevant Person under any Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure on a best effort basis that the Approved Sub-charterer
            will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably incurred by the Owners
            in connection with such mitigation measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">47</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have been agreed upon between the Parties or (2) either
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(D)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the USTR Remedy Period:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall have the option to (but always at the cost of the Charterers):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 106.25pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case where the Vessel is not delivered by the Charterers as sellers to the Owners as buyers under the MOA as of the relevant date, cancel the MOA in
            accordance with the terms thereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 106.25pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">otherwise, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners
            (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special Termination Amount,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">subject always to giving the Owners no less than
      (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(2)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, is irrevocable and
            the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(3)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(4)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall immediately transfer the legal and beneficial ownership of the
            Vessel in accordance with the terms and conditions set out at Clause 53 &#8211; (<i>Sale of the Vessel</i>) to the Charterers or their nominees.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">48</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      PURCHASE OBLIGATION</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Provided all moneys owing and
      payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and
      the Owners and the Charterers shall perform their obligations referred to in Clause 53 &#8211; (<i>Sale of the Vessel</i>) and the Charterer shall pay the Purchase Obligation Price on the last day of the Charter Period in relation thereto (unless the
      Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 53 &#8211; Sale
      of the Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">53.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterer&#8217;s payment of the Termination Sum under Clause 41 &#8211; (<i>Termination,





              Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 51 &#8211; (<i>Voluntary Early Termination</i>) or the Charterers&#8217; payment of the Special Termination Amount under 51A (<i>USTR
              Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 52 &#8211; (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 50 &#8211; (<i>Mandatory Sale</i>) shall be on an &#8220;as is where is&#8221;
            and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and
            accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217; behalf, express or implied, whether arising by law or otherwise
            in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety,
            durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the
            extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under paragraph (a) above and irrevocably
            agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any representation or warranty relating
            to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any
            rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall procure the discharge and release of any registered mortgages created by the Owners and/or Owners&#8217; Financier in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory Sale Price or the Special Termination Amount
            shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">49</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"></td>
        <td style="text-align: justify">day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or
          due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which
          remain unpaid; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or, as the case may be, the Purchase Obligation Price or the
            applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of
            Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers&#8217; cost) execute a bill of
            sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the Vessel shall
            be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 54 &#8211;
      Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims, expenses, liabilities, losses, fees (including but not limited
            to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document,
            including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii) costs related
            to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217; rights under this Charter or any Leasing Document or for taking
            any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of the leasing of this Charter and whether or not the Vessel is in
            the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to
            safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or
            other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the Other Charterers under the Other Charters, the Charterers
            hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every kind and nature and all other moneys due, owing and/or
            payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">50</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">against all such losses, moneys, costs, fees and expenses. The Parties hereby further agree and acknowledge that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The Vessels, The Parties and The Charters)</i> containing the updated
            details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) given to the Charterers pursuant to
            paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>) and form part of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against any Other Charterer or any Relevant
            Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have (whether in
            respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to claim any contribution from any third party providing security for, or any other guarantor of any Other Charterer&#8217;s or such Relevant Person&#8217;s obligations
            under the Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of any Other Charterer or such Relevant Person under the
            Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person to make any payment, or perform any obligation, in
            respect of any Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall hold that benefit, payment or distribution to the extent
            necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing Documents to be repaid in full on trust for the Owners or
            the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense, liability or loss reasonably incurred by the
            Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 54.5 shall not apply if the MOA is terminated due to the
            application of Clause 51A (<i>USTR Termination Event</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">51</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 &#8211; (<i>Cancellation</i>)) and without prejudice to any right to
            damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding any breach of the
            terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure the Guarantor and (following the Disposal) the New
            Shareholder to furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm the Guarantor&#8217;s and (following the Disposal)
            the New Shareholder&#8217;s agreement to assume and to be bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the
            Charterers release any such indemnities in full.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The obligations of the Charterers under this Clause 54 &#8211; (<i>Indemnities</i>) and in respect of any Security Interest created pursuant to the Security Documents
            will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 54 &#8211; (<i>Indemnities</i>) or in respect of any Security Interest created pursuant to the
            Security Documents (without limitation and whether or not known to it or any Relevant Person) including:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the release of any other Relevant Person or any other person under the terms of any composition or arrangement with any creditor of a Relevant Person or any of
            its affiliates;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect or delay in perfecting, or refusal or neglect to take up or
            enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality or other requirement in respect of any instrument or any
            failure to realise the full value of any security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any incapacity or lack of power, authority or legal personality of or dissolution or change in the members or status of a Relevant Person or any other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Leasing Document or any
            other document or security;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any other document or security; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any insolvency or similar proceedings.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 55 &#8211; No
      Set-off or Tax deduction</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">52</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">made free and clear of all present and future taxes, levies, duties or deductions of any nature whatsoever, whether levied now or in the future, unless required
            by law; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">net of any bank charges or bank fees.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to Clause 55.1 (<i>No Set-off or Tax Deduction</i>), if the Owners are required by law to make a tax deduction from any payment:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall notify the Charterers as soon as they become aware of the requirement; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability
            relating to the tax deduction) a net amount which, after the tax deduction, is equal to the full amount which they would otherwise have received.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount equal to the loss, liability or cost which the Owners
            determine will be or has been (directly or indirectly) suffered for or on account of tax by the Owners in respect of a Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 55.3 shall not apply:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are incorporated or, if different, the jurisdiction (or
            jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by the Owners; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 56.2 or 56.3.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or will be required to be made by the Charterers or the
            Owners in respect of a payment to the Owners as a result of the Tax Changes, the Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their interest in the Vessel
            (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable
            endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the
            Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 50.4.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers compensate the Owners by an increased payment pursuant to Clause 56.2 or 56.3 and the Owners determine that they have obtained and utilized a
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">53</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">increased payment (or part thereof if the tax credit is attributable to only part of such increased payment).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 56 &#8211;
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Clause 56 &#8211; (<i>Increased Costs</i>) applies if the Owners notify the Charterers that they (or their financiers) consider that as a result of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter in the manner in which a law is
            interpreted or applied (excluding any effect which relates to the application to payments under this Charter of a tax on the Owners&#8217; overall net income); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates
            capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Clause 56 &#8211; (<i>Increased Costs</i>), &#8220;<b>increased cost</b>&#8221; means, in relation to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners&#8217; parent company or the Owners&#8217; Financiers (if any)
            having entered into, or being a party to, this Charter, of funding or financing the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a payment represents to the Owners (if any) on
            their capital; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the MOA,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and for the purposes of this Clause 56.2 the Owners may in good faith
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Subject to the terms of Clause 56.1, the Charterers shall pay to the Owners, upon receipt of the Owners&#8217; demand and any evidence thereto (where available to the
            Owners), the amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or under any order or judgment relating thereto has to be
            converted from the currency in which this Charter or such Leasing Document provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">making or lodging any claim or proof against the Charterers, whether in their liquidation, any arrangement involving them or otherwise; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">54</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">obtaining an order or judgment from any court or other tribunal; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enforcing any such order or judgment;</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is already known to the public or becomes available to the public other than through the act or omission of the disclosing Party;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market regulation, the US Securities and Exchange Commission&#8217;s
            rules or by a governmental order, decree, regulation or rule (provided that the disclosing Party shall give written notice of such required disclosure to the other Party prior to the disclosure);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in filings with a court or arbitral body in proceedings in which the Confidential Information is relevant and in discovery arising out of such proceedings;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Leasing
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            to those described under this Clause or such other circumstances as may be permitted by all Parties;</font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">55</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Owners consider that an amount paid or discharged by, or on behalf of, a Relevant Person or by any other person in purported payment or discharge of an
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">63.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Information</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Subject to paragraph (c) below, each Relevant Party shall, on the date of this Charter, and thereafter within ten Business Days of a reasonable request by
            another Relevant Party:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or
            substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including
            intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">57</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If a Relevant Party confirms to any other Relevant Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt
            Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other Relevant Parties or provide the relevant
            revised form, as applicable, reasonably promptly.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Nothing in this Clause shall oblige any Relevant Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or
            regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this
            paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or
            substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this
            Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the
            Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents
            (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">until (in each case) such time as the party in question provides
      sufficient confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">63.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Deduction and gross-up by Relevant Party</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the representation made by the Charterers under Clause 45.1(p) (<i>Representations and Warranties</i>) proves to be untrue or misleading such that the
            Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them to the Owners to an amount which (after
            making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change in the rate or basis of a FATCA Deduction)
            notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence satisfactory to the
            Owners that the FATCA</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">58</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Owners are required to make a deduction or withholding from a payment under any Financial Instruments in respect of FATCA, and is required under such
            Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding and
            payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such Financial Instruments.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">63.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Deduction by Owners</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may make any FATCA Deduction they are required by FATCA to
      make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">63.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Mitigation</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding any other provision to this Charter, if a FATCA
      Deduction is or will be required to be made by any party under Clause 63.3 (<i>FATCA</i>) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in
      the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 64 &#8211;
      Assignment and Transfer</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may assign any of their rights or transfer by novation any of their rights and obligations under the Leasing Documents and/or sell and transfer title
            to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale is made:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale, this Charter will continue (or will be novated to the
            applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as the case may be) for its performance of all obligations
            under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that any Relevant Person (in the
            case of any Other Charterer which is not directly owned by the Guarantor, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">59</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations pursuant to such Leasing Document; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enters into all necessary documents or takes any necessary actions or provide all necessary assistance required for such Leasing Document and any Security
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.4</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to Clause 35 &#8211; (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding arrangements with their financier(s), including but not
            limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding arrangement shall not result in any adverse effect of the
            Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners may do any of the following as security for the funding arrangements referred to in paragraph (a) above, in each case, without the prior consent of
            the Charterers:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents in favour of a Mortgagee (or its agent, trustee or
            nominee);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition Compensation of the Vessel in favour of the
            Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enter into any other document or arrangement which is necessary to give effect to such financing arrangements;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers undertake to comply, and provide such information and documents and all necessary assistance required to enable the Owners to comply, with all
            such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of this Charter by the
            Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge
            this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners (by sale of shares in the Owners or other transactions
            having the same effect) may be effected without the Charterers&#8217; consent, provided always that (i) in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter would continue on
            identical terms (save for logical, consequential or mutually agreed amendments) and (ii) to the extent that any prior written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable Sub-charter,
            before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">60</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Charterer has granted such prior written consent. The Charterers shall, and shall procure the Guarantor and (following the Disposal) the New Shareholder shall (where applicable) remain jointly and severally liable to
          the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners from the Owners to such new owner and agree and undertake
          to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this Clause.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All expenses arising out of assignment or transfer of this Charter as per Clause 64 &#8211; (<i>Assignment and Transfer</i>) shall be for the Owner&#8217;s account subject
            to no Termination Event or Potential Termination Event having occurred or being continuing at the relevant time.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 65 &#8211;
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">65.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security
            Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner (as trustee of the Owners and the Other Owners) shall be applied in the following order of application against amounts
            payable under the Leasing Documents:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination Sum (including but not limited to any costs and expenses
            incurred in the enforcement of the Security Documents, to the extent these are not covered under the Termination Sum);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such portion of it that then remains unpaid) in any order of
            application in the amounts comprising the Termination Sum as the Owners may determine; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to the Charterers, but always subject to the terms of the
            General Assignment.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause 66 &#8211;
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-transform: uppercase; text-align: justify; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Charter and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence, validity or termination of this Charter or any
            non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
            re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 66 &#8211; (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;)





            Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member
            of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">61</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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    <div style="page-break-after: always" class="BRPFPageBreak">
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        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
          arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done
          so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party
          accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of
          a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

  </table>
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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      </tr>

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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the meanings ascribed to them below:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all
      jurisdictions including and without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt)
      and which in each case are (a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      agency, having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      </tr>

  </table>
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      </tr>

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      enforced by the United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">64</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">following the completion of the Disposal, each of the Guarantor and the New Shareholder continues to be controlled by companies affiliated with the family of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
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            as the Shares Security and otherwise in an agreed form (the &#8220;<b>New Shares Security</b>&#8221;) and (B) provided all necessary constitutional documents and corporate authorisation required by the Owners in relation to the New Shareholder and the New
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the New Shareholder has (or the Owners are satisfied that the New Shareholder will, by the completion of the Disposal, have) (A) entered into a guarantee in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion of the Disposal, be issued) by lawyers appointed by the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">65</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Owners documents and confirmations in form and substance acceptable to the Owners giving effect to the Disposal Amendments and confirming that any Security Interest created by that Relevant Person pursuant to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any documented costs or expenses incurred by the Owners in relation to the Disposal have been fully settled by the Charterers (or the Owners are satisfied that
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Dollars</b>&#8221; and &#8220;<b>$</b>&#8221; and &#8220;<b>US$</b>&#8221;
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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      </tr>

  </table>
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            actually or potentially liable to be arrested, attached, detained or injuncted and/or the Vessel and/or any Relevant Person and/or any operator or manager of the Vessel is at fault or allegedly at fault or otherwise liable to any legal or
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">68</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
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      </tr>

  </table>
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      Earnings, Insurances and Requisition Compensation, manager&#8217;s undertaking and subordination (including assignment of manager&#8217;s interests in the Insurances) or any other financial security instruments (excluding interest rate swaps and similar interest
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      (including but not limited to the Vessel and Other Vessels) from time to time wholly owned, leased under a capital lease, operating lease with a purchase option at the end of the relevant charter period, vessels owned under a joint venture agreement
      where the relevant member of the Group owns no less than 50 per cent.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">69</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">of the issued shares of the jointly owned entity or
      controlled by a Guarantor and/or (following the Disposal) the New Shareholder (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant member of the Group at the relevant time and any
      yachts in operation.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Fuel EU Maritime</b>&#8221; means Fuel EU Maritime
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      Assignable Sub-Charter in respect of the Vessel, in favour of the Owners and in the agreed form agreed on or prior to signing of this Charter.</font></p>
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      first Hire Period, the period commencing on the Commencement Date and ending on the First Payment Date; and (ii) in the case of each subsequent Payment Date, the period commencing on the last day of the preceding Hire Period and ending on the next
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">70</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the most recent applicable Term SOFR (as of a day which is not more than three (3) US Government Securities Business Days before the Quotation Day) for the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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            Days (and no less than two (2) US Government Securities Business Days) before the Quotation Day; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -0.55pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Interpolated Term SOFR</b>&#8221; means, in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">71</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">either:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the applicable Term SOFR (as of the Quotation Day in respect of that Hire Period) for the longest period (for which Term SOFR is available) which is less than
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if no such Term SOFR is available for a period which is less than three months, SOFR for the day which is two (2) US Government Securities Business Days before
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">the applicable Term SOFR (as of the Quotation Day in respect of that Hire Period) for the shortest period (for which Term SOFR is
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Interest Rate</b>&#8221; means, in relation to each
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Legal Reservations</b>&#8221; means:</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the time barring of claims under the Limitation Acts, the possibility that an undertaking to assume liability for or indemnify a person against non-payment of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any other matters which are set out as qualifications or reservations as to matters of law of general application in any legal opinion delivered to the Owners
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Leasing Documents</b>&#8221; means this Charter, the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">72</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the technical and commercial management agreement made or to be made between the Approved Manager and the Charterers; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">such other management agreement subsequently entered into in respect of the Vessel as may be approved by the Owners (such approval not to be unreasonably
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Variable Charterhire accrued as at the date of payment of the Mandatory Sale Price;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(in case of Clause 37.3) if the Mandatory Sale Date occurs on or before the date falling thirty six (36) months from the Commencement Date, one per cent.
            (1.00%) of the Outstanding Capital Balance as at the relevant date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Breakfunding Costs;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise of the Mandatory Sale; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Mandatory Sale
            Date including any default interest on amounts under (a) to (f) above.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Margin</b>&#8221; means one point nine five per cent.
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Market Disruption Rate</b>&#8221; means the Reference
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Market Value</b>&#8221; means:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a
            valuation prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">73</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
    <div style="text-align: center" class="BRPFPageNumberArea"></div>
    <div style="page-break-after: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
            existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and such valuation shall be prepared by an Approved
      Valuer nominated by the Charterers; and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">upon the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif">:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">subject to sub-paragraph (ii) below, </font><font style="font-family: Arial, Helvetica, Sans-Serif">the arithmetic mean of the valuations
            shown by two (2) valuation reports prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(D)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
            existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and such reports shall be prepared by Approved Valuers nominated by
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="margin-bottom: 10pt; clear: both; margin-top: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with respect to the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Guarantor&#8217;s audited
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">75</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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      </tr>

  </table>
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      BBC Additional Clauses<br>
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      SINGAPORE/91896281v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      Treasury (&#8220;<b>OFAC</b>&#8221;) or the United Nations including at the date of this Charter, but without limitation, non-Ukrainian government controlled areas of Donetsk, Luhansk and Zaporizhzhia Regions, Cuba, Syria, Iran, North Korea, Crimea and Venezuela
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      Office of Foreign Assets Control (&#8220;<b>OFAC</b>&#8221;), the United Kingdom, His Majesty&#8217;s Treasury (&#8220;<b>HMT</b>&#8221;) and the Foreign and Commonwealth Office of the United Kingdom, the Special Administrative Region of Hong Kong, the People&#8217;s Republic of China
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">77</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.9pt; text-align: justify; text-indent: 11.1pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 28.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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        <td style="width: 28.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 28.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">78</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Prepositioning Date occurs in the calendar year 2025, $13,000,000 (the &#8220;<b>Original Purchase Obligation Price</b>&#8221;) ; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the applicable Term SOFR for three (3) months as of the relevant Quotation Day; or</font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as otherwise determined pursuant to Clause 36.5A,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any jurisdiction where any property owned by it and charged under a Leasing Document is situated;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any jurisdiction whose laws govern the perfection of any of the Leasing Documents entered into by it creating a Security Interest.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">79</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
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      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">New Shareholder (in its capacity as the guarantor
      and the shareholder of the Charterers) and any other party providing security to the Owners in respect of the Charterers&#8217; obligations under this Charter pursuant to a Security Document (except any Approved Manager or Sub-charterer which are not
      entities within the Group).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Replacement Reference Rate</b>&#8221; means a
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">formally designated, nominated or recommended as the replacement for a Published Rate by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Relevant Nominating Body,</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and if replacements have, at the relevant time, been
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the opinion of the Owners, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the opinion of the Owners, an appropriate successor or alternative to a Published Rate.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Reporting Time</b>&#8221; means close of business in
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      Russian oil price cap restrictions and requirements imposed by law or regulation of the United Kingdom, the Council of the European Union and the United States of America and any other similar restrictions on the supply or delivery or maritime
      transportation of Russian Oil Products applicable to any person as amended from time to time.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Safety Management Certificate</b>&#8221; shall have
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">imposed by law or regulation of a Sanctions Authority, to the extent applicable to this transaction; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">80</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">otherwise imposed by any applicable law or regulation by which any Relevant Person is bound or to which it is subject.</font></td>
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      future obligations and liabilities (whether actual or contingent and whether owed jointly or severally or in any other capacity whatsoever) which a Relevant Person (other than the Other Owners) has, at the date of this Charter or at any later time or
      times, to the Owners under or in connection with the Leasing Documents or any judgment relating to the Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their
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      Guarantee, any New Guarantee, the Account Security, the Shares Security, the General Assignment, the Manager&#8217;s Undertakings and any other document whether or not it creates a Security Interest which is executed as security for the obligations of the
      Charterers under or in connection with this Charter.</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">81</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a mortgage, charge (whether fixed or floating) or pledge, lien, assignment, hypothecation or any other security interest of any kind or any other agreement or
            arrangement having the effect of conferring a security interest;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the security rights of a plaintiff under an action <i>in rem</i>; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any other right which confers on a creditor or potential creditor a right or privilege to receive the amount actually or contingently due to it ahead of the
            general unsecured creditors of the debtor concerned; however this paragraph (c) does not apply to a right of set off or combination of accounts conferred by the standard terms of business of a bank or financial institution.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#8220;Shares Security</b>&#8221; means each, or as the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the share charge executed or to be executed by the Guarantor (in its capacity as shareholder of the Charterers) creating a Security Interest over all its shares
            in the Charterers in favour of the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(following the Disposal) the New Shares Security.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Outstanding Capital Balance prevailing as at the Special Termination Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Variable Charterhire accrued as at the date of payment of the Special Termination Amount;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Breakfunding Costs;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any documented legal or other costs reasonably incurred by the Owners in connection with Clause 51A (<i>USTR Termination Event</i>); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (a) to (d) above, any other moneys due and owing under the Leasing Documents at the relevant Special
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Special Termination Date</b>&#8221; has the meaning given to that term
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">82</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">83</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Charter or the other Leasing Documents (including, but not limited to, for carrying out any works or modifications or repairs required to cause the Vessel to conform with the provisions relating to redelivery as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (a) to (f) above, any other moneys due and payable, but unpaid, under the Leasing Documents at the Relevant
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Total Loss</b>&#8221; means:</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of an actual loss of the Vessel, the date on which it occurred;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the date on which a notice of abandonment is given to the insurers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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            Vessel to the relevant government or official authority or the person or persons claiming to be or to represent the relevant government or official authority unless it is redelivered within twenty-one (21) days to the full control of the Owners
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">84</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Total Loss Payment Date</b>&#8221; means, following
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.9pt; text-align: justify; text-indent: 11.1pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a Saturday or a Sunday; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a day on which the Securities Industry and Financial Markets Association (or any successor organisation) recommends that the fixed income departments of its
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>USTR Remedy Period</b>&#8221; has the meaning given
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Variable Charterhire</b>&#8221; shall have the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Vessel</b>&#8221; means m.v. Eco Marina Del Rey with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Voluntary Early Termination Date</b>&#8221; shall
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Voluntary Early Termination is exercised on or after the date falling twelve (12) months from the Commencement Date and until (including) the date
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Voluntary Early Termination is exercised after the date falling twenty four (24) months from the Commencement Date and until (including) the date falling
            thirty six</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">85</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">(36) months from the Commencement Date, one per cent. (1.00%) of the Outstanding Capital Balance on the applicable Voluntary Early Termination Date; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Voluntary Early Termination is exercised after the date falling thirty six (36) months from the Commencement Date zero per cent. (0%) of the Outstanding
            Capital Balance as at the applicable Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Voluntary Early Termination Notice</b>&#8221; shall
      have the meaning ascribed thereto in Clause 51.2.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>Voluntary Early Termination Price</b>&#8221; means,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Outstanding Capital Balance prevailing as at the relevant the Voluntary Early Termination Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Variable Charterhire accrued but unpaid as at the date of payment of the Voluntary Early Termination Date Price;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Voluntary Early Termination Fee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Breakfunding Costs;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any documented legal (subject to pre-agreed cap) or other costs reasonably incurred by the Owners in connection with the exercise of the Voluntary Early
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Voluntary Early
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.2</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">In the case of any conflict between the provisions
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Construction</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Unless a contrary indication appears, in this
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the &#8220;<b>Approved Manager</b>&#8221;, the &#8220;<b>Charterers</b>&#8221;,




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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">86</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>document</b>&#8221; includes a deed; also a letter,
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      select, an amount equal to the amount of the Outstanding Capital Balance or any part thereof for a period equal in length to the Hire Period of the Outstanding Capital Balance or any part thereof;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">87</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      negligence which is distinct from ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which
      should be most obvious to everybody has not been followed.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      of delegated legislation, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>liability</b>&#8221; includes every kind of debt or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>tax</b>&#8221; includes any present or future tax,
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      or fine.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Meaning of &#8220;month&#8221;</font></td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">88</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the
            period has no numerically corresponding day;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and &#8220;<b>month</b>&#8221; and &#8220;<b>monthly</b>&#8221; shall be construed
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to a Leasing Document or any other document being in the form of a particular appendix or to any document referred to in the recitals include
            references to that form with any modifications to that form which the Owners and the Charterers approve;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to, or to a provision of, a Leasing Document or any other document are references to it as amended or supplemented, whether before the date of this
            Charter or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Charter or
            otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">words denoting the singular number shall include the plural and vice versa; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and, if such page or service ceases to be available, shall include
      any other page or service displaying that rate specified by the Owners after consultation with the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Construction of Insurance terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause
      39 &#8211; (<i>Insurance</i>), approved in writing by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>excess risks</b>&#8221; means the proportion of
      claims for general average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of
      such claims.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>obligatory insurances</b>&#8221; means all insurances
      effected, or which the Charterers are obliged to effect, under Clause 39 &#8211; (<i>Insurance</i>) or any other provision of this Charter or another Leasing Document.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>policy</b>&#8221; includes a slip, cover note,
      certificate of entry or other document evidencing the contract of insurance or its terms.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">89</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>protection and indemnity risks</b>&#8221; means the
      usual risks (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the
      proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02)
      (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>war risks</b>&#8221; includes the risk of mines and
      all risks excluded by clause 29 of the International Hull Clauses (1/11/02 or 1/11/03), clause 24 of the Institute Time Clauses (Hulls) (1/11/95) or clause 23 of the Institute Time Clauses (Hulls)(1/10/83).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">68.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Headings</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In interpreting a Leasing Document or any provision of a Leasing
      Document, all clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">90</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule 1<br>
      <br>
      Acceptance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PCH DREAMING INC.</b> (the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges
      that at [&#9679;] hours on [&#9679;], there was delivered to, and accepted by, the Charterers the Vessel known as m.v. &#8220;Eco Marina Del Rey&#8221;, registered in the name of <font style="color: windowtext">LUSTRE 5 HOLDING LIMITED</font> (the &#8220;<b>Owners</b>&#8221;) under
      the flag of the Marshall Islands with IMO number 9798349 under a bareboat charter dated [&#9679;] (the &#8220;<b>Charter</b>&#8221;) and made between the Owners and the Charterers and that Delivery (as defined in the Charter) thereupon took place and that,
      accordingly, the Vessel is and will be subject to all the terms and conditions contained in the Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers warrant that the representations and warranties made by
      them in Clause 45 &#8211; (<i>Representation and Warranties</i>) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <!-- Field: Rule-Page -->
  <div style="margin-top: 0pt; margin-bottom: 0pt; width: 25%">
    <div style="font-size: 1pt; border-top: Black 1pt solid">&#160;</div>
  </div>
  <!-- Field: /Rule-Page -->
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Name:&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Title: attorney in fact&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">for and on behalf of&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>PCH DREAMING INC.</b>&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Dated:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">91</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule 2</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Part A</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 34.2(f)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Corporate Authority</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent





              Persons</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent Persons:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents
            to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in
            connection with, the Leasing Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, an original of the power of attorney of any party to a Leasing Document authorising a specified person or persons to execute the Leasing Documents
            to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph 1.2 above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant Person, approving the terms of, and the transactions
            contemplated by such Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy document relating to it specified in this Part A of
            Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documents and other security</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of this Charter, the MOA and the Guarantee and of each document to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Duly executed but undated copies of each of the Shares Security, the Account Security, the General Assignment and the Manager&#8217;s Undertaking and of each document
            to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence that the Charterers&#8217; Operating Account have been opened and maintained with the Account Bank.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">92</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinion</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in
            paragraphs 2.1 and 2.2 of Part A of this Schedule, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraphs 2.1 and 2.2 of Part
            A this Schedule, concerning the laws of the Republic of the Marshall Islands, Greece and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Valuation of Vessel</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">If the Prepositioning Date
      occurs in the calendar year 2026, valuation of the Vessel, indicating the Initial Market Value to be received by the Owners not later than thirty days prior to the Prepositioning Date.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Vessel Insurances</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence that the Vessel is or will be on Delivery insured in the manner required under Clause 39 &#8211; (<i>Insurance</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) from
            the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Vessel Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Management Agreement and any amendments thereto, establishing that the Vessel will, as from the Commencement Date, be managed by the relevant
            Approved Manager.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Document of Compliance of the Technical Manager.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains such classification.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Copies of the Vessel&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Owners may require)
            and of any other documents required under the ISM Code and the ISPS Code (including, without limitation, an ISSC and IAPPC).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Initial Sub-charter</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the executed Initial Sub-charter (and any addendums thereto).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">93</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">7.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence to the satisfaction of the Owners that the Initial Sub-charterer consents to the sale and leaseback of the Vessel contemplated by the Leasing
            Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Escrow Agreement</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the duly executed Escrow Agreement in
      form and substance acceptable to the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Deed of Release</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">An agreed form Deed of
      Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly completed Payment Notice (as defined in the MOA) to be received by the Owners not later than five (5) Business Days prior to the Prepositioning Date<i>.</i></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the duly executed commercial invoice of the Vessel issued by the Charterers (in their capacity as sellers under the MOA) to the Owners (in their
            capacity as buyers under the MOA), specifying the aggregate amount payable by the Owners (in their capacity as buyers under the MOA) to the Charterers (in their capacity as sellers under the MOA) for the purchase of the Vessel under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence that all fees, costs and expenses then due from the Charterers to the Owners under the Leasing Documents have been paid and received by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Copies of the Original Financial Statements.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their &#8220;know
            your customer&#8221; or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in
            connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, evidence that any process agent referred to under the Leasing Documents has accepted its appointment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if any, evidence to the satisfactory to the Owners that the Delivery Shortfall (as defined in the MOA) has been deposited in the Escrow Account (as defined in
            the MOA) or paid to the Existing Owner no later than one (1) Business Day prior to the Prepositioning Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required by the Flag State for purposes of registering the Vessel in the name of the Owners, evidence that the Owners have been registered as a foreign
            maritime entity under the laws of the Flag State (with such cost to be borne by the Charterers).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">10.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">94</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Part B</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 34.2(f)(ii):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Corporate Authorisations/Confirmation</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document provided under paragraph 1 of Part A of Schedule 2
            of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination Event or Termination Event has occurred and is
            continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Security Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Duly executed and dated copies of each of the Shares Security, the Account Security, the General Assignment and each Manager&#8217;s Undertaking and of each document
            to be delivered under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law or will
            be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Delivery and title registration of the Vessel</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is or will be unconditionally delivered by the Existing Owner to the Charterers pursuant to the terms of the Existing BBC, where such documents shall include
            without limitation:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed
            by the Existing Owner (and where executed by an attorney of the Existing Owner, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Existing Owner&#8217;s power of attorney); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Existing Owner and the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is or will be unconditionally delivered by the Charterers (in their capacity as sellers) to the Owners (in their capacity as buyers) pursuant to the terms of
            the MOA, where such documents shall include without limitation:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">95</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a certificate or transcript or an email confirmation issued by the competent authorities of the Flag State on the date of Delivery evidencing the Charterers&#8217;
            (as sellers under the MOA) ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed
            by the Charterers (and where executed by an attorney of the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the Charterers&#8217; power of attorney); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has been or will be delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with the laws and regulations of the Flag State (including,
            without limitation, a side letter to be entered into between the Owners and the Charterers as required by the competent authorities of the Flag State).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters on the laws of England as may be satisfactory to the
            Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands and Greece and any other jurisdictions as may be
            satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Deed of Release</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">A copy of the duly executed
      Deed of Release.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners being satisfied that all conditions precedent or documents
      or evidence specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">96</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Part C</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Security Interests</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than five (5) Business Days after the Commencement Date,
      documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law (as applicable).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than three (3) Business Days after the Commencement Date,
      issued signed copies of the legal opinions referred to in paragraph 4 of Part B of Schedule 2 of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Insurances</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters of undertaking and certificates of entry (as the
            case may be) relating to insurances as set out in Clause 39 &#8211; (<i>Insurance</i>) acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be), each in the agreed form
            under paragraph 5.2 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of
            this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">97</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule 3</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase">THE VESSELS, THE PARTIES AND THE Charters</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="background-color: #0A5D66">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white"><b>The Vessels</b></font></td>
        <td style="width: 30%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white"><b>The Owners</b></font></td>
        <td style="width: 28%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white"><b>The Charterers</b></font></td>
        <td style="width: 25%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding-top: 5pt; padding-bottom: 5pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white"><b>The Charters</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Eco Malibu with IMO number 9902823</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel A</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 6 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128841 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner A&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">ATHENEAN EMPIRE INC., a corporation incorporated under the laws of
              the Republic of Marshall Islands with registration number <font style="color: windowtext">104090 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer A&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be entered into between
            Owner A and Charterer A in respect of Vessel A, as amended and/or supplemented from time to time<br>
            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Eco Oceano CA with IMO number 9794020</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel B</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 3 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128838 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner B&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">ECO OCEANO CA INC., a corporation incorporated under the laws of
              the Republic of Marshall Islands with registration number <font style="color: windowtext">107152</font> whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer B&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be
            entered into between Owner B and Charterer B in respect of Vessel B, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter B&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Eco West Coast with IMO number 9902811</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel C</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 4 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128839 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner C&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">ROMAN EMPIRE INC., a corporation incorporated under the laws of
              the Republic of Marshall Islands with registration number <font style="color: windowtext">104089 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer C&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be
            entered into between Owner C and Charterer C in respect of Vessel C, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter C&#8221;)</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">98</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; border-top: rgb(153,153,153) 1pt solid; padding-left: 5.4pt; width: 17%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Julius Caesar with IMO number 9912244</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel D</b>&#8221;)</font></p>
        </td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-top: rgb(153,153,153) 1pt solid; padding-left: 5.4pt; width: 30%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 1 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128836 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner D&#8221;)</b></font></p>
        </td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-top: rgb(153,153,153) 1pt solid; padding-left: 5.4pt; width: 28%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">JULIUS CAESAR INC., a corporation incorporated under the laws of
              the Republic of Marshall Islands with registration number <font style="color: windowtext">104940 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer D&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-top: rgb(153,153,153) 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center; width: 25%"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be entered into between Owner D and Charterer D in respect of Vessel D, as amended and/or supplemented from time to time<br>
            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Legio X Equestris with IMO number 9912256</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel E</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 2 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128837 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner E&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">LEGIO X INC., a corporation incorporated under the laws of the
              Republic of Marshall Islands with registration number <font style="color: windowtext">107059 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer E&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be
            entered into between Owner E and Charterer E in respect of Vessel E, as amended and/or supplemented from time to time<br>
            <b>(&#8220;Charter E&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">m.v. Eco Marina Del Rey with IMO number <b>9798349</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">(&#8220;<b>Vessel F</b>&#8221;)</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Lustre 5 Holding Limited</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with <font style="color: windowtext">registration number C-128840 and </font>incorporated under the law of the Republic of Liberia with having its registered address at <font style="color: windowtext">80 Broad Street, Monrovia, Liberia</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner F&#8221;)</b></font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">PCH DREAMING INC., a corporation incorporated under the laws of
              the Republic of Marshall Islands with registration number <font style="color: windowtext">94703</font> whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer F&#8221;)</b></font></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-left: 5.4pt; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat charter entered or to be
            entered into between Owner F and Charterer F in respect of Vessel F, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter F&#8221;)</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">99</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">Huarong Top Ships II<br>
      BBC Additional Clauses<br>
      &#8220;Eco Marina Del Rey&#8221;<br>
      SINGAPORE/91896281v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>SCHEDULE 4 </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>Form of Attestation to be issued by CHARTERERS</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">To:</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">[Owners]</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif">From:</font></td>
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      &#8220;Eco Marina Del Rey&#8221;<br>
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        <td style="text-align: left; font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">&#160;</font></td>
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        <td style="text-align: left; font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">&#160;</font></td>
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            BBC Additional Clauses<br>
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<DOCUMENT>
<TYPE>EX-4.30
<SEQUENCE>11
<FILENAME>ef20060828_ex4-30.htm
<DESCRIPTION>EXHIBIT 4.30
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><b>Exhibit 4.30</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b><u>EXECUTION VERSION</u></b></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Dated&#160;<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</p>
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    a bareboat charter of the vessel m.v. ECO MARINA DEL REY<br>
    dated&#160;<font style="color: windowtext"><u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="" src="image002.jpg"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Index</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>Clause</b></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>&#160;</b></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><b>Page</b></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">&#160;</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">1</td>
        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interpretation</td>
        <td style="width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">2</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Guarantee</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">3</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Liability as Principal and Independent Debtor</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">4</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Expenses</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">5</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Adjustment of Transactions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">6</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Payments</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">7</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interest</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">8</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Subordination</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">9</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">10</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Representations and Warranties</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">11</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Undertakings</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">12</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Judgments and Currency Indemnity</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">13</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Supplemental</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">14</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Assignment</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">15</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Notices</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">16</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Invalidity of Bareboat Charter</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">17</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Incorporation of Bareboat Charter Provisions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">18</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Governing Law and Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Schedules</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 95%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Schedule 1 Form of Compliance Certificate</td>
        <td style="width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0pt">22</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Execution Page</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>THIS GUARANTEE</b> is made on&#160;<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Parties</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(1)</td>
        <td style="text-align: justify"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(2)</td>
        <td style="text-align: justify"><font style="color: windowtext"><b>LUSTRE 5 HOLDING LIMITED</b></font>, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the &#8220;<b>Owner</b>&#8221;
          which expression includes its successors and assigns)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Background</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">By a bareboat charter dated<u>&#160;&#160;&#160;&#160; 1 August &#160; &#160;&#160;</u> 2025 (the &#8220;<b>Bareboat Charter</b>&#8221;) and made between (i) the Owner, as owner and (ii) <b>PCH Dreaming Inc.,</b> a corporation incorporated under the laws of the
          Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;), the Owner has agreed to bareboat charter one (1) MR tanker named m.v.
          &#8220;Eco Marina Del Rey&#8221; and flagged in the Marshall Islands with IMO no. 9798349 (the &#8220;<b>Vessel</b>&#8221;) to the Charterer pursuant to the terms and conditions contained therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">As at the date of this Guarantee, the Guarantor is the shareholder of the Charterer and holds all of the issued and outstanding shares in the Charterer.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">This Guarantee is the Guarantee referred to in the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Operative Provisions</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><b>1</b></td>
        <td><b>INTERPRETATION</b></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.1</td>
        <td style="text-align: justify">Defined expressions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.2</td>
        <td style="text-align: justify">Construction of certain terms</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>bankruptcy</b>&#8221; includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with
    creditors or reorganisation under any corporate or insolvency law of any country.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form set out in <font style="color: black">Schedule 1</font> or in any other
    form approved by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>control</b>&#8221; over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Group</b>&#8221; means the Guarantor and its subsidiaries from time to time.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor unconditionally and irrevocably:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection to each Leasing Document to which such Relevant Person is a party;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner may serve more than one demand under Clause <font style="color: black">2.1</font> (<i>Guarantee and indemnity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.3</td>
        <td style="text-align: justify">Guarantee of whole amount</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">3</td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3.1</td>
        <td style="text-align: justify">Principal and independent debtor</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Waiver of rights and defences</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal and independent debtor</i>), the Guarantor shall neither be
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any release or loss (even though negligent) of any right or Security Interest created by any Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">4</td>
        <td>EXPENSES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4.1</td>
        <td style="text-align: justify">Costs of preservation of rights, enforcement etc</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4.2</td>
        <td style="text-align: justify">Fees and expenses payable under Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor&#8217;s liabilities
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">5</td>
        <td>ADJUSTMENT OF TRANSACTIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">5.1</td>
        <td style="text-align: justify">Reinstatement of obligation to pay</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">6</td>
        <td>PAYMENTS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.1</td>
        <td style="text-align: justify">Method of payments</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall be paid:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in immediately available funds;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to such account as the Owner may from time to time notify to the Guarantor;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">without any form of set-off, cross-claim or condition; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">free and clear of any tax deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.2</td>
        <td style="text-align: justify">Grossing-up for taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner
    receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.3</td>
        <td style="text-align: justify">Indemnity and evidence of payment of taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by
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    30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to the appropriate taxation authority.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">7</td>
        <td>INTEREST</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.1</td>
        <td style="text-align: justify">Accrual of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.2</td>
        <td style="text-align: justify">Calculation of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 37.5 and 37.6 of the
    Bareboat Charter and otherwise in accordance with the terms thereof.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">8</td>
        <td>SUBORDINATION</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">8.1</td>
        <td style="text-align: justify">Subordination of rights of Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its
    assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">take or enforce any Security Interest for any such amount;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">9</td>
        <td>ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.1</td>
        <td style="text-align: justify">No requirement to commence proceedings against other Relevant Person</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document
    before claiming or commencing proceedings under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.2</td>
        <td style="text-align: justify">Conclusive evidence of certain matters</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, as against the Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any other Leasing Document,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">shall be binding and conclusive as to all matters of fact and law to which it relates.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">10</td>
        <td>REPRESENTATIONS AND WARRANTIES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor represents and warrants to the Owner as of the date of this Guarantee, and on each day henceforth until the last day of the Security Period as
    follows.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.2</td>
        <td style="text-align: justify">Status</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.3</td>
        <td style="text-align: justify">Corporate power</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to execute this Guarantee or any other Leasing Document to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.4</td>
        <td style="text-align: justify">Consents in force</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and
    nothing has occurred which makes any of them liable to revocation.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.5</td>
        <td style="text-align: justify">No conflicts</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a
    contravention of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any law or regulation applicable to it; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the constitutional documents of the Guarantor; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.6</td>
        <td style="text-align: justify">Legal, valid and binding obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor&#8217;s legal, valid and binding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.7</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">6</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.8</td>
        <td style="text-align: justify">Immunity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
    shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.9</td>
        <td style="text-align: justify"><i>Pari passu</i> ranking</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least <i>pari
      passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.10</td>
        <td style="text-align: justify">Legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.11</td>
        <td style="text-align: justify">No insolvency</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver,
    administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.12</td>
        <td style="text-align: justify">Tax obligor and place of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.13</td>
        <td style="text-align: justify">No withholding taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on
    account of any tax payable under any law of relevant jurisdictions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.14</td>
        <td style="text-align: justify">Taxes paid</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with
    adequate reserves.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.15</td>
        <td style="text-align: justify">No default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any
    other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.16</td>
        <td style="text-align: justify">Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was
    provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) satisfied the requirements of Clause <font style="color: black">11.4</font> (<i>Form of financial</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">7</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>statements</i>); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.17</td>
        <td style="text-align: justify">No litigation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor&#8217;s knowledge, is likely to be commenced or taken
    which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.18</td>
        <td style="text-align: justify">Sanctions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Each Relevant Person, and their respective directors, officers, and employees is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions,
          they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems,
          controls, policies and procedures designed to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and
          utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.19</td>
        <td style="text-align: justify">Environmental Laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
    reasonably anticipated to be conducted in the future) have been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.20</td>
        <td style="text-align: justify">Environmental Claim</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or
    (ii) has or is reasonably likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.21</td>
        <td style="text-align: justify">Environmental Incident</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
    Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.22</td>
        <td style="text-align: justify">Ownership of the Charterer</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Until the Disposal has taken place in accordance with clause 46.1 (ee) of the Bareboat Charter, the Charterer is legally and beneficially and indirectly
    wholly owned and controlled by the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.23</td>
        <td style="text-align: justify">Status of the Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the Counter (OTC); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">11</td>
        <td>UNDERTAKINGS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor undertakes with the Owner to comply with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at
    all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer
    which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.2</td>
        <td style="text-align: justify">Information provided to be accurate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not
    misleading and will not omit any material fact or consideration.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.3</td>
        <td style="text-align: justify">Provision of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send to the Owner (or, following the Disposal, procure the New Shareholder will send to the Owner):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that
          financial year as referred to in the Guarantor&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Guarantor&#8217;s or
          following the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
          for that financial year; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness
          by at least one officer of the Guarantor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">9</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.4</td>
        <td style="text-align: justify">Form of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit
          for the period to which those accounts relate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">fully disclose or provide for all significant liabilities of the Group; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.5</td>
        <td style="text-align: justify">Shareholder and creditor notices</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor&#8217;s shareholders or creditors or any
    class of them.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.6</td>
        <td style="text-align: justify">Consents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or
    renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.7</td>
        <td style="text-align: justify">Valid obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will at its own cost, and will procure that each other Relevant Person will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
          purports to create; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
          any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any
          such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.8</td>
        <td style="text-align: justify">Notification of legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving
    such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.9</td>
        <td style="text-align: justify">Notification of damage or default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be
          expected to result, in repairs on the Vessel which exceed US$500,000; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by
    its authorised signatory, confirming that there exists no Termination Event.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.10</td>
        <td style="text-align: justify">Additional information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any
    additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status
    of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.11</td>
        <td style="text-align: justify">Compliance with operational laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations
    relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel&#8217;s registry.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.12</td>
        <td style="text-align: justify">Compliance with other laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain
          a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and
          regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that </td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">11</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in">&#160;</td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its
          business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations
          relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of
          ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which
          is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States
          of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any
          published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing
          Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
          and/or Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.13</td>
        <td style="text-align: justify">No Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that each other Relevant Person will not create, assume or permit to exist any Security Interest (other than any
    Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">12</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.14</td>
        <td style="text-align: justify">Financial covenants</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall ensure that, at any time during the Security Period, the Guarantor&#8217;s Leverage Ratio shall not be more than eighty five per cent (85%).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less than US$350,000.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed as a percentage) of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Total Net Debt; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such Fleet Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Liquid Funds</b>&#8221; means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the
    Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or
    otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">upon the occurrence of a Termination Event which is continuing,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">13</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the
          denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to
    include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of
    all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the
    percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is
    held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting principles in the United States.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.15</td>
        <td style="text-align: justify">Compliance Certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial
      statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>); and each Compliance Certificate shall be signed by the
    Co-Chief Financial Officer of the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.16</td>
        <td style="text-align: justify">Negative Pledge</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the Permitted Security Interests; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">14</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.17</td>
        <td style="text-align: justify">No disposal of assets, change of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether
          related or not except in the usual course of their respective trading operations, other than any Disposal made in accordance with the Bareboat Charter; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure from that existing as at the date of this Guarantee.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.18</td>
        <td style="text-align: justify">No merger etc</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than any Disposal made in accordance with the Bareboat Charter, the Guarantor shall not enter into any form of merger, sub-division, amalgamation,
    demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
    reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.19</td>
        <td style="text-align: justify">FATCA</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.20</td>
        <td style="text-align: justify">No payment of dividend</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect
    of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (<i>Termination Events</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0pt"></td>
        <td style="width: 0.5in; text-align: left">12</td>
        <td>JUDGMENTS AND CURRENCY INDEMNITY</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.1</td>
        <td style="text-align: justify">Judgments relating to Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter
    and any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.2</td>
        <td style="text-align: justify">Currency indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from
    the currency in which this Guarantee provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">obtaining an order, judgment or award from any court or other tribunal; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">enforcing any such order, judgment or award;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available
    rate of exchange into the Contractual Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>), the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the
    Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13</td>
        <td>SUPPLEMENTAL</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.1</td>
        <td style="text-align: justify">Continuing guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.2</td>
        <td style="text-align: justify">Rights cumulative, non-exclusive</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to
    exclude or limit any right or remedy conferred by law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.3</td>
        <td style="text-align: justify">No impairment of rights under Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other
    right of the Owner under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.4</td>
        <td style="text-align: justify">Severability of provisions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality
    or enforceability of its other provisions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.5</td>
        <td style="text-align: justify">Guarantee not affected by other Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or
    later hold in connection with the Bareboat Charter or any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.6</td>
        <td style="text-align: justify">Guarantor bound by Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those
    provisions had been set out (with any necessary modifications) in this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.7</td>
        <td style="text-align: justify">Applicability of provisions of Guarantee to other rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity
      of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does
    not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">16</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>)), being an agreement referring
    to this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.8</td>
        <td style="text-align: justify">Third party rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
    to enjoy the benefit of any term of this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.9</td>
        <td style="text-align: justify">Counterpart</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
    this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.10</td>
        <td style="text-align: justify">FATCA Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a reasonable request by the other Party:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation
          and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
          reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be
          a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
          confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS
          Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of
          this paragraph.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
          passthru percentage is 100%,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant
    facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14</td>
        <td>ASSIGNMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">14.1</td>
        <td style="text-align: justify">Assignment by Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause 64 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any
    necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when
    applied herein.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>14.2</b></td>
        <td style="text-align: justify"><b>Assignment by Guarantor</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15</td>
        <td>NOTICES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.1</td>
        <td style="text-align: justify">Notices to Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Attention: Alexandros Tsirikos</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Email: atsirikos@topships.org</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Tel: +30 210 81 28 180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">or to such other address or email address which the Guarantor may notify to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.2</td>
        <td style="text-align: justify">Validity of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A demand under this Guarantee shall be valid notwithstanding that it is served:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant
    to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth
    payment instructions in respect of any amount or amounts payable to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">18</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.3</td>
        <td style="text-align: justify">Notices to Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under
    clause 44 (<i>Notice</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16</td>
        <td>INVALIDITY OF BAREBOAT CHARTER</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">16.1</td>
        <td style="text-align: justify">Invalidity of Bareboat Charter or other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a
          similar kind or not; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under
          the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if
    the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had
    remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat
    Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17</td>
        <td>INCORPORATION OF BAREBOAT CHARTER PROVISIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.1</td>
        <td style="text-align: justify"><font style="font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 43 (<i>No waiver of rights</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 55 (<i>no set-off or tax deduction</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 57 (<i>confidentiality</i>); and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 59 (<i>partial invalidity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">19</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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        <td style="width: 0"></td>
        <td style="width: 0.5in">17.2</td>
        <td style="text-align: justify"><font style="font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its
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        <td style="width: 0.5in; text-align: left">18</td>
        <td>GOVERNING LAW AND ENFORCEMENT</td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">18.1</td>
        <td style="text-align: justify">Governing law</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">18.2</td>
        <td style="text-align: justify">Arbitration</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in
          connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary
          to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the
          arbitration proceedings are commenced.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be
          either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and
          shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other
          party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a
          Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both
          parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to
          agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen
          (14) days of such request.</td>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The language of the arbitration shall be English.</td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
          current at the time when the arbitration proceedings are commenced.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">20</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">21</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1<br>
    <br>
    Form of Compliance Certificate</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>LUSTRE 5 HOLDING LIMITED</b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC. </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Date: _______________</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Guarantee dated </b>_______________ <b>2025 (the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a bareboat charter for m.v. &#8220;ECO MARINA DEL REY&#8221;</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance
          Certificate.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">3</td>
        <td style="text-align: justify">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial year] ending on [&#9679;].</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">4</td>
        <td style="text-align: justify">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>85 per cent 85%); and</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the Liquid Funds is <font style="color: windowtext">[&#9679;], which is not less than US$</font>350,000.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Signed: ___________________________</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Co-Chief Financial Officer of</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">22</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Execution Page</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
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        <td style="vertical-align: bottom; width: 40%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>GUARANTOR</b></td>
        <td style="vertical-align: top; width: 20%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; width: 21%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; width: 19%; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>EXECUTED AS A DEED</b></td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>TOP SHIPS INC.</b></td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
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        <td style="vertical-align: bottom; text-align: justify;">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">acting by ALEXANDROS TSIRIKOS</div>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">) /s/ Alexandros Tsirikos</div>
        </td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">being an attorney-in-fact</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">in the presence of:</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify;">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Witness&#8217; signature: /s/ Dimitra Karkaletsi</div>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
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        <td style="vertical-align: bottom; text-align: justify;">
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>SIGNED, SEALED AND DELIVERED </b>as a <b>DEED</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>LUSTRE 5 HOLDING LIMITED</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">being an attorney-in-fact</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">in the presence of:</td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Name: Chen Keqi</div>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Witness&#8217; name: Chen Jingran</div>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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          <div>Witness&#8217; address:</div>
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            <div style="text-align: right; font-size: 10pt;">Room 6006, 6th Floor, No. 15</div>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">23</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">m.v. Eco Marina Del Rey<br>
    SINGAPORE/91880875v1</p>
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<DOCUMENT>
<TYPE>EX-4.31
<SEQUENCE>12
<FILENAME>ef20060828_ex4-31.htm
<DESCRIPTION>EXHIBIT 4.31
<TEXT>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><b>Exhibit 4.31</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b><u>EXECUTION VERSION</u></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Dated&#160;<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Top Ships Inc.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">as Guarantor</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">LUSTRE 6 HOLDING LIMITED</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">as Owner <br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Guarantee</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">relating to<br>
    a bareboat charter of the vessel m.v. ECO MALIBU<br>
    dated&#160;<font style="color: windowtext"><u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img src="image002.jpg" alt=""></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Index</p>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>Clause</b></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>&#160;</b></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><b>Page</b></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">&#160;</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">1</td>
        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interpretation</td>
        <td style="width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">2</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Guarantee</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">3</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Liability as Principal and Independent Debtor</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">4</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Expenses</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">5</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Adjustment of Transactions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">6</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Payments</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">7</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interest</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">8</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Subordination</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">9</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">10</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Representations and Warranties</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">11</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Undertakings</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">12</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Judgments and Currency Indemnity</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">13</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Supplemental</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">14</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Assignment</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">15</td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">16</td>
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">17</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Incorporation of Bareboat Charter Provisions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">18</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Governing Law and Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Schedules</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Schedule 1 Form of Compliance Certificate</td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">22</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Execution Page</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>THIS GUARANTEE</b> is made on&#160;<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Parties</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(1)</td>
        <td style="text-align: justify"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</td>
      </tr>

  </table>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(2)</td>
        <td style="text-align: justify"><font style="color: windowtext"><b>LUSTRE 6 HOLDING LIMITED</b></font>, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the &#8220;<b>Owner</b>&#8221;
          which expression includes its successors and assigns)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Background</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">By a bareboat charter dated<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025 (the &#8220;<b>Bareboat Charter</b>&#8221;) and made between (i) the Owner, as owner and (ii) <b>Athenean Empire Inc.,</b> a corporation incorporated under the laws of
          the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;), the Owner has agreed to bareboat charter one (1) suezmax tanker
          named m.v. &#8220;Eco Malibu&#8221; and flagged in the Marshall Islands with IMO no. 9902823 (the &#8220;<b>Vessel</b>&#8221;) to the Charterer pursuant to the terms and conditions contained therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">This Guarantee is one of the Guarantees referred to in the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Operative Provisions</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">1</td>
        <td>INTERPRETATION</td>
      </tr>

  </table>
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        <td style="width: 0"></td>
        <td style="width: 0.5in">1.1</td>
        <td style="text-align: justify">Defined expressions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.2</td>
        <td style="text-align: justify">Construction of certain terms</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>bankruptcy</b>&#8221; includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form set out in <font style="color: black">Schedule 1</font> or in any other
    form approved by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>control</b>&#8221; over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
    to:</p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Group</b>&#8221; means the Guarantor and its subsidiaries from time to time.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Party</b>&#8221; means a party to this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Relevant Person</b>&#8221; means each &#8220;Relevant Person&#8221; as defined in the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Secured Liabilities</b>&#8221; means all present and future obligations and liabilities (whether actual or contingent and whether owed
    jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award relating to any Leasing Documents and for this purpose, there shall be
    disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement or other procedure under the insolvency laws of any country.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Security Period</b>&#8221; means the period commencing on the date hereof and ending on the date on which the Owner is satisfied that the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

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        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">2</td>
        <td>GUARANTEE</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.1</td>
        <td style="text-align: justify">Guarantee and indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor unconditionally and irrevocably:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection to each Leasing Document to which such Relevant Person is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">undertakes to pay to the Owner on the Owner&#8217;s demand any such amount which is not paid by that Relevant Person when due and payable under or in connection to that Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">guarantees the punctual performance by that Relevant Person of all that Relevant Person&#8217;s obligations under or in connection with that Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by the Owner as a result of or in connection with any obligation or
          liability guaranteed by the Guarantor being or becoming unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Owner would otherwise have been entitled to recover.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.2</td>
        <td style="text-align: justify">No limit on number of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner may serve more than one demand under Clause <font style="color: black">2.1</font> (<i>Guarantee and indemnity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.3</td>
        <td style="text-align: justify">Guarantee of whole amount</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">3</td>
        <td>LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3.1</td>
        <td style="text-align: justify">Principal and independent debtor</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
    the rights or defences of a surety.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3.2</td>
        <td style="text-align: justify">Waiver of rights and defences</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal and independent debtor</i>), the Guarantor shall neither be
    discharged by, nor have any claim against the Owner in respect of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any release or loss (even though negligent) of any right or Security Interest created by any Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
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        <td>EXPENSES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Costs of preservation of rights, enforcement etc</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4.2</td>
        <td style="text-align: justify">Fees and expenses payable under Leasing Documents</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor&#8217;s liabilities
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">5</td>
        <td>ADJUSTMENT OF TRANSACTIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">5.1</td>
        <td style="text-align: justify">Reinstatement of obligation to pay</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a
    trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was invalid or unenforceable or on any similar ground.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">6</td>
        <td>PAYMENTS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.1</td>
        <td style="text-align: justify">Method of payments</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall be paid:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in immediately available funds;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to such account as the Owner may from time to time notify to the Guarantor;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">without any form of set-off, cross-claim or condition; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">free and clear of any tax deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.2</td>
        <td style="text-align: justify">Grossing-up for taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner
    receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.3</td>
        <td style="text-align: justify">Indemnity and evidence of payment of taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by
    reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause <font style="color: black">6.2</font> (<i>Grossing-up taxes</i>). Within
    30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to the appropriate taxation authority.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">7</td>
        <td>INTEREST</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.1</td>
        <td style="text-align: justify">Accrual of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest
    on that same amount also accrues under the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.2</td>
        <td style="text-align: justify">Calculation of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 37.5 and 37.6 of the
    Bareboat Charter and otherwise in accordance with the terms thereof.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">8</td>
        <td>SUBORDINATION</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">8.1</td>
        <td style="text-align: justify">Subordination of rights of Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its
    assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">take or enforce any Security Interest for any such amount;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">9</td>
        <td>ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.1</td>
        <td style="text-align: justify">No requirement to commence proceedings against other Relevant Person</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document
    before claiming or commencing proceedings under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.2</td>
        <td style="text-align: justify">Conclusive evidence of certain matters</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, as against the Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any other Leasing Document,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">shall be binding and conclusive as to all matters of fact and law to which it relates.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">10</td>
        <td>REPRESENTATIONS AND WARRANTIES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor represents and warrants to the Owner as of the date of this Guarantee, and on each day henceforth until the last day of the Security Period as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.2</td>
        <td style="text-align: justify">Status</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.3</td>
        <td style="text-align: justify">Corporate power</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to execute this Guarantee or any other Leasing Document to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.4</td>
        <td style="text-align: justify">Consents in force</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and
    nothing has occurred which makes any of them liable to revocation.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.5</td>
        <td style="text-align: justify">No conflicts</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a
    contravention of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any law or regulation applicable to it; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the constitutional documents of the Guarantor; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.6</td>
        <td style="text-align: justify">Legal, valid and binding obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor&#8217;s legal, valid and binding
    obligations enforceable against it in accordance with its terms and any relevant insolvency laws affecting creditors&#8217; rights generally.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.7</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated
    herein are valid and binding against the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">6</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.8</td>
        <td style="text-align: justify">Immunity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
    shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.9</td>
        <td style="text-align: justify"><i>Pari passu</i> ranking</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least <i>pari
      passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.10</td>
        <td style="text-align: justify">Legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.11</td>
        <td style="text-align: justify">No insolvency</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver,
    administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.12</td>
        <td style="text-align: justify">Tax obligor and place of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.13</td>
        <td style="text-align: justify">No withholding taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on
    account of any tax payable under any law of relevant jurisdictions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.14</td>
        <td style="text-align: justify">Taxes paid</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with
    adequate reserves.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.15</td>
        <td style="text-align: justify">No default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any
    other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.16</td>
        <td style="text-align: justify">Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was
    provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) satisfied the requirements of Clause <font style="color: black">11.4</font> (<i>Form of financial</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">7</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.17</td>
        <td style="text-align: justify">No litigation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor&#8217;s knowledge, is likely to be commenced or taken
    which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.18</td>
        <td style="text-align: justify">Sanctions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Each Relevant Person, and their respective directors, officers, and employees is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions,
          they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems,
          controls, policies and procedures designed to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and
          utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.19</td>
        <td style="text-align: justify">Environmental Laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
    reasonably anticipated to be conducted in the future) have been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.20</td>
        <td style="text-align: justify">Environmental Claim</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or
    (ii) has or is reasonably likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.21</td>
        <td style="text-align: justify">Environmental Incident</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
    Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.22</td>
        <td style="text-align: justify">Ownership of the Charterer</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Until the Disposal has taken place in accordance with clause 46.1 (ee) of the Bareboat Charter, the Charterer is legally and beneficially and indirectly
    wholly owned and controlled by Guarantor B.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.23</td>
        <td style="text-align: justify">Status of the Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the Counter (OTC); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">11</td>
        <td>UNDERTAKINGS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor undertakes with the Owner to comply with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at
    all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any undertaking under this Clause 11 (<i>Undertakings</i>) by Guarantor B and/or any
    Other Charterer which is directly owned by Guarantor B, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.2</td>
        <td style="text-align: justify">Information provided to be accurate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not
    misleading and will not omit any material fact or consideration.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.3</td>
        <td style="text-align: justify">Provision of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send to the Owner (or, following the Disposal, procure the New Shareholder will send to the Owner):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that
          financial year as referred to in Guarantor B&#8217;s or following the Disposal, the New Shareholder&#8217;s audited consolidated annual financial statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that half-year (as referred to in Guarantor B&#8217;s or following
          the Disposal, the New Shareholder&#8217;s audited consolidated financial statement accounts);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
          for that financial year; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness
          by at least one officer of the Guarantor.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">9</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.4</td>
        <td style="text-align: justify">Form of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit
          for the period to which those accounts relate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">fully disclose or provide for all significant liabilities of the Group; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.5</td>
        <td style="text-align: justify">Shareholder and creditor notices</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor&#8217;s shareholders or creditors or any
    class of them.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.6</td>
        <td style="text-align: justify">Consents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or
    renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.7</td>
        <td style="text-align: justify">Valid obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will at its own cost, and will procure that each other Relevant Person will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
          purports to create; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
          any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any
          such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.8</td>
        <td style="text-align: justify">Notification of legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving
    such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.9</td>
        <td style="text-align: justify">Notification of damage or default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be
          expected to result, in repairs on the Vessel which exceed US$5,000,000; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by
    its authorised signatory, confirming that there exists no Termination Event.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.10</td>
        <td style="text-align: justify">Additional information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any
    additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status
    of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.11</td>
        <td style="text-align: justify">Compliance with operational laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations
    relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel&#8217;s registry.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.12</td>
        <td style="text-align: justify">Compliance with other laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain
          a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and
          regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">11</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in">&#160;</td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its
          business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations
          relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of
          ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which
          is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States
          of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any
          published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing
          Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
          and/or Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.13</td>
        <td style="text-align: justify">No Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that each other Relevant Person will not create, assume or permit to exist any Security Interest (other than any
    Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">12</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.14</td>
        <td style="text-align: justify">Financial covenants</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall ensure that, at any time during the Security Period, the Guarantor&#8217;s Leverage Ratio shall not be more than eighty five per cent (85%).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less than US$500,000.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed as a percentage) of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Total Net Debt; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such Fleet Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Liquid Funds</b>&#8221; means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the
    Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or
    otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">upon the occurrence of a Termination Event which is continuing,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">13</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the
          denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to
    include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of
    all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the
    percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is
    held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting principles in the United States.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.15</td>
        <td style="text-align: justify">Compliance Certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial
      statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>); and each Compliance Certificate shall be signed by the
    Co-Chief Financial Officer of the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.16</td>
        <td style="text-align: justify">Negative Pledge</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the Permitted Security Interests; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">14</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.17</td>
        <td style="text-align: justify">No disposal of assets, change of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether
          related or not except in the usual course of their respective trading operations, other than any Disposal made in accordance with the Bareboat Charter; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure from that existing as at the date of this Guarantee.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.18</td>
        <td style="text-align: justify">No merger etc</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than any Disposal made in accordance with the Bareboat Charter, the Guarantor shall not enter into any form of merger, sub-division, amalgamation,
    demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
    reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.19</td>
        <td style="text-align: justify">FATCA</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.20</td>
        <td style="text-align: justify">No payment of dividend</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect
    of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (<i>Termination Events</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">12</td>
        <td>JUDGMENTS AND CURRENCY INDEMNITY</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.1</td>
        <td style="text-align: justify">Judgments relating to Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter
    and any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.2</td>
        <td style="text-align: justify">Currency indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from
    the currency in which this Guarantee provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">obtaining an order, judgment or award from any court or other tribunal; or</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">enforcing any such order, judgment or award;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>), the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13</td>
        <td>SUPPLEMENTAL</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.1</td>
        <td style="text-align: justify">Continuing guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.2</td>
        <td style="text-align: justify">Rights cumulative, non-exclusive</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to
    exclude or limit any right or remedy conferred by law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.3</td>
        <td style="text-align: justify">No impairment of rights under Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other
    right of the Owner under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.4</td>
        <td style="text-align: justify">Severability of provisions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality
    or enforceability of its other provisions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.5</td>
        <td style="text-align: justify">Guarantee not affected by other Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or
    later hold in connection with the Bareboat Charter or any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.6</td>
        <td style="text-align: justify">Guarantor bound by Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those
    provisions had been set out (with any necessary modifications) in this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.7</td>
        <td style="text-align: justify">Applicability of provisions of Guarantee to other rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity
      of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does
    not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">16</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>)), being an agreement referring
    to this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.8</td>
        <td style="text-align: justify">Third party rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
    to enjoy the benefit of any term of this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.9</td>
        <td style="text-align: justify">Counterpart</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
    this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.10</td>
        <td style="text-align: justify">FATCA Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a reasonable request by the other Party:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation
          and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
          reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be
          a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
          confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS
          Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of
          this paragraph.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
          passthru percentage is 100%,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant
    facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14</td>
        <td>ASSIGNMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">14.1</td>
        <td style="text-align: justify">Assignment by Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause 64 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any
    necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when
    applied herein.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>14.2</b></td>
        <td style="text-align: justify"><b>Assignment by Guarantor</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15</td>
        <td>NOTICES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.1</td>
        <td style="text-align: justify">Notices to Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Attention: Alexandros Tsirikos</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Email: atsirikos@topships.org</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Tel: +30 210 81 28 180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">or to such other address or email address which the Guarantor may notify to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.2</td>
        <td style="text-align: justify">Validity of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A demand under this Guarantee shall be valid notwithstanding that it is served:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant
    to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth
    payment instructions in respect of any amount or amounts payable to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">18</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.3</td>
        <td style="text-align: justify">Notices to Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under
    clause 44 (<i>Notice</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16</td>
        <td>INVALIDITY OF BAREBOAT CHARTER</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">16.1</td>
        <td style="text-align: justify">Invalidity of Bareboat Charter or other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a
          similar kind or not; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under
          the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if
    the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had
    remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat
    Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17</td>
        <td>INCORPORATION OF BAREBOAT CHARTER PROVISIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.1</td>
        <td style="text-align: justify"><font style="font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 43 (<i>No waiver of rights</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 55 (<i>no set-off or tax deduction</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 57 (<i>confidentiality</i>); and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 59 (<i>partial invalidity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">19</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.2</td>
        <td style="text-align: justify"><font style="font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its
            terms, applies or relates to this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">18</td>
        <td>GOVERNING LAW AND ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.1</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.2</td>
        <td style="text-align: justify">Arbitration</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in
          connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary
          to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the
          arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be
          either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and
          shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other
          party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a
          Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both
          parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to
          agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen
          (14) days of such request.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The language of the arbitration shall be English.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
          current at the time when the arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">20</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">21</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1<br>
    <br>
    Form of Compliance Certificate</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>LUSTRE 6 HOLDING LIMITED</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC. </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Date: _______________</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Guarantee dated </b>_______________ <b>2025 (the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a bareboat charter for m.v. &#8220;ECO MALIBU&#8221;</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance
          Certificate.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if
          any, being taken to remedy the same.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3</td>
        <td style="text-align: justify">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial year] ending on [&#9679;].</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4</td>
        <td style="text-align: justify">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Yours faithfully</p>
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    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>TOP SHIPS INC.</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>SIGNED, SEALED AND DELIVERED </b>as a <b>DEED</b></td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>LUSTRE 6 HOLDING LIMITED</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0px; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco Malibu <br>
    SINGAPORE/91880874v1</p>
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<DOCUMENT>
<TYPE>EX-4.32
<SEQUENCE>13
<FILENAME>ef20060828_ex4-32.htm
<DESCRIPTION>EXHIBIT 4.32
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><b>Exhibit 4.32</b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b><u>EXECUTION VERSION</u></b></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Dated&#160;<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Index</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>Clause</b></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><b>&#160;</b></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><b>Page</b></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">&#160;</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">1</td>
        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interpretation</td>
        <td style="width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0pt">1</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">2</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Guarantee</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">2</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">3</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Liability as Principal and Independent Debtor</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">4</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Expenses</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">3</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">5</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Adjustment of Transactions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">6</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Payments</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">7</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Interest</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">4</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">8</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Subordination</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">9</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">5</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">10</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Representations and Warranties</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">6</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">11</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Undertakings</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">9</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">12</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Judgments and Currency Indemnity</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">15</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">13</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Supplemental</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">16</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">14</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Assignment</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">15</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Notices</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">18</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">16</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Invalidity of Bareboat Charter</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">17</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Incorporation of Bareboat Charter Provisions</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">19</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">18</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Governing Law and Enforcement</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">20</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Schedules</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Schedule 1 Form of Compliance Certificate</td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt">22</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">Execution Page</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">23</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>THIS GUARANTEE</b> is made on&#160;<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Parties</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(1)</td>
        <td style="text-align: justify"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the "<b>Guarantor</b>")</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(2)</td>
        <td style="text-align: justify"><font style="color: windowtext"><b>LUSTRE 4 HOLDING LIMITED</b></font>, a corporation incorporated under the laws of the Republic of Liberia whose registered address is at 80 Broad Street, Monrovia, Liberia (the "<b>Owner</b>"
          which expression includes its successors and assigns)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Background</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">By a bareboat charter dated<u>&#160;&#160;&#160;&#160; 7 August &#160; &#160;&#160;</u> 2025 (the "<b>Bareboat Charter</b>") and made between (i) the Owner, as owner and (ii) <b>Roman Empire Inc.,</b> a corporation incorporated under the laws of the
          Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as charterer (the "<b>Charterer</b>"), the Owner has agreed to bareboat charter one (1) suezmax tanker named
          m.v. "Eco West Coast" and flagged in the Marshall Islands with IMO no. 9902811 (the "<b>Vessel</b>") to the Charterer pursuant to the terms and conditions contained therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">This Guarantee is one of the Guarantees referred to in the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Operative Provisions</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><b>1</b></td>
        <td><b>INTERPRETATION</b></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.1</td>
        <td style="text-align: justify">Defined expressions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.2</td>
        <td style="text-align: justify">Construction of certain terms</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>bankruptcy</b>" includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with
    creditors or reorganisation under any corporate or insolvency law of any country.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Compliance Certificate</b>" means a certificate in the form set out in <font style="color: black">Schedule 1</font> or in any other
    form approved by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>control</b>" over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
    to:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Group</b>" means the Guarantor and its subsidiaries from time to time.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Party</b>" means a party to this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Relevant Person</b>" means each "Relevant Person" as defined in the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Secured Liabilities</b>" means all present and future obligations and liabilities (whether actual or contingent and whether owed
    jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award relating to any Leasing Documents and for this purpose, there shall be
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor unconditionally and irrevocably:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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        <td style="text-align: justify">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection to each Leasing Document to which such Relevant Person is a party;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal and independent debtor</i>), the Guarantor shall neither be
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any release or loss (even though negligent) of any right or Security Interest created by any Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">4</td>
        <td>EXPENSES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4.1</td>
        <td style="text-align: justify">Costs of preservation of rights, enforcement etc</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4.2</td>
        <td style="text-align: justify">Fees and expenses payable under Leasing Documents</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor's liabilities
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">5</td>
        <td>ADJUSTMENT OF TRANSACTIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">5.1</td>
        <td style="text-align: justify">Reinstatement of obligation to pay</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a
    trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was invalid or unenforceable or on any similar ground.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">6</td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.1</td>
        <td style="text-align: justify">Method of payments</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall be paid:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in immediately available funds;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to such account as the Owner may from time to time notify to the Guarantor;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">without any form of set-off, cross-claim or condition; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">free and clear of any tax deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.2</td>
        <td style="text-align: justify">Grossing-up for taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.3</td>
        <td style="text-align: justify">Indemnity and evidence of payment of taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall fully indemnify the Owner on the Owner's demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">7</td>
        <td>INTEREST</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.1</td>
        <td style="text-align: justify">Accrual of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.2</td>
        <td style="text-align: justify">Calculation of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 37.5 and 37.6 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">8</td>
        <td>SUBORDINATION</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">8.1</td>
        <td style="text-align: justify">Subordination of rights of Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">take or enforce any Security Interest for any such amount;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">9</td>
        <td>ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.1</td>
        <td style="text-align: justify">No requirement to commence proceedings against other Relevant Person</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document
    before claiming or commencing proceedings under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.2</td>
        <td style="text-align: justify">Conclusive evidence of certain matters</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, as against the Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any other Leasing Document,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">shall be binding and conclusive as to all matters of fact and law to which it relates.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">10</td>
        <td>REPRESENTATIONS AND WARRANTIES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor represents and warrants to the Owner as of the date of this Guarantee, and on each day henceforth until the last day of the Security Period as
    follows.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.2</td>
        <td style="text-align: justify">Status</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor is not a FATCA foreign financial institution ("<b>FFI</b>") or a US Tax Obligor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.3</td>
        <td style="text-align: justify">Corporate power</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to execute this Guarantee or any other Leasing Document to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.4</td>
        <td style="text-align: justify">Consents in force</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and
    nothing has occurred which makes any of them liable to revocation.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.5</td>
        <td style="text-align: justify">No conflicts</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a
    contravention of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any law or regulation applicable to it; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the constitutional documents of the Guarantor; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.6</td>
        <td style="text-align: justify">Legal, valid and binding obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor's legal, valid and binding
    obligations enforceable against it in accordance with its terms and any relevant insolvency laws affecting creditors' rights generally.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.7</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated
    herein are valid and binding against the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">6</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.8</td>
        <td style="text-align: justify">Immunity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.9</td>
        <td style="text-align: justify"><i>Pari passu</i> ranking</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least <i>pari
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.10</td>
        <td style="text-align: justify">Legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.11</td>
        <td style="text-align: justify">No insolvency</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.12</td>
        <td style="text-align: justify">Tax obligor and place of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.13</td>
        <td style="text-align: justify">No withholding taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.14</td>
        <td style="text-align: justify">Taxes paid</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.15</td>
        <td style="text-align: justify">No default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any
    other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.16</td>
        <td style="text-align: justify">Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">7</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><i>statements</i>); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.17</td>
        <td style="text-align: justify">No litigation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor's knowledge, is likely to be commenced or taken
    which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.18</td>
        <td style="text-align: justify">Sanctions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Each Relevant Person, and their respective directors, officers, and employees is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions,
          they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems,
          controls, policies and procedures designed to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and
          utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.19</td>
        <td style="text-align: justify">Environmental Laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
    reasonably anticipated to be conducted in the future) have been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.20</td>
        <td style="text-align: justify">Environmental Claim</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$5,000,000 or
    (ii) has or is reasonably likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.21</td>
        <td style="text-align: justify">Environmental Incident</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
    Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.22</td>
        <td style="text-align: justify">Ownership of the Charterer</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Until the Disposal has taken place in accordance with clause 46.1 (ee) of the Bareboat Charter, the Charterer is legally and beneficially and indirectly
    wholly owned and controlled by Guarantor B.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.23</td>
        <td style="text-align: justify">Status of the Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the Counter (OTC); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">11</td>
        <td>UNDERTAKINGS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor undertakes with the Owner to comply with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at
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    Other Charterer which is directly owned by Guarantor B, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.2</td>
        <td style="text-align: justify">Information provided to be accurate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not
    misleading and will not omit any material fact or consideration.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.3</td>
        <td style="text-align: justify">Provision of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send to the Owner (or, following the Disposal, procure the New Shareholder will send to the Owner):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the audited annual financial statement accounts of the Charterers for that
          financial year as referred to in Guarantor B's or following the Disposal, the New Shareholder's audited consolidated annual financial statement accounts of the Guarantor for that financial year to be delivered under paragraph (c);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that half-year (as referred to in Guarantor B's or following
          the Disposal, the New Shareholder's audited consolidated financial statement accounts);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness
          by at least one officer of the Guarantor.</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">9</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.4</td>
        <td style="text-align: justify">Form of financial statements</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit
          for the period to which those accounts relate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">fully disclose or provide for all significant liabilities of the Group; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.5</td>
        <td style="text-align: justify">Shareholder and creditor notices</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor's shareholders or creditors or any
    class of them.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.6</td>
        <td style="text-align: justify">Consents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or
    renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.7</td>
        <td style="text-align: justify">Valid obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will at its own cost, and will procure that each other Relevant Person will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
          purports to create; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
          any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any
          such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.8</td>
        <td style="text-align: justify">Notification of legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving
    such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.9</td>
        <td style="text-align: justify">Notification of damage or default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be
          expected to result, in repairs on the Vessel which exceed US$5,000,000; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by
    its authorised signatory, confirming that there exists no Termination Event.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.10</td>
        <td style="text-align: justify">Additional information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any
    additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status
    of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.11</td>
        <td style="text-align: justify">Compliance with operational laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations
    relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel's registry.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.12</td>
        <td style="text-align: justify">Compliance with other laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain
          a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and
          regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">11</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in">&#160;</td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its
          business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations
          relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of
          ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which
          is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States
          of America, the United Kingdom or the People's Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any
          published boycotts or sanctions imposed by the People's Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing
          Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
          and/or Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.13</td>
        <td style="text-align: justify">No Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that each other Relevant Person will not create, assume or permit to exist any Security Interest (other than any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">12</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.14</td>
        <td style="text-align: justify">Financial covenants</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall ensure that, at any time during the Security Period, the Guarantor's Leverage Ratio shall not be more than eighty five per cent (85%).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor shall ensure that all time during the Security Period the Liquid Funds shall not be less than US$400,000.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Leverage Ratio</b>" means, at any date, the ratio (expressed as a percentage) of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Total Net Debt; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such Fleet Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Liquid Funds</b>" means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the
    Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or
    otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Market Value</b>" means, in relation to any Fleet Vessel,</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">upon the occurrence of a Termination Event which is continuing,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">13</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm's length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the
          denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>Total Net Debt</b>" means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to
    include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor's ownership in such joint venture, minus the aggregate amount of
    all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the
    percentage of the Guarantor's and/or such member's ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is
    held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">"<b>US GAAP</b>" means the generally accepted accounting principles in the United States.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.15</td>
        <td style="text-align: justify">Compliance Certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial
      statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>); and each Compliance Certificate shall be signed by the
    Co-Chief Financial Officer of the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.16</td>
        <td style="text-align: justify">Negative Pledge</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the Permitted Security Interests; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">14</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.17</td>
        <td style="text-align: justify">No disposal of assets, change of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure from that existing as at the date of this Guarantee.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">No merger etc</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than any Disposal made in accordance with the Bareboat Charter, the Guarantor shall not enter into any form of merger, sub-division, amalgamation,
    demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
    reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.19</td>
        <td style="text-align: justify">FATCA</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.20</td>
        <td style="text-align: justify">No payment of dividend</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect
    of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 49 (<i>Termination Events</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
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        <td>JUDGMENTS AND CURRENCY INDEMNITY</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.1</td>
        <td style="text-align: justify">Judgments relating to Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.2</td>
        <td style="text-align: justify">Currency indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from
    the currency in which this Guarantee provided for the sum to be paid (the "<b>Contractual Currency</b>") into another currency (the "<b>Payment Currency</b>") for the purpose of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">obtaining an order, judgment or award from any court or other tribunal; or</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">enforcing any such order, judgment or award;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available
    rate of exchange into the Contractual Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>), the "<b>available rate of exchange</b>" means the rate at which the
    Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13</td>
        <td>SUPPLEMENTAL</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.1</td>
        <td style="text-align: justify">Continuing guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.2</td>
        <td style="text-align: justify">Rights cumulative, non-exclusive</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner's rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to
    exclude or limit any right or remedy conferred by law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.3</td>
        <td style="text-align: justify">No impairment of rights under Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other
    right of the Owner under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.4</td>
        <td style="text-align: justify">Severability of provisions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality
    or enforceability of its other provisions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.5</td>
        <td style="text-align: justify">Guarantee not affected by other Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or
    later hold in connection with the Bareboat Charter or any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.6</td>
        <td style="text-align: justify">Guarantor bound by Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those
    provisions had been set out (with any necessary modifications) in this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.7</td>
        <td style="text-align: justify">Applicability of provisions of Guarantee to other rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity
      of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does
    not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability</i></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">16</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.8</td>
        <td style="text-align: justify">Third party rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.9</td>
        <td style="text-align: justify">Counterpart</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.10</td>
        <td style="text-align: justify">FATCA Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a reasonable request by the other Party:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation
          and other information relating to its status under FATCA (including its applicable "pass thru percentage" or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
          reasonably requests for the purpose of the requesting party's compliance with FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
          confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS
          Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of
          this paragraph.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
          passthru percentage is 100%,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant
    facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14</td>
        <td>ASSIGNMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">14.1</td>
        <td style="text-align: justify">Assignment by Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause 64 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any
    necessary modifications including the references to "the Charterers" therein shall be references to "the Guarantor" when applied herein and references to "the Leasing Document" and "this Charter" therein shall be references to "this Guarantee" when
    applied herein.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>14.2</b></td>
        <td style="text-align: justify"><b>Assignment by Guarantor</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15</td>
        <td>NOTICES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.1</td>
        <td style="text-align: justify">Notices to Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Attention: Alexandros Tsirikos</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Email: atsirikos@topships.org</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Tel: +30 210 81 28 180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">or to such other address or email address which the Guarantor may notify to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.2</td>
        <td style="text-align: justify">Validity of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A demand under this Guarantee shall be valid notwithstanding that it is served:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">at the same time as the service of a notice under clause 44 (<i>Notice</i>) of the Bareboat Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant
    to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth
    payment instructions in respect of any amount or amounts payable to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">18</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.3</td>
        <td style="text-align: justify">Notices to Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under
    clause 44 (<i>Notice</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16</td>
        <td>INVALIDITY OF BAREBOAT CHARTER</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">16.1</td>
        <td style="text-align: justify">Invalidity of Bareboat Charter or other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a
          similar kind or not; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under
          the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if
    the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had
    remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat
    Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17</td>
        <td>INCORPORATION OF BAREBOAT CHARTER PROVISIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.1</td>
        <td style="text-align: justify"><font style="font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 43 (<i>No waiver of rights</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 55 (<i>no set-off or tax deduction</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 57 (<i>confidentiality</i>); and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 59 (<i>partial invalidity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">19</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.2</td>
        <td style="text-align: justify"><font style="font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its
            terms, applies or relates to this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">18</td>
        <td>GOVERNING LAW AND ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.1</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.2</td>
        <td style="text-align: justify">Arbitration</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in
          connection with this Guarantee) (a "<b>Dispute</b>") shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary
          to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association ("<b>LMAA</b>") Terms current at the time when the
          arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be
          either a full member of the LMAA, or a practising barrister of King's Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and
          shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other
          party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a
          Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both
          parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to
          agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">The language of the arbitration shall be English.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">20</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">21</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To:</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>LUSTRE 4 HOLDING LIMITED</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From:</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC. </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Date: _______________</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Guarantee dated </b>_______________ <b>2025 (the </b>"<b>Guarantee</b>"<b>) in respect of a bareboat charter for m.v. "ECO WEST COAST"</b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
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        <td style="text-align: justify">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial year] ending on [&#9679;].</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>85 per cent 85%); and</td>
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        <td style="text-align: justify">the Liquid Funds is <font style="color: windowtext">[&#9679;], which is not less than US$</font>400,000.</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Co-Chief Financial Officer of</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC.&#160;</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">22</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Execution Page</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
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        <td style="vertical-align: bottom; width: 40%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>GUARANTOR</b></td>
        <td style="vertical-align: top; width: 20%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; width: 21%; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; width: 19%; text-align: justify; font-family: Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>EXECUTED AS A DEED</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>TOP SHIPS INC.</b></td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify;">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">acting by ALEXANDROS TSIRIKOS</div>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">in the presence of:</td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';"><b>OWNER</b></td>
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        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
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      <tr style="font-family: Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: top; text-align: justify;">&#160;</td>
      </tr>
      <tr style="font-family: Arial, Helvetica, Sans-Serif">
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">by <b>LUSTRE 4 HOLDING LIMITED</b></td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;">Name: Chen Keqi</div>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
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        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
        <td style="vertical-align: bottom; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">)</td>
        <td style="vertical-align: top; text-align: justify; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">23</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Huarong Top Ships II - Guarantee <br>
    m.v. Eco West Coast <br>
    SINGAPORE/91880869v1</p>
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<TYPE>EX-4.33
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  <p style="margin: 0px; text-align: right;"><font style="font-size: 10pt"><b>Exhibit 4.33</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
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        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110054)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK I INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the People&#8217;s
      Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangxin Shipbuilding &amp; Heavy Industry Co., Ltd. located in Zhongshan, China (hereinafter collectively
      and separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110054 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
      and Specification, the Specification shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
      Specifications, this CONTRACT shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td>&#160;</td>
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        <td>&#160;</td>
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        <td>&#160;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">6 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
      162.1 g/kWh with Tier II mode (hereinafter called the &#8220;Guaranteed Fuel Consumption&#8221;) at normal continuous output at shop trial based on diesel fuel oil having a lower calorific value of 42,700 kJ/kg.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">7 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the liquidated damages permitted under this
      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
            the laws of England. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of the Permissible Delays as defined in Article VIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
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            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">18 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
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      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
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      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">26 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">30 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">31 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> June 2028, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
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      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL equipment and test CERTIFICATES required to be furnished upon departure of the VESSEL pursuant
            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the full term certificate or certificates are unable to be issued at the time
      of delivery by the Classification Society or any third party other than the BUILDER, then the provisional certificate or certificates as issued by the Classification Society or the third party other than the BUILDER with the full term certificates to
      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
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            country of the port of delivery, as well as of all liabilities of the SELLER to its subcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial Run(s), or otherwise, prior to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
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      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
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      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
            provision of Article XVIII. 4 of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
            (b) of this Article, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof to the date of the receipt by the SELLER of the full amount, including all aforesaid interest. In case the
            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
            and including the day on which such event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
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            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">49 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
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      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
      which case, the Parties shall enter into a nomination agreement in the form acceptable to the Parties in order to transfer or novate this CONTRACT to such entity always provided that such entity is one hundred percent (100%) owned and belongs to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
      connection with this CONTRACT in the People&#8217;s Republic of China shall be borne by the SELLER. Any taxes and/or duties imposed upon those items or services procured by the SELLER in the People&#8217;s Republic of China or elsewhere for the construction of
      the VESSEL shall be borne by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
      outside China in connection with execution and/or performance of this CONTRACT by the BUYER, except for taxes, duties, stamps, dues, levies and fees imposed upon those items which are to be procured by the SELLER for the construction of the VESSEL in
      accordance with the terms of this CONTRACT and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
      or copyright in equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. Notwithstanding any provisions contained herein to the contrary, the SELLER&#8217;s obligation under this Article
      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER retains all rights with respect to the Specifications, and plans and working
      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
      contained therein to any third parties, without the prior written consent of the SELLER, except where it is necessary for usual operation, repair and maintenance, sale or charter of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
      loss of profit or earnings or demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK I INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece Andreas Louka</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 21081288320 </font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 14%"><font style="font-size: 10pt">To CSTC:</font></td>
        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">songc@mail.chinaships.com; zhangdl@mail.chinaships.com</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
        <td><font style="font-size: 10pt">&#160;</font></td>
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        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
        <td><font style="font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></td>
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        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
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        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
      the SELLER) which prohibits bribery, corruption and money laundering activities. During the performance of this CONTRACT, the BUYER, the Supervisor and the BUYER&#8217;s representatives and personnel shall in no event, directly or indirectly, introduce,
      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
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      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      obligation to not violate any Sanctions includes, but is not limited to, the following obligations for each respective party:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BUILDER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK I INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110054 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
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      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">67 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK I INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110054 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  &#160; <br>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">71 / 74</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <br>
  </p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
            and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments together with the aforesaid interests by the BUYER or us, whichever occurs earlier.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
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        <td style="font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 3%; text-align: left">By:</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"> <br>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110054</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="width: 7%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt -6.1pt 5.4pt 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</font></td>
        <td style="width: 31%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name</font></td>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Guangdong Guangxin
            Shipbuilding&amp; Heavy Industry Co. Ltd</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Zhongshan, Guangdong,
            China</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull structure and
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull structure and
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Nansha District,
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull structure and
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<TYPE>EX-4.34
<SEQUENCE>15
<FILENAME>ef20060828_ex4-34.htm
<DESCRIPTION>EXHIBIT 4.34
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.34</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK II INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

  </table>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DISCREPANCIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>66</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>70</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>74</b></font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">3 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110055)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK II INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
      organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, the People&#8217;s Republic of China (hereinafter called &#8220;CSTC&#8221;) on the other part. The BUILDER and
      CSTC are hereinafter collectively called the &#8220;SELLER&#8221;. The BUYER and the SELLER are hereinafter collectively called the &#8220;Parties&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangxin Shipbuilding &amp; Heavy Industry Co., Ltd. located in Zhongshan, China (hereinafter collectively
      and separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110055 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
      of the Classification Society are to include any additional rules or circulars thereof issued and become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
      accordance with the rules and regulations of the Classification Society.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
      classification rules and regulations as well as any other rules, regulations and circulars applicable to the VESSEL under this CONTRACT shall be final and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: bottom">
        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2m</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Propelling Machinery:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any dispute between the BUILDER and the BUYER in such calculations and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
      in English. The SELLER hereby undertakes to ensure that the pertinent staff involved with the construction of the VESSEL can speak sufficient English.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">9 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
            2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalments of the Contract Price) (the &#8220;Refund Guarantee&#8221;) to be issued by a first class Chinese bank acceptable to the BUYER (hereinafter called the &#8220;Refund Guarantor&#8221;) in the form as per Exhibit &#8220;A&#8221; annexed hereto. The
            Refund Guarantee shall become effective upon the SELLER&#8217;s receipt of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Instalment from the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL has not been delivered and accepted in accordance with the terms of
      this CONTRACT before the specific expiry date as stipulated in Exhibit &#8220;A&#8221; annexed hereto to be four hundred and thirty five (435) days after the Delivery Date in Article VII.1 of this CONTRACT (the &#8220;Expiry Date&#8221;), the SELLER is obliged to procure
      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER&#8217;s
            obligation to repay the instalment or instalments paid by the BUYER and to the BUYER&#8217;s right to demand payment from the Refund Guarantor under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in
            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
            payment under the Refund Guarantee unless the Final Award orders the SELLER to make repayment. If the SELLER fails to honour the Final Award, then the Refund Guarantor shall refund to the extent the Final Award orders.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
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            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
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            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
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      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
            the laws of England. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of the Permissible Delays as defined in Article VIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
            speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of deficiency,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.4 but below 0.5 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">17 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">18 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">20 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the guaranteed deadweight, fuel consumption and speed of the
            VESSEL, if such compliance results in increased or reduced deadweight, fuel consumption and speed; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
            compliance makes such alterations of the terms necessary; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 21.15pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement as to such alterations or changes under this Paragraph shall be made in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the alterations or changes are not compulsorily required by the Classification Society or the
            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
            bound by, the terms of this CONTRACT and the Specifications without making any such alterations or changes.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
      BUILDER&#8217;s Shipyard the items as specified in the Specifications which the BUYER shall supply on the BUYER&#8217;s account (the &#8220;BUYER Supplied Items&#8221;) by the time designated by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">29 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> December 2028, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
      VESSEL takes place after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, unless otherwise agreed in writing by the SELLER and the BUYER. However, if the VESSEL is completed and
      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL equipment and test CERTIFICATES required to be furnished upon departure of the VESSEL pursuant
            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      (2) copies to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the full term certificate or certificates are unable to be issued at the time
      of delivery by the Classification Society or any third party other than the BUILDER, then the provisional certificate or certificates as issued by the Classification Society or the third party other than the BUILDER with the full term certificates to
      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
            clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER&#8217;s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or
            country of the port of delivery, as well as of all liabilities of the SELLER to its subcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial Run(s), or otherwise, prior to
            delivery;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&#8217;s Certificate made by the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">35 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
      stated above, it being expressly understood that, until such delivery is effected, title to the VESSEL and her equipment shall remain at all times with the SELLER and are at the entire risk of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">36 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
      reasonable endeavors to mitigate such consequent delays in the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">37 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
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      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
            freeze the whole or a material part of the assets of the SELLER; or</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
            declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">44 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
      following events occurs:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the events described in Paragraph (e), (f) and/or (g) hereinabove occurs to the Payment
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">45 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
            provision of Article XVIII. 4 of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
            (b) of this Article, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof to the date of the receipt by the SELLER of the full amount, including all aforesaid interest. In case the
            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
            retain any instalment(s) of the Contract Price paid by the BUYER to the SELLER on account of this CONTRACT; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
            shall promptly pay the deficiency to the SELLER upon request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">48 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
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      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
      &#8220;Arbitration Board&#8221;) for the settlement of such dispute. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
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      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
      delivery of the VESSEL, assign its right (excluding the right of demand for repayment under this CONTRACT) and benefit under this CONTRACT to the BUYER&#8217;s financing bank which provides financing or syndicate of banks or financial institution or any
      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK II INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece Andreas Louka</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 21081288320 </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
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      <tr style="vertical-align: bottom">
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        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
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      <tr style="vertical-align: bottom">
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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      <tr style="vertical-align: bottom">
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      <tr style="vertical-align: bottom">
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      </tr>
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        <td><font style="font-size: 10pt">Phone No.:</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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  </table>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
      CONTRACT shall be written in the English language and each party hereto shall have no obligation to translate them into any other language.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
      the SELLER) which prohibits bribery, corruption and money laundering activities. During the performance of this CONTRACT, the BUYER, the Supervisor and the BUYER&#8217;s representatives and personnel shall in no event, directly or indirectly, introduce,
      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
      SELLER&#8217;s sub-contractors, vendors, suppliers and related parties in relation to this CONTRACT and/or the VESSEL shall simultaneously copy to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
      obligation to not violate any Sanctions includes, but is not limited to, the following obligations for each respective party:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the BUYER will not export, re-export, sell, transfer or divert the VESSEL in breach of any applicable Sanctions.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remain in compliance with applicable Sanctions in performing its rights and obligations under this CONTRACT;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">59 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;use all
      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
      licenses and permits required to perform its obligations under this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
      to such performance, the Parties shall have the right to provide relevant documents under this CONTRACT without the other party&#8217;s permission in advance.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
      provide such written assurances and other documentation (if available) to the requesting party as may be reasonably necessary to comply with and demonstrate compliance with applicable export related laws and regulations or Sanctions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a party becomes subject to Sanctions, that party agrees to undertake sole responsibility
      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
      CONTRACT by reason of the Sanctions Event giving rise to such Standstill Period. Neither Party shall be entitled to suspend the performance of the CONTRACT during the Standstill Period, unless such performance is deemed illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      SELLER or the VESSEL) the BUYER shall have the right to terminate this CONTRACT in accordance with Article X and all the instalment(s) which has been paid to the SELLER by the BUYER shall be refunded to the BUYER without interest upon </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK II INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BUILDER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110055 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) whether the SELLER shall be liable to repay the
      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
      payment from us,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">68 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
      the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">69 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK II INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110055 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font><br>
    &#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">71 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
            and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments together with the aforesaid interests by the BUYER or us, whichever occurs earlier.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
            period of sixty (60) days in the amount of United States Dollars Two Hundred Thousand Six Hundred and Fourteen (US$ 200,614.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.3pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
            Guarantee. The three arbitrators shall be a full member of the LMAA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall have expired as aforesaid, you will return the same to us without any
            request or demand from us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
            have the corporate power and authority, to issue this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
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        <td style="width: 82%;">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110055</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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            Shipbuilding&amp; Heavy Industry Co. Ltd</font></td>
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            block construction</font></td>
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            block construction</font></td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</font></td>
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            Engineering CO., Ltd.</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;Nansha District,
            Guangzhou, China</font></td>
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            block construction</font></td>
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            New Energy Equipment Manufacturing Co., Ltd.</font></td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Zhangpu County,
            Zhangzhou, China</font></td>
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            block construction</font></td>
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            Marine Equipment Co., Ltd. </font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman,Times,serif; margin: 0pt 0px; text-align: center;"><font style="font-weight: bold;">74 / 74</font></p>
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<TYPE>EX-4.5
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.35</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      </tr>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
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      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DISCREPANCIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>74</b></font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110056)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK III INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangxin Shipbuilding &amp; Heavy Industry Co., Ltd. located in Zhongshan, China (hereinafter collectively
      and separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110056 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
      and Specification, the Specification shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
      Specifications, this CONTRACT shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
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      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td>&#160;</td>
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        <td>&#160;</td>
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        <td>&#160;</td>
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        <td>&#160;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
      162.1 g/kWh with Tier II mode (hereinafter called the &#8220;Guaranteed Fuel Consumption&#8221;) at normal continuous output at shop trial based on diesel fuel oil having a lower calorific value of 42,700 kJ/kg.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any dispute between the BUILDER and the BUYER in such calculations and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
      in English. The SELLER hereby undertakes to ensure that the pertinent staff involved with the construction of the VESSEL can speak sufficient English.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">9 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
            2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalments of the Contract Price) (the &#8220;Refund Guarantee&#8221;) to be issued by a first class Chinese bank acceptable to the BUYER (hereinafter called the &#8220;Refund Guarantor&#8221;) in the form as per Exhibit &#8220;A&#8221; annexed hereto. The
            Refund Guarantee shall become effective upon the SELLER&#8217;s receipt of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Instalment from the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL has not been delivered and accepted in accordance with the terms of
      this CONTRACT before the specific expiry date as stipulated in Exhibit &#8220;A&#8221; annexed hereto to be four hundred and thirty five (435) days after the Delivery Date in Article VII.1 of this CONTRACT (the &#8220;Expiry Date&#8221;), the SELLER is obliged to procure
      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER&#8217;s
            obligation to repay the instalment or instalments paid by the BUYER and to the BUYER&#8217;s right to demand payment from the Refund Guarantor under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in
            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
            payment under the Refund Guarantee unless the Final Award orders the SELLER to make repayment. If the SELLER fails to honour the Final Award, then the Refund Guarantor shall refund to the extent the Final Award orders.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">15 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: bottom">
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      </tr>
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      </tr>
      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">17 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the guaranteed deadweight, fuel consumption and speed of the
            VESSEL, if such compliance results in increased or reduced deadweight, fuel consumption and speed; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
            compliance makes such alterations of the terms necessary; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 21.15pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement as to such alterations or changes under this Paragraph shall be made in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the alterations or changes are not compulsorily required by the Classification Society or the
            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
            bound by, the terms of this CONTRACT and the Specifications without making any such alterations or changes.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">25 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">30 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
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      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
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      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
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      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
            clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER&#8217;s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
      reasonable endeavors to mitigate such consequent delays in the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
            be registered as a company in its place of incorporation, or the BUYER ceases to carry on its business as a whole, or declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or
            restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the events described in Paragraph (e), (f) and/or (g) hereinabove occurs to the Payment
            Guarantor and in such event, the BUYER fails to procure a new payment guarantee from a new payment guarantor acceptable to the SELLER within thirty (30) days after the occurrence of any such event,</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">45 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
            provision of Article XVIII. 4 of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
      Article, the SELLER shall notify the BUYER to that effect by telefax or email after the date of occurrence of such default.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
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            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
            shall promptly pay the deficiency to the SELLER upon request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
            SELLER&#8217;s rights and remedies to dispose of the VESSEL or any part thereof in any other way it deems fit other than the aforesaid sale.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">48 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">49 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
      any other individual, firm, company or corporation unless prior written consent of the other party is given in writing, which shall not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
      delivery of the VESSEL, assign its right (excluding the right of demand for repayment under this CONTRACT) and benefit under this CONTRACT to the BUYER&#8217;s financing bank which provides financing or syndicate of banks or financial institution or any
      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
      the VESSEL, etc. and the SELLER agrees to acknowledge notice of such assignment in a form acceptable to the BUYER&#8217;s financing partner.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
      BUYER shall send the SELLER a notice of assignment in a form acceptable to the Parties and the SELLER shall acknowledge such notice of assignment in a form acceptable to the Parties. The SELLER shall not, by virtue of that assignment, have any
      additional obligations and/or risks other than those existing prior to the date when such assignment becomes effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
      shall be made in the name of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
      which case, the Parties shall enter into a nomination agreement in the form acceptable to the Parties in order to transfer or novate this CONTRACT to such entity always provided that such entity is one hundred percent (100%) owned and belongs to the
      BUYER&#8217;s group of companies and the Corporate Guarantee defined in Article II.6 of this CONTRACT shall continue to be valid and in force.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
      attributable to any assignment or transfer of this CONTRACT and/or the Refund Guarantee requested by the BUYER shall be for the BUYER&#8217;s account. But any cost incurred by the SELLER to consult the experts or their lawyers shall be for the SELLER&#8217;s
      account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
      connection with this CONTRACT in the People&#8217;s Republic of China shall be borne by the SELLER. Any taxes and/or duties imposed upon those items or services procured by the SELLER in the People&#8217;s Republic of China or elsewhere for the construction of
      the VESSEL shall be borne by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
      outside China in connection with execution and/or performance of this CONTRACT by the BUYER, except for taxes, duties, stamps, dues, levies and fees imposed upon those items which are to be procured by the SELLER for the construction of the VESSEL in
      accordance with the terms of this CONTRACT and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
      borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER retains all rights with respect to the Specifications, and plans and working
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      contained therein to any third parties, without the prior written consent of the SELLER, except where it is necessary for usual operation, repair and maintenance, sale or charter of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK III INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece Andreas Louka</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 21081288320 </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 14%"><font style="font-size: 10pt">To CSTC:</font></td>
        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">songc@mail.chinaships.com; zhangdl@mail.chinaships.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
        <td><font style="font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
        <td><font style="font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any change of address shall be communicated in writing by registered mail or telefax or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, requests, demands, instructions, advice and communications in
      connection with this CONTRACT shall be deemed to be given at, and shall become effective from, the time when the same is delivered to the address of the party to be served, provided, however, that registered airmail shall be deemed to be delivered
      ten (10) days after the date of dispatch, express courier service shall be deemed to be delivered five (5) days after the date of dispatch, and telefax </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
      CONTRACT shall be written in the English language and each party hereto shall have no obligation to translate them into any other language.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
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      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the above paragraph (a) of this Article XVIII.5 is the Parties&#8217;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT shall become effective upon signing and execution of this CONTRACT by the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto agree that the validity and interpretation of this
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      each and every such event the applicable provisions of this CONTRACT shall govern. The Specifications and plans are also intended to explain each other, and anything shown on the plans and not stipulated in the Specifications or stipulated in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business Day(s)&#8221; are days on which the working day(s) in China.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK III INC.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BUILDER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 82%;">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">65 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK III INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110056 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">66 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
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      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">69 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK III INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110056 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font><br>
    &#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We further waive and disclaim all rights whatsoever to claim sovereign immunity for ourselves or our
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &#8220;Business Day(s)&#8221;, &#8220;Banking Day(s)&#8221; and &#8220;Day(s)&#8221; defined in the Shipbuilding Contact shall have
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, we have caused this Letter of Guarantee to be signed and delivered by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very Truly Yours,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 3%; text-align: left">By:</td>
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        <td style="width: 82%;">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110056</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.36</b></font></p>
  <p style="margin: 0; text-align: right">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110057)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the BUYER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
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        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
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        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">2 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110057)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
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      and separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110057 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
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      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.25pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the liquidated damages permitted under this
      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
            the laws of England. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of the Permissible Delays as defined in Article VIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
            speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
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        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">18 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">20 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">26 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">31 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> May 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
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      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL equipment and test CERTIFICATES required to be furnished upon departure of the VESSEL pursuant
            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      (2) copies to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the full term certificate or certificates are unable to be issued at the time
      of delivery by the Classification Society or any third party other than the BUILDER, then the provisional certificate or certificates as issued by the Classification Society or the third party other than the BUILDER with the full term certificates to
      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
            clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER&#8217;s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or
            country of the port of delivery, as well as of all liabilities of the SELLER to its subcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial Run(s), or otherwise, prior to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
            freeze the whole or a material part of the assets of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
      following events occurs:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
            provision of Article XVIII. 4 of this CONTRACT.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
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            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
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            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
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      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
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      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
      outside China in connection with execution and/or performance of this CONTRACT by the BUYER, except for taxes, duties, stamps, dues, levies and fees imposed upon those items which are to be procured by the SELLER for the construction of the VESSEL in
      accordance with the terms of this CONTRACT and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
      or copyright in equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. Notwithstanding any provisions contained herein to the contrary, the SELLER&#8217;s obligation under this Article
      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER retains all rights with respect to the Specifications, and plans and working
      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK IV INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece<br>
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      <tr style="vertical-align: bottom">
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        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
      </tr>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 14%"><font style="font-size: 10pt">To CSTC:</font></td>
        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">songc@mail.chinaships.com; zhangdl@mail.chinaships.com</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
        <td><font style="font-size: 10pt">&#160;</font></td>
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        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
        <td><font style="font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></td>
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        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
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        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
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        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
      CONTRACT shall be written in the English language and each party hereto shall have no obligation to translate them into any other language.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
      integrity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
      the SELLER) which prohibits bribery, corruption and money laundering activities. During the performance of this CONTRACT, the BUYER, the Supervisor and the BUYER&#8217;s representatives and personnel shall in no event, directly or indirectly, introduce,
      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
      SELLER&#8217;s sub-contractors, vendors, suppliers and related parties in relation to this CONTRACT and/or the VESSEL shall simultaneously copy to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      obligation to not violate any Sanctions includes, but is not limited to, the following obligations for each respective party:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banking Day(s)&#8221; are days on which banks are open both in China, New
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK IV INC.</font></td>
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        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110057 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
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      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">67 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK IV INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110057 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font><br>
    &#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">71 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110057</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
            period of sixty (60) days in the amount of United States Dollars Two Hundred Thousand Six Hundred and Fourteen (US$ 200,614.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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<TYPE>EX-4.37
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<DESCRIPTION>EXHIBIT 4.37
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.37</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DISCREPANCIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>66</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>70</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>74</b></font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110058)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK V INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at Trust
      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the People&#8217;s
      Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and
      existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, the People&#8217;s Republic of China (hereinafter called &#8220;CSTC&#8221;) on the other part. The BUILDER and CSTC are
      hereinafter collectively called the &#8220;SELLER&#8221;. The BUYER and the SELLER are hereinafter collectively called the &#8220;Parties&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangzhou Shipyard International Company Limited located in Guangzhou, China (hereinafter collectively and
      separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the
      same in accordance with the terms and conditions hereinafter set forth.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110058 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
      Specifications.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
      of the Classification Society are to include any additional rules or circulars thereof issued and become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
      accordance with the rules and regulations of the Classification Society.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
      classification rules and regulations as well as any other rules, regulations and circulars applicable to the VESSEL under this CONTRACT shall be final and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: bottom">
        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2m</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Propelling Machinery:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">6 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any dispute between the BUILDER and the BUYER in such calculations and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
      in English. The SELLER hereby undertakes to ensure that the pertinent staff involved with the construction of the VESSEL can speak sufficient English.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">9 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
            2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalments of the Contract Price) (the &#8220;Refund Guarantee&#8221;) to be issued by a first class Chinese bank acceptable to the BUYER (hereinafter called the &#8220;Refund Guarantor&#8221;) in the form as per Exhibit &#8220;A&#8221; annexed hereto. The
            Refund Guarantee shall become effective upon the SELLER&#8217;s receipt of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Instalment from the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL has not been delivered and accepted in accordance with the terms of
      this CONTRACT before the specific expiry date as stipulated in Exhibit &#8220;A&#8221; annexed hereto to be four hundred and thirty five (435) days after the Delivery Date in Article VII.1 of this CONTRACT (the &#8220;Expiry Date&#8221;), the SELLER is obliged to procure
      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER&#8217;s
            obligation to repay the instalment or instalments paid by the BUYER and to the BUYER&#8217;s right to demand payment from the Refund Guarantor under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in
            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
            payment under the Refund Guarantee unless the Final Award orders the SELLER to make repayment. If the SELLER fails to honour the Final Award, then the Refund Guarantor shall refund to the extent the Final Award orders.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">15 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
            the laws of England. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of the Permissible Delays as defined in Article VIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
            speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of deficiency,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.4 but below 0.5 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
            the Main Engine, as determined by shop trial in manufacturer&#8217;s works, as per the Specifications, is greater than the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">17 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">20 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the guaranteed deadweight, fuel consumption and speed of the
            VESSEL, if such compliance results in increased or reduced deadweight, fuel consumption and speed; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
            compliance makes such alterations of the terms necessary; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 21.15pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement as to such alterations or changes under this Paragraph shall be made in
      the same manner as provided above for modifications and/or changes of the Specifications and/or plans. The SELLER will make its best efforts to mitigate the cost for such alterations or changes and the delay delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the alterations or changes are not compulsorily required by the Classification Society or the
            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
            bound by, the terms of this CONTRACT and the Specifications without making any such alterations or changes.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">25 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
      BUILDER&#8217;s Shipyard the items as specified in the Specifications which the BUYER shall supply on the BUYER&#8217;s account (the &#8220;BUYER Supplied Items&#8221;) by the time designated by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">28 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">30 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">33 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> June 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
      VESSEL takes place after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, unless otherwise agreed in writing by the SELLER and the BUYER. However, if the VESSEL is completed and
      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
      following documents (subject to the provision contained in Article V. 2 hereof):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&#8217;s Certificate made by the BUILDER.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
      reasonable endeavors to mitigate such consequent delays in the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">37 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">41 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">44 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
            be registered as a company in its place of incorporation, or the BUYER ceases to carry on its business as a whole, or declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or
            restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the events described in Paragraph (e), (f) and/or (g) hereinabove occurs to the Payment
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">45 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
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            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
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            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
            retain any instalment(s) of the Contract Price paid by the BUYER to the SELLER on account of this CONTRACT; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
            SELLER shall be applied firstly to payment of all </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
            instalment(s) already paid by the BUYER and the cost of the BUYER Supplied Items, if any.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
            shall promptly pay the deficiency to the SELLER upon request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
            SELLER&#8217;s rights and remedies to dispose of the VESSEL or any part thereof in any other way it deems fit other than the aforesaid sale.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">48 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">49 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
      &#8220;Arbitration Board&#8221;) for the settlement of such dispute. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
      the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
      the arbitration or the proportion of such expenses which each party shall bear.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
      concerned. Any right of appeal available under the laws of England is hereby expressly precluded and excluded by the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
      jurisdiction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
      shall be permitted to extend the Delivery Date.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">52 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
      any other individual, firm, company or corporation unless prior written consent of the other party is given in writing, which shall not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
      delivery of the VESSEL, assign its right (excluding the right of demand for repayment under this CONTRACT) and benefit under this CONTRACT to the BUYER&#8217;s financing bank which provides financing or syndicate of banks or financial institution or any
      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
      the VESSEL, etc. and the SELLER agrees to acknowledge notice of such assignment in a form acceptable to the BUYER&#8217;s financing partner.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
      BUYER shall send the SELLER a notice of assignment in a form acceptable to the Parties and the SELLER shall acknowledge such notice of assignment in a form acceptable to the Parties. The SELLER shall not, by virtue of that assignment, have any
      additional obligations and/or risks other than those existing prior to the date when such assignment becomes effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
      shall be made in the name of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
      which case, the Parties shall enter into a nomination agreement in the form acceptable to the Parties in order to transfer or novate this CONTRACT to such entity always provided that such entity is one hundred percent (100%) owned and belongs to the
      BUYER&#8217;s group of companies and the Corporate Guarantee defined in Article II.6 of this CONTRACT shall continue to be valid and in force.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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      account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
      connection with this CONTRACT in the People&#8217;s Republic of China shall be borne by the SELLER. Any taxes and/or duties imposed upon those items or services procured by the SELLER in the People&#8217;s Republic of China or elsewhere for the construction of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
      person it employs, including Supervisor or other BUYER&#8217;s staff, agent and representatives who work at the BUILDER&#8217;s Shipyard and premise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
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      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
      contained therein to any third parties, without the prior written consent of the SELLER, except where it is necessary for usual operation, repair and maintenance, sale or charter of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK V INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece<br>
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      </tr>
      <tr style="vertical-align: bottom">
        <td rowspan="1"><br>
        </td>
        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 21081288320 </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 14%"><font style="font-size: 10pt">To CSTC:</font></td>
        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">songc@mail.chinaships.com; zhangdl@mail.chinaships.com</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
        <td><font style="font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
        <td><font style="font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any change of address shall be communicated in writing by registered mail or telefax or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, requests, demands, instructions, advice and communications in
      connection with this CONTRACT shall be deemed to be given at, and shall become effective from, the time when the same is delivered to the address of the party to be served, provided, however, that registered airmail shall be deemed to be delivered
      ten (10) days after the date of dispatch, express courier service shall be deemed to be delivered five (5) days after the date of dispatch, and telefax </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
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      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the BUYER will not export, re-export, sell, transfer or divert the VESSEL in breach of any applicable Sanctions.</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remain in compliance with applicable Sanctions in performing its rights and obligations under this CONTRACT;</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">59 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;use all
      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
      licenses and permits required to perform its obligations under this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
      to such performance, the Parties shall have the right to provide relevant documents under this CONTRACT without the other party&#8217;s permission in advance.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
      provide such written assurances and other documentation (if available) to the requesting party as may be reasonably necessary to comply with and demonstrate compliance with applicable export related laws and regulations or Sanctions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a party becomes subject to Sanctions, that party agrees to undertake sole responsibility
      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
      CONTRACT by reason of the Sanctions Event giving rise to such Standstill Period. Neither Party shall be entitled to suspend the performance of the CONTRACT during the Standstill Period, unless such performance is deemed illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
      best endeavours:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      SELLER or the VESSEL) the BUYER shall have the right to terminate this CONTRACT in accordance with Article X and all the instalment(s) which has been paid to the SELLER by the BUYER shall be refunded to the BUYER without interest upon </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">60 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
      accordance with the terms of the Refund Guarantee contained in the CONTRACT;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have reached a mutually acceptable solution and the Parties confirm
      to reactivate this CONTRACT, the total number of days elapsed during the Standstill Period shall be accounted as an automatic extension of the Delivery Date in Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the above paragraph (a) of this Article XVIII.5 is the Parties&#8217;
      sole and exclusive remedies and liabilities in case of termination of this CONTRACT under this Article XVIII.5.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">61 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT shall become effective upon signing and execution of this CONTRACT by the
      authorized representatives of the Parties.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto agree that the validity and interpretation of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All general language or requirements embodied in the Specifications are
      intended to amplify, explain and implement the requirements of this CONTRACT. However, in the event that any language or requirements so embodied in the Specifications permit an interpretation inconsistent with any provision of this CONTRACT, then in
      each and every such event the applicable provisions of this CONTRACT shall govern. The Specifications and plans are also intended to explain each other, and anything shown on the plans and not stipulated in the Specifications or stipulated in the
      Specifications and not shown on the plans, shall be deemed and considered as if embodied in both. In the event of conflict between the Specifications and plans, the Specifications shall govern.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, with regard to such inconsistency or contradiction between this
      CONTRACT and the Specifications as may later occur by any change or changes in the Specifications agreed upon by and among the Parties hereto after execution of this CONTRACT, then such change or changes shall govern.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banking Day(s)&#8221; are days on which banks are open both in China, New
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business Day(s)&#8221; are days on which the working day(s) in China.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK V INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;/s/ Jiang Binbin</div>
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        <td style="width: 82%;">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK V INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110058 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
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      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">66 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) whether the SELLER shall be liable to repay the
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      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
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      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
      the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">69 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK V INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110058 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
            Guarantee. The three arbitrators shall be a full member of the LMAA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
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          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We further waive and disclaim all rights whatsoever to claim sovereign immunity for ourselves or our
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &#8220;Business Day(s)&#8221;, &#8220;Banking Day(s)&#8221; and &#8220;Day(s)&#8221; defined in the Shipbuilding Contact shall have
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, we have caused this Letter of Guarantee to be signed and delivered by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very Truly Yours,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 3%; text-align: left">By:</td>
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        <td style="width: 82%;">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110058</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="width: 7%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt -6.1pt 5.4pt 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</font></td>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.38</b></font></p>
  <p style="margin: 0; text-align: right">&#160;</p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110059)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the BUYER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
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        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
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        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">2 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></td>
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110059)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK VI INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
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      separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110059 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
      Specifications, this CONTRACT shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">5 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling Draft moulded</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
      162.1 g/kWh with Tier II mode (hereinafter called the &#8220;Guaranteed Fuel Consumption&#8221;) at normal continuous output at shop trial based on diesel fuel oil having a lower calorific value of 42,700 kJ/kg.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the liquidated damages permitted under this
      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of deficiency,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.4 but below 0.5 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">26 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">31 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> June 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL equipment and test CERTIFICATES required to be furnished upon departure of the VESSEL pursuant
            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      (2) copies to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the full term certificate or certificates are unable to be issued at the time
      of delivery by the Classification Society or any third party other than the BUILDER, then the provisional certificate or certificates as issued by the Classification Society or the third party other than the BUILDER with the full term certificates to
      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
            clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER&#8217;s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or
            country of the port of delivery, as well as of all liabilities of the SELLER to its subcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial Run(s), or otherwise, prior to
            delivery;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&#8217;s Certificate made by the BUILDER.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">35 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
      stated above, it being expressly understood that, until such delivery is effected, title to the VESSEL and her equipment shall remain at all times with the SELLER and are at the entire risk of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
            freeze the whole or a material part of the assets of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
            declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">44 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
      following events occurs:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
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            restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
            (b) of this Article, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof to the date of the receipt by the SELLER of the full amount, including all aforesaid interest. In case the
            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
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            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
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            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
            instalment(s) already paid by the BUYER and the cost of the BUYER Supplied Items, if any.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">50 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
      &#8220;Arbitration Board&#8221;) for the settlement of such dispute. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">51 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
      the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
      the arbitration or the proportion of such expenses which each party shall bear.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
      concerned. Any right of appeal available under the laws of England is hereby expressly precluded and excluded by the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
      jurisdiction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
      shall be permitted to extend the Delivery Date.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">52 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
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      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
      or copyright in equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. Notwithstanding any provisions contained herein to the contrary, the SELLER&#8217;s obligation under this Article
      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VI INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece <br>
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      </tr>
      <tr style="vertical-align: bottom">
        <td rowspan="1"><br>
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        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
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        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Address:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any change of address shall be communicated in writing by registered mail or telefax or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, requests, demands, instructions, advice and communications in
      connection with this CONTRACT shall be deemed to be given at, and shall become effective from, the time when the same is delivered to the address of the party to be served, provided, however, that registered airmail shall be deemed to be delivered
      ten (10) days after the date of dispatch, express courier service shall be deemed to be delivered five (5) days after the date of dispatch, and telefax </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">56 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
      CONTRACT shall be written in the English language and each party hereto shall have no obligation to translate them into any other language.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">57 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
      they stay in China, shall comply with all applicable laws, rules, regulations, orders and conventions in P.R. China, including but not limited to, those relating to employment, environmental protection, data and privacy protection.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
      integrity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
      the SELLER) which prohibits bribery, corruption and money laundering activities. During the performance of this CONTRACT, the BUYER, the Supervisor and the BUYER&#8217;s representatives and personnel shall in no event, directly or indirectly, introduce,
      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
      SELLER&#8217;s sub-contractors, vendors, suppliers and related parties in relation to this CONTRACT and/or the VESSEL shall simultaneously copy to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
      obligation to not violate any Sanctions includes, but is not limited to, the following obligations for each respective party:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the BUYER will not export, re-export, sell, transfer or divert the VESSEL in breach of any applicable Sanctions.</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remain in compliance with applicable Sanctions in performing its rights and obligations under this CONTRACT;</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">59 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;use all
      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
      licenses and permits required to perform its obligations under this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
      to such performance, the Parties shall have the right to provide relevant documents under this CONTRACT without the other party&#8217;s permission in advance.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
      provide such written assurances and other documentation (if available) to the requesting party as may be reasonably necessary to comply with and demonstrate compliance with applicable export related laws and regulations or Sanctions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a party becomes subject to Sanctions, that party agrees to undertake sole responsibility
      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
      CONTRACT by reason of the Sanctions Event giving rise to such Standstill Period. Neither Party shall be entitled to suspend the performance of the CONTRACT during the Standstill Period, unless such performance is deemed illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
      best endeavours:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      SELLER or the VESSEL) the BUYER shall have the right to terminate this CONTRACT in accordance with Article X and all the instalment(s) which has been paid to the SELLER by the BUYER shall be refunded to the BUYER without interest upon </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
      accordance with the terms of the Refund Guarantee contained in the CONTRACT;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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      under such applicable law and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">63 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VI INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;/s/ Evangelos Pistiolis</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Evangelos Pistiolis</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BUILDER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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        <td style="width: 3%; text-align: left">By:</td>
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        <td style="width: 82%;">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">65 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VI INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110059 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
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      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
      payment from us,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
      the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
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            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
            and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments together with the aforesaid interests by the BUYER or us, whichever occurs earlier.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
            period of sixty (60) days in the amount of United States Dollars Two Hundred Thousand Six Hundred and Fourteen (US$ 200,614.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.3pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
            Guarantee. The three arbitrators shall be a full member of the LMAA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall have expired as aforesaid, you will return the same to us without any
            request or demand from us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
            have the corporate power and authority, to issue this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We further waive and disclaim all rights whatsoever to claim sovereign immunity for ourselves or our
            assets in respect of any claim or proceedings brought against us under or in respect of this Letter of Guarantee.</font></td>
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  </table>
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        <td style="width: 82%;">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110059</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
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            Shipbuilding&amp; Heavy Industry Co. Ltd</font></td>
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            Engineering CO., Ltd.</font></td>
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            block construction</font></td>
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            New Energy Equipment Manufacturing Co., Ltd.</font></td>
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  <div style="text-align: center;"><font style="font-weight: bold;">74 / 74</font></div>
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<TYPE>EX-4.39
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.39</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
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        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
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      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
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      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>74</b></font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110060)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK VII INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangzhou Shipyard International Company Limited located in Guangzhou, China (hereinafter collectively and
      separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110060 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
      and Specification, the Specification shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
      Specifications, this CONTRACT shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
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        <td>&#160;</td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
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        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2m</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Propelling Machinery:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">6 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
      162.1 g/kWh with Tier II mode (hereinafter called the &#8220;Guaranteed Fuel Consumption&#8221;) at normal continuous output at shop trial based on diesel fuel oil having a lower calorific value of 42,700 kJ/kg.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
      made by the BUILDER and checked by the BUYER, and all measurements necessary for such calculations shall be performed in the presence of the Supervisor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any dispute between the BUILDER and the BUYER in such calculations and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
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      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
      in English. The SELLER hereby undertakes to ensure that the pertinent staff involved with the construction of the VESSEL can speak sufficient English.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">9 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
            2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalments of the Contract Price) (the &#8220;Refund Guarantee&#8221;) to be issued by a first class Chinese bank acceptable to the BUYER (hereinafter called the &#8220;Refund Guarantor&#8221;) in the form as per Exhibit &#8220;A&#8221; annexed hereto. The
            Refund Guarantee shall become effective upon the SELLER&#8217;s receipt of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Instalment from the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL has not been delivered and accepted in accordance with the terms of
      this CONTRACT before the specific expiry date as stipulated in Exhibit &#8220;A&#8221; annexed hereto to be four hundred and thirty five (435) days after the Delivery Date in Article VII.1 of this CONTRACT (the &#8220;Expiry Date&#8221;), the SELLER is obliged to procure
      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER&#8217;s
            obligation to repay the instalment or instalments paid by the BUYER and to the BUYER&#8217;s right to demand payment from the Refund Guarantor under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in
            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
            payment under the Refund Guarantee unless the Final Award orders the SELLER to make repayment. If the SELLER fails to honour the Final Award, then the Refund Guarantor shall refund to the extent the Final Award orders.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
            speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
            the Main Engine, as determined by shop trial in manufacturer&#8217;s works, as per the Specifications, is greater than the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">17 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">18 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
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      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the guaranteed deadweight, fuel consumption and speed of the
            VESSEL, if such compliance results in increased or reduced deadweight, fuel consumption and speed; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
            compliance makes such alterations of the terms necessary; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement as to such alterations or changes under this Paragraph shall be made in
      the same manner as provided above for modifications and/or changes of the Specifications and/or plans. The SELLER will make its best efforts to mitigate the cost for such alterations or changes and the delay delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the alterations or changes are not compulsorily required by the Classification Society or the
            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
            bound by, the terms of this CONTRACT and the Specifications without making any such alterations or changes.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">25 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">26 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">28 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">29 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">30 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">31 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> September 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
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      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
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            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
      stated above, it being expressly understood that, until such delivery is effected, title to the VESSEL and her equipment shall remain at all times with the SELLER and are at the entire risk of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
      reasonable endeavors to mitigate such consequent delays in the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">37 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">38 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
            freeze the whole or a material part of the assets of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
            declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
            be registered as a company in its place of incorporation, or the BUYER ceases to carry on its business as a whole, or declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or
            restructuring for financing purpose; or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the events described in Paragraph (e), (f) and/or (g) hereinabove occurs to the Payment
            Guarantor and in such event, the BUYER fails to procure a new payment guarantee from a new payment guarantor acceptable to the SELLER within thirty (30) days after the occurrence of any such event,</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">45 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
            provision of Article XVIII. 4 of this CONTRACT.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
      Article, the SELLER shall notify the BUYER to that effect by telefax or email after the date of occurrence of such default.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
      this Article, the SELLER have no obligation to notify the BUYER the occurrence of such default.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
            (b) of this Article, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof to the date of the receipt by the SELLER of the full amount, including all aforesaid interest. In case the
            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
            and including the day on which such event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
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            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
            SELLER shall be applied firstly to payment of all </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
            instalment(s) already paid by the BUYER and the cost of the BUYER Supplied Items, if any.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
            shall promptly pay the deficiency to the SELLER upon request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
            SELLER&#8217;s rights and remedies to dispose of the VESSEL or any part thereof in any other way it deems fit other than the aforesaid sale.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">48 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">49 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
      the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
      the arbitration or the proportion of such expenses which each party shall bear.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
      concerned. Any right of appeal available under the laws of England is hereby expressly precluded and excluded by the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
      jurisdiction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
      shall be permitted to extend the Delivery Date.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">52 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
      any other individual, firm, company or corporation unless prior written consent of the other party is given in writing, which shall not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
      delivery of the VESSEL, assign its right (excluding the right of demand for repayment under this CONTRACT) and benefit under this CONTRACT to the BUYER&#8217;s financing bank which provides financing or syndicate of banks or financial institution or any
      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
      the VESSEL, etc. and the SELLER agrees to acknowledge notice of such assignment in a form acceptable to the BUYER&#8217;s financing partner.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
      BUYER shall send the SELLER a notice of assignment in a form acceptable to the Parties and the SELLER shall acknowledge such notice of assignment in a form acceptable to the Parties. The SELLER shall not, by virtue of that assignment, have any
      additional obligations and/or risks other than those existing prior to the date when such assignment becomes effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
      shall be made in the name of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
      which case, the Parties shall enter into a nomination agreement in the form acceptable to the Parties in order to transfer or novate this CONTRACT to such entity always provided that such entity is one hundred percent (100%) owned and belongs to the
      BUYER&#8217;s group of companies and the Corporate Guarantee defined in Article II.6 of this CONTRACT shall continue to be valid and in force.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
      attributable to any assignment or transfer of this CONTRACT and/or the Refund Guarantee requested by the BUYER shall be for the BUYER&#8217;s account. But any cost incurred by the SELLER to consult the experts or their lawyers shall be for the SELLER&#8217;s
      account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
      connection with this CONTRACT in the People&#8217;s Republic of China shall be borne by the SELLER. Any taxes and/or duties imposed upon those items or services procured by the SELLER in the People&#8217;s Republic of China or elsewhere for the construction of
      the VESSEL shall be borne by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
      person it employs, including Supervisor or other BUYER&#8217;s staff, agent and representatives who work at the BUILDER&#8217;s Shipyard and premise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
      outside China in connection with execution and/or performance of this CONTRACT by the BUYER, except for taxes, duties, stamps, dues, levies and fees imposed upon those items which are to be procured by the SELLER for the construction of the VESSEL in
      accordance with the terms of this CONTRACT and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
      borne by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
      or copyright in equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. Notwithstanding any provisions contained herein to the contrary, the SELLER&#8217;s obligation under this Article
      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
      to the BUILDER if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER retains all rights with respect to the Specifications, and plans and working
      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
      contained therein to any third parties, without the prior written consent of the SELLER, except where it is necessary for usual operation, repair and maintenance, sale or charter of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
      loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever regardless of whether the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of any claims for any
      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
      loss of profit or earnings or demurrage arising from any cause whatsoever.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VII INC.</font></td>
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      <tr style="vertical-align: bottom">
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        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
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      <tr style="vertical-align: bottom">
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
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        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
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      <tr style="vertical-align: bottom">
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        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the above paragraph (a) of this Article XVIII.5 is the Parties&#8217;
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT shall become effective upon signing and execution of this CONTRACT by the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto agree that the validity and interpretation of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      each and every such event the applicable provisions of this CONTRACT shall govern. The Specifications and plans are also intended to explain each other, and anything shown on the plans and not stipulated in the Specifications or stipulated in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banking Day(s)&#8221; are days on which banks are open both in China, New
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business Day(s)&#8221; are days on which the working day(s) in China.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In absence of stipulation of &#8220;Banking Day(s)&#8221; or &#8220;Business Day(s)&#8221;, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      under such applicable law and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VII INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VII INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110060 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">66 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) whether the SELLER shall be liable to repay the
      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
      payment from us,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">67 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">68 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK VII INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110060 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">71 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
            and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments together with the aforesaid interests by the BUYER or us, whichever occurs earlier.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110060</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="width: 7%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt -6.1pt 5.4pt 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</font></td>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</font></td>
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            Shipbuilding&amp; Heavy Industry Co. Ltd</font></td>
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            China</font></td>
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<TYPE>EX-4.40
<SEQUENCE>21
<FILENAME>ef20060828_ex4-40.htm
<DESCRIPTION>EXHIBIT 4.40
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.40</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VIII INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the BUYER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">2 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DISCREPANCIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>66</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>70</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>74</b></font></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110061)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This SHIPBUILDING CONTRACT, entered into this 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> day of February 2026 (hereinafter called the &#8220;CONTRACT&#8221;) by and between ROMAN SHARK VIII INC., a corporation organized and existing under the laws of Marshall Islands, having its registered office at
      Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the
      People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation
      organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, the People&#8217;s Republic of China (hereinafter called &#8220;CSTC&#8221;) on the other part. The BUILDER and
      CSTC are hereinafter collectively called the &#8220;SELLER&#8221;. The BUYER and the SELLER are hereinafter collectively called the &#8220;Parties&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
      build, launch, equip, complete and to sell and deliver to the BUYER after completion and trial one (1) 47,499DWT Chemical/Product Oil Tanker at Guangzhou Shipyard International Company Limited located in Guangzhou, China (hereinafter collectively and
      separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110061 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
      Specifications.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
      of the Classification Society are to include any additional rules or circulars thereof issued and become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
      accordance with the rules and regulations of the Classification Society.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
      classification rules and regulations as well as any other rules, regulations and circulars applicable to the VESSEL under this CONTRACT shall be final and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. PRINCIPAL PARTICULARS AND DIMENSIONS OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: bottom">
        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2m</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Propelling Machinery:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be equipped, in accordance with the Specifications, with one (1) set of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">6 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any dispute between the BUILDER and the BUYER in such calculations and/or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">8 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
      in English. The SELLER hereby undertakes to ensure that the pertinent staff involved with the construction of the VESSEL can speak sufficient English.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">9 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
      adjustment, if any, as hereinafter set forth in this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
      States Dollars.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
            2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalments of the Contract Price) (the &#8220;Refund Guarantee&#8221;) to be issued by a first class Chinese bank acceptable to the BUYER (hereinafter called the &#8220;Refund Guarantor&#8221;) in the form as per Exhibit &#8220;A&#8221; annexed hereto. The
            Refund Guarantee shall become effective upon the SELLER&#8217;s receipt of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> Instalment from the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL has not been delivered and accepted in accordance with the terms of
      this CONTRACT before the specific expiry date as stipulated in Exhibit &#8220;A&#8221; annexed hereto to be four hundred and thirty five (435) days after the Delivery Date in Article VII.1 of this CONTRACT (the &#8220;Expiry Date&#8221;), the SELLER is obliged to procure
      without delay and latest thirty (30) days before the Expiry Date an extension of the Refund Guarantee so that the Refund Guarantee is valid for at least sixty (60) days after the Expiry Date (the &#8220;Extended Expiry Date&#8221;). If the VESSEL is not yet able
      to be delivered and accepted in accordance with the terms of this CONTRACT before such Extended Expiry Date, the SELLER is obliged to procure, without delay and latest thirty (30) days before the Extended Expiry Date, another extension of the Refund
      Guarantee for the same period (i.e. 60 days), and to repeat such extension(s) if needed. If the SELLER does not procure the foregoing extension(s), the BUYER shall be entitled to at its option to cancel the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between the SELLER and the BUYER with regard to the SELLER&#8217;s
            obligation to repay the instalment or instalments paid by the BUYER and to the BUYER&#8217;s right to demand payment from the Refund Guarantor under its guarantee, and such dispute is submitted either by the SELLER or by the BUYER for arbitration in
            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
            payment under the Refund Guarantee unless the Final Award orders the SELLER to make repayment. If the SELLER fails to honour the Final Award, then the Refund Guarantor shall refund to the extent the Final Award orders.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
            charges for issuing and/or cancelling the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
      It is hereby understood by both Parties that any reduction of the Contract Price is by way of liquidated damages and not by way of penalty.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
            the laws of England. The Contract Price shall not be adjusted or reduced if the delivery of the VESSEL is delayed by reason of the Permissible Delays as defined in Article VIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
            speed (as determined by the Trial Run after correction according to the Specifications) below the Guaranteed Speed, the Contract Price shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of deficiency,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.4 but below 0.5 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
            the Main Engine, as determined by shop trial in manufacturer&#8217;s works, as per the Specifications, is greater than the</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">17 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">20 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">21 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
          the SELLER in writing as to the alterations or changes. The SELLER shall promptly comply with such alterations or changes, if any in the construction of the VESSEL, provided that the BUYER shall first agree:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
            for such compliance; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the guaranteed deadweight, fuel consumption and speed of the
            VESSEL, if such compliance results in increased or reduced deadweight, fuel consumption and speed; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
            compliance makes such alterations of the terms necessary; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 21.15pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement as to such alterations or changes under this Paragraph shall be made in
      the same manner as provided above for modifications and/or changes of the Specifications and/or plans. The SELLER will make its best efforts to mitigate the cost for such alterations or changes and the delay delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the alterations or changes are not compulsorily required by the Classification Society or the
            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
            bound by, the terms of this CONTRACT and the Specifications without making any such alterations or changes.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If however the alterations or changes are compulsorily required by the Classification Society or the
            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
            deadweight or providing additional security to the SELLER or any alternation of the terms of this </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">25 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
      BUILDER&#8217;s Shipyard the items as specified in the Specifications which the BUYER shall supply on the BUYER&#8217;s account (the &#8220;BUYER Supplied Items&#8221;) by the time designated by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">28 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">29 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">30 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">33 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> November 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
      causes which under the terms of the CONTRACT and/or the applicable law permit extension or postponement of the time for delivery, the aforementioned time for delivery of the VESSEL shall be extended accordingly.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aforementioned date or such later date to which delivery is extended or postponed
      pursuant to the terms of this CONTRACT is herein called the &#8220;Delivery Date&#8221;.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER and the BUYER agree that the VESSEL shall not be delivered if the delivery of the
      VESSEL takes place after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, unless otherwise agreed in writing by the SELLER and the BUYER. However, if the VESSEL is completed and
      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
      reached the physical delivery condition but shall be delivered in the first week of next January. Any delay due to above reason shall be deemed as a request from the BUYER but not the non-permissible delay caused by the SELLER (if existing delay).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
      obligations as stipulated in this CONTRACT, delivery of the VESSEL shall be effected forthwith by the concurrent delivery by each of the Parties hereto, one to the other, of the Protocol of Delivery and Acceptance, acknowledging delivery of the
      VESSEL by the SELLER and acceptance thereof by the BUYER. The Protocol of Delivery and Acceptance shall be prepared in triplicate and signed by each of the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon acceptance of the VESSEL by the BUYER, the SELLER shall deliver to the BUYER the
      following documents (subject to the provision contained in Article V. 2 hereof):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF INVENTORY of the equipment of the VESSEL including spare part and the like, all as
            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&#8217;s Certificate made by the BUILDER.</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
      stated above, it being expressly understood that, until such delivery is effected, title to the VESSEL and her equipment shall remain at all times with the SELLER and are at the entire risk of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
      reasonable endeavors to mitigate such consequent delays in the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
      SELLER claims that it is entitled under this Article to an extension of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">37 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">41 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">44 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
            be registered as a company in its place of incorporation, or the BUYER ceases to carry on its business as a whole, or declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or
            restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the events described in Paragraph (e), (f) and/or (g) hereinabove occurs to the Payment
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">45 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
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            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
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            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In any event of default by the BUYER under Paragraph 1 of this Article above, the BUYER shall also
            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
            retain any instalment(s) of the Contract Price paid by the BUYER to the SELLER on account of this CONTRACT; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
            SELLER shall be applied firstly to payment of all </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
          the Contract Price and interest on such instalment(s) at the interest rate as specified in the relevant provisions set out above from the respective due dates thereof to the date of application.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
            mentioned, shall include but are not limited to all costs of labour and/or prices paid or to be paid by the SELLER for the equipment and/or technical design and/or materials purchased or to be purchased, installed and/or to be installed on the
            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
            cancellation or rescission of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In either of the above events of sale, if the proceed of sale exceeds the total of the amounts to
            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
            instalment(s) already paid by the BUYER and the cost of the BUYER Supplied Items, if any.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
            shall promptly pay the deficiency to the SELLER upon request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
            SELLER&#8217;s rights and remedies to dispose of the VESSEL or any part thereof in any other way it deems fit other than the aforesaid sale.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">48 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">49 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
      &#8220;Arbitration Board&#8221;) for the settlement of such dispute. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
      the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
      the arbitration or the proportion of such expenses which each party shall bear.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
      concerned. Any right of appeal available under the laws of England is hereby expressly precluded and excluded by the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
      jurisdiction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
      shall be permitted to extend the Delivery Date.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">52 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
      any other individual, firm, company or corporation unless prior written consent of the other party is given in writing, which shall not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
      delivery of the VESSEL, assign its right (excluding the right of demand for repayment under this CONTRACT) and benefit under this CONTRACT to the BUYER&#8217;s financing bank which provides financing or syndicate of banks or financial institution or any
      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
      the VESSEL, etc. and the SELLER agrees to acknowledge notice of such assignment in a form acceptable to the BUYER&#8217;s financing partner.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
      BUYER shall send the SELLER a notice of assignment in a form acceptable to the Parties and the SELLER shall acknowledge such notice of assignment in a form acceptable to the Parties. The SELLER shall not, by virtue of that assignment, have any
      additional obligations and/or risks other than those existing prior to the date when such assignment becomes effective.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
      shall be made in the name of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
      which case, the Parties shall enter into a nomination agreement in the form acceptable to the Parties in order to transfer or novate this CONTRACT to such entity always provided that such entity is one hundred percent (100%) owned and belongs to the
      BUYER&#8217;s group of companies and the Corporate Guarantee defined in Article II.6 of this CONTRACT shall continue to be valid and in force.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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      account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
      connection with this CONTRACT in the People&#8217;s Republic of China shall be borne by the SELLER. Any taxes and/or duties imposed upon those items or services procured by the SELLER in the People&#8217;s Republic of China or elsewhere for the construction of
      the VESSEL shall be borne by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be responsible for the personal income tax for any
      person it employs, including Supervisor or other BUYER&#8217;s staff, agent and representatives who work at the BUILDER&#8217;s Shipyard and premise.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All taxes, duties, stamps, dues, levies and fees of whatsoever nature
      incurred or imposed in China in respect of the BUYER Supplied Items, if any, shall be borne by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
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      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
      contained therein to any third parties, without the prior written consent of the SELLER, except where it is necessary for usual operation, repair and maintenance, sale or charter of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VIII INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece<br>
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      </tr>
      <tr style="vertical-align: bottom">
        <td rowspan="1"><br>
        </td>
        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 21081288320 </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alexandros Tsirikos</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 14%"><font style="font-size: 10pt">To CSTC:</font></td>
        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">songc@mail.chinaships.com; zhangdl@mail.chinaships.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
        <td><font style="font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
        <td><font style="font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">lsr@chinagsi.com; chenwenling@chinagsi.com; gxj@chinagsi.com</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
      deemed as having being sent by both CSTC and the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any change of address shall be communicated in writing by registered mail or telefax or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, requests, demands, instructions, advice and communications in
      connection with this CONTRACT shall be deemed to be given at, and shall become effective from, the time when the same is delivered to the address of the party to be served, provided, however, that registered airmail shall be deemed to be delivered
      ten (10) days after the date of dispatch, express courier service shall be deemed to be delivered five (5) days after the date of dispatch, and telefax </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
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      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the BUYER will not export, re-export, sell, transfer or divert the VESSEL in breach of any applicable Sanctions.</font></td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remain in compliance with applicable Sanctions in performing its rights and obligations under this CONTRACT;</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">59 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;use all
      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
      licenses and permits required to perform its obligations under this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
      to such performance, the Parties shall have the right to provide relevant documents under this CONTRACT without the other party&#8217;s permission in advance.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
      provide such written assurances and other documentation (if available) to the requesting party as may be reasonably necessary to comply with and demonstrate compliance with applicable export related laws and regulations or Sanctions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a party becomes subject to Sanctions, that party agrees to undertake sole responsibility
      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
      CONTRACT by reason of the Sanctions Event giving rise to such Standstill Period. Neither Party shall be entitled to suspend the performance of the CONTRACT during the Standstill Period, unless such performance is deemed illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
      best endeavours:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      SELLER or the VESSEL) the BUYER shall have the right to terminate this CONTRACT in accordance with Article X and all the instalment(s) which has been paid to the SELLER by the BUYER shall be refunded to the BUYER without interest upon </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">60 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
      accordance with the terms of the Refund Guarantee contained in the CONTRACT;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have reached a mutually acceptable solution and the Parties confirm
      to reactivate this CONTRACT, the total number of days elapsed during the Standstill Period shall be accounted as an automatic extension of the Delivery Date in Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the above paragraph (a) of this Article XVIII.5 is the Parties&#8217;
      sole and exclusive remedies and liabilities in case of termination of this CONTRACT under this Article XVIII.5.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">61 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT shall become effective upon signing and execution of this CONTRACT by the
      authorized representatives of the Parties.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto agree that the validity and interpretation of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All general language or requirements embodied in the Specifications are
      intended to amplify, explain and implement the requirements of this CONTRACT. However, in the event that any language or requirements so embodied in the Specifications permit an interpretation inconsistent with any provision of this CONTRACT, then in
      each and every such event the applicable provisions of this CONTRACT shall govern. The Specifications and plans are also intended to explain each other, and anything shown on the plans and not stipulated in the Specifications or stipulated in the
      Specifications and not shown on the plans, shall be deemed and considered as if embodied in both. In the event of conflict between the Specifications and plans, the Specifications shall govern.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, with regard to such inconsistency or contradiction between this
      CONTRACT and the Specifications as may later occur by any change or changes in the Specifications agreed upon by and among the Parties hereto after execution of this CONTRACT, then such change or changes shall govern.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Banking Day(s)&#8221; are days on which banks are open both in China, New
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Business Day(s)&#8221; are days on which the working day(s) in China.</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VIII INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">&#160;/s/ Jiang Binbin</div>
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        <td style="width: 82%;">&#160;</td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jiang Binbin</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
      of the SELLER&#8217;s bank.]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK VIII INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110061 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
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      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">66 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) whether the SELLER shall be liable to repay the
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      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
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      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
      the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">69 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK VIII INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110061 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
            letter of guarantee shall be co-extensive with, and shall not exceed, the liability of the BUYER under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">70 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
            Guarantee. The three arbitrators shall be a full member of the LMAA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
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          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We further waive and disclaim all rights whatsoever to claim sovereign immunity for ourselves or our
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(16)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The &#8220;Business Day(s)&#8221;, &#8220;Banking Day(s)&#8221; and &#8220;Day(s)&#8221; defined in the Shipbuilding Contact shall have
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN WITNESS WHEREOF, we have caused this Letter of Guarantee to be signed and delivered by
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very Truly Yours,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 3%; text-align: left">By:</td>
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        <td style="width: 82%;">&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110061</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;C&#8221;: SUBCONTRACTORS LIST</font></p>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="width: 7%; border: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5.4pt -6.1pt 5.4pt 5.4pt; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.</font></td>
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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      <tr style="font: 10pt Times New Roman, Times, Serif">
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  <p style="margin: 0; text-align: right"><font style="font-size: 10pt"><b>Exhibit 4.41</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110063)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BETWEEN</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">as the BUYER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Collectively as the SELLER</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONTENTS</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in;">ARTICLE</td>
        <td style="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 6pt; padding-bottom: 6pt">Page No.</td>
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        <td style="width: 90%; padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE I DESCRIPTION AND CLASS</b></font></td>
        <td style="width: 10%; text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>5</b></font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
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        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></td>
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        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>10</b></font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CURRENCY</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>16</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IV SUPERVISION AND INSPECTION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>20</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE V MODIFICATION, CHANGES AND EXTRAS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>24</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VI TRIALS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>30</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">31</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VII DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>34</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">1 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. WHEN AND HOW EFFECTED</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DOCUMENTS TO BE DELIVERED TO THE BUYER</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>37</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE IX WARRANTY OF QUALITY</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>40</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">40</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE
              BUYER</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>43</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XI BUYER&#8217;S DEFAULT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>45</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">45</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XII INSURANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>49</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">49</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">50</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIII DISPUTES AND ARBITRATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>51</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">51</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">52</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIV RIGHT OF ASSIGNMENT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>53</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XV TAXES AND DUTIES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>54</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TAXES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. DUTIES</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>55</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVII NOTICES</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>56</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XVIII LEGAL COMPLIANCE</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>58</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">59</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XIX EFFECTIVE DATE OF CONTRACT</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>62</b></font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase">
        <td style="padding-top: 6pt; padding-bottom: 6pt; padding-left: 0in; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ARTICLE XX INTERPRETATION</b></font></td>
        <td style="text-align: right; padding-top: 6pt; padding-bottom: 6pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>63</b></font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">2 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif">

      <tr style="text-align: left; vertical-align: bottom; font: small-caps 10pt Times New Roman, Times, Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif; width: 90%;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. LAW APPLICABLE</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; width: 10%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63</font></td>
      </tr>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. DEFINITION</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 12pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></td>
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SHIPBUILDING CONTRACT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CONSTRUCTION OF ONE 47,499DWT CHEMICAL/PRODUCT OIL TANKER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(HULL NO. 25110063)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;BUYER&#8221;) on one part; and GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a corporation organized and existing under the laws of the People&#8217;s
      Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China (hereinafter called the &#8220;BUILDER&#8221;), and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WITNESSETH</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of the mutual covenants contained herein, the SELLER agrees to design,
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      separately called the &#8220;BUILDER&#8217;s Shipyard&#8221;) as more fully described in Article I hereof, to be registered under the flag of Marshall Islands and the BUYER agrees to purchase and take delivery of the aforesaid VESSEL from the SELLER and to pay for the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">4 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE I DESCRIPTION AND CLASS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DESCRIPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL is a 47,499 metric tons deadweight chemical/product oil tanker, at scantling
      draft moulded of 13.2 meters (hereinafter called the &#8220;VESSEL&#8221;) of the class described below. The VESSEL shall have the BUILDER&#8217;s Hull No. 25110063 and shall be constructed, equipped and completed in accordance with the following &#8220;Specifications&#8221;:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specification (No. G0000101, DN: C252123-CT-DS) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General Arrangement (Drawing No. G0000102) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Makers List (No. M0000MG1) dated 28<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> January 2026</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">attached hereto and signed by the BUYER and the BUILDER (hereinafter collectively called the
      &#8220;Specifications&#8221;), making an integral part hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between the General Arrangement Plan
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should there be any inconsistencies or contradictions between this CONTRACT and the
      Specifications, this CONTRACT shall prevail.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CLASS AND RULES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL, including its machinery, equipment and outfittings, shall be designed,
      constructed, surveyed, tested, launched, equipped and delivered in accordance with the rules and regulations issued and having become effective and compulsorily applicable to the VESSEL up to and on the signing date of this CONTRACT of DNV (but
      whatsoever, the BUYER shall be entitled to choose ABS within two (2) months after signing of this CONTRACT, and the SELLER will provide the equivalent class notation same as DNV for the BUYER&#8217;s approval) (hereinafter called the &#8220;Classification
      Society&#8221;) and shall be distinguished in the record by the symbol of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1A, Tanker for Oil ESP and Chemicals ESP, COAT-PSPC(B), CSR, E0, TMON(Oil Lubricated), BIS,
      VCS(2), BWM(T), SPM, LCS, ECA(SOx-A), ER(TIER III, SCR), CMON, ETC(1), Recyclable, Clean, BMON, Fuel ready(LFL[D;MEca])*, Biofuelled***, Cyber Secure (Essential)</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and shall also comply with the rules and regulations as fully described in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirements of the authorities as fully described in the Specifications including that
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall arrange with the Classification Society to assign a representative or
      representatives (hereinafter called the &#8220;Classification Surveyor&#8221;) to the BUILDER&#8217;s Shipyard for supervision of the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All fees and charges incidental to the Classification Society and to comply with the rules,
      regulations and requirements of this CONTRACT as described in the Specifications issued, effective and compulsorily applicable to the VESSEL up to the signing date of this CONTRACT as well as royalties, if any, payable on account of the construction
      of the VESSEL shall be for the account of the SELLER, except as otherwise provided and agreed herein. The key plans, materials and workmanship entering into the construction of the VESSEL shall at all times be subject to inspections and tests in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Decisions of the Classification Society as to compliance or noncompliance with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 25%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Length overall</font></td>
        <td style="width: 20%; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">abt. 183.0m</font></td>
        <td style="width: 55%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Breadth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.2m</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depth moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.3m</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Design Draft moulded</font></td>
        <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.0m</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Scantling Draft moulded</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. GUARANTEED SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the trial speed, after corrected as stipulated in the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The trial speed shall be corrected for wave/swell/current, wind and shallow water effect.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. GUARANTEED FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the fuel oil consumption of the Main Engine is not to exceed
      162.1 g/kWh with Tier II mode (hereinafter called the &#8220;Guaranteed Fuel Consumption&#8221;) at normal continuous output at shop trial based on diesel fuel oil having a lower calorific value of 42,700 kJ/kg.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. GUARANTEED DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER guarantees that the VESSEL is to have a deadweight of not less than 47,499 metric
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of &#8220;Deadweight&#8221;, as used in this CONTRACT, shall be as defined in the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The actual deadweight of the VESSEL expressed in metric tons shall be based on calculations
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SUBCONTRACTING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its sole discretion and responsibility, subcontract any portion of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the BUILDER&#8217;s subsidiaries/affiliates shall not be deemed as a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purposes of this clause, any subcontractor which is listed in Exhibit &#8220;C&#8221; of this
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case that the SELLER would like to subcontract any portion of the construction work of
      the VESSEL to a subcontractor who is not mentioned in the paragraph above, such subcontractor shall be approved by the BUYER in writing, which approval should not be unreasonably withheld.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8. REGISTRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be registered by the BUYER at its own cost and expenses under the laws of
      Marshall Islands at the time of delivery and acceptance thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. DRYDOCKING</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the VESSEL remains afloat after launching until delivery to the BUYER for up to one
      hundred eighty (180) days, it shall be exempted from the diver inspection and drydocking. In the event that the VESSEL remains afloat for over one hundred eighty (180) days, a diver inspection (by videos or photographs) will be carried out and
      attended by a qualified paint supplier. All necessary remedial works to the antifouling paint as a result of defects observed during such diver inspection shall be made by the SELLER at the SELLER&#8217;s cost and in the SELLER&#8217;s time before delivery of
      the VESSEL (including drydocking when necessary), and shall follow the recommendation of the paint supplier (such recommendation to be submitted to the BUYER for information).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. QUALITY ASSURANCE/QUALITY CONTROL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall operate and maintain from the steel cutting day onwards a management system
      for quality assurance and quality control (QA/QC system).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. HEALTH &amp; SAFTEY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall comply with all applicable local and Chinese laws relating to health,
      safety and environmental conservation and maintain and enforce a health, safety, security and environment conservation plan (the &#8220;HSE Plan&#8221;) during the construction of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The HSE Plan shall be in the SELLER&#8217;s general form as may be submitted to the BUYER for
      reference, and shall include the following elements: (1) a health, safety and environmental protection policy; (2) instructions and procedures to ensure safe working practices and protection of the environment in compliance with the relevant local
      and Chinese legislation (in the event of conflict between the two, the higher, prevailing standard as enshrined shall be followed); (3) defined levels of authority and lines of communication between and amongst the SELLER&#8217;s and the BUYER&#8217;s personnel;
      (4) procedures for reporting accidents and non-conformities within the provisions of the HSE Plan; (5) procedures to </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">prepare for and respond to emergency situations; and (6) procedures for internal audits and management reviews.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. LANGUAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Specifications, Plans, Drawings, Instruction Books, Certificates, etc. for the VESSEL shall
      be written in the English or English/Chinese language and all communication between the SELLER and the BUYER, including communication between the Parties hereto within the BUILDER&#8217;s Shipyard in connection with the construction of the VESSEL shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13. GOVERNMENTAL APPROVAL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall be responsible (at its sole risk and expense) for obtaining and keeping in
      force at all times a construction permit and export license for the VESSEL if and as required, as well as all China Governmental licenses, approvals (whether national, provincial, municipal or local) required or appropriate as of and/or after the
      date of this CONTRACT, for the construction of the VESSEL and the sale of the VESSEL to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE II CONTRACT PRICE &amp; TERMS OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The purchase price of the VESSEL is United States Dollars Forty Five Million Two Hundred
      Thousand only (US$ 45,200,000.00), net receivable by the SELLER (hereinafter called the &#8220;Contract Price&#8221;), which is exclusive of the cost for the BUYER Supplied Items as provided in Article V hereof, and shall be subject to upward or downward
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all payments by the BUYER to the SELLER under this CONTRACT shall be made in United
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMS OF PAYMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price shall be paid by the BUYER to the SELLER in instalments as follows:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$
      6,780,000.00), representing fifteen percent (15%) of the Contract Price, shall become due and payable and be paid by the BUYER within ten (10) Banking Days after its receipt of the Refund Guarantee as described in Paragraph 7 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) the cutting of the first steel plate of the VESSEL, and (ii) receipt by the BUYER of
      the scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the cutting of the first steel plate has taken place, whichever occurs later. The SELLER shall
      notify with a telefax notice or an email notice to the BUYER stating that the first steel plate has been cut and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">10 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) keel-laying of the first section of the VESSEL, and (ii) receipt by the BUYER of the
      scanned copy of the SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the keel laying of the first section of the VESSEL has taken place, whichever occurs later. The SELLER
      shall notify with a telefax notice or an email notice to the BUYER stating that the said keel-laying has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Four Million Five Hundred and Twenty Thousand (US$
      4,520,000.00), representing ten percent (10%) of the Contract Price, shall become due and payable and be paid by the BUYER within three (3) Banking Days after (i) launching of the VESSEL, and (ii) receipt by the BUYER of the scanned copy of the
      SELLER&#8217;s proforma invoice for payment of this instalment and of the Classification Society&#8217;s statement/certification, stating the launching of the VESSEL has taken place, whichever occurs later. The SELLER shall notify with a telefax notice or an
      email notice to the BUYER stating that the launching of the VESSEL has been carried out and demand for payment of this instalment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The sum of United States Dollars Twenty Four Million Eight Hundred and Sixty Thousand (US$
      24,860,000.00), representing fifty five percent (55%) of the Contract Price, plus any increase or minus any decrease due to modifications and/or adjustments of the Contract Price in accordance with the provisions of relevant Articles hereof, shall
      become due and payable and be paid by the BUYER to the SELLER concurrently with delivery of the VESSEL. The SELLER shall send to the BUYER a telefax or an email demand for this instalment ten (10) days prior to the scheduled date of delivery of the
      VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No payment under this CONTRACT shall be delayed or withheld by the BUYER on account of any
      dispute or disagreement of whatever nature arising between the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF PAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(a) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">11 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">account no. 44050139210200000641 with beneficiary: Guangzhou Shipyard International Company Limited, or through
      other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(b) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(c) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall remit the amount of this instalment in accordance with Article II, Paragraph
      3(d) by telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX) as the receiving bank nominated by the SELLER, for credit to the BUILDER&#8217;s account no. 44050139210200000641 with
      beneficiary: Guangzhou Shipyard International Company Limited, or through other receiving bank to be nominated by the SELLER from time to time and such nomination shall be notified to the BUYER at least ten (10) days prior to the due date for
      payment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
      Instalment:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at least Three (3) Banking Days prior to the scheduled date of delivery of
      the VESSEL, make an irrevocable cash deposit in the name of the BUYER with China Construction Bank Corporation, Guangdong Free Trade Zone Branch or other bank to be nominated by the SELLER with at least ten (10) days&#8217; notice prior to the scheduled
      date of delivery of the VESSEL, for a period of thirty</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">12 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> (30) days and covering the amount of this instalment (as adjusted in accordance with the provisions of this
      CONTRACT), with an irrevocable instruction that the said amount shall be released to the SELLER against presentation by the SELLER to the said China Construction Bank Corporation, Guangdong Free Trade Zone Branch of a copy of the Protocol of Delivery
      and Acceptance signed by the BUYER&#8217;s authorized representative and the SELLER. Interest, if any, accrued from such deposit, shall be for the benefit of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is not effected on or before the expiry of the aforesaid
      thirty (30) days deposit period, the BUYER shall have the right to withdraw the said deposit plus accrued interest upon the expiry date. However, when the newly scheduled delivery date is notified to the BUYER by the SELLER, the BUYER shall make the
      cash deposit in accordance with the same terms and conditions as set out above.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for remitting payment incurred by the BUYER&#8217;s bank shall be for
      the BUYER&#8217;s account; and the expenses and bank charges of the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. PREPAYMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to make prepayment of any and all instalments before delivery
      of the VESSEL, by giving to the SELLER at least thirty (30) days prior written notice, without any price adjustment of the VESSEL for such prepayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. SECURITY FOR PAYMENT OF INSTALMENTS BEFORE DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, within five (5) Banking Days after signing of this CONTRACT, deliver to the
      SELLER an irrevocable and unconditional Letter of Guarantee (the &#8220;Corporate Guarantee&#8221;) in the form annexed hereto as Exhibit &#8220;B&#8221; in favour of the SELLER issued by CENTRAL SHIPPING INC. with its registered office at Trust Company Complex, Ajeltake
      Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter called the &#8220;Corporate Guarantor&#8221;). The Corporate Guarantee shall secure the BUYER&#8217;s obligation for the payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. REFUNDS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to delivery of the VESSEL shall be in the nature of advance to
            the SELLER, and in the event this CONTRACT is justifiably cancelled or rescinded by the BUYER, all in accordance with the specific terms of this CONTRACT permitting such cancellation or rescission, the SELLER shall refund to the BUYER in United
            States Dollars the full amount of all sums already received by the SELLER from the BUYER under this CONTRACT, together with interest (at the rate set out in respective provision thereof) from the date of receipt by the SELLER of the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">13 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">respective instalment(s) to the date of remittance by telegraphic transfer of such refund to the account specified by the BUYER.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s obligation for payment of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd </sup>and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments shall be subject to the SELLER providing the BUYER with the following Refund Guarantee securing the repayment obligation of the SELLER under this CONTRACT. As security to the
            BUYER, the SELLER shall deliver to the BUYER, within sixty (60) Banking Days following the execution of this CONTRACT, a refund guarantee (securing refund of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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            accordance with Article XIII hereof, the Refund Guarantor shall withhold and defer payment under the Refund Guarantee until the Final Award between the SELLER and the BUYER is published. The Refund Guarantor shall not be obligated to make any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expenses and bank charges for receiving and/or cancelling the Refund Guarantee charged by the BUYER&#8217;s bank shall be for the BUYER&#8217;s account; and the expenses and bank
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">14 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> Refund Guarantee charged by the SELLER&#8217;s bank shall be for the SELLER&#8217;s account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE III ADJUSTMENT OF THE CONTRACT PRICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall be subject to adjustments as hereinafter set forth.
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No adjustment shall be made, and the Contract Price shall remain unchanged for thirty (30) days of
            delay in delivery of the VESSEL beyond the Delivery Date as defined in Article VII hereof ending as of twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of
            delay.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the delivery of the VESSEL is delayed more than thirty (30) days after the date as defined in
            Article VII hereof, then, in such event, beginning at twelve o&#8217;clock midnight of the thirtieth (30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day after the date on which delivery is required under this
            CONTRACT, the Contract Price of the VESSEL shall be reduced as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 30%; text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 90<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="width: 30%; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$8,000.00</font></td>
        <td style="width: 40%">&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 91<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> &#8211; 150<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$10,000.00</font></td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From 151<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st </sup>&#8211; 210<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">US$12,500.00</font></td>
        <td>&#160;</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless the Parties hereto agree otherwise, the total
      reduction in the Contract Price shall be deducted from the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment of the Contract Price and in any event (including the event that the BUYER consents to take the
      VESSEL at the later delivery date after the expiration of two hundred and ten (210) days of delay in delivery as described in Paragraph 1(c) of this Article or after the expiration of three hundred and sixty (360) days of delay in delivery as
      described in Paragraph 3 of Article VIII) shall not be more than the sum of United States Dollars One Million Eight Hundred and Thirty Thousand (US$ 1,830,000.00) being the maximum, as above one hundred and eighty (180) days of delay in delivery from
      the thirty first (31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) day after the Delivery Date at the above specified rate of reduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other than the liquidated damages permitted under this
      Paragraph 1(b) of this Article and in any event subject to the limitation of the aforesaid maximum amount, claims of the BUYER on account of the delay in delivery of the VESSEL arising out of any nature whatsoever or caused by whatever reason shall
      be and are hereby expressly and irrevocably waived and given up by the BUYER whether under this CONTRACT or under the laws of England.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -1.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VIII. 3 and 4 of this CONTRACT, if the delay in the delivery of the VESSEL
            continues for a period of two hundred and ten (210) days after the Delivery Date as defined in Article VII, then in such event, the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">16 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">BUYER may, at its option, cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the delivery of the VESSEL shall not be deemed delayed and the
            Contract Price shall not be reduced when and if the Delivery Date of the VESSEL is extended by reason of causes and provisions of Articles V, VI, XI, XII, XIII hereof and other applicable clauses hereof and/or extensions being permitted under
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. INSUFFICIENT SPEED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed by reason of the insufficient
            speed being not more than three tenths (3/10) of one knot between the actual speed (as determined by the Trial Run after correction according to the Specifications) and the Guaranteed Speed as specified in Paragraph 4 of Article I of this
            CONTRACT.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, commencing with and including a deficiency of three tenths (3/10) of one knot in actual
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case of deficiency,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 35%; text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">above 0.3 but below 0.4 knot</font></td>
        <td style="width: 65%; text-align: justify"><font style="font-size: 10pt">US$35,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.4 but below 0.5 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$75,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.5 but below 0.6 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$125,000</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify; padding-left: 0.5in"><font style="font-size: 10pt">at or above 0.6 but below 0.7 knot</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">US$185,000</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the deficiency in actual speed (as determined by the Trial Run after correction according to the
            Specifications) of the VESSEL upon the Trial Run and/or re-Trial Run(s), is more than 0.7 knot below the Guaranteed Speed, then the BUYER may, subject to Article VI of this CONTRACT, at its option reject the VESSEL and cancel or rescind this
            CONTRACT in accordance with provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price as above provided, by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. EXCESSIVE FUEL CONSUMPTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Contract Price of the VESSEL shall not be affected nor changed if the actual fuel consumption of
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in; text-align: justify"> Guaranteed Fuel Consumption as specified in Paragraph 5 of Article I of this CONTRACT if such actual excess is equal to or
    less than six percent (6%).</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if the actual fuel consumption as determined by shop trial is greater than six percent (6%)
            above the Guaranteed Fuel Consumption, then the Contract Price shall be reduced by the sum of United States Dollars Twenty Thousand (US$ 20,000) for each full one percent (1%) increase in fuel consumption in excess of the above said six percent
            (6%) (fractions of one percent to be prorated).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the BUYER may, subject to the SELLER&#8217;s right to effect alterations or corrections as specified in the following Paragraph 3(d) of this Article III hereof at its option, cancel or
            rescind this CONTRACT, in accordance with the provisions of Article X of this CONTRACT, or may accept the VESSEL at a reduction in the Contract Price by United States Dollars Three Hundred Thousand (US$ 300,000.00) being the maximum.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If as determined by shop trial such actual fuel consumption of the Main Engine is more than eight
            percent (8%) in excess of the Guaranteed Fuel Consumption, the SELLER may investigate the cause of the non-conformity and the proper steps may promptly be taken to remedy the same and to make whatever corrections and alterations and/or re-shop
            trial test or tests as may be necessary to correct such non-conformity without extra cost to the BUYER. Upon completion of such alterations or corrections of such nonconformity, the SELLER shall promptly perform such further shop trials or any
            other tests, as may be deemed necessary to prove the fuel consumption of the Main Engine&#8217;s conformity with the requirement of this CONTRACT and the Specifications and if found to be satisfactory, give the BUYER notice of such correction and as
            appropriate, successful completion accompanied by copies of such results, and the BUYER shall, within six (6) Business Days after receipt of such notice, notify the SELLER by telefax or email of its acceptance or reject the re-shop trial
            together with the reasons therefor. If the BUYER fails to notify the SELLER by telefax or email of its acceptance or rejection of the re-shop trial together with the reasons therefor within six (6) Business Days period as provided herein, the
            BUYER shall be deemed to have accepted the shop trial.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEADWEIGHT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there is a deficiency in the actual deadweight of the VESSEL determined as
            provided in the Specifications, the Contract Price shall not be decreased if such deficiency is one (1) metric tons or less below the Guaranteed Deadweight as specified in Paragraph 6 of Article I of this CONTRACT.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, the Contract Price shall be decreased by the sum of United States Dollars Five Hundred (US$
            500) for each full metric ton of such deficiency being more than one (1) metric tons.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that there should be a deficiency in the VESSEL&#8217;s actual deadweight which exceeds ten
            (10) metric tons below the Guaranteed Deadweight, the BUYER may, subject to Article VI of this CONTRACT, at its option, reject the VESSEL and cancel or rescind this CONTRACT in accordance with the provisions of Article X of this CONTRACT, or
            may accept the VESSEL with reduction in the Contract Price in the maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. EFFECT OF RESCISSION OR CANCELLATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is expressly understood and agreed by the Parties hereto that in any case as stated
      herein, if the BUYER cancels or rescinds this CONTRACT pursuant to any provision under this Article, the BUYER, save its rights and remedy set out in Article X hereof, shall not be entitled to any liquidated damage or compensation whether described
      above or otherwise, or otherwise available under any applicable laws (including the laws of England). Any other rights or remedies whether under this CONTRACT or under any applicable laws are hereby expressly waived and given up by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The above liquidated damages shall be the BUYER&#8217;s sole and exclusive remedy for any
      excessive delay in the delivery of the VESSEL and any deficiency/insufficiency/excess in the guaranteed technical performance parameters as set out in this Article and shall be in lieu of all damages, which the BUYER may suffer by reason of such
      delay and deficiency/insufficiency/excess as set out in this Article. Save as expressly provided in this Article III hereinabove, it being further understood and agreed that the SELLER shall not be responsible or liable to the BUYER or any third
      party for any other damages, losses, expenses of any nature whatsoever (including but not limited to loss of use of the VESSEL, loss of charter costs, loss of time, loss of production, loss of profit or earnings, financing costs, loss of other
      contracts, etc.), occasioned by and/or in connection with such delay and deficiency/insufficiency/excess as set out in this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">19 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IV SUPERVISION AND INSPECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. APPOINTMENT OF THE BUYER&#8217;S SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall send in good time to and maintain at the BUILDER&#8217;s Shipyard, at the BUYER&#8217;s
      own cost, expense and risk, one or more representative(s) who shall be duly accredited in writing by the BUYER (such representative(s) being hereinafter collectively and individually called the &#8220;Supervisor&#8221;) to supervise and survey the construction
      by the BUILDER of the VESSEL, her engines and accessories. The SELLER hereby agrees to assist to arrange the invitation letter(s) for the Supervisor to apply visa to enter China provided that the Supervisor meets with the rules, regulations and laws
      of the People&#8217;s Republic of China. The BUYER undertakes to give the SELLER adequate notice for the application of visa.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall observe the safety and secrecy rules prevailing at the BUILDER&#8217;s and
      the subcontractors&#8217; premises.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPROVAL OF PLANS AND DRAWINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereto shall, within sixty (60) days after signing of this CONTRACT, mutually
      agree a list of all the plans and drawings, which are to be sent to the BUYER (hereinbelow called the &#8220;LIST&#8221;). Before arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the plans and drawings specified in the LIST shall be sent to the BUYER, and
      the BUYER shall, within twelve (12) Business Days after receipt thereof, return such plans and drawings submitted by the SELLER with comments, if any. Notwithstanding the above, the BUYER shall nevertheless waive its right to comment on the plans and
      drawings if such plans and drawings have been previously applied to build other vessels with the same specification as that of the VESSEL. Drawing approval does not relieve the SELLER of its obligations to comply with the CONTRACT and Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fifteen (15) days before the arrival of the Supervisor at the BUILDER&#8217;s Shipyard, the BUYER
      shall notify the BUILDER in writing, stating the authority which the said Supervisor shall have, with regard to the Supervisor can, on behalf of the BUYER, give comments, as the case may be, which of the plans and drawings, nevertheless in line with
      the Supervisor&#8217;s authority.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless notification is given to the BUILDER by the Supervisor or the BUYER of the comments
      to any plans and drawings within the above designated period of time for each case, the said plans and drawings shall be regarded as approved by the BUYER and shall be implemented for construction by the BUILDER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER will provide a set of drawings approved by the Classification Society to the
      BUYER for reference during the construction of the VESSEL.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUPERVISION AND INSPECTION BY THE SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The necessary inspection of the VESSEL, its machinery, equipment and outfittings shall be
      carried out by the Classification Society, and/or inspection team of the BUILDER throughout the entire period of construction in order to ensure that the construction of the VESSEL is duly performed in accordance with the CONTRACT and the
      Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor shall have, at all times during the construction of the VESSEL, the right to
      attend tests according to the mutually agreed test list and inspect the VESSEL, her engines, accessories and materials at the BUILDER&#8217;s Shipyard, its subcontractors or any other place where work is done or materials are stored in connection with the
      VESSEL. The SELLER shall give the prior notice to the Supervisor of the date and place of such tests and inspections in accordance with the stipulation under the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the Supervisor discovers any construction or material or workmanship which
      does not or will not conform to the requirements of this CONTRACT and the Specifications, the Supervisor shall forthwith give the BUILDER a notice in writing as to such nonconformity, upon receipt of which the BUILDER shall correct such nonconformity
      if the BUILDER agrees with the BUYER. In any circumstances, the BUILDER shall be entitled to proceed with the construction of the VESSEL even if there exists a discrepancy in the opinion between the BUYER and the SELLER, without however prejudice to
      the BUYER&#8217;s right for submitting the issue for determination by the Classification Society or arbitration in accordance with the provisions hereof. However, the BUYER undertakes and assures the SELLER that the Supervisor shall carry out his
      inspections in accordance with the agreed test list, the SELLER&#8217;s working schedule and usual shipbuilding practice and shall not cause any increase in building costs and delays in the construction of the VESSEL. Once an inspection and/or a test has
      been witnessed and approved by the Supervisor, the same inspection and test should not have to be repeated, provided it has been carried out in compliance with the requirements of the Classification Society and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER agrees to furnish free of charge the Supervisor with adequately sized and
      furnished, heated and air-conditioned office space, and other reasonable facilities according to the BUILDER&#8217;s practice at, or in the immediate vicinity of the BUILDER&#8217;s Shipyard. But the fees whether for Chinese domestic or the international
      communication or any communication outside the BUILDER&#8217;s Shipyard, like telephone, telefax and internet, etc. shall be borne by the BUYER. At all times, during the construction of the VESSEL until delivery thereof, the Supervisor shall be given free
      and ready access to the VESSEL, her engines and accessories, and to any other place where the work is being done, or the materials are being processed or stored, in connection with the construction of the VESSEL, including the yards, workshops,
      stores of the BUILDER, and the premises of </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">subcontractors of the BUILDER, who are doing work, or storing materials in connection with the VESSEL&#8217;s
      construction. The expenses of the transportation and accommodation for the said access to the SELLER&#8217;s subcontractors, if the straight-line distance from Nansha District of Guangzhou City to the SELLER&#8217;s subcontractors is less than 150 km, shall be
      for the BUYER&#8217;s account, otherwise for the SELLER&#8217;s account (i.e. more than 150 km). The transportation in any nature whatsoever shall be provided to the Supervisor by the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER undertakes to maintain sufficient number of the Supervisor at the BUILDER&#8217;s
      Shipyard throughout the period of construction of the VESSEL so as to meet the BUILDER&#8217;s requirements for inspection, survey and attending tests and/or trials. The BUYER agrees and undertakes that it will cause the Supervisor to perform inspections,
      survey and attending tests and/or trials in all circumstances, regardless whether such required inspection, survey and attending tests and/or trials will occur during the daytime or in the evening, during the weekend (Saturday and Sunday) or any
      public holiday.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the Supervisor fail to conduct any inspection or attend any test (after notice by the
      BUILDER of the same) due to any reason whatsoever, the BUILDER shall be entitled to carry out the construction and/or test without inspection and/or attendance of the Supervisor and such work so carried out shall be treated as approved by the
      Supervisor, provided that such work meets the requirements of the Classification Society (i.e. with regard to the class-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the maker (i.e. with regard to the non-class-related
      but maker-related test(s) and/or trial(s) and/or inspection(s)) or the requirements of the SELLER (i.e., with regard to the non-class-related and non-maker-related test(s) and/or trial(s) and/or inspection(s)).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The decision, approval or advice of the Supervisor shall be deemed to have been given by the
      BUYER and once given shall not be withdrawn, revoked or modified except with consent of the BUILDER. However, if the Supervisor fails to submit to the BUILDER without delay any such demand concerning alterations with respect to the building,
      arrangement or outfit of the VESSEL, her engines or accessories, or any other items or matters in connection herewith, which the Supervisor has examined or inspected or attended at the tests thereof under this CONTRACT or the Specifications, the
      Supervisor shall be deemed to have approved the same and shall be precluded from making any demand for alterations or other complaints with respect thereto at a later date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Without influence of the BUILDER&#8217;s construction schedule, the BUYER is allowed to take
      photographs of all major events, under the BUILDER&#8217;s guidance, in relation to the construction of the VESSEL, provided that such photographs shall capture the VESSEL and components thereof only. The BUYER shall also be entitled to take photographs or
      videos of such events at the BUYER&#8217;s expense under the strict guidance of the BUILDER&#8217;s personnel and in a manner that does not interrupt the SELLER&#8217;s construction work, provided always that such photographs or videos of the event taken by the BUYER
      shall be pre-approved by </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">22 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the BUILDER case by case each time. Any delay or disruption to the BUILDER&#8217;s work shall be deemed to be an
      automatic extension of the Delivery Date under Article VII.1 of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall also assist the BUYER in obtaining (i) accommodation, in the vicinity of
      its shipyard, for each Supervisor, and (ii) all necessary residence permits and visas for each of the non-Chinese nationals Supervisors, as required throughout the construction of the VESSEL, provided that the nationalities and other personal
      particulars of such Supervisor are acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of China then prevailing. Any expense incurred by the BUILDER shall be reimbursed by the BUYER to the SELLER within thirty (30)
      days of the BUYER&#8217;s receipt of the SELLER&#8217;s invoice. The SELLER shall be entitled to charge the BUYER an administrative cost of ten percent (10%) of such costs to be reimbursed.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. LIABILITY OF THE SELLER</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Supervisor engaged by the BUYER under this CONTRACT shall at all times be deemed to be
      in the employ of the BUYER. The SELLER shall be under no liability whatsoever to the BUYER, or to the Supervisor or the BUYER&#8217;s employees or agents for personal injuries, including death, during the time when they, or any of them, are on the VESSEL,
      or within the premises of either the SELLER or its subcontractors, or are otherwise engaged in and about the construction of the VESSEL, unless, however, such personal injuries, including death, were caused by gross negligence of the SELLER, or of
      any of the SELLER&#8217;s employees or agents or subcontractors of the SELLER. Nor shall the SELLER be under any liability whatsoever to the BUYER for damage to, or loss or destruction of property in China of the BUYER or of the Supervisor, or of the
      BUYER&#8217;s employees or agents, unless such damage, loss or destruction was caused by gross negligence of the SELLER, or of any of the employees, or agents or subcontractors of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALARIES AND EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All salaries and expenses of the Supervisor, or any other employees employed by the BUYER
      under this Article, shall be for the BUYER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. REPLACEMENT OF SUPERVISOR</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER has the right to request the BUYER in writing to replace any of the Supervisor
      who is deemed unprofessional and unsatisfactory for the proper progress of the VESSEL&#8217;s construction together with reasons. The BUYER shall investigate the situation by sending its representative to the BUILDER&#8217;s Shipyard, if necessary, and if the
      BUYER considers that such SELLER&#8217;s request is justified, the BUYER shall effect the replacement as soon as conveniently arrangeable.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">23 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE V MODIFICATION, CHANGES AND EXTRAS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. HOW EFFECTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Specifications and plans in accordance with which the VESSEL is constructed, may be
      modified and/or changed at any time hereafter by written agreement of the Parties hereto, provided that such modifications and/or changes or an accumulation thereof will not, in the BUILDER&#8217;s sole judgment, adversely affect the BUILDER&#8217;s other
      commitments and provided further that the BUYER shall assent to adjustment of the Contract Price, time of delivery of the VESSEL and other terms of this CONTRACT, if any, as hereinafter provided. Subject to the above, the SELLER hereby agrees to
      exert its best efforts to accommodate such reasonable requests by the BUYER so that the said changes and/or modifications may be made at a reasonable cost and within the shortest period of time which is reasonable and possible. Any such agreement for
      modifications and/or changes shall include an agreement as to the increase or decrease, if any, in the Contract Price of the VESSEL together with an agreement as to any extension or reduction in the time of delivery, providing to the SELLER
      additional securities satisfactory to the SELLER, or any other alterations in this CONTRACT, or the Specifications occasioned by such modifications and/or changes. The aforementioned agreement to modify and/or to change the Specifications and/or
      plans may be effected by an exchange of duly authenticated letters, or telefax, or email, manifesting such agreement. The letters and/or telefaxes and/or emails exchanged by the Parties hereto pursuant to the foregoing shall constitute an amendment
      of the Specifications under which the VESSEL shall be built, and such letters, telefaxes and emails shall be deemed to be incorporated into this CONTRACT and the Specifications by reference and made a part hereof. Upon consummation of the agreement
      to modify and/or to change the Specifications, the SELLER shall alter the construction of the VESSEL in accordance therewith, including any additions to, or deductions from, the work to be performed in connection with such construction. If, due to
      whatever reasons, the Parties hereto shall fail to agree on the adjustment of the Contract Price or extension of time of delivery or providing additional security to the SELLER or modification of any terms of this CONTRACT which are necessitated by
      such modifications and/or changes, then the SELLER shall have no obligation to comply with the BUYER&#8217;s request for any modification and/or changes.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. CHANGES IN RULES AND REGULATIONS, ETC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, after the date of signing of this CONTRACT, any requirements as to the rules and regulations as
            specified in this CONTRACT and the Specifications to which the construction of the VESSEL is required to conform, are altered or changed by the Classification Society or the other regulatory bodies authorized to make such alterations or
            changes, the SELLER and/or the BUYER, upon receipt of the notice thereof, shall transmit such information </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">24 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">in full to each other in writing, whereupon within twenty one (21) days after receipt of the said notice by the BUYER from the SELLER or vice versa, the BUYER shall instruct
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any increase or decrease in the Contract Price of the VESSEL that is occasioned by the cost
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any extension in the time for delivery of the VESSEL that is necessary due to such compliance;
            and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 21.15pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As to any other alterations in the terms of this CONTRACT or of the Specifications or both, if such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the price is to be increased, then, as to providing to the SELLER additional securities satisfactory to the SELLER.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 49.5pt; text-align: justify; text-indent: -21.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            other regulatory bodies, and further if, due to whatever reasons, the Parties fail to agree on the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and deadweight
            or providing additional security to the SELLER or any alternation of the terms of this CONTRACT, if any, then the SELLER shall be entitled to proceed with the construction of the VESSEL in accordance with, and the BUYER shall continue to be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            other regulatory bodies, then, notwithstanding any dispute between the BUYER and the SELLER relating to the adjustment of the Contract Price or extension of the time for delivery or the adjustment of the guaranteed speed, fuel consumption and
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">CONTRACT, if any, the SELLER shall promptly comply with such alterations or changes first. The BUYER shall, in any event, bear the costs and expenses for such alterations or
          changes and the SELLER shall in any such event be entitled to the extension of the Delivery Date and increase of the Contract Price and other alterations to the terms of this CONTRACT. In the absence of mutual agreement, dispute on any such issue
          shall be determined by arbitration in accordance with Article XIII of this CONTRACT.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. SUBSTITUTION OF MATERIALS AND/OR EQUIPMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that any of the machinery, materials, equipments, services and/or parts
      required by this CONTRACT and the Specifications for the construction of the VESSEL cannot be procured or supplied in time, or there are mistake(s) under the Specifications, or there lacks mature technique, or there is no such machinery, material,
      equipment, service and/or parts available/applicable in the market which complies with the requirements hereunder, or it does not meet with international or industrial practice, or there occurs any event or contingency under Article VIII.1 of this
      CONTRACT (without prejudice to the SELLER&#8217;s right for the extension of the Delivery date thereunder), which might affect or has affected the scheduled construction and/or delivery of the VESSEL, the SELLER is entitled to select and use alternative
      machinery and/or materials and/or equipments and/or services and/or parts of the equivalent quality, capable of meeting the applicable and mandatory rules and regulations with which the construction of the VESSEL must comply, Seller will provide
      notice and proof of equivalent quality to the BUYER .</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. BUYER SUPPLIED ITEMS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall, at its own risk, cost and expense, supply and deliver to the BUILDER at the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should the BUYER fail to deliver to the BUILDER such BUYER Supplied Items together with
      relevant documents, drawings and other information within the time specified, the delivery of the VESSEL shall automatically be extended for a period of such delay. In such event, the BUYER shall pay to the SELLER all losses and damages sustained by
      the SELLER due to such delay in the delivery of the BUYER Supplied Items and such payment shall be made upon delivery of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore, if the delay in delivery of the BUYER Supplied Items should exceed fifteen (15)
      days, the SELLER shall be entitled to proceed with construction of the VESSEL without installation of such items in or onto the VESSEL, without prejudice to the SELLER&#8217;s right hereinabove provided, and the BUYER shall accept the VESSEL so completed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">26 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall be responsible for storing and handling of the BUYER Supplied Items as
      specified in the Specifications after delivery to the BUILDER and shall install them on board the VESSEL at the BUILDER&#8217;s expenses.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER, if so requested by the BUILDER, shall without any charge to the BUILDER, cause
      the representatives of the manufactures of the BUYER Supplied Items to, within the time requested by the BUILDER, assist the BUILDER in installation thereof in or on the VESSEL and/or to carry out installation thereof by themselves or to make
      necessary adjustments thereof at the BUILDER&#8217;s Shipyard.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon arrival of such shipment of the BUYER Supplied Items, both Parties shall undertake a
      joint unpacking inspection. If any damages are found to be not suitable for installation, the BUILDER shall be entitled to refuse to take the BUYER Supplied Items into its custody. During storage at the BUILDER&#8217;s Shipyard such BUYER Supplied Items
      shall be clearly marked and identified for installation on board the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be responsible for the quality, performance or efficiency of the BUYER
      Supplied Items and is under no obligation with respect to the guarantee of such BUYER Supplied Items against any defects caused by defective quality, performance or efficiency thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of rescission or cancellation of the CONTRACT by the BUYER in accordance with
      this CONTRACT, the SELLER shall return all the BUYER Supplied Items it has received. In the event that any such return is impossible or impractical judged by the SELLER, the SELLER shall compensate the BUYER for actual purchase price (as at the date
      the BUYER purchased such items together with the purchase invoice, excluding transportation, insurance and all other costs or expenses) the BUYER paid for any such BUYER Supplied Items which cannot be returned.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. ISSUES ATTRIBUTABLE TO BUYER DESIGNATED PARTY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 14.15pt; text-indent: -14.15pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case the SELLER enters into design contract(s) and/or equipment purchase contract(s) (or
      equivalent) with designer and/or supplier at the request of the BUYER or as designated by the BUYER, any event of delay or failure in producing, procuring and supplying plans, drawings, certificates, documentation, equipments and/or services and/or
      any event of defects, deficiencies, performance, quantity and/or quality problems and/or any event of dispute with a third party or third parties attributable to such designer and/or supplier and which has affected, is affecting or may affect the
      SELLER&#8217;s construction and/or delivery of the VESSEL (including, without limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the
      VESSEL) (collectively &#8220;<b>Issues Attributable To BUYER Designated Party</b>&#8221;) </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">27 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">shall be solely borne by the BUYER and not the SELLER, including that, (a) the Delivery Date under this
      CONTRACT shall be automatically extended and postponed for a period of continuance of any such Issues Attributable To BUYER Designated Party, (b) the extra costs and expenses incurred by the SELLER in relation to or arising from any such Issues
      Attributable To BUYER Designated Party shall be added to the final/delivery instalment of the Contract Price, and (c) should any such Issues Attributable To BUYER Designated Party continues for fifteen (15) days in aggregate, the SELLER has the right
      (but not the obligation) to choose to: either replace such designer and/or supplier at the BUYER&#8217;s time and costs, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to accept and take delivery of the VESSEL so
      delivered despite and notwithstanding that there still exist outstanding Issues Attributable To BUYER Designated Party at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to a sixty (60) days&#8217; notice from the BUILDER to the BUYER prior to the specific
      date for supply of such BUYER designated equipment or supplies, in case (a) there is delay, supply and/or quality problem of any equipment or supplies due to reasons not attribute to the SELLER, and (b) the relevant supplier for the said equipment or
      supplies under the Maker&#8217;s List is requested or preferred by the BUYER, both Parties hereby agree and acknowledge to jointly and equally bear the influence, risk and consequence caused by such delay, supply and/or quality problem (including, without
      limitation, the influence, risk and/or consequence upon the class, safety, operation, design, quality, sea trial, construction, delivery and other aspects and schedules of the VESSEL). In such case, (a) the Delivery Date under this CONTRACT shall be
      automatically extended and postponed until the said delay, supply and/or quality problem has been duly resolved, and (b) Fifty percent (50%) of the extra costs and expenses incurred by the SELLER thereof shall be borne by the BUYER and added to the
      final/delivery instalment of the Contract Price, and (c) should any such delay, supply and/or quality problem remain unresolved for ten (10) days in aggregate, the SELLER has the right (but not the obligation) to choose to: either replace such
      supplier with another one under the Maker&#8217;s List with both Parties equally bearing the costs and expenses in relation to or arising from the replacement, or proceed with the construction and delivery of the VESSEL and the BUYER shall be obliged to
      accept and take delivery of the VESSEL so delivered despite and notwithstanding that there still exist outstanding delay, supply and/or quality problem and/or negative influence, risk and/or consequence at the time of delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under any of above events, the BUYER shall, at its own costs, actively and timely cooperate
      with and/or assist in the SELLER, the designer and/or supplier, </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">for the purpose of duly resolving and/or eliminating the said issues, problems, influence, risk and/or
      consequence as soon as practically possible.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VI TRIALS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. NOTICE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall receive from the SELLER at least twenty one (21) days approximate notice in
      advance and seven (7) days definite notice in advance by telefax or email of the time and place of the VESSEL&#8217;s sea trial as described in the Specifications (hereinafter called the &#8220;Trial Run&#8221;) and the BUYER shall promptly acknowledge receipt of such
      notice. The Supervisor and the BUYER&#8217;s representative(s) shall be entitled to be on board the VESSEL to witness such Trial Run, and to check upon the performance of the VESSEL during the same. Failure of the Supervisor to be present after receipt of
      due notice as provided above, shall be deemed as that the BUYER has waived its right to have its Supervisor on board the VESSEL during the Trial Run, and the BUILDER may conduct such Trial Run without the Supervisor being present. In such case, the
      BUYER shall be obliged to accept the VESSEL on the basis of a certificate jointly signed by the Classification Society and the BUILDER certifying that the VESSEL, after Trial Run subject to minor alterations and corrections as provided in this
      Article, if any, is found to conform to the CONTRACT and the Specifications. The SELLER hereby agrees to assist to arrange the invitation letter for the Supervisor to apply visa to enter China. However, should the nationalities and other personal
      particulars of the Supervisor be not acceptable to the SELLER in accordance with the relevant rules, regulations and/or laws of the People&#8217;s Republic of China then prevailing, then the BUYER shall effect replacement of all or any of them immediately.
      Otherwise the Delivery Date as stipulated in Article VII hereof shall be extended by the delays so caused by the BUYER. In the event of unfavorable weather on the date specified for the Trial Run, the same shall take place on the first available day
      thereafter that the weather conditions permit. The Parties hereto recognize that the weather conditions in Chinese waters in which the Trial Run is to take place are such that great changes in weather may arise momentarily and without warning and,
      therefore, it is agreed that if during the Trial Run of the VESSEL, the weather should suddenly become unfavorable, as would have precluded the continuance of the Trial Run, the Trial Run of the VESSEL shall be discontinued and postponed until the
      first favorable day next following, unless the BUYER shall assent by telefax or email of its acceptance of the VESSEL on the basis of the Trial Run made prior to such sudden change in weather conditions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inspections and/or tests of any part of the VESSEL, including its equipment has been
      witnessed during the Trial Run and proved to conform to the requirements of this CONTRACT and the Specifications shall not be repeated during the re-Trial Run(s).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any delay to the Trial Run as a result of unfavorable weather or sea conditions shall
      operate to extend the Delivery Date by the period of delay, but such </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">extension shall not be more than five (5) days. Such extension of the Delivery Date shall be regarded as
      mutually agreed change of the Delivery Date and shall be distinguished from the Permissible Delays and non-Permissible Delays stipulated in this CONTRACT which will entitle the BUYER to cancel and/or rescind this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. HOW CONDUCTED</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All expenses in connection with Trial Run of the VESSEL are to be for the account of the BUILDER,
            who, during the Trial Run and when subjecting the VESSEL to Trial Run, are to provide, at its own expense, the necessary crew to comply with conditions of safe navigation. The Trial Run shall be conducted in the manner prescribed in the
            Specifications and shall prove fulfillment of the performance required for the Trial Run as set forth in the Specifications.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The course of Trial Run shall be determined by the BUILDER and shall be conducted
      within the trial basin equipped with speed measuring facilities.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUILDER shall provide the VESSEL with the required quantities of water, fuel oil and greases
            with exception of lubrication oil and hydraulic oil which shall be supplied by the BUYER for the conduct of the Trial Run or re-Trial Run(s) as prescribed in the Specifications. The fuel oil and greases supplied by the SELLER, and lubricating
            oil and hydraulic oil supplied by the BUYER shall be in accordance with the applicable engine specifications, and the cost of the quantities of water, fuel oil, lubricating oil, hydraulic oil and greases consumed during the Trial Run or
            re-Trial Run(s) shall be for the account of the BUILDER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TRIAL LOAD DRAFT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the supplies provided by the BUYER in accordance with sub-paragraph (b) of
      the preceding Paragraph 2 of this Article hereof, the BUILDER shall provide the VESSEL with the required quantity of fresh water and other stores necessary for the conduct of the Trial Run. The necessary ballast (fresh and sea water and such other
      ballast as may be required) to bring the VESSEL to the trial load draft as specified in the Specifications, shall be for the BUILDER&#8217;s account.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. METHOD OF ACCEPTANCE OR REJECTION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon notification of the BUILDER of the completion of the Trial Run of the VESSEL, the BUYER or the
            Supervisor shall within ten (10) days thereafter, notify the BUILDER by telefax or email of its acceptance of the VESSEL or of its rejection of the VESSEL together with the reasons, and a list of items which the BUYER or the Supervisor contends
            do not meet the requirement of this CONTRACT and/or the Specifications.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">31 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, should the result of the Trial Run indicate that the VESSEL or any part thereof including
            its equipment does not conform to the requirements of this CONTRACT and the Specifications, then the BUILDER shall investigate with the Supervisor the cause of failure and the proper steps shall be taken to remedy the same and shall make
            whatever corrections and alterations and/or re-Trial Run(s) as may be necessary, and upon notification by the BUILDER of completion of such alterations or corrections and/or re-Trial Run(s), the BUYER shall, within five (5) days thereafter,
            notify the SELLER by telefax or email of its acceptance or rejection of the VESSEL together with the reason therefor on the basis of the alterations and corrections and/or re-Trial Run(s) by the BUILDER. The notice requirements in Paragraph 1
            of this Article shall not be applicable to such re-Trial Run(s). The SELLER shall be entitled, and the BUYER hereby consents with the SELLER&#8217;s entitlement, to effect any such corrections or alterations or re-Trial Run(s) immediately or at the
            time as considered appropriate or necessary by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that the BUYER fails to notify the SELLER by telefax or email of its acceptance or
            rejection of the VESSEL together with the reason and a list of items which the BUYER contends do not meet the requirement of this CONTRACT and/or the Specifications within six (6) days period or three (3) days as provided for in the above
            sub-paragraphs (a) and (b), the BUYER shall be deemed to have accepted the VESSEL.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute arising among the Parties hereto as to the result of any Trial Run or further tests or
            trials, as the case may be, of the VESSEL shall be solved by reference to arbitration as provided in Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to Article VI.6 below, nothing herein shall preclude the BUYER from accepting the VESSEL
            with its qualifications and/or remarks following the Trial Run and/or further tests or trials as aforesaid and the SELLER shall be obliged to comply with and/or remove such qualifications and/or remarks (if such qualifications and/or remarks
            are acceptable to the SELLER in writing and attributable to the SELLER) as soon as possible.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. DISPOSITION OF SURPLUS CONSUMABLE STORES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should any amount of fuel oil, fresh water, or other unbroached consumable stores furnished
      by the BUILDER for the Trial Run or re-Trial Run(s) remain on board the VESSEL at the time of acceptance thereof by the BUYER, the BUYER agrees to buy the same from the SELLER at the original purchase price incurred by the BUILDER at the port of
      delivery thereof, and payment by the BUYER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT. In measuring the consumed quantity, lubricating oils, hydraulic oil and greases remaining in the main engine, other machinery and
      their pipes, stern tube and the like, shall be excluded and not deemed to be consumed.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">32 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall supply lubricating oil and hydraulic oil for the purpose of Trial Run or
      re-Trial Run(s) at its own expenses and the SELLER will reimburse for the amount of lubricating oil and hydraulic oil actually consumed for the said Trial Run or re-Trial Run(s) at the original purchase price incurred by the BUYER and payment by the
      SELLER shall be effected as provided in Article II. 3(e) and 4(e) of this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. EFFECT OF ACCEPTANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER&#8217;s acceptance of the VESSEL in accordance with the provisions set out above, shall
      be final and binding so far as conformity of the VESSEL to this CONTRACT and the Specifications is concerned, and shall preclude the BUYER from refusing formal delivery by the SELLER of the VESSEL, as hereinafter provided, if the SELLER complies with
      all other procedural requirements for delivery as hereinafter set forth.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at the time of delivery of the VESSEL, there are deficiencies in the VESSEL, such
      deficiencies should be resolved in such way that if the deficiencies are of minor importance, and do not in any way affect the safety or the operation of the VESSEL, its crew, passengers or cargo, the SELLER shall be nevertheless entitled to tender
      the VESSEL for delivery and the BUYER shall be nevertheless obliged to take delivery of the VESSEL, provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER shall for its own account remedy the deficiency and fulfill the requirements as soon as
            possible, or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">if elimination of such deficiencies will affect timely delivery of the VESSEL, then the SELLER shall
            indemnify the BUYER for any direct cost charged by the repairer for remedying these minor non-conformities elsewhere from China as a consequence thereof, excluding, however, any other losses and/or damages (i.e. loss of charter cost, loss of
            time, loss of profit or earning, loss of hire or demurrage) in connection with the VESSEL.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VII DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. TIME AND PLACE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The VESSEL shall be delivered safely afloat by the SELLER to the BUYER at the BUILDER&#8217;s
      Shipyard on or before 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> December 2029, provided that, in the event of delays in the construction of the VESSEL or any performance required under this CONTRACT due to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      reaches the physical delivery condition after 15<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> December but before next January, then the Parties shall sign a completion agreement to confirm that the VESSEL has
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provided that the BUYER and the SELLER shall each have fulfilled all of their respective
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF TRIALS of the VESSEL made by the BUILDER pursuant to the Specifications;</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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            specified in the Specifications, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF STORES OF CONSUMABLE NATURE made by the BUILDER referred to under Paragraph 5 of Article
            VI hereof;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FINISHED DRAWINGS AND PLANS pertaining to the VESSEL as stipulated in the Specifications, made by
            the BUILDER in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PROTOCOL OF DEADWEIGHT AND INCLINING EXPERIMENT, made by the BUILDER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL equipment and test CERTIFICATES required to be furnished upon departure of the VESSEL pursuant
            to the Specifications in hard copy and electronic format;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ALL passwords and user access codes, if applicable.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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      (2) copies to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the full term certificate or certificates are unable to be issued at the time
      of delivery by the Classification Society or any third party other than the BUILDER, then the provisional certificate or certificates as issued by the Classification Society or the third party other than the BUILDER with the full term certificates to
      be furnished by the BUILDER after delivery of the VESSEL and in any event before the expiry of the provisional certificates shall be acceptable to the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">DECLARATION OF WARRANTY issued by the SELLER that the VESSEL is delivered to the BUYER free and
            clear of any liens, charges, claims, mortgages, or other encumbrances upon the BUYER&#8217;s title thereto, and in particular, that the VESSEL is absolutely free of all burdens in the nature of imposts, taxes or charges imposed by the province or
            country of the port of delivery, as well as of all liabilities of the SELLER to its subcontractors, employees and crews and/or all liabilities arising from the operation of the VESSEL in Trial Run or re-Trial Run(s), or otherwise, prior to
            delivery;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">COMMERCIAL INVOICE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BILL OF SALE made by the SELLER;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">BUILDER&#8217;s Certificate made by the BUILDER.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">35 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. TITLE AND RISK</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title to and risk of the VESSEL shall pass to the BUYER only upon delivery thereof. As
      stated above, it being expressly understood that, until such delivery is effected, title to the VESSEL and her equipment shall remain at all times with the SELLER and are at the entire risk of the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. REMOVAL OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall take possession of the VESSEL immediately upon delivery and acceptance
      thereof, and shall remove the VESSEL from the premises of the BUILDER within seven (7) days after delivery and acceptance thereof is effected. If the BUYER shall not remove the VESSEL from the premises of the BUILDER within the aforesaid seven (7)
      days, then, in such event, without prejudice to the SELLER&#8217;s right to require the BUYER to remove the VESSEL immediately at any time thereafter, the BUYER shall pay to the SELLER the reasonable mooring charge of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. TENDER OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER fails to take delivery of the VESSEL after completion without justified reason,
      the SELLER shall have the right to tender the VESSEL for delivery.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. SPARE PARTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall furnish spare parts, tools and accessories for the VESSEL in accordance
      with the manufacturer&#8217;s normal standard delivery, or as otherwise provided in the Specifications. The cost of such spare parts, tools and accessories are included in the Contract Price. The same shall be properly protected by the SELLER according to
      the SELLER&#8217;s common practice, and stored in such a manner which permits easy access and control depending upon size and type. During any tests and trials of the VESSEL as further provided herein, the SELLER shall, if necessary, be entitled to use the
      VESSEL&#8217;s spare parts, tools and accessories but shall, prior to the Delivery Date, replace all such used spare parts.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE VIII DELAYS &amp; EXTENSION OF TIME FOR DELIVERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. CAUSES OF DELAY (FORCE MAJEURE)</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If, at any time before actual delivery, either the construction or delivery of the VESSEL or
      any work or performance required hereunder as a prerequisite of construction and/or delivery of the VESSEL is delayed due to war, blockade, revolution, insurrection, mobilization, civil commotions, riots, strikes, sabotage, lockouts (on a city
      level), local temperature higher than 36 degree centigrade or lower than minus 10 degree centigrade, Acts of God, the public enemy, terrorism, plague and/or pandemic and/or epidemic (including the relevant quarantine, lockdown, control, border and/or
      restriction measures), prolonged failure or restriction of electric current from an outside source, embargoes, earthquakes, tidal waves, tsunami, typhoons, hurricanes, storms or any other extraordinary cause beyond the reasonable control of the
      SELLER and/or any of its subcontractors or key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), as the case may be, or due to destruction or loss or damage of the SELLER or the works of the SELLER and/or any of its subcontractors or
      key equipment suppliers (i.e. main engine, propeller, gearbox, etc.), or of the VESSEL or any part thereof, or of any machinery, equipment, supply or part for the VESSEL during transit or in storage, by fire, flood, traffic incident, sea freight/air
      freight incident, loss or any other extraordinary cause beyond the reasonable control of the SELLER and/or any of its subcontractors or suppliers, or due to the bankruptcy of any of the SELLER&#8217;s subcontractors or suppliers, or due to interruption,
      suspension, influence or delay upon the SELLER or the supply chain in respect of the VESSEL (including the supply chain or the services of any of the subcontractors and/or suppliers) by any of above causes or any other cause beyond the reasonable
      control of the SELLER, then, in any such event, provided that such event or its causes could not be foreseen at the time of signing this CONTRACT or be avoided or overcome by the SELLER&#8217;s exercise of due diligence, the SELLER shall not be liable for
      such delay and the Delivery Date under this CONTRACT shall be extended without any reduction in the Contract Price for a period of time which shall not exceed the total accumulated time of all such delays, subject to the BUYER&#8217;s right of cancellation
      under Paragraph 3 of this Article and subject nevertheless to any and all other provisions of this CONTRACT which permit extension of the Delivery Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is also agreed that if any of the above events is to occur, the SELLER shall use all
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within seven (7) days from the date of commencement of any event on account of which the
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">the time for delivery of the VESSEL, the SELLER shall advise the BUYER by telefax or email, of the date such
      event commenced, and the reasons therefor.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Likewise within seven (7) days after such event ends, the SELLER shall advise the BUYER by
      telefax or email, of the date such event ended, and also shall specify the maximum period of the time by which the date for delivery of the VESSEL is extended by reason of such event. Failure of the BUYER to acknowledge the SELLER&#8217;s notification of
      any claim for extension of the Delivery Date within ten (10) days after receipt by the BUYER of such notification, shall be deemed to be a waiver by the BUYER of its right to object to such extension.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure by the SELLER to give any of the notices in accordance with the aforesaid time
      schedule shall be deemed as the SELLER has abandoned it right to claim any extension of the delivery date of the VESSEL.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. RIGHT TO CANCEL FOR EXCESSIVE DELAY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the total accumulated time of all delays on account of the causes specified in Paragraph
      1 of the Article VIII aggregate to one hundred and eighty (180) days or more, or if the total accumulated time of all delays on account of the causes specified in Paragraph 1 of this Article VIII and non-Permissible Delays as described in Paragraph 1
      of Article III aggregate to three hundred and sixty (360) days or more, in any circumstances, excluding delays due to arbitration as provided for in Article XIII hereof or due to default in performance by the BUYER, or due to delays in delivery of
      the BUYER Supplied Items, and excluding delays due to causes which, under Article V, VI, XI, XII and any other provisions hereof, permit extension or postponement of the time for delivery of the VESSEL, then in such event, the BUYER may in accordance
      with the provisions set out herein cancel or rescind this CONTRACT by serving upon the SELLER telefaxed or emailed notice of cancellation or recession and the provisions of Article X of this CONTRACT shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFINITION OF PERMISSIBLE DELAYS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays on account of such causes as provided for in Paragraph 1 of this Article VIII
      excluding any other extensions or postponement of a nature which under the terms of this CONTRACT and/or applicable laws permit extension or postponement of the Delivery Date or delays due to reasons attributable to the BUYER, shall be understood to
      be (and are herein referred to as) Permissible Delays, and are to be distinguished from non-Permissible Delays on account of which the Contract Price of the VESSEL is subject to adjustment as provided for in Article III hereof. Notwithstanding any
      other stipulations of this CONTRACT, the Parties hereby agree that a default in performance of, or any breach of this CONTRACT by, or reasons attributable to, the BUYER or the events described under this CONTRACT permit extension of the Delivery Date
      shall entitle the SELLER to extend the Delivery Date. Such extension of the Delivery Date shall </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">be regarded as mutually agreed change of the Delivery Date and shall be distinguished from the Permissible
      Delays and non-Permissible Delays which will entitle the BUYER to cancel or rescind this CONTRACT.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE IX WARRANTY OF QUALITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. GUARANTEE OF MATERIAL AND WORKMANSHIP</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject to the provisions hereinafter set forth, the SELLER undertakes to remedy, free of
      charge to the BUYER, any defects in the VESSEL, her hull and machinery and all parts and equipment thereof, excluding the BUYER Supplied Items, which are due to defective materials and/or poor workmanship on the part of the SELLER provided that: (i)
      defects are discovered within a period of twelve(12) months after the date of delivery of the VESSEL and a notice thereof is duly given to the SELLER as provided under Paragraph 2 of this Article; and (ii) the liability of the SELLER shall be limited
      to those set forth in Paragraph 3(a) of this Article and subject to all such exclusion of the SELLER&#8217;s liabilities as described in Paragraph 4 of this Article.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the purpose of this Article, the VESSEL shall include her hull, machinery, equipment and
      gear, but exclude any parts of the VESSEL which have been supplied by or on behalf of the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the foregoing, the SELLER further guarantees any repaired or replaced parts
      affected pursuant to this Article IX for a further period of six (6) months from the date of successful completion of the repair or replacement of such parts, provided however that the total guarantee period for any and all such extended warranty
      period(s) shall not exceed eighteen (18) months following delivery to and acceptance by the BUYER of the VESSEL in any circumstances, being the maximum.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall notify the SELLER by telefax or email of any defects for which a claim is
      made under this guarantee as promptly as possible after discovery thereof. The BUYER&#8217;s written notice shall describe the nature and the extent of the defect. The SELLER shall have no obligation for any defects discovered prior to the expiry date of
      the said twelve (12) months period, unless notice of such defects is received by the SELLER no later than three (3) days after such expiry date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. REMEDY OF DEFECTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall remedy, at its expense, any defects against which the VESSEL is guaranteed under
            this Article, by making all necessary repair(s) and/or replacement(s) as soon as reasonably practicable for both Parties. Such aforesaid repair(s) and/or replacement(s), as the case may be and, in any event, constitutes the sole liability of
            the SELLER and sole remedy to </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">40 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">the BUYER, whether under this CONTRACT or under any applicable laws. In either case whether all necessary repairs or replacements are performed by the BUILDER at the
          BUILDER&#8217;s Shipyard or elsewhere as provided for in 3(b) below, the SELLER shall, in no circumstances, be responsible for any towage, dockage, wharfage, port charges or anything else incurred for or occasioned by the BUYER&#8217;s getting and keeping
          the VESSEL ready for such repairing and replacing. In any case, the VESSEL shall be taken at the BUYER&#8217;s sole cost and responsibility to the place elected, ready in all respects for such repairs or replacements.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, if it is impractical to make the repair by the SELLER, the BUYER shall cause the necessary
            repairs or replacements to be made elsewhere which is deemed suitable for the purpose, provided that, in such event, the SELLER may forward or supply replacement parts or materials to the VESSEL, unless forwarding or supplying thereof to the
            VESSEL would impair or delay the operation or working schedule of the VESSEL. Upon delivery of the duly repaired or replaced spare parts by the SELLER, the BUYER and its crew shall undertake the disassembly and reinstallation of such parts at
            no additional cost, except where the installation requires specialized skills or expertise. In the event that the BUYER proposes to cause the necessary repairs or replacements to be made to the VESSEL elsewhere, the BUYER shall first, but in
            all events as soon as possible, give the SELLER notice in writing of the time and place such repairs will be made, and if the VESSEL is not thereby delayed, or her operation or working schedule is not thereby impaired, the SELLER shall have the
            right to verify by its own representative(s) or representative(s) of Classification Society the nature and extent of the defects complained of. The SELLER shall, in such cases, promptly advise the BUYER in writing, after such examination has
            been completed, of its acceptance or rejection of the defects as ones that are covered by the guarantee herein provided. Upon the SELLER&#8217;s acceptance of the defects as justifying remedy under this Article, the SELLER shall immediately pay to
            the BUYER for such repairs or replacements a sum equal to the lower figure of (i) the actual cost for such repairs or replacements including forwarding charges; and (ii) the average cost for making similar repairs or replacements including
            forwarding charges as quoted by a leading shipyard in each of China, South Korea and Singapore.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any dispute under this Article shall be referred to arbitration in accordance with the provisions of
            Article XIII hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXTENT OF THE SELLER&#8217;S RESPONSIBILITY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall have no responsibility or liability for any other defects whatsoever in the
      VESSEL other than the defects specified in Paragraph 1 of this Article.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall not be obligated to repair, or to be liable for any losses and/or damages
      to the VESSEL, or to any part of the equipment thereof, due to ordinary wear and tear, nor shall there be any SELLER&#8217;s liability hereunder for defects in the VESSEL, or any part of the equipment thereof, caused by fire or accidents at sea or
      elsewhere, or mismanagement, accidents, negligence, or willful neglect, on the part of the BUYER, its employees or agents including the VESSEL&#8217;s officers, crew and passengers, or any persons on or doing work on the VESSEL other than the SELLER, its
      employees, agents or subcontractors. Likewise, the SELLER shall not be liable for defects in the VESSEL, or the equipment or any part thereof, due to repairs or replacement which were made by those other than the SELLER and/or their subcontractors or
      alteration or addition by the BUYER not previously approved by the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon delivery of the VESSEL to the BUYER, in accordance with the terms of the CONTRACT, the
      SELLER shall thereby and thereupon be released of all responsibility and liability whatsoever and howsoever arising under or by virtue of this CONTRACT and/or any applicable laws (save in respect of those obligations to the BUYER expressly provided
      for in this Article IX) including without limitation, any responsibility or liability for defective workmanship, materials or equipment, design or in respect of any other defects whatsoever and any loss or damage resulting from any act, omission or
      default of the SELLER. In any circumstances whatsoever, whether under or in connection with this CONTRACT or any applicable laws, the SELLER&#8217;s liability shall be limited to the repairs and replacement as set forth in Paragraph 1 of this Article,
      excluding any other responsibility, obligation and/or liability such as but not limited to those for (i) consequential loss or special loss; or (ii) any damages, losses, costs and/or expenses arising from any cause whatsoever (including but not
      limited to the loss of management fees, pilot charges or costs, fuel or lubrication oils consumed, damage to the VESSEL or any part thereof or any third party caused by the defects specified in Paragraph 1 of this Article etc.) regardless of whether
      the aforesaid damages, losses, costs and/or expenses are directly or indirectly occasioned to the BUYER by reason of the defects specified in Paragraph 1 of this Article; (iii) loss of time, loss of use, loss of hire, loss of profit or earnings or
      demurrage arising from any cause whatsoever.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The guarantee provided in this Article and the obligations and the liabilities of the SELLER
      (limited to the repairs or replacements as expressly set forth in Paragraph 1 of this Article) hereunder are exclusive and in lieu of and the BUYER hereby waives all other remedies, warranties, conditions, guarantees or liabilities, express or
      implied, arising by any applicable law (including the laws of England) or out of the CONTRACT or otherwise (including without limitation any obligations of the SELLER with respect to fitness, merchantability and consequential damages) or whether or
      not occasioned by the SELLER&#8217;s negligence. This guarantee shall not be extended, altered or varied except by a written instrument signed by the duly authorized representatives of the SELLER and the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE X CANCELLATION, REJECTION AND RESCISSION BY THE BUYER</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments made by the BUYER prior to the delivery of the VESSEL shall be in the nature of advance
            to the SELLER. In the event the BUYER shall exercise its right of cancellation and/or rescission of this CONTRACT under and pursuant to any of the provisions of this CONTRACT specifically permitting the BUYER to do so, then the BUYER shall
            notify the SELLER by telefax or email, and such cancellation and/or rescission shall be effective as of the date the notice thereof is received by the SELLER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, the events and/or occurrences which entitle the BUYER
      to cancel or rescind the CONTRACT shall be limited to those occurrences or event specified in this CONTRACT which specifically permit the BUYER to do so. No other event or circumstance shall give rise to any right to the BUYER for rescission or
      cancellation of the CONTRACT whether under this CONTRACT or any applicable laws.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereupon the SELLER shall refund in United States Dollars without set-off or other deduction within
            forty five (45) Banking Days to the BUYER the full amount of all sums paid by the BUYER to the SELLER on account of the VESSEL, unless the SELLER disputes the BUYER&#8217;s cancellation or rescission by instituting arbitration in accordance with
            Article XIII. If the BUYER&#8217;s cancellation or rescission of this CONTRACT is disputed by the SELLER by instituting arbitration as aforesaid, then no refund shall be made by the SELLER, and the BUYER shall not be entitled to demand repayment from
            the Refund Guarantor under its guarantee, until the Final Award between the BUYER and the SELLER, which shall be in favour of the BUYER, declaring the BUYER&#8217;s cancellation or rescission justified, is made and delivered to the SELLER. In the
            event of the SELLER is obligated to make refundment, the SELLER shall pay the BUYER interest in United States Dollars at the rate of six percent (6%), if the cancellation or rescission of the CONTRACT is exercised by the BUYER in accordance
            with the provision of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay as defined in Article VIII.4 of this CONTRACT, during which the interest rate will be zero) hereof, on the amount required
            herein to be refunded to the BUYER computed from the respective dates when such sums were received by the SELLER from the BUYER to the date of remittance by telegraphic transfer of such refund to the BUYER by the SELLER, provided, however, that
            if the said cancellation or rescission by the BUYER is made under the provisions of Article X.4 or Article XII.2(b), then in such event the SELLER shall not be required to pay any interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon such refund by the SELLER to the BUYER, all obligations, duties and liabilities of the SELLER
            towards the BUYER and all rights and claims against the SELLER by the BUYER under this CONTRACT and any applicable laws shall be forthwith completely discharged and waived. The SELLER&#8217;s refund to the BUYER of the instalment(s) and interests (if
            any) thereon pursuant to the foregoing provisions constitute the sole liabilities of the SELLER towards the BUYER which is in lieu of any other remedies under and/or in connection with this CONTRACT and any applicable laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the BUYER&#8217;s right of cancellation or recession of the CONTRACT pursuant to Article
            III 1(c), 2(c), 3(c), 4(c) and Article VIII.3 hereof, the SELLER shall be deemed to be in default and the BUYER shall be entitled to cancel or rescind this CONTRACT in accordance with this Article X if any of the following events occurs:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER enters into bankruptcy protection in any form or is adjudicated bankrupt or insolvent or
            as a result a court order is made in China for the dissolution or reorganization of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of the SELLER or a court order is granted in favour of a creditor to
            freeze the whole or a material part of the assets of the SELLER; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER is dissolved, liquidated or ceases to be registered as a company in its place of incorporation, or the SELLER ceases to carry on its business as a whole, or
            declares its intention that such event will take place, except due to group internal restructuring, requirement of IPO and/or restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -42.55pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">any of the events described in Paragraph (a), (b) and/or (c) hereinabove occurs to the Refund
            Guarantor, and in case of above event, the SELLER further fails to find an alternative refund guarantor within sixty (60) days after the SELLER&#8217;s aware of such event.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">44 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XI BUYER&#8217;S DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. DEFINITION OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall be deemed in default of its obligation under the CONTRACT if any of the
      following events occurs:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to pay the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> or 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> or 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> or 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th </sup>instalment to the SELLER when any such instalment becomes due and payable under the provisions of Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deposit or pay the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment to the SELLER in accordance with Paragraph 3(e) and 4(e) of Article II hereof provided the BUYER shall have received the SELLER&#8217;s demand for payment in accordance with Article II hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to deliver the Corporate Guarantee to the SELLER in accordance with Paragraph 6 of
            Article II; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER fails to take delivery of the VESSEL, when the VESSEL is duly delivered or tendered for
            delivery by the SELLER under the provisions of Article VII hereof; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company enters into bankruptcy protection in
            any form or is adjudicated bankrupt or insolvent or as a result a court order is made for the dissolution or reorganization of the BUYER; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A liquidator, receiver or trustee is appointed over, the whole or a material part of the assets of
            the BUYER or its holding company or ultimate holding company or a court order is granted in favour of a creditor to freeze the whole or a material part of the assets of the BUYER or its holding company or ultimate holding company; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER or its holding company or ultimate holding company is dissolved, liquidated or ceases to
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            restructuring for financing purpose; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"> or the BUYER fails to provide and/or maintain the Payment Guarantee in accordance with Article II; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including any of the Supervisor and/or the BUYER&#8217;s representatives and personnel)
            violates the provision of Article XVIII. 3 of this CONTRACT or the BUYER (including any of the Supervisor and their respective beneficiary owners, shareholders, affiliates, directors, officials, employees, agents and consultants) violates the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. NOTICE OF DEFAULT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default as provided in Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. INTEREST AND CHARGE</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the BUYER is in default of payment as to any instalment as provided in Paragraph 1 (a) and/or 1
            (b) of this Article, the BUYER shall pay interest on such instalment at the rate of six percent (6%) per annum from the due date thereof to the date of the receipt by the SELLER of the full amount, including all aforesaid interest. In case the
            BUYER shall fail to take delivery of the VESSEL when required to as provided in Paragraph 1(d) of this Article, the BUYER shall be deemed in default of payment of the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>
            instalment and shall pay interest thereon at the same rate as aforesaid from and including the day on which the VESSEL is tendered for delivery by the SELLER, as provided in Article VII hereof. In case any event of Paragraph 1(e) or 1(f) or
            1(g) or 1(h) or 1(i) of this Article occurs, the BUYER shall be deemed in default of payment of all unpaid instalments of the Contract Price/unpaid balance of the Contract Price and shall pay interest thereon at the same rate as aforesaid from
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
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            pay all costs, charges and expenses incurred by the SELLER in consequence of such default together with the interest on it running on and from the date the costs, charges, losses, and expenses were incurred or paid by the SELLER up to the date
            the SELLER receives the full amounts due together with interest.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">46 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. DEFAULT BEFORE DELIVERY OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any default by the BUYER occurs as defined in Paragraph 1 of this Article, the Delivery Date
            shall be automatically postponed for a period of continuance of such default by the BUYER.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If any such default as defined in Paragraph 1(a) or 1(b) or 1(c) or 1(d) of this Article committed
            by the BUYER continues for a period of fifteen (15) days or any event of Paragraph 1(e) or 1(f) or 1(g) or 1(h) or 1(i) of this Article occurs, then, the SELLER shall have all following rights and remedies:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER may, at its option, cancel or rescind this CONTRACT, by giving notice of such effect to
            the BUYER by telefax or email. Upon receipt by the BUYER of such telefax or email notice of cancellation or rescission, all of the BUYER Supplied Items shall forthwith become the sole property of the SELLER, and the VESSEL and all its equipment
            and machinery shall be at the sole disposal of the SELLER for sale or otherwise; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of such cancellation or rescission of this CONTRACT, the SELLER shall be entitled to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Applicable to any BUYER&#8217;s default defined in Paragraph 1(a) or 1(e) or 1(f) or 1(g) or 1(h) or 1(i)
            of this Article) The SELLER shall, without prejudice to the SELLER&#8217;s right to recover from the BUYER the 5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> Instalment, interest, costs and/or expenses by
            applying the proceeds to be obtained by sale of the VESSEL in accordance with the provisions set out in this CONTRACT, have the right to declare all unpaid Instalments/unpaid balance of the Contract Price to be forthwith due and payable, and
            upon such declaration, the SELLER shall have the right to immediately demand the payment of the aggregate amount of all unpaid Instalments/unpaid balance of the Contract Price from the Corporate Guarantor under the Corporate Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SALE OF THE VESSEL</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of cancellation or rescission of this CONTRACT as above provided, the SELLER shall have
            full right and power either to complete or not to complete the VESSEL as it deems fit, and to sell the VESSEL at a public or private sale on such terms and conditions as the SELLER thinks fit without being answerable for any loss or damage
            occasioned to the BUYER thereby.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its completed state, the proceeds of sale received by the
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      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">47 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all unpaid instalment(s) and/or unpaid balance of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of the sale of the VESSEL in its incomplete state, the proceeds of sale received by the
            SELLER shall be applied firstly to all expenses attending such sale and otherwise incurred by the SELLER as a result of the BUYER&#8217;s default, and then to payment of all costs of construction of the VESSEL (such costs of construction, as herein
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            VESSEL) and/or any fees, charges, expenses and/or royalties incurred and/or to be incurred for the VESSEL less the instalment(s) so retained by the SELLER, and compensation to the SELLER for a reasonable sum of loss of profit due to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</font></td>
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            which such proceeds are to be applied as aforesaid, the SELLER shall promptly pay the excesses to the BUYER without interest, provided, however that the amount of each payment to the BUYER shall in no event exceed the total amount of
            instalment(s) already paid by the BUYER and the cost of the BUYER Supplied Items, if any.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If the proceed of sale are insufficient to pay such total amounts payable as aforesaid, the BUYER
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, Article XI. 5 of this CONTRACT shall in no way limit or prejudice the
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      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XII INSURANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. EXTENT OF INSURANCE COVERAGE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From the time of keel-laying of the first section of the VESSEL until the same is completed,
      delivered to and accepted by the BUYER, the SELLER shall, at its own cost and expense, keep the VESSEL and all machinery, materials, equipment, appurtenances and outfit, delivered to the BUILDER for the VESSEL or built into, or installed in or upon
      the VESSEL, including the BUYER Supplied Items, fully insured with first class Chinese insurance companies for the BUILDER&#8217;s risk.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of such insurance coverage shall, up to the date of delivery of the VESSEL, be in
      an amount at least equal to, but not limited to, one hundred percent (100%) of the aggregate of the payments made by the BUYER to the SELLER including the value of maximum amount of United States Dollars Three Hundred Thousand (US$ 300,000.00) of the
      BUYER Supplied Items. The policy referred to hereinabove shall be taken out in the name of the SELLER and all losses under such policy shall be payable to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. APPLICATION OF RECOVERED AMOUNT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Partial Loss:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event the VESSEL shall be damaged by any insured cause whatsoever prior to
      acceptance and delivery thereof by the BUYER and the SELLER and in the further event that such damage shall not constitute an actual or a constructive total loss of the VESSEL, the SELLER shall apply the amount recovered under the insurance policy
      referred to in Paragraph 1 of this Article to the repair of such damage satisfactory to the Classification Society and other institutions or authorities as described in the Specifications without additional expenses to the BUYER, and the BUYER shall
      accept the VESSEL under this CONTRACT if completed in accordance with this CONTRACT and the Specifications and not make any claim for any damage, consequential loss or depreciation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total Loss:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -28.35pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event that the VESSEL is determined to be an actual or
      constructive total loss, the SELLER shall either:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By the mutual agreement between the Parties hereto, proceed in accordance with terms of this
            CONTRACT, in which case the amount recovered under said insurance policy shall be applied to the reconstruction and/or repair of the VESSEL&#8217;s damages and/or </font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">reinstallation of the BUYER Supplied Items, provided the Parties hereto shall have first agreed in writing as to such reasonable extension of the Delivery Date and adjustment
          of other terms of this CONTRACT including the Contract Price as may be necessary for the completion of such reconstruction; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If due to whatever reasons the Parties fail to agree on the above, then refund immediately to the
            BUYER the amount of all instalments paid to the SELLER under this CONTRACT without interest, whereupon this CONTRACT shall be deemed to be canceled and all rights, duties, liabilities and obligations of each of the Parties to the other shall
            terminate and be discharged forthwith.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Within thirty (30) days after receiving telefax or email notice of any damage to the
      VESSEL constituting an actual or a constructive total loss, the BUYER shall notify the SELLER by telefax or email of its agreement or disagreement under Paragraph 2(b) of this Article. In the event the BUYER fails to so notify the SELLER, then such
      failure shall be construed as a disagreement on the part of the BUYER. This CONTRACT shall be deemed as canceled or rescinded and Paragraph 2 (b) (ii) of this Article shall apply.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. TERMINATION OF THE SELLER&#8217;S OBLIGATION TO INSURE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s obligation to insure the VESSEL hereunder shall cease and terminate forthwith
      upon delivery thereof to and acceptance by the BUYER.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">50 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIII DISPUTES AND ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. PROCEEDINGS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of any dispute between the Parties hereto as to any matter
      arising out of or relating to this CONTRACT or any stipulation herein or with respect thereto which cannot be settled by the Parties themselves, such dispute shall be resolved by arbitration in London, England in London Maritime Arbitrators
      Association (&#8220;LMAA&#8221;) in accordance with the laws of England and LMAA&#8217;s then prevailing arbitration rules. Either party may demand arbitration of any such disputes by giving written notice to the other party. Any demand for arbitration by either party
      hereto shall state the name of the arbitrator appointed by such party and shall also state specifically the question or questions as to which such party is demanding arbitration. Within twenty (20) days after receipt of notice of such demand for
      arbitration, the other party shall in turn appoint a second arbitrator. The two arbitrators thus appointed shall thereupon select a third arbitrator, and the three arbitrators so named shall constitute the board of arbitration (hereinafter called the
      &#8220;Arbitration Board&#8221;) for the settlement of such dispute. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event however, that said other party should fail to appoint a
      second arbitrator as aforesaid within twenty (20) days following receipt of notice of demand of arbitration, it is agreed that such party shall thereby be deemed to have accepted and appointed as its own arbitrator the one already appointed by the
      party demanding arbitration, and the arbitration shall proceed forthwith before this sole arbitrator, who alone, in such event, shall constitute the Arbitration Board. And in the further event that the two arbitrators appointed respectively by the
      Parties hereto as aforesaid should be unable to reach agreement on the appointment of the third arbitrator within twenty (20) days from the date on which the second arbitrator is appointed, either party of the said two arbitrators may apply to the
      President of LMAA to appoint the third arbitrator. The award of the arbitration, made by the sole arbitrator or by the majority of the three arbitrators as the case may be, shall be final, conclusive and binding upon the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ALTERNATIVE ARBITRATION BY AGREEMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding the preceding provisions of this Article, it is
      recognized that in the event of any dispute or difference of opinion arising in regard to the construction of the VESSEL, her machinery and equipment, or concerning the quality of materials or workmanship thereof or thereon, such dispute may be
      referred to the Classification Society upon mutual agreement of the Parties hereto. In such case, the opinion of the Classification Society shall be final and binding on the Parties hereto.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">51 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. NOTICE OF AWARD</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of any award shall immediately be given by telefax or email to
      the SELLER and the BUYER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. EXPENSES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arbitrator(s) shall determine which party shall bear the expenses of
      the arbitration or the proportion of such expenses which each party shall bear.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. AWARD OF ARBITRATION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award of arbitration, shall be final and binding upon the Parties
      concerned. Any right of appeal available under the laws of England is hereby expressly precluded and excluded by the Parties hereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. ENTRY IN COURT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Judgment on any award may be entered in any court of competent
      jurisdiction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. ALTERATION OF DELIVERY TIME</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event of reference to arbitration of any dispute arising out of
      matters occurring prior to delivery of the VESSEL, the SELLER shall not be entitled to extend the Delivery Date as defined in Article VII hereof and the BUYER shall not be entitled to postpone its acceptance of the VESSEL on the Delivery Date.
      However, if the construction of the VESSEL is affected by any arbitration, the SELLER shall then be permitted to extend the Delivery Date as defined in Article VII and the decision or the award shall include a finding as to what extent the SELLER
      shall be permitted to extend the Delivery Date.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">52 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIV RIGHT OF ASSIGNMENT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither of the Parties hereto shall assign and/or nominate and/or novate this CONTRACT to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding any provision to the contrary, the BUYER may on or before the time of
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      commercial corporation assisting in the financing of the VESSEL, but whatsoever the BUYER shall continue to perform all its obligations under the CONTRACT including but not limited to the obligations of the drawing and plans approval, supervision of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In case an assignment of rights and benefits under this CONTRACT is made by the BUYER, the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall assist the BUYER to procure an acknowledgement from the Refund Guarantor
      for any assignment of rights and benefits under the Refund Guarantee by the BUYER. Notwithstanding any assignment of the CONTRACT and/or of the Refund Guarantee to the assignee, any demand for repayment under the CONTRACT and/or the Refund Guarantee
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall have the right to nominate another entity as buyer under this CONTRACT, in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It is understood that any documented expenses or legal charges duly incurred by and/or
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      account.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XV TAXES AND DUTIES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All costs for taxes including stamp duties, if any, incurred in
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER shall bear and pay all taxes, duties, stamps and fees incurred
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      accordance with the terms of this CONTRACT and the Specifications.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any tax or duty other than those described hereinabove, if any, shall be
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVI PATENTS, TRADEMARKS AND COPYRIGHTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The machinery and equipment of the VESSEL may bear the patent number, trademarks or trade
      names of the manufacturers. The SELLER shall defend and save harmless the BUYER from patent liability or claims of patent infringement of any nature or kind, including costs and expenses for, or on account of any patented or patentable invention made
      or used in the performance of this CONTRACT and also including cost and expense of litigation, if any.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nothing contained herein shall be construed as transferring any patent or trademark rights
      or copyright in equipment covered by this CONTRACT, and all such rights are hereby expressly reserved to the true and lawful owners thereof. Notwithstanding any provisions contained herein to the contrary, the SELLER&#8217;s obligation under this Article
      should not be terminated by the passage of any specified period of time.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER&#8217;s indemnity hereunder does not extend to equipment or parts supplied by the BUYER
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER retains all rights with respect to the Specifications, and plans and working
      drawings, technical descriptions, calculations, test results and other data, information and documents concerning the design and construction of the VESSEL and the BUYER undertakes therefore not to disclose the same or divulge any information
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The SELLER shall in no event be liable to the BUYER for (i) consequential loss or special
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      intellectual property or industrial proprietary rights (including without limitation patents, trademarks, copyrights, utility models, registered designs and models and/or knowhow) related infringement; (iii) loss of time, loss of use, loss of hire,
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVII NOTICES</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices and communications in connection with this CONTRACT shall be addressed
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
        <td style="width: 20%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To the BUYER:</font></td>
        <td style="width: 80%"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK X INC.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Iouliou Kaisara, Paiania 19002 Greece <br>
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      </tr>
      <tr style="vertical-align: bottom">
        <td rowspan="1"><br>
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        <td rowspan="1"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Andreas Louka</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Phone No.:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Email:</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">louka@loukapartners.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos Patis </font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">kpatis@centralmare.com</font></td>
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      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128242</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">at@centralmare.com</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">+30 210 8128180</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: bottom">
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        <td style="width: 86%"><font style="font-size: 10pt">CHINA SHIPBUILDING TRADING CO., LTD.</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Address:</font></td>
        <td style="text-align: justify"><font style="font-size: 10pt">23<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> Floor, No.1 Pudong Ave., Shanghai 200120, China</font></td>
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      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 21 68821922 / 68821912</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">To the BUILDER:</font></td>
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      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Address:</font></td>
        <td><font style="font-size: 10pt">No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td><font style="font-size: 10pt">Phone No.:</font></td>
        <td><font style="font-size: 10pt">+86 20 36663109</font></td>
      </tr>
      <tr style="vertical-align: bottom">
        <td style="text-align: justify"><font style="font-size: 10pt">Email:</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0.5in"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any notices and communications sent by CSTC or the BUILDER alone to the BUYER shall be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any change of address shall be communicated in writing by registered mail or telefax or
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, requests, demands, instructions, advice and communications in
      connection with this CONTRACT shall be deemed to be given at, and shall become effective from, the time when the same is delivered to the address of the party to be served, provided, however, that registered airmail shall be deemed to be delivered
      ten (10) days after the date of dispatch, express courier service shall be deemed to be delivered five (5) days after the date of dispatch, and telefax </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">acknowledged by the answerbacks shall be deemed to be delivered upon dispatch and email transmission shall be
      deemed as delivered upon the subject email has been moved to the &#8220;Sent&#8221; box on the sending computer.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any and all notices, communications, Specifications and drawings in connection with this
      CONTRACT shall be written in the English language and each party hereto shall have no obligation to translate them into any other language.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">57 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XVIII LEGAL COMPLIANCE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. COMPLIANCE WITH LAWS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties (including the Supervisor and each Party&#8217;s representatives and employees), while
      they stay in China, shall comply with all applicable laws, rules, regulations, orders and conventions in P.R. China, including but not limited to, those relating to employment, environmental protection, data and privacy protection.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. ETHICAL CONDUCT</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall conduct their businesses in an ethical and lawful manner and act with
      integrity.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. ANTI-BRIBERY</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties shall avoid participation in or knowingly benefit from any kind of corruption,
      extortion or bribery. Consequently, the Parties may not offer, promise, authorize or give anything of value to any public official in any country, or to any business partner, in order to gain any improper business advantage of any kind. In addition,
      the Parties may not solicit or accept any form of bribe from any person. &#8220;Bribe&#8221; under this paragraph means any kind of payment, gift, commission, kick-back, benefit or equivalent except for the lawful salary and remuneration stipulated under
      relevant employment contract. If required by the SELLER, the Supervisor and the BUYER&#8217;s representatives and personnel attending the VESSEL and/or the BUILDER&#8217;s Shipyard shall sign written Integrity Undertaking (in form and substance as required by
      the SELLER) which prohibits bribery, corruption and money laundering activities. During the performance of this CONTRACT, the BUYER, the Supervisor and the BUYER&#8217;s representatives and personnel shall in no event, directly or indirectly, introduce,
      solicit, give or receive any kind of bribe or promise, offer, request or agree to receive any kind of bribe to or from the SELLER and/or any of the suppliers, vendors, sub-contractors and related parties.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any of the BUYER&#8217;s personnel (including any of the Supervisor and/or the BUYER&#8217;s
      representatives and personnel) in violation of the above paragraph shall be immediately replaced at the BUYER&#8217;s costs and the SELLER is entitled to reject such personnel from performing this CONTRACT and/or attending the VESSEL and the BUILDER&#8217;s
      Shipyard. In addition, the SELLER shall have right to (a) report any such event to competent authority, and (b)</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">58 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> cancel and rescind this CONTRACT (in case of termination, Article XI of this CONTRACT shall then apply).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ANTI-COERCION</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The BUYER (including the Supervisor and their respective beneficiary owners, shareholders,
      affiliates, directors, officials, employees, agents and consultants) shall not exert or impose undue or unreasonable influence, coercion, threat or duress upon the Classification Society or the Flag State or any of the SELLER&#8217;s subcontractors,
      vendors and/or suppliers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All communications between the BUYER and any of the Flag State, Classification Society, the
      SELLER&#8217;s sub-contractors, vendors, suppliers and related parties in relation to this CONTRACT and/or the VESSEL shall simultaneously copy to the SELLER.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. SANCTIONS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Parties hereby represent and warrant to each other that they are familiar with export
      and economic sanctions laws and regulations and, at the signing date of this CONTRACT, each party is not listed on or subject to the Specially Designated Nationals and Blocked Persons List maintained by the US Office of Foreign Assets Control, the
      Consolidated Financial Sanction List maintained by the European Commission, the Consolidated List of Financial Sanctions Targests in the UK maintained by HM Treasury of the United Kingdom or any other sanction lists maintained by the Chinese
      government or United Nations or any other relevant governmental authority which causes its signing and/or performance of this CONTRACT to be unlawful or illegal(the &#8220;Sanctions&#8221;).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Neither party shall violate, or cause the other party to violate, any Sanctions. The
      obligation to not violate any Sanctions includes, but is not limited to, the following obligations for each respective party:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

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        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the SELLER will not order products or equipment for the VESSEL if those products or equipment are subject to such Sanctions; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the BUYER will not export, re-export, sell, transfer or divert the VESSEL in breach of any applicable Sanctions.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party hereby also agrees that it will:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 30pt; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">remain in compliance with applicable Sanctions in performing its rights and obligations under this CONTRACT;</font></td>
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  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">59 / 74</font>&#160;</div>
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(ii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;use all
      reasonable endeavours to ensure compliance with all relevant Sanctions by its subcontractors and suppliers appointed for the purposes of this CONTRACT; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Times New Roman, Times, Serif">(iii)</font> <font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;obtain any
      licenses and permits required to perform its obligations under this CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If investigated by the law enforcement authorities of the above-mentioned jurisdictions due
      to such performance, the Parties shall have the right to provide relevant documents under this CONTRACT without the other party&#8217;s permission in advance.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each party will, upon request of the other party and at the requesting party expense,
      provide such written assurances and other documentation (if available) to the requesting party as may be reasonably necessary to comply with and demonstrate compliance with applicable export related laws and regulations or Sanctions.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If a party becomes subject to Sanctions, that party agrees to undertake sole responsibility
      for the consequences thereof. However, if the potential or actual breach of Sanctions (each a &#8220;<b>Sanctions Event</b>&#8221;) is capable of remedy, the Parties will consult with each other and shall take all reasonable steps to attempt to find a mutually
      acceptable solution to remedy the Sanctions Event, within ninety (90) days or any longer period as mutually agreed by the Parties (the &#8220;<b>Standstill Period</b>&#8221;), as may or would enable the continued lawful performance of this CONTRACT by both
      Parties , including but not limited to the restructuring of the contractual arrangements in respect of the VESSEL, obtaining of any applicable licenses and permits and/or the restructuring of the shareholding arrangements of the BUILDER and/or
      changing the supplier of any equipment, but always provided the same remedies the Sanctions Event and brings the Parties into full compliance with applicable Sanctions, laws and regulations.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the Standstill Period, neither Party shall be entitled to cancel/rescind this
      CONTRACT by reason of the Sanctions Event giving rise to such Standstill Period. Neither Party shall be entitled to suspend the performance of the CONTRACT during the Standstill Period, unless such performance is deemed illegal.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On the last day of the Standstill Period:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;if the Parties have failed to reach a mutually acceptable solution despite their
      best endeavours:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">a.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      SELLER or the VESSEL) the BUYER shall have the right to terminate this CONTRACT in accordance with Article X and all the instalment(s) which has been paid to the SELLER by the BUYER shall be refunded to the BUYER without interest upon </font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">BUYER&#8217;s first demand, and/or the BUYER shall be entitled to ask the Refund Guarantor for such refund in
      accordance with the terms of the Refund Guarantee contained in the CONTRACT;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;(in the event that the Sanctioned Event was caused by the
      BUYER) the SELLER shall have the right to terminate this CONTRACT in accordance with Article XI; or</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XIX EFFECTIVE DATE OF CONTRACT</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE XX INTERPRETATION</font></p>
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      under such applicable law and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">63 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. ENTIRE AGREEMENT</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This CONTRACT sets forth the entire understanding of the Parties with
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.7pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In WITNESS WHEREOF, the Parties hereto have caused this CONTRACT to be
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK X INC.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Evangelos Pistiolis</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE SELLER:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE BUILDER:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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        <td style="width: 82%;">&#160;</td>
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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Zhou Xuhui</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CSTC: </font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

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  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Attorney-in-fact</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">65 / 74</font>&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">[NOTE: The Parties agree the final form of such Refund Guarantee is subject to the approval
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;A&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ROMAN SHARK X INC.</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: justify">
        <td>&#160;</td>
        <td>(address: Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960)</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Irrevocable Letter of Guarantee No.[***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At the request of GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED a corporation organized
      and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China, and in consideration of your agreeing to pay GUANGZHOU
      SHIPYARD INTERNATIONAL COMPANY LIMITED and CHINA SHIPBUILDING TRADING CO., LTD., a corporation organized and existing under the laws of the People&#8217;s Republic of China, having its registered office at 56(Yi) Zhongguancun Nan Da Jie, Beijing 100044,
      the People&#8217;s Republic of China (hereinafter collectively called the &#8220;SELLER&#8221;) the instalments before delivery of the VESSEL under the contract concluded by and amongst you and the SELLER dated [***] for the construction of one (1) 47,499DWT
      Chemical/Product Oil Tanker to be designated as Hull No. 25110063 (hereinafter called the &#8220;CONTRACT&#8221;), we, China Construction Bank Corporation, Guangdong Branch, do hereby irrevocably and unconditionally (only subject to the terms of this letter of
      guarantee) as primary obligor and not merely as surety, guarantee repayment to you by the SELLER of an amount up to but not exceeding a total amount of US$ 20,340,000.00 say United States Dollars Twenty Million Three Hundred and Forty Thousand only
      representing the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 6,780,000.00 say United States Dollars Six Million Seven Hundred and Eighty
      Thousand, the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment of the Contract Price of the VESSEL in the amount of US$ 4,520,000.00 say United States Dollars Four Million Five Hundred and Twenty
      Thousand, as you may have paid to the SELLER under the CONTRACT prior to the delivery of the VESSEL, if and when the same or any part thereof becomes repayable to you from the SELLER in accordance with the terms of the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> CONTRACT. Should the SELLER fail to make such repayment, we shall pay you the amount the SELLER ought to pay
      with no interest if cancellation of the CONTRACT is exercised by you for the total loss in accordance with the provisions of Article XII. 2(b) and Article X.4, or together with an interest at the rate of six percent (6%) per annum if the cancellation
      of the CONTRACT is exercised by you in accordance with the provisions of Article III. 1(c), 2(c), 3(c) or 4(c) or Article VIII.3 (save for any periods of Permissible Delay during which no interest shall accrue) of the CONTRACT within forty five (45)
      Business Days after our receipt of the relevant written demand from you for repayment.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However, in the event of any dispute between you and the SELLER in relation to:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1) whether the SELLER shall be liable to repay the
      instalment paid by you; and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2) consequently whether you shall have the right to demand
      payment from us,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt; text-align: justify; text-indent: -22.5pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and such dispute is submitted either by the SELLER or by you for arbitration in accordance
      with Article XIII of the CONTRACT, we shall be entitled to withhold and defer payment until the Final Award is published. We shall not be obligated to make any payment to you unless the Final Award orders the SELLER to make repayment. If the SELLER
      fails to honour the Final Award then we shall refund to you to the extent the Final Award orders but not exceeding the aggregate amount of this guarantee plus the interest described above. The payment shall be made by us to the bank account specified
      in the relevant demand within forty five (45) Business Days after the date of receipt by us of (i) a written demand stating that demand has been made upon the SELLER for amounts due pursuant to Article X of the CONTRACT, and that the SELLER has
      within forty five (45) Business Days failed to comply with the same, and (ii) the Final Award described hereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Final Award&#8221; means a published arbitration award in respect of any disputes arising out of
      or in connection with the CONTRACT where any right of appeal available in respect of such arbitration award under the applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law
      and in case of such arbitration award is appealed, the final judgement from any court of competent jurisdiction on such award upon appeal by either the BUYER or the SELLER where any right of appeal available in respect of such judgement under the
      applicable law is waived/excluded or is not exercised by the BUYER and the SELLER within the time limit under such applicable law.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The said repayment shall be made by us in United States Dollars. This Letter of Guarantee
      shall become effective from the time of the actual receipt of the1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment by the SELLER from you and the amount effective under this Letter of Guarantee shall
      correspond to the payment of the instalment(s) actually made by you under the CONTRACT prior to the delivery of the VESSEL. However, the 6available amount under this Letter of Guarantee shall in no event exceed the above-mentioned total aggregate
      amount of the instalment(s) actually paid to the</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"> SELLER, together with interest calculated, as described above without interest or, at six percent (6%) per
      annum, as the case may be for the period commencing from the date of receipt by the SELLER of the respective instalment to the date of repayments thereof.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All demands, claims and notices in connection with this Letter of Guarantee shall be validly
      given if sent to us by authenticated SWIFT (SWIFT Code: PCBCCNBJGDX) to be sent through your bank by MT799.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For the avoidance of doubt, in circumstances where arbitration between the SELLER and you
      concerning cancellation and/or rescission of the CONTRACT, your written demand for repayment of the proceeds available hereunder shall not be issued until the Final Award between the SELLER and you is published, which shall be made in favour of you,
      declaring your right to cancel and/or rescind justified.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We agree that you may assign part or all of your right and benefit under this letter of
      guarantee to ABC Financial Leasing Co., Ltd. or Industrial Bank Financial Leasing Co., Ltd. or their respective affiliates (including, without limitation [***]) for the purpose of security for the financing by them of your obligation under the
      CONTRACT, provided always that any demand for repayment under this letter of guarantee shall be made in your name. If requested by you (or your assignee), we shall provide a written acknowledgement of such assignment in a form acceptable to your
      assignee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our obligations under this letter of guarantee shall not be discharged, impaired, diminished
      or otherwise prejudiced by any delay in the construction or delivery of the VESSEL howsoever caused or by the giving of any time or indulgence whatsoever granted to the SELLER or by any variation, modification, amendment of or alteration to the
      CONTRACT (whether or not made with our knowledge), or by the liquidation, insolvency (or any other equivalent procedure) or other financial failure of the SELLER (or any entity of which the SELLER is comprised), or by any invalidity, irregularity or
      unenforceability, if any, of the terms of the CONTRACT, or by any other act, event or circumstance which could or might, but for this provision, operate to discharge, impair, diminish or otherwise prejudice our obligations under this letter of
      guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this letter of guarantee shall be made without any set-off or
      counterclaim for any reason whatsoever and without deduction for or on account of any present or future taxes, duties, restriction, conditions of any nature or charges whatsoever unless we are compelled by law to deduct the same. In the later event
      we shall make the minimum deduction permitted and shall pay such additional amounts to the BUYER as may be necessary in order that the net amount received by the BUYER after such deductions can be equal to the amount which would have been received
      had no such deduction been required to be made.</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby confirm that we are permitted by our head office and the Laws of the People&#8217;s
      Republic of China to issue Guarantees with this wording and especially to designate Laws of England as the applicable law and English Courts as having jurisdiction. With respect to the rules, regulations and requirements of foreign exchange by the
      State Administration of Foreign Exchange (&#8220;<b>SAFE</b>&#8221;), i.e. registration or similar directives (if required by Chinese government), we confirm that we have the necessary authorization to transfer funds out of the People&#8217;s Republic of China in
      United States Dollars and that this letter of guarantee is valid and enforceable in the People&#8217;s Republic of China and elsewhere. We also confirm that we have taken all other steps, in addition to those with regard to SAFE, as may be required to
      ensure that we can transfer funds out of the People&#8217;s Republic of China in United States Dollars and enforceable in the People&#8217;s Republic of China and elsewhere.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall remain in force until the VESSEL has been delivered to and
      accepted by you, or refund has been made by the SELLER or ourselves, or until rescission and/or termination of the CONTRACT by the SELLER due to your default under the CONTRACT and no disputation notice from you to us within five (5) Business Days,
      or until [***] (Delivery Date + 435 days), whichever occurs the earliest, after which you are to return it to us by airmail for cancellation. Upon expiry of this Letter of Guarantee for the aforesaid reasons, this Letter of Guarantee shall
      automatically become null and void, regardless of whether returned to us for cancellation or not, and any demand received after expiry shall be ineffective..</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless otherwise defined herein, the terms used herein shall have the meaning assigned in
      the CONTRACT.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of
      England. We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
      party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
      Guarantee. The three arbitrators shall be a full member of the LMAA.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For and on behalf of</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">China Construction Bank Corporation, Guangdong Branch</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit &#8220;B&#8221;: IRREVOCABLE LETTER OF GUARANTEE</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOR THE FIRST, SECOND, THIRD AND FOURTH INSTALMENTS</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: [***]</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">CENTRAL SHIPPING INC.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands
      MH96960</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.4pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in; text-align: left"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To:</font></td>
        <td><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED <br>
          </font>No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, China and <br>
          CHINA SHIPBUILDING TRADING CO., LTD.<br>
          56(Yi) Zhongguancun Nan Da Jie, Beijing 100044, China</td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear Sirs,</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In consideration of your entering into a shipbuilding contract dated [***] (the &#8220;Shipbuilding
            Contract&#8221;) with ROMAN SHARK X INC. as the buyer (the &#8220;BUYER&#8221;) for the construction of one (1) 47,499DWT Chemical/Product Oil Tanker known as Hull No. 25110063 (the &#8220;VESSEL&#8221;), we, CENTRAL SHIPPING INC., hereby irrevocably, absolutely and
            unconditionally guarantee, as the primary obligor and not merely as the surety, the due and punctual payment by the BUYER of each and all of the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments of the Contract Price amounting to a total sum of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00) as specified in (2) below, but whatsoever our liability under this
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The instalments guaranteed hereunder, pursuant to the terms of the Shipbuilding Contract, comprise
            the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> instalment in the amount of United States Dollars Six Million Seven Hundred and Eighty Thousand (US$ 6,780,000.00), the 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00), the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> instalment in the amount of United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00) and the 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment in
            the amount United States Dollars Four Million Five Hundred and Twenty Thousand (US$ 4,520,000.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We also IRREVOCABLY, ABSOLUTELY and UNCONDITIONALLY guarantee, as primary obligor and not merely as
            surety, the due and punctual payment by the BUYER of interest on each instalment guaranteed hereunder at the rate of six percent (6%) per annum from and including the first day after the date of instalment in default until the date of full
            payment by us of such amount guaranteed hereunder.</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In the event that you have notified us that the BUYER has failed to punctually pay any instalment
            guaranteed hereunder or the BUYER has failed to pay any interest thereon, then, upon receipt by us of your first written demand, we shall immediately pay to you or your assignee the instalment(s) stated in your demand to be due and unpaid
            together with the interest as specified in Paragraph (3) hereof, without inquiring the justification or entitlement of your demand or requesting you to take any or further action, procedure or step against the BUYER or with respect to any other
            security which you may hold.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby agree that at your option this Letter of Guarantee and the undertaking hereunder shall be
            assignable to and if so assigned shall inure to the benefit of any third party designated by you as if any such third party designated by you was originally named herein. This Letter of Guarantee and the undertaking hereunder may be assigned
            only to (i) your financing banks or financial institutions or (ii) any affiliated company of the SELLER, and in each case upon prior written notice to us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any payment by us under this Letter of Guarantee shall be made in the United States Dollars by
            telegraphic transfer to China Construction Bank Corporation, Guangdong Free Trade Zone Branch (with SWIFT Code: PCBCCNBJGDX), as receiving bank nominated by you for credit to the account of Guangzhou Shipyard International Company Limited with
            its account no. 44050139210200000641 or through other receiving bank to be nominated by you from time to time, in favour of you or your assignee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee and our obligations under this Letter of Guarantee shall not be affected or
            prejudiced and we shall not withhold and/or delay our payment by the reason of any dispute between you as the SELLER and the BUYER under or in connection with the Shipbuilding Contract or by the BUILDER&#8217;s delay in the construction and/or
            delivery of the VESSEL due to whatever causes or by any variation or extension of their terms thereof (whether or not made with our knowledge), or by any security or other indemnity now or hereafter held by you in respect thereof, or by any
            time or indulgence granted by you or any other person in connection therewith, or by any invalidity or unenforceability of the terms thereof, or by any act, omission, fact or circumstances whatsoever, which could or might, but for the
            foregoing, diminish in any way our obligations under this Letter of Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any claim or demand shall be in writing signed by one of your officers and may be served on us
            either by hand or by post or by email in writing and if sent by post to [***] (or such other address as we may notify to you in writing), or by SWIFT (SWIFT CODE: [***]) via [***], or by email to the email address [***].</font></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall come into full force and effect upon delivery to you of this Letter
            of Guarantee and shall continue in force and effect until (i) the VESSEL is delivered to and accepted by the BUYER and the BUYER shall have performed all its obligations for taking delivery thereof, or (ii) until the full payment of all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>
            and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalments together with the aforesaid interests by the BUYER or us, whichever occurs earlier.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The maximum amount, however, that we are obliged to pay to you under this Letter of Guarantee shall
            not exceed the aggregate amount of United States Dollars Twenty Million Five Hundred and Forty Thousand Six Hundred and Fourteen (US$ 20,540,614.00), being an amount equal to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all the 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>, 2<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">nd</sup>, 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> and 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> instalment guaranteed hereunder in the total amount of United States Dollars Twenty Million Three Hundred and Forty Thousand (US$ 20,340,000.00); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">the interest at the rate of six percent (6%) per annum on the respective instalment each for a
            period of sixty (60) days in the amount of United States Dollars Two Hundred Thousand Six Hundred and Fourteen (US$ 200,614.00).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">and no further amounts shall be payable by us under this Letter of Guarantee.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.3pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All payments by us under this Letter of Guarantee shall be made without any set-off or counterclaim
            and without deduction or withholding for or on account of any taxes, duties, or charges whatsoever unless we are compelled by law to deduct or withhold the same. In the latter event we shall make the minimum deduction or withholding permitted
            and will pay such additional amounts as may be necessary in order that the net amount received by you after such deductions or withholdings shall equal the amount which would have been received had no such deduction or withholding been required
            to be made.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall be construed in accordance with and governed by the laws of England.
            We hereby submit to arbitration by three (3) arbitrators in London (one arbitrator to be appointed by us and the other by you and the third one to be appointed by agreement of those two arbitrators, or by the President of the LMAA if the two
            party appointed arbitrators cannot agree on such appointment) in accordance with the then prevailing rules of London Maritime Arbitrators Association (&#8220;LMAA&#8221;) for the purposes of any legal action or proceedings in connection with this Letter of
            Guarantee. The three arbitrators shall be a full member of the LMAA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Letter of Guarantee shall have expired as aforesaid, you will return the same to us without any
            request or demand from us.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We hereby represent and confirm to you that we are permitted by the law of Marshall Islands, and
            have the corporate power and authority, to issue this </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif"></td>
      </tr>

  </table>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; color: rgb(0, 0, 0); font-style: normal;">72 / 74</font>&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif">Letter of Guarantee with its precise wording and to perform our obligations hereunder and in particular to designate the laws of England as the governing law hereof. With
          regard to the rules, regulations and requirements of the laws and regulations of Marshall Islands, we hereby confirm that this guarantee is valid and enforceable and confirm further that we have obtained all necessary approvals and authorizations
          to issue and perform this Letter of Guarantee in United States Dollars.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We further waive and disclaim all rights whatsoever to claim sovereign immunity for ourselves or our
            assets in respect of any claim or proceedings brought against us under or in respect of this Letter of Guarantee.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Hull No. 25110063</p>
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            Shipbuilding&amp; Heavy Industry Co. Ltd</font></td>
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            block construction</font></td>
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            New Energy Equipment Manufacturing Co., Ltd.</font></td>
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<TYPE>EX-4.42
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<DESCRIPTION>EXHIBIT 4.42
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  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0; text-align: right"><b>Exhibit 4.42</b></p>
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          <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dat<font style="font-family: Arial,Helvetica,'sans-serif';">ed: </font></font><u><font style="font-family: Arial,Helvetica,'sans-serif';">9 March 2026</font><br>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ROMAN SHARK I INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose </b></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TIANJIN JINHAI SANSHI LEASING CO., LTD. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;), a corporation incorporated under </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Service Co., Ltd. Free Trade Zone Branch, No. <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u>) </b><font style="color: #3C96D2"><strike>(Name of buyers)</strike></font>, hereinafter called the
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name of vessel: <b>TBC</b></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year of Build: <b>20<u>28</u></b> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GT/NT: <b>As per Shipbuilding Contract</b> <font style="color: #3C96D2"><strike>/</strike></font></font></div>
        </td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 45.55pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">11</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>&#8220;Agreement&#8221; means this memorandum of agreement which shall for the avoidance of doubt, include the rider </u></font></div>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>13</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8</strike></font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>14</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<font style="color: #3C96D2"><strike>Buyers&#8217; Nominated</strike></font> Flag State&#8221; means <b>the Marshall Islands or any other flag state of the Vessel as may be </b></font></div>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>18</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>19</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit Holder&#8221; means (state name and location of Deposit Holder) or, if left blank, the</strike></font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>20</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a</font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered letter, e-mail or telefax.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Parties&#8221; means the Sellers and the Buyers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>24</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>25</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>26</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>27</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.</strike></font></td>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">28</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Purchase Price is (state currency and amount both in words and figures).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">30</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Deposit</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>31</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>32</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>33</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three (3)</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>34</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days after the date that:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>35</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>36</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>e-mail or telefax; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>37</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>38</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>opened.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>39</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties.</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>40</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>41</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>42</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>all necessary documentation to open and maintain the account without delay.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">43</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment</b><font style="color: #B31330"><u> (See Clause 19 (Payment of Purchase Price by Buyers))</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>44</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>45</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>46</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notices):</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>47</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Deposit shall be released to the Sellers; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>48</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>49</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>50</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Account.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">51</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>52</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers</strike></font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>53</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>have also inspected the Vessel at/in (state place) on (state date) and have</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>54</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject only</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>55</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the terms and conditions of this Agreement.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>56</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>57</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether same are accepted or not within (state date/period).</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>58</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>59</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(state date/period).</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>60</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>61</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>62</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>63</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>64</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>examination by the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>65</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>66</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>67</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>68</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date/last day of the period stated in Line 59, whichever is earlier.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>69</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>70</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>71</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>72</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers, whereafter this Agreement shall be null and void.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>73</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>74</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 4(a) shall apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">75</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time and place of delivery and notices</b><font style="color: #B31330"><u> - (See Clause 27 (Notice, Time and Place of
                Delivery))</u></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>76</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>77</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>78</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Notice of Readiness shall not be tendered before: (date)</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>79</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14):</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>80</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>81</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>82</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>83</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance with</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>86</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>87</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing a</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>88</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>89</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three (3)</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>90</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>92</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217;</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>94</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date stipulated in line 79.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>95</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>96</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>97</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>force and effect.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>98</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>99</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217;</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>100</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Default) for the Vessel not being ready by the original Cancelling Date.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>101</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>102</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>103</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whereafter this Agreement shall be null and void.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">104</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Divers Inspection / Drydocking</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>105</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>106</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>107</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>108</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>109</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>110</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>111</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such inspection. This inspection shall be carried out without undue delay and in the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>112</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>113</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>114</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection as observer(s) only without interfering with the work or decisions of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>115</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor. The extent of the inspection and the conditions under</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>116</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>117</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>118</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>their cost and expense make the Vessel available at a suitable alternative place near to</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>119</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>120</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>121</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not tender Notice of Readiness prior to completion of the underwater inspection.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>122</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>123</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>124</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>125</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>126</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>127</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>128</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such defects shall be made good by the Sellers at their cost and expense to the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>129</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>130</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>131</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>attendance.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>132</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>133</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>do not require the aforementioned defects to be rectified before the next class</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>134</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>135</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>136</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>137</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>138</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>139</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the repair work obtained from two reputable independent shipyards at or in the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>140</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>141</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>142</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>143</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>144</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>145</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness prior to such estimate having been established.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>146</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>147</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>where suitable drydocking facilities are available, whether within or outside the delivery</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>149</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>150</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>151</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>152</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be extended by the additional time required for the drydocking and extra steaming, but</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>153</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>limited to a maximum of fourteen (14) days.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>154</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>156</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>157</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>159</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>163</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>164</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>165</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expenses, dues and fees.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>166</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>168</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not required by the Classification Society, the Buyers shall have the option to require the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>171</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>172</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>173</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>174</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>completion of the inspection by the Classification Society. The drawing and refitting of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>175</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>176</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>177</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>178</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society without condition/recommendation**.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>179</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>180</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>181</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parts of the system are condemned or found defective or broken so as to affect the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>182</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>183</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>184</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>observer(s) only without interfering with the work or decisions of the Classification</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>185</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society surveyor.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>186</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>187</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>188</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>189</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>190</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers have completed the work which the Sellers are required to do, the additional</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>191</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>192</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>193</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>194</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>195</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>196</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drydock or not.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>197</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>198</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 6 (a) shall apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>199</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>200</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Society without condition</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/recommendation are not to be taken into account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">201</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Spares, bunkers and other items</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of<font style="color: #B31330"><u>
                Delivery </u></font><font style="color: #3C96D2"><strike>inspection</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>, but spares
                on</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217; account</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">. The Sellers</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are not required to replace spare parts including spare tail-end shaft(s) and spare</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provisions shall be included in the sale and be taken over by the Buyers without extra payment.<font style="color: #B31330"> <u>Any bunkers and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>shall be taken over by the Buyers, at no cost to the Buyers.</u></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>211</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>212</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>personal belongings including the slop chest are excluded from the sale without compensation,</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>213</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>as well as the following additional items: (include list)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>214</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded from</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>215</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the sale without compensation: (include list)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>216</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not listed</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>217</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>218</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>219</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>greases in storage tanks and unopened drums and pay either:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>220</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>221</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of delivery</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>222</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Vessel or, if unavailable, at the nearest bunkering port,</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>223</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the quantities taken over.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>224</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Payment under this Clause shall be made at the same time and place and in the same</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>225</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>currency as the Purchase Price.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>226</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>228</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement shall be the relevant date.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>229</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>230</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative (a) shall apply.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">231</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Documentation</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>232</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The place of closing:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>233</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>234</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following delivery documents:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>235</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>238</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>241</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>243</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate);</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>244</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>245</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>248</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>possible after delivery of the Vessel;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>251</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel is in Class free of condition/recommendation;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>252</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>254</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the registry does not as a matter of practice issue such documentation immediately, a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>257</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>258</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>been delivered;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>260</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>263</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>264</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>265</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(viii) Commercial Invoice for the Vessel;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>266</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>267</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>268</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>269</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>270</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>273</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Agreement; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>274</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>275</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>black listed by any nation or international organisation.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>276</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>277</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>279</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>280</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>281</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>language they shall be accompanied by an English translation by an authorised translator or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>certified by a lawyer qualified to practice in the country of the translated language.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Clause 5(b) of this Agreement.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>291</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>292</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>294</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take copies.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>295</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>296</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>297</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>298</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>299</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Encumbrances</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers warrant that the Vessel, at the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>,
              is free from all charters<font style="color: #B31330"><u> (other than the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Bareboat Charter and the Initial Sub-charter)</u></font>,</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">encumbrances, mortgages and <font style="color: #3C96D2"><strike>maritime </strike></font>liens <font style="color: #B31330"><u>(whether maritime or otherwise) </u></font>or



              any other debts whatsoever, </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and is not subject</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">304</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyers against all consequences of claims made against the Vessel which have been incurred</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">305</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">306</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Taxes, fees and expenses</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">307</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any taxes, fees and expenses in connection with the purchase <font style="color: #B31330"><u>of the Vessel</u></font> and
            registration in the <font style="color: #3C96D2"><strike>Buyers&#8217;</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">308</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nominated </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag








            State <font style="color: #B31330"><u>and</u></font> <font style="color: #3C96D2"><strike>shall be for the Buyers&#8217; account, whereas similar charges</strike></font> in connection</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with the closing of the Sellers&#8217; register shall be for the Sellers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">310</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Condition on delivery</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivered to the Buyers<font style="color: #3C96D2"><strike>, but subject to the terms and conditions of this Agreement she
                shall be</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">313</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivered and taken over as she was at the time of inspection, fair wear and tear excepted</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">314</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, the Vessel shall be delivered free of cargo and free of stowaways with her Class</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">315</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintained without condition/recommendation*, free of average damage affecting the Vessel&#8217;s</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">316</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">class, and with her classification certificates and national certificates, as well as all other</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates the Vessel had at the time of <font style="color: #3C96D2"><strike>inspection</strike></font><font style="color: #B31330"><u>Delivery</u></font>, valid and unextended without</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">condition/recommendation* by the Classification Society or the relevant authorities at the time</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>321</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>322</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement shall be the relevant date.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Society without condition/recommendation are not to be taken into account.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Name/markings</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>326</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>327</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>markings.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Buyers&#8217; default</b><font style="color: #B31330"><u> - intentionally omitted</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>329</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>330</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>right to cancel this Agreement, and they shall be entitled to claim compensation for their losses</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and for all expenses incurred together with interest.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>have the right to cancel this Agreement, in which case the Deposit together with interest</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall be entitled to claim further compensation for their losses and for all expenses</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>incurred together with interest.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sellers&#8217; default</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness in accordance</strike></font> <font style="color: #B31330"><u>notice of the
                  Scheduled Delivery Date by serving </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment under</u></font> <font style="color: #3C96D2"><strike>with </strike></font><font style="color: #B31330"><u>Clause 27 (Notice, Time and Place of Delivery)</u></font> <br>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>Clause 5(b) </strike></font>or fail to be </font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">option of cancelling this Agreement. If after <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment
                  Notice in respect of the Delivery </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Instalment </u></font>has been given but before</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made physically ready again by the Cancelling Date and new <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>Payment



                  Notice in respect of </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Delivery Instalment </u></font>given, the</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyers shall retain their option to cancel. <font style="color: #3C96D2"><strike>In the event that the Buyers elect to
                cancel this</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement, the Deposit together with interest earned, if any, shall be released to them</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>immediately.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect
                  of the Delivery Instalment </u></font>by the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cancelling Date or fail to be ready to</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for their loss and for all expenses together with interest <font style="color: #3C96D2"><strike>if their failure is due to
                proven</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>negligence and whether or not the Buyers cancel this Agreement.</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>in accordance with Clause 43 (Fees and </u></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without </u></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>the need for either Buyers or Sellers to take any action whatsoever.</u></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Buyers&#8217; representatives</b> <font style="color: #B31330"><u>- intentionally omitted</u></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>351</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>After this Agreement has been signed by the Parties and the Deposit has been lodged, the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>352</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>353</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expense.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>354</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>These representatives are on board for the purpose of familiarisation and in the capacity of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>355</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>observers only, and they shall not interfere in any respect with the operation of the Vessel. The</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>356</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>357</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnity prior to their embarkation.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Law and Arbitration</b><font style="color: #B31330"><u> (See Clause 33 (Governing Law and Jurisdiction))</u></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>359</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) *This Agreement shall be governed by and construed in accordance with English law and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>360</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any dispute arising out of or in connection with this Agreement shall be referred to arbitration in</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>361</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>London in accordance with the Arbitration Act 1996 or any statutory modification or re-</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enactment thereof save to the extent necessary to give effect to the provisions of this Clause.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Association (LMAA) Terms current at the time when the arbitration proceedings are</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>365</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commenced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>366</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>367</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appoint its arbitrator and send notice of such appointment in writing to the other party requiring</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>368</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>369</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>370</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>371</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>other party does not appoint its own arbitrator and give notice that it has done so within the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>372</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>fourteen (14) days specified, the party referring a dispute to arbitration may, without the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>373</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>374</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>375</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>both Parties as if the sole arbitrator had been appointed by agreement.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>376</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>377</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>378</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>379</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>380</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>United States Code and the substantive law (not including the choice of law rules) of the State</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>381</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>382</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>383</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>384</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>385</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>386</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society of Maritime Arbitrators, Inc.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>387</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>388</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society of Maritime Arbitrators, Inc.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(state place) and any dispute arising out of or in connection with this Agreement shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>referred to arbitration at (state place), subject to the procedures applicable there.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>394</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>deletions, alternative 16(a) shall apply.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices</b><font style="color: #B31330"><u> - (See Clause 28 (Notices))</u></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>396</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>All notices to be provided under this Agreement shall be in writing.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>397</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Contact details for recipients of notices are as follows:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>398</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>For the Buyers:</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>399</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>For the Sellers:</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>400</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Entire Agreement</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The written terms of this Agreement comprise the entire agreement between the Buyers and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers in relation to the sale and purchase of the Vessel and supersede all previous</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agreements whether oral or written between the Parties in relation thereto.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each of the Parties acknowledges that in entering into this Agreement it has not relied on and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall have no right or remedy in respect of any statement, representation, assurance or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">warranty (whether or not made negligently) other than as is expressly set out in this Agreement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any terms implied into this Agreement by any applicable statute or law are hereby excluded to</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 49%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 7pt; padding-bottom: 7pt; padding-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For and on behalf of the
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        <td style="width: 51%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 7pt; padding-bottom: 7pt; padding-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For and on behalf of the Buyers</font></td>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 7pt; padding-bottom: 7pt; padding-left: 0.5in">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Name: </font>ANDREAS LOUKA /s/ Andreas Louka</div>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Name: </font>WANG Guang /s/ Wang Guang</div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 50%;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXECUTION VERSION</font></td>
        <td style="text-align: right; width: 50%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JINGHAISANSHI - 2026 - MOA</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>RIDER CLAUSES TO MEMORANDUM OF AGREEMENT</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DATED</b><font style="font-weight: bold;"> <u>9 March</u> </font><b>2026</b></font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The purchase price (&#8220;<b>Purchase Price</b>&#8221;) of the Vessel shall be 85% of the lesser of:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract Price; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$45,200,000.</font></td>
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        <td style="width: 40.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of this Agreement:</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely,
            with full title guarantee, on the Delivery Date; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in consideration of the Sellers&#8217; agreement under sub-paragraph (i) above, the Buyers hereby agree to
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">four (4) Pre-delivery Instalments; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery Instalment.</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers&#8217; obligation to pay the Purchase Price (or any part thereof) shall be subject to and
            conditional upon:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred or being continuing at the time of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations given by each Relevant Person under the Leasing Documents to which it is a party
            being true and correct on the relevant Payment Date by reference to the facts and circumstances then existing;</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of each Instalment:</font></td>
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers having received a duly completed Payment Notice relating to such Instalment not later than
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the issuance of a Payment Notice in respect of any Instalment by the Sellers to the Buyers,
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the First Instalment) the conditions precedent set out in Part B of Schedule 2 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 106.3pt; text-align: justify; text-indent: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyers may require) at least three (3) Business Days prior to
      the First Instalment Payment Date, and the Sellers hereby authorize the Buyers to pay the First Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Designated Account;</font></p>
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Second Instalment) the conditions precedent set out in Part C of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Second Instalment Payment Date, and the Sellers hereby
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Third Instalment) the conditions precedent set out in Part D of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Third Instalment Payment Date, and the Sellers hereby
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Fourth Instalment) the conditions precedent set out in Part E of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Fourth Instalment Payment Date, and the Sellers hereby
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Delivery Instalment) the conditions precedent set out in Part F of Schedule 2 of
            the Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Delivery Instalment Payment Date, and the Sellers
            hereby authorize the Buyers to deposit the Delivery Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Bank on an unallocated basis and in accordance with the terms of the Conditional Payment Instructions.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            referred to in Clause 19(c) are satisfied, the Sellers undertake to ensure that such outstanding conditions precedent shall be satisfied within five (5) Business Days from its original due date (unless otherwise agreed in writing by the Buyers
            in their absolute discretion); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers agree to take delivery of the Vessel under this Agreement and (in their capacity as owner
            under the Bareboat Charter) agree to charter the Vessel to the Charterers under the Bareboat Charter before all the conditions precedent referred to in this Agreement and the Delivery Conditions Precedent are satisfied, the Sellers undertake to
            ensure that such outstanding conditions precedent shall</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be satisfied within five (5) Business Days from its original due date (unless
      otherwise agreed in writing by the Buyers in their absolute discretion).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Sellers have elected to pay any Instalment (other than the Delivery Instalment) directly to the
            Head Sellers by making the relevant payment to the Head Sellers in accordance with the Shipbuilding Contract, subject to paragraph (c) above, the Buyers shall pay the relevant Instalment directly to the Sellers&#8217; Account after fulfilment (or
            waiver) of the relevant Instalment Conditions Precedent along with evidence of full payment to the Head Sellers of such relevant Instalment in form and substance satisfactory to the Buyers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers and the Sellers agree that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of each Pre-delivery Instalment, payment of the amount of such Pre-delivery Instalment
            into the Head Sellers&#8217; Designated Account or the Sellers&#8217; Account (as the case may be) shall constitute a full discharge of the Buyers&#8217; obligations to pay such Pre-delivery Instalment under this Agreement; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the Delivery Instalment, deposit of the Delivery Instalment on an unallocated basis
            into the Head Sellers&#8217; Bank (in accordance with the Conditional Payment Instructions) shall constitute a full discharge of the Buyers&#8217; obligations to pay the Delivery Instalment under this Agreement,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      accuracy of the details of such bank and/or account to ensure that they reflect the requirements of the Shipbuilding Contract or any other document between the Sellers and the Head Sellers or otherwise (other than in cases of manifest error); and the
      Buyers and the Sellers further agree that the Buyers shall not be required to countersign the SBC PODA and/or execute the MOA PODA until and unless the Instalment Conditions Precedent and the Delivery Conditions Precedent have been fulfilled to the
      satisfaction of, or waived by, the Buyers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Shipbuilding Contract Delivery Amount exceeds the Delivery Instalment, the Sellers shall pay an
            amount equal to such excess (such excess amount being referred to as the &#8220;<b>Delivery Shortfall</b>&#8221;) directly into the Head Sellers&#8217; Bank at least one (1) Business Day prior to the Delivery Instalment Payment Date (or such other period as may
            be acceptable to the Buyers and the Head Sellers) and the Sellers shall provide documentary evidence satisfactory to the Buyers that the Delivery Shortfall has been deposited into the Head Sellers&#8217; Bank in accordance with the terms of the
            Shipbuilding Contract (in the form of a SWIFT payment confirmation, written confirmation of the Head Sellers and/or any such other evidence reasonably acceptable to the Buyers).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, the Sellers hereby agree and acknowledge that, the Sellers shall at their
            own costs and expenses:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pay (procure the payment) to the Head Sellers the full difference between the total amount due and
            payable by the Sellers under the Shipbuilding Contract and the Purchase Price. Other than the Instalments, the Sellers are solely accountable for and will pay all other pre-delivery and delivery costs in relation to the Vessel including, but
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be obliged to supply the Vessel with any bunkers, lubricating oil, greases, hydraulic oil, unbroached
            provisions, paints, ropes and other consumable stores in the Vessel in accordance with the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All amounts payable hereunder shall be made in Dollars unless otherwise requested by the Buyers in the
            event that there are any restrictions whatsoever preventing the remittance of payments in Dollars by or to the Buyers or otherwise adversely affecting the ability of the Buyers to make or receive payments in Dollars (including without
            limitation, any suspension of the SWIFT system in any jurisdiction where the Buyers would have made or received payment or would customarily make or receive payments) or, as a result of any Sanctions, it is unlawful for the Buyers to deal in,
            or the Buyers are unable to deal in, send or accept, Dollars hereunder, then the Buyers may be able to select such other currency (the &#8220;<b>Other Currency</b>&#8221;) as they determine in their absolute opinion whereupon the relevant amount shall be
            converted at the prevailing exchange rate quoted to the Buyers by such bank as the Buyers may reasonably select <b>provided always that </b>(a) dealing in such Other Currency shall not be a breach of any Sanctions and (b) the Head Sellers&#8217;
            prior written consent to the use of such Other Currency shall be obtained.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers&#8217; obligation to purchase the Vessel and the Sellers&#8217; obligation to sell the Vessel
      are conditional upon:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Payment Date, the Scheduled Delivery Date and the Delivery Date all falling on a Business Day on
            or before the Cancelling Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as at the Delivery Date and immediately prior to the payment of the Delivery Instalment, all other
            amounts payable under the Shipbuilding Contract (including, but not limited to the Delivery Shortfall) having been paid to the Head Sellers or deposited into the Head Sellers&#8217; Bank;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the fulfilment by the Sellers and/or the Charterers, or (as the case may be) the waiver by the Buyers
            and/or the Owners, of the Instalment Conditions Precedent and the Delivery Conditions Precedent;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel being delivered to the Sellers pursuant to the Shipbuilding Contract and the simultaneous
            delivery to and acceptance by the Charterers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event having occurred and being continuing or occurring as a result of the performance
            by the Sellers and Buyers of their respective obligations under this Agreement.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 21 &#8211; Condition of vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under
      this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      date on which a Payment Notice is issued by the Sellers, on each Payment Date and on the Delivery Date that (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund
      Guarantor is given only to the best of the Sellers&#8217; knowledge):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they are duly incorporated and validly existing under the laws of their jurisdiction of incorporation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they have the requisite power and authority to enter into and perform this Agreement and this
            Agreement constitutes their valid, legal and binding obligations in accordance with its terms;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the execution and performance by them of this Agreement will not breach or constitute a default under
            their constitutional documents or any agreement, instrument, order, judgment or other restriction which binds them;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Buyers are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same other than as notified in writing to the Buyers (such amendments or supplements having been pre-approved or permitted to be made by the
            Buyers under this Agreement or the Bareboat Charter);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract contains valid, binding and enforceable obligations of the Sellers and the
            Head Sellers, and both the Sellers and the Head Sellers have obtained all necessary consents, authorizations and permits for the construction of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there is no breach of the Shipbuilding Contract by either the Sellers or the Head Sellers which
            entitles either of them to terminate the Shipbuilding Contract has occurred;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers, the
            Refund Guarantor and/or the Sellers in respect of the Shipbuilding Contract, the Refund Guarantee and/or the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee contains valid, binding and enforceable obligations of the Refund Guarantor, and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee remains in full force and effect and neither the Sellers nor the Refund Guarantor
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel is free from all Security Interests;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers:</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have good and marketable title to the Shipbuilding Contract and the Refund Guarantee up to and
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      </tr>

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is in a good and safe condition; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is classed with the Classification Society at the highest classification available for vessels of its
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to each of the Sellers and any member of the Group, the Head Sellers and the Refund
            Guarantor:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it does not own or control a Prohibited Person; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">neither it nor any of its directors, officers or (to the best knowledge and belief of the Sellers)
            employees or any person acting on its behalf has received notice or are aware of any claim, action, suit, proceeding or investigation against it with respect to Sanctions; and</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or
            for the benefit of a Prohibited Person nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 23 - Buyers&#8217; Further Rights on Termination</font></p>
  <br>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,Helvetica,sans-serif; margin-left: 27pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
    </font></p>
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        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Potential Termination Event or a Termination Event occurs prior to Delivery and is continuing;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it becomes unlawful or illegal or contrary to Sanctions for the Buyers to perform their obligations
            under this Agreement and other Leasing Documents;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel becomes a Total Loss prior to the Delivery Date; or</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers&#8217; right to cancel arises under Clause 14 for failure of the Sellers to deliver the Vessel by
            the Cancelling Date,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers shall have the right (in their reasonable discretion
      save for paragraph (c) above where such termination will be immediate and automatic as from the date of the Total Loss) to terminate this Agreement immediately by written notice to the Sellers and such termination shall become effective on the date
      of such written notification (or such other date as the Buyers may specify in such notice), whereupon:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(without prejudice to Clause 25 (<i>Indemnities</i>) of this Agreement) the Sellers shall cease to
            have any obligations under this Agreement (including, but not limited to, the Buyers&#8217; obligations to pay any Instalment of the Purchase Price), and further provided that, in consideration of the Buyers entering into this Agreement and agreeing
            to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Buyers shall be entitled to retain all documented costs, expenses, fees or other amounts paid by the Sellers and/or
            the Charterers under this Agreement and the other Leasing Documents and if any documented fees and/or expenses which are payable by the Sellers and/or the Charterers pursuant to this Agreement and the other</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leasing Documents but have not been paid, the Sellers shall forthwith pay such
      fees and expenses to the Buyers in accordance with this Agreement, and such costs, expenses, fees or other amounts are acknowledged and agreed by the Sellers to be a proportionate amount, having regard to the legitimate interest of the Buyers in
      protecting against the risk of inter alia, this Agreement being terminated and the Sellers not being able to perform this Agreement; and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall be obliged to immediately pay an amount equal to the applicable Termination Sum, as
            at the date of such termination, provided that:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Buyers (in their capacity as owners) receive payment of the Termination Sum (or part thereof)
            from the Charterers under the Bareboat Charter, such amount of the Termination Sum actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
            Buyers;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that the Buyers receive a refund of any Instalment(s) from the Head Sellers and/or the
            Refund Guarantor pursuant to the terms of any Leasing Document, any such amount actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
            Buyers; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the irrevocable receipt of the Termination Sum paid to the Buyers by the Sellers, the Buyers
            shall, at the cost of the Sellers, within a reasonable time, without representation or warranty, re-assign the Buyer&#8217;s rights and interests under the Shipbuilding Contract and the Refund Guarantee to the Sellers in accordance with the terms of
            the Pre-delivery Assignment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Flag State requires the Buyers to have a physical presence or office in the
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 25 &#8211; Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Buyers (i) agreeing to pay and/or paying the Purchase Price under the terms of
            this Agreement and (ii) agreeing to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Sellers shall indemnify and pay such amounts to the Buyers in respect of all
            documented costs, claims, expenses, liabilities, losses, damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this
            Agreement or in connection with the Delivery, registration, purchase and inspection of the Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection with or resulting from the occurrence of a
            Termination Event or the funding of all or an portion of the Purchase Price (including but not limited to the event that the funds have been deposited in accordance with Clause 19 but not released in accordance with the Conditional Payment
            Instructions for any reason whatsoever, other than as a direct and sole result of the Buyers&#8217; gross</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">negligence or wilful misconduct), and whether or not the Vessel is
      in the possession of or the control of the Sellers or otherwise.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be
            provided in favour of the Buyers and shall continue in full force and effect notwithstanding any breach of the terms of this Agreement or termination of this Agreement pursuant to the terms hereof.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-transform: uppercase; text-indent: -47.05pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers shall be entitled to request such documents and information that the Buyers may reasonably
            require in relation to the construction of the Vessel or otherwise in connection with the Vessel (including, without limitation, the status of such construction or otherwise in connection with the Shipbuilding Contract and/or the Refund
            Guarantees), and such information and documentation shall be delivered as soon as practically possible to the Buyers by the Sellers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            plans, specifications, and other documents and records relating to its construction) during the course of its construction (but no more than once per calendar year), provided that prior notice shall be given to the Sellers, and the Sellers
            shall use best endeavours to procure that access shall be granted by the Head Sellers for such inspection.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall promptly notify the Buyers of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices and/or claims the Head Sellers has served on it under the Shipbuilding Contract
            (including but not limited to any notice of delay, default or termination under the Shipbuilding Contract);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices the Sellers have served on the Head Sellers under the Shipbuilding Contract; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any material dispute between the Sellers and the Head Sellers in relation to the Shipbuilding
            Contract.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage
            at the Head Sellers&#8217; shipyard.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall keep the Buyers well informed of any changes to the Scheduled Delivery Date of the
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      or in relation to this Agreement shall be in English and in writing and (without prejudice to any</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other valid method or giving, making or sending the same) shall be deemed sufficiently given
      or made or sent if sent by registered post or by email to the following respective address or email address:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 10%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> (A)</font></td>
        <td style="width: 30%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the
            Buyers:</font></td>
        <td style="width: 60%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address:








            49F, ABC Tower, NO.9, YinCheng Road, <br>
            Pudong New Area, Shanghai 200120, China<br>
            Attention: Yiye XIANG<br>
            Email: xiangyiyezl@abcleasing.com<br>
            Tel: +8621 2068 6853</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Sellers:</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o CENTRAL SHIPPING INC. </b><br>
            Address: 20, Iouliou Kaisara Str., Paiania, Attica, Greece<br>
            Attention:&#160;&#160;&#160;&#160;Andreas Louka<br>
            Email:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;louka@loukapartners.com <br>
            Tel:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;+30 210 81 28 320</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 0.5in; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address (or email
      address) as that party may notify to the other.</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any payment made by the Sellers to the Buyers under this Agreement shall be paid:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">free and clear of any tax deduction or withholding unless required by law.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to paragraph (a) of this Clause, if the Sellers are required by law to make a tax
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall notify the Buyers as soon as they become aware of the requirement; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause, &#8220;<b>tax deduction</b>&#8221; means any deduction or withholding for or on account of any
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter the Sellers
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 32 &#8211; Miscellaneous</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement, and any non-contractual obligations arising out of or in connection with it, are
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the provisions of this Clause. The arbitration shall be
      conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by
            the two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar
            Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other Party requiring the other Party to appoint its own
            arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days
            specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice
            to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall
            prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after
            the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three (3) arbitrators the procedure for making appointments shall be in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Definitions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same
      meaning as in the Bareboat Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Bareboat Charter</b>&#8221; means the bareboat charterparty in respect of the
      Vessel dated on or about the date hereof and entered into between the Buyers as owner and <font style="color: windowtext">the Charterers</font> as bareboat charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Builder</b>&#8221; means GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a
      corporation organised and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which
      banks are open for general business in London, New York and Shanghai and any jurisdiction in which any earnings account is opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Cancelling Date</b>&#8221; means <font style="color: windowtext">30 June 2028</font>
      or such later date as may be agreed by the Buyers acting in their discretion.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Charterers</b>&#8221; means the Sellers, acting in their capacity as bareboat
      charterers under the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Conditional Payment Instructions</b>&#8221; means the conditional payment
      instructions to the Head Sellers&#8217; Bank in the form of a SWIFT MT199 with a SWIFT MT103 or such other format agreed between the Head Sellers, the Sellers and the Buyers, setting out the conditions upon which all (or as the case may be, the relevant
      portion) of the Delivery Instalment paid to the Head Sellers&#8217; Bank shall be released to the Head Sellers (such conditions to include, without limitation, the presentation to the Head Sellers&#8217; Bank of the SBC PODA duly executed by the Head Sellers and
      the Sellers (and countersigned by the Buyers)).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery</b>&#8221; means the passing of the legal and beneficial interest in
      the Vessel from the Sellers to the Buyers pursuant to the terms of this Agreement.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Conditions Precedent</b>&#8221; means the conditions precedent
      detailed in clause 35.2(g)(ii) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Date</b>&#8221; means the date on which Delivery occurs.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment</b>&#8221; has the meaning given to such term under <font style="color: black">Schedule 1</font> <i>(Purchase Price Instalments)</i>.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment Payment Date</b>&#8221; means the date specified in the
      Payment Notice relating to the Delivery Instalment provided that, unless otherwise agreed by the Buyers, any such date shall coincide with the due date of depositing the final instalment of the Shipbuilding Contract Price under the Shipbuilding
      Contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Shortfall</b>&#8221; has the meaning given to that term in Clause 19.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Dispute</b>&#8221; shall have the meaning ascribed thereto Clause 33(b).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Dollars</b>&#8221; and &#8220;<b>US$</b>&#8221; mean the lawful currency, for the time
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>First Instalment</b>&#8221; has the meaning given to such term under <font style="color: black">Schedule 1</font> (<i>Purchase Price Instalments</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>First Instalment Payment Date</b>&#8221; means the date specified in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Fourth Instalment Payment Date</b>&#8221; means the date specified in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Flag State</b>&#8221; means the Republic of the Marshall Islands or any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Head Sellers</b>&#8221; means collectively:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Builder; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">China Shipbuilding Trading Co., Ltd., a corporation organised and existing under the laws of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Second Instalment</b>&#8221; has the meaning given to such term under Schedule
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Sellers&#8217; Account</b>&#8221; means the account as notified by the Sellers to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Third Instalment</b>&#8221; has the meaning given to such term under Schedule
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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        <td style="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; text-indent: 0in; text-transform: uppercase; font: bold 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>Instalment</u></font></td>
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        <td style="width: 32%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Payment Date</u></b></font></td>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the first
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            Head Sellers&#8217;s invoice, being no more than US$3,842,000 (the &#8220;<b>Second Instalment</b>&#8221;).</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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      Form of Payment Notice</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TIANJIN JINHAI SANSHI LEASING CO., LTD. </b></font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Memorandum of Agreement dated </b>____________________ <b>(the &#8220;Agreement&#8221;)</b><br>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Agreement made between us in relation to the Vessel.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a Payment Notice as defined in the Agreement.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The Scheduled Delivery Date is [&#9679;].]<font style="color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice relates to the [First/Second/Third/Fourth/Delivery] Instalment.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The amount that the Head Sellers is entitled to receive under the Shipbuilding Contract in respect of
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Payment Date for the [First/Second/Third/Fourth/Delivery] Instalment is [&#9679;].</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>[Head Sellers&#8217; Designated Account/Sellers&#8217; Account]</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Correspondent Bank: [&#9679;]<br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>[For Delivery Instalment:]</i></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To be inserted in the case of the Delivery Instalment</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Head Sellers&#8217; Bank</u></b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
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      Date:</font></p>
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>ROMAN SHARK I INC.</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the &#8220;<b>Sellers</b>&#8221;)






      hereby sell, transfer and deliver and <b>TIANJIN JINHAI SANSHI LEASING CO., LTD. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b>, a corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin
      Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. 13224) (the &#8220;<b>Buyers</b>&#8221;) hereby accept delivery, title and risk of and in one (1) chemical/product oil
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title: attorney-in-fact<br>
      For and on behalf of<br>
      <font style="color: windowtext"><b>ROMAN SHARK I INC.</b></font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title:<br>
      For and on behalf of<br>
      <b>TIANJIN JINHAI SANSHI LEASING CO., LTD. </b><br>
      <b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXECUTION PAGE</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SELLERS</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;"><b>SIGNED BY </b></font>ANDREAS LOUKA</div>
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        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">) </font>/s/ Andreas Louka</div>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">for and on behalf of</font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;"><b>ROMAN SHARK I INC.</b></font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">in the presence of</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;">&#160;</td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; signature: </font>/s/ Dimitra Karkaletsi</div>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; name: </font>DIMITRA KARKALETSI</div>
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          <div style="text-align: left; font-size: 10pt;">19002 Paiania Athens, Greece</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; name: </font>Huang Ziqiang</div>
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            <div style="text-align: left; font-size: 10pt;">No. 9, ABC Tower, No. 9, Yincheng Road, Pudong New Area Shanghai 200120, China</div>
            <font style="font-size: 10pt;"> </font></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">54</font><br>
      SINGAPORE/92306886v1</font></p>
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<DOCUMENT>
<TYPE>EX-4.43
<SEQUENCE>24
<FILENAME>ef20060828_ex4-43.htm
<DESCRIPTION>EXHIBIT 4.43
<TEXT>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img alt="" src="image005.jpg"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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          <div style="margin-left: 36pt;"><font style="font-weight: bold;">9 March 2026</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
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                corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;GT/NT</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>as per Shipbuilding Contract</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When/Where built</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Classification Society (Cl. 3)</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
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        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of redelivery (Cl.
              15)</font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No. of months&#8217; validity of
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Frequency of dry-docking (Cl.
              10(g))</font></p>
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                requirements of Flag State</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="3">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
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                area declared by the Joint War Committee, see also Clause 47.1(t), 47.1(u) and 47.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="3">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
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                notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #B31330"><u>Corporate









                </u></font> <font style="color: #3C96D2"><strike>Bank</strike></font> guarantee/bond (sum and place) (Cl. 24) (optional)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
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        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              payable (Cl. 27)</font></p>
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and place of Builders (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liquidated damages and costs
              shall accrue to (state party acc. to Cl. 1)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bareboat Charter Registry
              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 69 (Definitions) and
                Schedules 1 to 5 thereto (collectively, the &#8220;Additional Clauses&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II<font style="color: #B31330"><u> and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B31330"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B31330"><u>and</u></font><font style="color: #3C96D2"><strike>shall prevail over those of</strike></font> PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V
    shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and
    PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt; text-indent: 0.5in;">
          <div><font style="font-size: 10pt;">Signature (Owners)</font></div>
          <div><font style="font-size: 10pt;"> <br>
            </font></div>
          <div>
            <div style="text-align: left; font-size: 10pt;">/s/ Wang Guang</div>
            <font style="font-size: 10pt;"> </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt;">
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;">Signature (Charterers)</font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> <br>
            </font></p>
          <div style="text-align: left; font-size: 10pt;">ANDREAS LOUKA /s/ Andreas Louka</div>
          <div style="text-align: left; font-size: 10pt;">Attorney-in-Fact</div>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> </font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><br>
          </p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">WANG Guang</div>
  <div style="text-align: left; font-family: 'Times New Roman'; font-size: 10pt;">Legal Representative</div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, the following terms shall have the meanings hereby assigned to them: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Owners&#8221; shall mean the party identified in Box 3; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Charterers&#8221; shall mean the party identified in Box 4; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Financial Instrument<font style="color: #B31330"><u>s</u></font>&#8221; <font style="color: #B31330"><u>has the meaning ascribed to it in Clause 69 (Definitions).</u></font>
              <font style="color: #3C96D2"><strike>means the mortgage, deed of </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>covenant or other such financial security instrument as </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>annexed to this Charter and stated in Box 28. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Charter Period </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire the Vessel for the period stated in Box 21 <font style="color: #3C96D2"><strike>(&#8220;The Charter Period&#8221;)</strike></font>. <font style="color: #B31330"><u>See also
                Clause 32 (Charter Period)</u></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(not applicable when Part III applies, as indicated in Box 37) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>every respect ready in hull, machinery and equipment for service under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Box 13<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>in such ready safe berth as the Charterers may direct.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>12. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>but the
                Owners shall be liable for</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 35 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217; </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling <font style="color: #B31330"><u>(See Clause 33 (Cancellation))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 47.1(t), 47.1 (u) and 47.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein) </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 48.2 (Inspection of Vessel)</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37) </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>delivery and </strike></font>redelivery <font style="color: #B31330"><u>pursuant to
                  Clause 42.5 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss)</u></font> hereunder <font style="color: #B31330"><u>(if applicable) at the costs of the Charterers</u></font>.
              <font style="color: #3C96D2"><strike>The Owners shall bear all </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>expenses</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 48 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or damage to the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 35.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>A complete inventory of the Vessel&#8217;s entire equipment, outfit including spare parts, appliances and of all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>except as provided for in Clause 14(l), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, at
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
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      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
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      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">navigate, operate, supply, fuel and, whenever required, repair the Vessel during the Charter Period and they </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel&#8217;s </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>which shall not be unreasonably withheld,</strike></font> to change the flag and/or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the termination of this Charter</strike></font>. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment, </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wear and tear excepted. The Charterers shall from time to time during the Charter Period replace<font style="color: #B31330"><u>, renew or </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">regards </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to fit additional equipment at their expense and risk <font style="color: #B31330"><u>(provided that no permanent structural damage is caused </u></font></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Vessel is redelivered to the Owners.</u></font><font style="color: #3C96D2"><strike>at the end</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
            including radio equipment on hire on the Vessel at</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>or,









                  if Box 19 </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>has </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 37 (Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being <br>
              payable </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell <br>
              due, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>(See Clause 65.4 (Assignment and Transfer))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>181</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(only to apply if Box 28 has been appropriately filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>191</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>stated </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 40 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 40 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 40 (Insurance) </u></font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and









                  freight, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>demurrage and defence risks </u></font>(and any risks against which it is compulsory to insure for the</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: #B31330"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be unreasonably
                  withheld.</strike></font> Such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurances </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the Owners and the Owners&#8217; Financiers (if any)</u></font>. Insurance policies shall cover the Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u></font> and the Charterers according to their </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses,</u></font> <font style="color: #3C96D2"><strike>Financial Instrument, if
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">incurred </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any deviation, shall be for
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that </u></font></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies. </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330">(<u>if </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>any)</u></font>.</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 42.13 (Termination, Redelivery and Total </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330"><u>(or, if applicable, the Owners&#8217; Financiers in accordance with the terms </u></font></font></div>
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                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 40 (Insurance).</u></font> <font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to </strike></font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>effected, </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 42.5 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, range </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>282</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of expected date and port or place of redelivery. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>283</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>284</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>286</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>287</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>289</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>290</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>291</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>292</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>excepted. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>294</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>least the number of months agreed in Box 17. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Save for Permitted Security Interest (if any), t</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>T</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">he Charterers will not suffer, nor permit to be continued, any lien </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or encumbrance incurred by them or their </font></div>
        </td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows: </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221; <font style="color: #B31330"><u>or a notice in such analogous form as reasonably </u></font></font></div>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity <font style="color: #B31330"><u>(See Clauses 39.3 (Possession of Vessel), 40.16 (Insurance), 40.17 (Insurance), 40.18 (Insurance), </u></font></b></font></div>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising </strike></font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>305</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>306</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>307</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>308</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>309</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>310</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>311</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>312</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>313</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>314</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>315</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>316</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B31330"><u>shall</u></font><font style="color: #3C96D2"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C96D2"><strike>, and the Charterers to have a lien on </strike></font></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>320</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel for all moneys paid in advance and not earned</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>331</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>332</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>333</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conditions as the Owners shall approve. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>335</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>336</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Charter. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage </b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)*</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>343</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>344</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>345</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>346</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>347</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>348</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><b><strike>Bank</strike></b></font><b> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Corporate</u></font></b><b>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if Box 27 filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B31330"><u>on or about the date of this Charter,</u></font> <font style="color: #3C96D2"><strike>before
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>other Security Documents (if not already earlier entered into) </u></font>for full performance of their obligations under this </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to the provisions of the Financial Instruments (if any) and the General Assignment, i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>always
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>363</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>364</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td>&#160;</td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C96D2"><strike>to</strike></font> <font style="color: #B31330"><u>shall</u></font> be
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel. </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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                </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>389</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>390</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>391</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>392</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>393</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the next payment of hire is due. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war <font style="color: #3C96D2"><strike>(whether there be a declaration of war or not)</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>406</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>407</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>408</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>409</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>410</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>411</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>412</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid
            in accordance with Clause 11 <font style="color: #3C96D2"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C96D2"><strike>redelivery</strike></font><font style="color: #B31330"><u>the end of the Charter
                Period</u></font>. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>416</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>417</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>418</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>actual expenses of the Brokers and a reasonable fee for their work. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>419</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>420</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>indemnify the Brokers against their loss of commission. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>421</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>422</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B31330"><u>(See Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>424</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>425</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>426</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with immediate effect by written notice to the Charterers if: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>427</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>428</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>429</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>430</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>431</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>432</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>433</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>434</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>terminate the Charter without further notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>435</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) the Charterers fail to comply with the requirements of: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>436</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(1)&#160;&#160;&#160;&#160;&#160;Clause 6 (Trading Restrictions) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>437</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(2)&#160;&#160;&#160;&#160;&#160;Clause 13(a) (Insurance and Repairs) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>438</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>439</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>440</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>441</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>442</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>443</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>444</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>445</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>446</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>447</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>448</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>449</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Loss of Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>450</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>451</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>452</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>453</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>454</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>455</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>456</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>457</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>458</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>459</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>composition with its creditors. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>460</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>461</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the date of termination and to any claim that either party might have. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. Repossession <font style="color: #B31330"><u>(See also Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events)).</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>In the event the Vessel is due for redelivery pursuant to Clause 42.5 (Termination, Redelivery and Total Loss) </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>or Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>Clause 42.10 (Termination, Redelivery and Total Loss),</u></b></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall </u></font></font></div>
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                  authorised</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>468</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>469</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution <font style="color: #B31330"><u>(See Clause 67 (Governing Law and Enforcement))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>474</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>475</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>476</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>477</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provisions of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>478</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>479</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Terms current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>480</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>481</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>482</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>483</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>484</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>485</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>486</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>487</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>488</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>489</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appointment of a sole arbitrator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>490</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>491</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>492</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>493</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>494</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>495</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>496</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>497</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>498</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>499</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>500</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>501</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>502</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>503</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>504</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mutually agreed place, subject to the procedures applicable there. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>505</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>506</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or dispute arising out of or in connection with this Contract. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>507</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>508</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>following shall apply: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>509</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>510</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>511</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mediation. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>512</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>513</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>514</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>515</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>516</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>517</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of disagreement, as may be set by the mediator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>518</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>519</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>520</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>521</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>necessary to protect its interest. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>522</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>523</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>524</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>when setting the timetable for steps in the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>525</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>526</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>527</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>528</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>529</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and procedure governing the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>530</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>531</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>532</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>apply in all cases. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>533</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">534</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>(See Clause 45 (Notices))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>535</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>536</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>registered or recorded mail or by personal service. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>537</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Specifications and Building Contract </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building Contract&#8221;) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>approved by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>remedies. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>incurred. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>36</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>50</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>to have effect; or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>51</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>52</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>53</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>54</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>55</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>56</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>57</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>58</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>59</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>60</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>61</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>62</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>63</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>64</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>65</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>66</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>67</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>4.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>68</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>69</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>5.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>72</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the condition of the Vessel at the time of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>paid at the rate of hire per day or pro rata. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART IV</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.8in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>payment. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART V</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1.</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Definitions</strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charter Registration.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Mortgage </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Registry as shown in Box 45. </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Charter. </strike></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  <p style="margin-top: 0; margin-bottom: 0; margin-left: 0; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>EXECUTION VERSION</u></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">JINGHAI SANSHI - 2026 - BBC</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED 9 March 2026</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 32&#160; &#8211; Charter Period</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in full force and effect; and</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 33 &#8211; Cancellation</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            full force and effect for any reason (in whole or in part),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      immediately terminate and be cancelled (without prejudice to Clause 55 (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall be obliged to pay the applicable Mandatory Sale Price to the Owners forthwith;
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.1</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        </td>
        <td style="vertical-align: top; width: 15%; font: 10pt Times New Roman, Times, Serif" rowspan="2">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(on or before the date falling five (5) days after the Commencement Date) the Vessel being delivered
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred which is continuing from the date
            of this Charter to the last day of the Charter Period (inclusive);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations and warranties contained in Clause 46 (<i>Representations and Warranties</i>)
            being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.5</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.6</font></td>
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            Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Sellers under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.7</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused
            lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any
            such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.8</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part H of
            Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 36&#160;&#8211; Quiet enjoyment</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if requested by the Charterers (upon receipt of a demand from any third party Approved
            Sub-charterer), a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the
            Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 37&#160; &#8211; Charterhire</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Owners agreeing, at the request of the Charterers, to purchase the Vessel
            from the Sellers under the MOA and subsequently charter the Vessel to the Charterers under this Charter, the mutual covenants contained herein and other good and valuable consideration (the adequacy of such consideration which the Charterers
            hereby acknowledge), the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the
            Charterhire in arrears in quarterly instalments on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each calendar month that falls at three-month interval from the Commencement Date (each,
            a &#8220;<b>Payment Date</b>&#8221;), save that:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Payment Date, the Charterhire instalment shall consist of:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to any prepayment made in accordance with Clause 47.1(y)(ii)(A), a capital element of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Principal&#8221; in the Repayment Schedule corresponding to the Term ending on such Payment Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            Payment Date by reference to the actual number of days elapsed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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            necessary as soon as practicable after the Commencement Date, an amended Repayment Schedule calculated by reference to the actual Financing Amount with pro-rata adjustment. Any amended Repayment Schedule prepared and delivered to the Charterers
            pursuant to this sub-paragraph shall, from the date the same is delivered to the Charterers, be deemed to be incorporated into this Charter and, for the purposes of this Charter, shall thereafter constitute the applicable Repayment Schedule.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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            of China and (ii) the introduction or alteration after the date of this Charter of a law in the People&#8217;s Republic of China or an alteration after the date of this Charter in the manner in which a law in the People&#8217;s Republic of China
            interpreted or applied (the &#8220;<b>Tax Changes</b>&#8221;), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners
            to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.3</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference
            Rate; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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            economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant
            Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Replacement Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate, Clause 38.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.6</font></td>
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            Documents on the due date, they shall pay additional interest on such late payment at the default rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Term, if the overdue amount had, during
            the period of non-payment, constituted an Instalment or the Outstanding Capital Balance (as the case may be) in the currency of the overdue payment for successive Terms, each of a duration selected by the Owners. Any interest accruing under
            this Clause 38.6 shall be immediately payable upon demand by the Owners and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the
            Owners agree that such default rate is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform their obligations under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.7</font></td>
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            annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 39&#160; &#8211; Possession of Vessel</b></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.1</font></td>
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            the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for
            any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly notify any party (including, without limitation, the Initial
            Sub-charterer or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory
            evidence to the opinion of the Owners that such party has received such written notification.</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Clause 39.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken
            out of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel </font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">(whether by providing bail or procuring the provision of security or otherwise do such lawful things as the
            circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring
            the Vessel. Without prejudice to the generality of the foregoing and Clause 54 (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing
            bills of lading or other documents.</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the
            Owners&#8217; direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the
            Owners shall at their own expense take all reasonable steps to procure that the Vessel is released within a reasonable time.</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.5</font></td>
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            of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any
            Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>&#160;</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 40&#160; - Insurance</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with first class international insurers and/or underwriters acceptable to the Owners and having a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.2</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any third party liability claims where cover for such claims is provided by the policy (and then
            only in respect of discharge of any claims made against them); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Financiers (if any)) in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in
      accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            Owners&#8217; Financiers as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but
            having the right to pay) premiums, calls or other assessments in respect of such insurance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the
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            respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify
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      </tr>

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the
            change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 40 (<i>Insurance</i>), notify the Owners
            (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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            which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions
            of the renewal; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
            such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 40.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover
            notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.4</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance
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      </tr>

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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
            of assignment complying with the provisions of this Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or
            the Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to
            the terms of the Obligatory Insurances of which they are aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
            the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month
            before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of
            renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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            the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to
            the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
            received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
            respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.5</font></td>
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            the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certified copy of each certificate of financial responsibility for pollution by oil or other
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.6</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.7</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.8</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks
            association are promptly issued and remain in full force and effect.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.9</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all necessary action is taken and all requirements are complied
            with which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause 40 (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or
            qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of
            Protection And Indemnity Clubs);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            classification society of the Vessel or, subject to procuring the provision of a replacement manager&#8217;s undertaking in substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such
            changes have, if required, first been approved by the underwriters of the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all quarterly or other voyage declarations which may be required by
            the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
            applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
            with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.10</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
            waive any right relating to any Obligatory Insurance without the prior written consent of the Owners and the Owners&#8217; Financiers (if any).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.11</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for
            Total Loss or for a Major Casualty, and shall do all things necessary and provide all documents, evidence and information to enable the Owners to collect or recover any moneys which at any time become payable in respect of the Obligatory
            Insurances.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.12</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a
            Total Loss or a Major Casualty the Charterers shall provide the following immediately without the Owners&#8217; making any request), copies of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all communications between the Charterers and:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved brokers;</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved protection and indemnity and/or war risks associations; and/or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved insurers and/or underwriters, which relate directly or indirectly to:</font></td>
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        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.13</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance










              and Repairs</i>) or Clause 40 (<i>Insurance</i>) dealing with or considering any matters relating to any such insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s
            insurances exceeding the Major Casualty amount.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.14</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If one or more of the Obligatory Insurances are not effected and maintained with first class
            international insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative
            reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable
            to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.15</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners,
            make direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses which are incurred by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
            interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out in respect of the Vessel; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or
            renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at
            the relevant time any form of loan facility to refinance the Vessel,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      paragraph (a), in an amount at least one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time or in the case as referred to in paragraph (b), in an amount at least one hundred and twenty per cent (120%) of the
      relevant outstanding loan amount from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.16</font></td>
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            damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only
            reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.17</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
            the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory
            Insurances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition
            precedent requirement under Schedule 2 of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Owners procure the issuance of such detailed report no more than once every calendar year,
            unless a Termination Event has occurred in which case such reports may be procured at the Charterer&#8217;s cost at any such time; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during
            the Charter Period there has been a material change in the terms of the Insurances and/or a change in the circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.18</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">keep the Vessel insured at their expense against such other risks (other than loss of hire and the
            contingent liability insurance which shall be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading,
            management, operational and/or safety purposes at the relevant time (as notified by the Owners and having regard to the then </font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel)
            and which risks are, at that time, generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional
            perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a
            Termination Event); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>(b)</i></b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the
            Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem
            necessary (having regard to the existing insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 41&#160;&#8211; Warranties relating to Vessel</b></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
            of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Sellers pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
            no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All conditions, terms, representation or warranties express or implied by the law relating to the
            specifications, quality, functions, conditions description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree and acknowledge that the Owners shall not be (a) responsible for the supervision
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 42&#160; <font style="text-transform: uppercase">&#8211; Termination, Redelivery and Total
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to Delivery, the Owners entering into the MOA at the request of the Sellers and the Charterers
            and subsequently terminating such sale and purchase of the Vessel under the MOA, and if the Pre-delivery Assignment has been executed, the re-assignment of the rights of the Sellers under the Shipbuilding Contract and the Refund Guarantee
            thereunder as soon as reasonably practicable; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after Delivery (save in the event of a Total Loss),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      parties hereto that:</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 42.9(b), the obligation to pay the Termination Sum is a continuing
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Sellers or the Charterers failing to perform its obligations under the MOA or this Charter respectively; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition by the Sellers or the Charterers or an obligation to pay an agreed sum in specified circumstances which do
            not involve a breach of contract by the Sellers or the Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant
            to the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 42.9 and 42.10), at the cost of the
            Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred
            or permitted by the Owners and/or Owners&#8217; Financiers (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and
            acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 54.1.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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            the Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the
            Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0%"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at
            the time of redelivery to the Owners, the Vessel:</font></td>
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  </table>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the satisfaction of the Approved Classification Society; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be redelivered to the Owner together with all material information generated during the Charter
            Period in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.6</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">time period required by Clause 42 (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is
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            Leasing Documents (including without limitation pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel
            is redelivered in accordance with Clause 42.5, the rate of hire equivalent to the higher of:</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
            determined by an Approved Valuer appointed by the Owners); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.7</font></td>
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            Clause 42.5. The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 42.5 and
            this Clause 42.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers
            any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 42.5 as a result of the Vessel not being
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.8</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Non-payment of Termination Sum</u></b></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.9</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implement the Shipbuilding Contract;</font></td>
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  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">require delivery of the Vessel from the Head Sellers under the Shipbuilding Contract directly to the
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dispose of their rights under the Shipbuilding Contract and Refund Guarantee in accordance with the
            Pre-delivery Assignment by way of sale, assignment or transfer on terms the Owners otherwise deem fit on an arm&#8217;s length basis and for the avoidance of doubt, clause 7 (<i>enforceability and owner&#8217;s powers</i>) of the Pre-delivery Assignment
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">terminate this Charter upon written notice to the Charterers (provided that any provision hereof
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case where the non-payment occurs on or after Delivery:</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on such outstanding amount shall accrue in accordance with Clause 38.6;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any
            way affecting the Charterers&#8217; obligation to pay the Charterers the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall
            procure that the master and crew follow the orders and directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to
            the Owners at such ready and nearest safe port or location as the Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to paragraph (c) and (d) below and Clause 42.10, the Owners shall be entitled (at Owners&#8217;
            sole discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties
            or any other form of short term employment contracts provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational
            expenses (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the
            Leasing Documents pursuant to Clause 66 (<i>General Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 55 (<i>Indemnities</i>)
            and be added to the Termination Sum; and</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to any third party on arm&#8217;s length terms taking into account the
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            During the Nomination Period the Owners and the</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: left; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following conditions being
            satisfied:</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably
            withheld or delayed); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other
            costs of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      towards reduction of the Termination Sum in accordance with Clause 66 (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the
      shortfall and default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 38.6.</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period or until the Owners&#8217; Purchase (as referred to in Clause 42.10)
            is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.10</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform
            the Charterers of the Owners&#8217; intention to retain the Vessel instead of selling the Vessel under Clause 42.9(c) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any
            commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market
            Value (less such deductions) of the Vessel as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the
            shortfall to the Owners and default interest shall continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum
            calculated as of the day of the notice of the Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 66 (<i>General Application of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.11</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Throughout the Charter Period, the Charterers shall bear the full risk of any Total Loss of or any
            other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterers shall, subject to Clause 42.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the
            Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and
            all other amounts to the Owners under this Charter, notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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            accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent
            received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 66 (<i>General
              Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.14</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to
            the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or other payments not paid on the due date under this Charter
            and in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            sheet relating to this Charter. All third party costs and out-of-pocket expenses (including, but not limited to, negotiation costs, inspections, valuations, reasonable and duly documented legal fees, insurance reports, registration expenses and
            any other reasonable and duly documented expenses) incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document shall
            be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and
            maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the
            account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction
            of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of
            payment of the annual register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.4</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 42 (<i>Termination,
              Redelivery and Total Loss</i>) shall be for the account of the Charterers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.5</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is
            required pursuant to 38.5 to address the fact that a Published Rate Replacement Event has occurred); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers make a request to re-register the Vessel in another Flag State,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on demand,
      reimburse the Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the
      avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.6</font></td>
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            (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover
            possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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            provided in favour of the Owners and shall continue in full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party
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      </tr>

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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      New Area,</font></p>
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      <font style="font-size: 10pt">Tel: +8621 2068 6853</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers:&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>c/o CENTRAL MARE INC.</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when
            delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to
            be served on the next following working day in such place.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 46&#160;&#8211; Representations and Warranties</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers represent and warrant to the Owners as of the date hereof, each Instalment Payment
            Date, the Commencement Date, and on each Payment Date, as follows (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund Guarantor is given only to the best
            of the Charterers&#8217; knowledge; and <font style="color: windowtext">in the case of the </font>Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract
            only and as may be extended in accordance with Article IX thereunder; <font style="color: windowtext">and in the case of the Refund Guarantor, up to but excluding the Commencement Date only</font>):</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned
            and controlled by the Shareholder; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">each Guarantor is controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated and validly
            existing under the laws of its jurisdiction of its incorporation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all corporate actions and
            obtained all consents, approvals, authorisations, licenses or permits necessary for it:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">to execute each of the Leasing Documents to which it is a party; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to comply with and perform its obligations under each of the Leasing Documents to which it is a
            party;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all the consents, approvals, authorisations, licenses or permits referred to in Clause 46.1(c) (<i>Representations









              and Warranties</i>) remain in force and nothing has occurred which makes any of them liable to revocation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an
            Approved Sub-charterer is a party (as the case may be), subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered to the Owners pursuant Clause 35.2, constitutes such
            Relevant Person&#8217;s or an Approved Sub-charterer&#8217;s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors&#8217; rights generally;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below,
            an Approved Sub-charterer) of, and the transactions contemplated by, each Leasing Document to which it (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) is a party do not and will not conflict with:</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of such Relevant Person; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement or instrument binding upon it or any of its assets or constitute a default or
            termination event (however described) under any such agreement or instrument;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the
            avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions
            and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
            boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the
            Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration
            or subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those referred to under Clause 50.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such
            procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material part of their assets;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            performance of this Charter or any other Leasing Document;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(y)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions by any Relevant Person, <font style="color: windowtext">the </font>Head
            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without
            limitation in accordance with Clause 39 (<i>Possession of Vessel</i>) and the General Assignment);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)</font></td>
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            business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(bb)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">all amounts due and payable by the Sellers to the Head Sellers under the
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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            the Sellers in respect of the Refund Guarantee; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Head Sellers and the Refund Guarantor is fully aware of the transactions contemplated
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">no default by the Sellers described in article XI (<i>Buyers&#8217; Default</i>) of the
            Shipbuilding Contract has occurred entitling the </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Head Sellers <font style="color: windowtext">to cancel, rescind or terminate the Shipbuilding Contract.</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they shall comply or procure compliance with the following undertakings
            from the date of this Charter and up to the last day of the Charter Period (to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 47 (Undertakings) by (A) any Other Charterer which
            is not directly owned by the Shareholder and/or (B) the Head Sellers or the Refund Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance; and further provided that, <font style="color: windowtext">in the case of the </font>Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance with Article
            IX thereunder; <font style="color: windowtext">and in the case of the Refund Guarantor, up to but excluding the Commencement Date only</font>):</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
            title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there shall be sent to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of
            each financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be
            delivered under paragraph (iii) or (v) below;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of
            each financial year of each Guarantor, the audited consolidated annual financial statement accounts of such Guarantor for that financial year; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of each Guarantor for that half-year certified as to their correctness by at least one officer of such Guarantor,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the statements above are not in the
      English language then they shall be accompanied by an English translation and each set of financial statements delivered pursuant</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to this paragraph (b) shall be prepared using the
      generally accepted accounting principles in the United States and shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and
      operations as at the date as at which those financial statements were drawn;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and
            minutes relating to any of their extraordinary shareholders&#8217; meeting which are despatched to the Charterers&#8217; or each Guarantor&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any alleged
            or actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer, other member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any other
            matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person, <font style="color: windowtext">the </font>Head









            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being
            taken to remedy it);</font></td>
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an
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            Document to which it is a party (including without limitation to sell, charter and operate the Vessel);</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            ninety (90) days prior to the natural expiry date of the fixed period (or, if the relevant Sub-charterer of exercises any optional extension in accordance with the terms therein, the extended period) under the Initial Sub-charter or the
            relevant Approved Subsequent Sub-charter (as the case may be) (for the purposes of this paragraph (i), an &#8220;<b>Expiry Date</b>&#8221;)), together with any evidence requested by the Owners, whether the relevant Sub-charterer intends to and will (with
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            Sub-charter (as applicable), they shall provide the Owners with evidence and documents, in form and substance satisfactory to the Owners, that such Sub-charter has been extended in accordance with its terms or a replacement Sub-charter which
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>provided always that the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>; or</i></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no replacement Sub-charter has been entered into, or if a replacement Sub-Charter has been entered
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            enquiry, any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the Owners&#8217; Financiers (if any)) at any time or which under the terms of the relevant Leasing Document may be sought from the
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            Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental
            Laws and the laws of the Vessel&#8217;s registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            and in accordance with the terms of this Charter and/or the Other Charters; and</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of a Guarantor, unless it remains as the surviving entity after such merger,
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)</font></td>
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            and, will use best endeavours to procure that, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, the Refund Guarantor and </font>any Sub-charterer will comply, with all Sanctions and all laws and
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            all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia, implements the recommendations of the Sanctions
            Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that (in the case of any Sub-charterer, use best endeavours to procure that) each other
            Relevant Person, each other member of the Group and any Sub-charterer will:</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct their activities in a manner consistent with US and UN sanctions, as applicable;</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            the Charter Period (being, 31 December of each calendar year) and the Charterers shall procure a valuation report issued by the Approved Valuers to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as they become aware, any Environmental Claim made against the Charterers or any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, from time to time upon the Owners&#8217; reasonable request, deliver or procure the delivery,
            to the Owners of copies of inspection reports in respect of Port State Control (PSC) and Flag State Control (FSC), Chemical Distribution Institute (CDI) inspections, Ship Inspection Report Programme (SIRE) inspections and other oil major
            vetting reports, together with the score rated, if applicable, in respect of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(y)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to the Owners and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            Approved Subsequent Sub-charter materially on the same terms as the Initial Sub-charter has been entered into, then upon the cancellation, expiration or termination of such Approved Subsequent Sub-charter) if, pursuant to Clause 47.1(q), it is
            determined that the then applicable Outstanding Capital Balance exceeds eighty five (85%) per cent of the Market Value of the Vessel (the &#8220;<b>LTV Breach</b>&#8221; and the said difference between the applicable Outstanding Capital Balance and eighty
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an
            advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide, or ensure that a third party has provided, additional Security Interests which, has a Market
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            Owners, and which is documented in such terms as the Owners may require.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall fulfil all obligations (including without limitation, paying all documented costs, expenses,
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">and interest) which may be imposed on the Owners as registered owner of the Vessel by the MARPOL Carbon Intensity
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            that any other organisation or person whom the Charterers have contractually agreed to take over all duties and responsibilities imposed by the ISM Code (including the Approved Manager or any Sub-charterer) enters an agreement with the Owners
            setting out how the parties will co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime
            in accordance with the parties&#8217; obligations under Clauses 47.1(ii), (jj) and (kk) (the &#8220;<b>ETS and Fuel EU Maritime Agreement</b>&#8221;);</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            terms of the Shipbuilding Contract and/or the Refund Guarantee and they shall procure that the Sellers will not make any demand under the Refund Guarantee without the prior written consent of the Owners; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(mm)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            prior to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) or the effective date of a contract between the Charterers and an applicable Counterparty (whichever is earlier)
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            that they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom
            the Charterers have sub-let the Vessel or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree that the Owners may forward all attestations and other documents which the
            Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents
            in accordance with the Russian Oil Price Cap Measures.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly
            repaired and maintained;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical









              Dry-Docking</i>); and</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      interfere with the operation of the Vessel.</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
            48.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel),
            save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or
            instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the
            right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of
            inspection and survey.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.3</font></td>
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            shall whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel.</font></td>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.4</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Except as otherwise provided under Clause 48.2, the reasonable costs, fees and expenses in connection
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.5</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the
            Charterers&#8217; account and form part of the Charter Period.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 50&#160; &#8211; Termination Events</b></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners and the Charterers hereby agree that any of the following events shall constitute a
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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            or terminated, or otherwise ceases to remain in full force and effect for any reason before its natural expiration under its terms, unless the Charterers enter into a replacement Sub-charter acceptable to the Owners within sixty (60) days of
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            Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (the &#8220;<b>Termination Notice</b>&#8221;), whereupon
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            Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is
            redelivered to the Owners in accordance with Clause 42.5, or the title is transferred to the Charterers in accordance with Clause 42.3, the Vessel is sold in accordance with 42.9 or the Owners exercise the option set out in Clause 42.10.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.4</font></td>
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            prejudicing the rights of the Charterers pursuant to Clause 42.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i)
            settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained
            pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the
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            where it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed terminating event, the occurrence of which gives rise to a right of the Owners to terminate the leasing of the
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their
            obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the applicable Mandatory Sale
            Price to the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contrary to, or inconsistent with, any regulation,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if
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            pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the applicable Mandatory Sale Price becomes payable in accordance with Clause 37.11 or Clause 38.3
            or Clause 51.1 or Clause 51.2 or Clause 51.3 or Clause 56.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 54 (<i>Sale of the
              Vessel</i>). The day on which the applicable Mandatory Sale Price is paid pursuant to Clause 37.11 or Clause 38.3 or Clause 51.1, Clause 51.2 or Clause 51.3 or Clause 56.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">49</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CLAUSE
51A









      &#8211; USTR Termination event</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, from the date falling thirty (30) days prior to the Scheduled Delivery Date (inclusive) and until
            the date falling twelve (12) months from the Commencement Date (exclusive), in relation to any port call or intended port call of the Vessel in the US (a &#8220;<b>US Port Call</b>&#8221;):</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional
            port fees, dues, imposts, levies or any other additional fees or expenses (the &#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall
            be borne by the Charterers); and</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved
              Sub-charterer (as the case may be) exclusively due to the beneficial or legal ownership of the Owners; </font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s
            Targeting of the Maritime, Logistics and Shipbuilding Sectors for Dominance, or any governmental policy or directive targeting Chinese maritime or financial interests; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">would have direct and adverse effect to the business or operations of the
            Charterers (for the purposes of this sub-paragraph (iii), a direct and adverse effect shall be deemed to exist if:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its
            intention to terminate the Initial Sub-charter as a result of the Additional Port Call Fees; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 1in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(y)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved
            Sub-charterer has informed the Charterers of its intention to terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereunder which are
            equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>); or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 1in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or
            any other fees or expenses that would need to be paid for the specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall notify the
      Owners accordingly and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US
      governmental directive, ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all
      reasonable steps to mitigate any such circumstances or events <b><i>provided that:</i></b></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of
            any Relevant Person under any Leasing Documents;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
            on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed
            documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures
            have been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be
            applicable;</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of
            the USTR Remedy Period:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall have the option to (but always at the cost of the Charterers), following the
            Commencement Date, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special
            Termination Amount, subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration
            of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may be);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 70.9pt; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 35.4pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CALUSE 52&#160; &#8211; Voluntary Early Termination</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>52.1</i></b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), on or after the date
            falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other
            terms of this Clause 52 (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed
            by the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of the occurrence of a Termination Event which is continuing on or prior to (i) the
            date of the Voluntary Early Termination Notice and (ii) the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of
            the Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.4</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall
            be conducted in accordance with Clause 54 (<i>Sale of the Vessel</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 53&#160; &#8211; Purchase Obligation</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided all
      moneys owing and payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all
      belonging to her, and the Owners and the Charterers shall perform their obligations referred to in Clause 54 (<i>Sale of the Vessel</i>) and the Charterers shall pay the Purchase Obligation Price in full on the last day of the Charter Period in
      relation thereto (unless the Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 54&#160; &#8211; Sale of
        the Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers&#8217;
            payment of the Termination Sum under Clause 42 (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 52 (<i>Voluntary Early Termination</i>) or the Charterers&#8217;
            payment of the Special Termination Amount under 51A (<i>USTR Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 53 (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 51 (<i>Mandatory









              Sale</i>) shall be on an &#8220;as is where is&#8221; and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no condition, warranty or representation of any kind is or has been given by or on behalf of the
            Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217;
            behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness
            for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby
            irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby also waive any rights which they may have in tort in respect of any of the
            matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions.
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such
            third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or
            their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall procure the discharge and release of any registered mortgages created by the Owners
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the
            Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
            Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price
            or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the
            terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the
            Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees
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      </tr>

  </table>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims,
            expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the
            Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership
            and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217;
            rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of
            the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or
            are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money </font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
            Master, officers or agents signing Bills of Lading or other documents.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the
            Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every
            kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses.
            The Parties hereby further agree and acknowledge that:</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The
              Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and
              The Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The
              Charters</i>) and form part of this Charter.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.4</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Charterers have at any time (whether in respect of this Charter or any other
            transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall
            not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability
            arising, under this Clause:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim any contribution from any third party providing security for, or any other guarantor of any
            Other Charterer&#8217;s or such Relevant Person&#8217;s obligations under the Leasing Documents;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any
            rights of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant
            Person to make any payment, or perform any obligation, in respect of any Leasing Document;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if the Charterers receive any benefit, payment or distribution in relation to such rights it
            shall hold that benefit, payment or distribution to the extent necessary to enable all amounts </font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under
            or in connection with the Leasing Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.5</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim,
            expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.6</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (<i>Cancellation</i>))










            and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and
            effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure each
            Guarantor will furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm such Guarantor&#8217;s agreement to assume and to be
            bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations of the Charterers under this Clause 55 (<i>Indemnities</i>) and in respect of any
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the release of any other Relevant Person or any other person under the terms of any composition or
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any unenforceability, illegality or invalidity of any obligation of any person under any Security
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all
            amounts under a Leasing Document shall be paid punctually and:</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made free and clear of all present and future taxes, levies, duties or deductions of any nature
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">net of any bank charges or bank fees.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.2</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners
            are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 57.2
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            have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.4</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.2</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and
            calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Relevant Party fails to confirm its status or to supply forms, documentation or other
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.3</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      </tr>

  </table>
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            Instruments in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to
            an amount which, after such deduction or withholding and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such
            Financial Instruments.</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.4</font></td>
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      required by FATCA to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.5</font></td>
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      their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 65&#160; &#8211; Assignment and Transfer</b></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.2</font></td>
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            under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if
            such assignment, transfer and/or sale is made:</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or
            sale, this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel
            (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The
            Charterers shall procure that any Relevant Person (in the case of any Other Charterer which is not directly owned by the Shareholder, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
      </tr>

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all
            obligations pursuant to such Leasing Document; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.4</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to Clause 36 (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding
            arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding
            arrangement shall not result in any adverse effect of the Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            paragraph (a) above, in each case, without the prior consent of the Charterers:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee
            (or its agent, trustee or nominee);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with this Charter or any other Leasing
            Documents in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the
            Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter into any other document or arrangement which is necessary to give effect to such financing
            arrangements, including but not limited to cancellation of any financing charter registration;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            assistance required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be
            directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that any prior written consent from the Approved Sub-Charterer is expressly required
            under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-Charterer
            has granted such prior written consent.</font></td>
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      the Vessel or the Owners from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this
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      Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or
            such portion of it that then remains unpaid) in any order of application in the amounts comprising the Termination Sum as the Owners may determine; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            the Charterers, but always subject to the terms of the General Assignment.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 67&#160; &#8211; Governing Law and Enforcement</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter and any non-contractual obligations arising under or in connection with it, shall be
            governed by and construed in accordance with English law.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Charter (including a dispute regarding the
            existence, validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with
            the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 67 (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall
            appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case
            who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
            arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has
            done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
            within fourteen (14) days of such request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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            sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 68&#160; &#8211; ENTIRE AGREEMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter, in conjunction with the other Leasing Documents, constitutes the entire agreement
            between the parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect of its subject matter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party acknowledges that it has not entered into this Charter or any other Leasing Document in
            reliance on, and shall have no remedies in respect of, any representation or warranty that is not expressly set out in this Charter or in any other Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase"><b>CLAUSE 69&#160; &#8211; Definitions</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have
            the meanings ascribed to them below:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      and which in each case are&#160;(a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      administered or enforced by the United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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      venture agreement where the relevant member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued but unpaid as at the date of payment of the Mandatory Sale Price;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) if the Mandatory Sale Date occurs on or before the date falling thirty six
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 1in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  </table>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Manager&#8217;s Undertakings; and</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any other document whether or not it creates a Security Interest which is executed as security for
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a mortgage, charge (whether fixed or floating) or pledge, lien, assignment, hypothecation or any
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the security rights of a plaintiff under an action <i>in rem</i>; or</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the Charterers Disposal, the Approved Main Guarantor; or</font></td>
      </tr>

  </table>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the Charterers Disposal, the Approved Additional Guarantor,</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Outstanding Capital Balance prevailing as at the relevant Voluntary Early Termination Date;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">92</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the &#8220;<b>Approved Manager</b>&#8221;,
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.4</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.5</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, a Leasing Document or any other document are references to it as
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, any law include any amendment, extension, re-enactment or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">words denoting the singular number shall include the plural and vice versa; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the appropriate page of such other information service which displays that rate from time to time in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be
      available, shall include any other page or service displaying that rate specified by the Owners after consultation with the Charterers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Construction of Insurance terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>approved</b>&#8221; means, for the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>excess risks</b>&#8221; means the
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      purpose of such claims.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>obligatory insurances</b>&#8221;
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221; includes a slip,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      risks and the proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull
      Clauses (1/11/02) (1/11/03), clause 8 of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.7</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Headings</b></font></td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In interpreting a Leasing Document or any provision
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      1</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Acceptance Certificate</font></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: left">
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        <td style="width: 65%"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: attorney in fact</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ROMAN SHARK I INC.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      2&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 10pt">Conditions Precedent to Signing</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            applicable documents listed in paragraph 2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the
            Owners.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.3</font></td>
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            Owners under the Leasing Documents (including but not limited to those payable under Clause 46 <i>(Fees and Expenses)</i>) have been paid and received by, or will be paid and received by, the Owners.</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.4</font></td>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.5</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.7</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Part A of this Schedule 2 remains correct, complete and in full
            force and effect; and</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.3</font></td>
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    </font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.4</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>6</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">6.1</font></td>
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            and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the first instalment of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(b)
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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            Price payable under paragraph 3(b) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
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            and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant
            due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part D</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Conditions Precedent to the Third Instalment</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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            into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of the Shipbuilding Contract Price payable under paragraph 3(c) of Article II (<i>Contract









              Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
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            and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant
            due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part E</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Conditions Precedent to the Fourth Instalment</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
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      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers
            and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant
            due date.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">107</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part F</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Conditions Precedent to the Delivery Instalment</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers
            and the Sellers dated no earlier than the Delivery Instalment Payment Date confirming that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            complete and in full force and effect; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part F of this Schedule 2 is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract and Refund Guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
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            of the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Delivery Instalment Payment Date has been paid by the Sellers and received by the Head Sellers
            in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, the Delivery Shortfall (as defined in the MOA), has been or will be paid by the
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(other than the Delivery Shortfall and the amount equivalent to the Purchase Price payable by the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed but undated copies of each of the Manager&#8217;s Undertaking and of each document to be
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a duly executed copy of the acknowledgements from the Account Bank in such form as agreed under the
            Account Security; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a duly executed copy of the acknowledgements from the Initial Sub-charterer in such form as agreed
            under the General Assignment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.1</font></td>
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            England in relation to the documents listed in paragraph 3 of Part F of this Schedule 2, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.2</font></td>
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            documents listed in paragraph 3 of Part F of this Schedule 2, concerning the laws of the Republic of Panama and such other relevant jurisdictions as the Owners may require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Valuation(s) of the Vessel in the
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      Commencement Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Agreement</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Agreement establishing
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Approved Subsequent Sub-charter</b></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, copies of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Insurances</b></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">8.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Operating
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10</b></font></td>
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  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">A duly
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">11.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers
            and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant
            due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase; color: windowtext">11.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part G</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Conditions Precedent to Delivery</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in
      Clause 35.2(g)(ii) :</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authorisations/Confirmation</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy
            document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of the Charterers certifying that there is no Potential
            Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed and dated copies of each Manager&#8217;s Undertaking and of each document to be delivered
            under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Security Interests intended to be created by each of the Security
            Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the SBC PODA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of all documents required to be delivered by the Head Sellers to the Sellers under Article VII
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.3</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Confirmation by the Head Sellers to the Owners that the Vessel has not been registered at any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.4</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The original (if required by the Flag State) or a copy of the builder&#8217;s certificate issued by the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains its classification as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</font></td>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is or will be unconditionally delivered by the Sellers to the Owners (in their capacity as buyers)
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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            Islands and any other jurisdictions as may be satisfactory to the Owners.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners being satisfied that all conditions
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Interests</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
        <td style="width: 0; font: 10pt Times New Roman, Times, Serif"></td>
        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
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      3</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">THE VESSELS, THE PARTIES AND THE CHARTERS</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="background-color: #0A5D66">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Vessels</b></font></td>
        <td style="width: 30%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Owners</b></font></td>
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        <td style="width: 25%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Charters</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel currently under
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                Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
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              Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
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            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel currently under
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding: 5pt 5.4pt">
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                Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner B&#8221;)</b></font></p>
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding: 5pt 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Roman Shark III Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">136530 </font>whose registered address is at Trust Company
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            , as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter B&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel currently under
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        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter dated 9 March 2026
            , as amended and/or supplemented from time to</font></td>
      </tr>

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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;<font style="font-size: 10pt">&#160;</font></font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt; width: 17%; border-top: rgb(153,153,153) 1pt solid; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding: 5pt 5.4pt; width: 30%; border-top: rgb(153,153,153) 1pt solid; text-align: center; vertical-align: top">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262,
                Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner C&#8221;)</b></font></p>
        </td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding: 5pt 5.4pt; width: 28%; border-top: rgb(153,153,153) 1pt solid; text-align: center; vertical-align: top">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
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            <b>(&#8220;Charter C&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt; border-top: rgb(153,153,153) 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel currently under construction with hull no. 25110060 (&#8220;<b>Vessel D</b>&#8221;)</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding: 5pt 5.4pt; border-top: rgb(153,153,153) 1pt solid">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Tianjin Jinhai Sanshisan Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19977;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou
                Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner D&#8221;)</b></font></p>
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        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding: 5pt 5.4pt; border-top: rgb(153,153,153) 1pt solid">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">Roman Shark VII Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">136534 </font>whose registered address is at Trust Company
              Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer D&#8221;)</b></font></p>
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            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; padding: 5pt 5.4pt; text-align: center; font-size: 10pt; border-top: rgb(153,153,153) 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel currently under construction with hull no. 25110062 (&#8220;<b>Vessel E</b>&#8221;)</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding: 5pt 5.4pt; border-top: rgb(153,153,153) 1pt solid">
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      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule









      4</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Repayment Schedule</font></font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Period</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Principal (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Interest (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Outstanding Principal (US$)</b></font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(Post
              Delivery)</b></font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>0</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38,420,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,059,404.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">553,904.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,914,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,046,175.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">540,675.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37,409,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,033,104.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">527,604.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,903,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,037,541.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">532,041.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36,398,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,030,253.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">524,753.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,892,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,017,340.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">511,840.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35,387,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,004,586.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">499,086.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,881,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,008,389.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">502,889.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34,376,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1,001,101.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">495,601.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,870,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">988,506.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">483,006.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33,365,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">976,069.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470,569.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,859,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">979,238.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473,738.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32,354,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">971,950.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466,450.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,848,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">959,671.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">454,171.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31,343,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">952,463.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">446,963.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,837,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">950,087.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">444,587.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30,332,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">942,799.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">437,299.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,826,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">930,837.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">425,337.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29,321,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">919,033.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413,533.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,815,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">920,935.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415,435.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28,310,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">913,647.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408,147.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,804,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">902,002.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396,502.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27,299,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">890,516.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385,016.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,793,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">891,784.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386,284.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26,288,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">884,496.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378,996.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,782,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">873,168.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367,668.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25,277,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">861,998.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356,498.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,771,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">862,632.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357,132.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24,266,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">855,345.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349,845.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,760,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">844,333.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338,833.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23,255,000.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">837,125.20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">331,625.20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,749,500.00</font></td>
      </tr>
      <tr style="font: 10pt Times New Roman, Times, Serif">
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">833,481.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327,981.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22,244,000.00</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;</font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      <font style="font-size: 9pt">BBC Additional Clauses</font><br>
      <font style="font-size: 9pt">Hull No. 25110054</font><br>
      <font style="font-size: 9pt">SINGAPORE/92306932v1</font></font></p>
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      5</font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm that we were, and the operation of the Vessel and, to the best of our knowledge, each
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        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">we have received and retained price information demonstrating that the Russian Oil Products were
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">we have received a signed attestation from our sub-charterer or other relevant counterparty that the
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  </table>
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<DOCUMENT>
<TYPE>EX-4.44
<SEQUENCE>25
<FILENAME>ef20060828_ex4-44.htm
<DESCRIPTION>EXHIBIT 4.44
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  <p style="margin: 0; text-align: right"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Exhibit 4.44</b></font></p>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt">&#160;</td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1&#160;&#160;&#160;</font></td>
        <td style="width: 85%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15&#160;&#160;&#160;</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18&#160;&#160;&#160;</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;">&#160;</td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0; margin-bottom: 0"></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hull no. 25110054</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>THIS GUARANTEE</b> is made on 9 March 2026</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parties</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex,
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      <tr style="vertical-align: top">
        <td style="width: 0%"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a memorandum of agreement dated 9 March 2026 (as amended and/or supplemented from time to time, the &#8220;<b>MOA</b>&#8221;) <font style="color: windowtext">and made between (i) <b>ROMAN SHARK I INC.</b></font><b>,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro,
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a bareboat charter dated 9 March 2026 (as amended and/or supplemented from time to time, the &#8220;<b>Bareboat Charter</b>&#8221;) and made between (i)
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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      relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">unenforceable, invalid, void or illegal; and the amount recoverable
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.1</font></td>
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.2</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INTEREST</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Accrual of interest</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall carry interest after the date on which the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Calculation of interest</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest under this Guarantee shall be calculated and accrue (as well after as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SUBORDINATION</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination of rights of Guarantor</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Guarantor at any time has (whether in respect of this Guarantee
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of
            this Guarantee or any other transaction;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">take or enforce any Security Interest for any such amount;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner will not need to commence any proceedings under, or enforce any Security
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.2</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be binding and conclusive as to all matters of fact and law to which it
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in"></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPRESENTATIONS AND WARRANTIES</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor represents and warrants to the Owner as of the date of this Guarantee,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.2</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has the corporate capacity, and has taken all corporate action and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute this Guarantee or any other Leasing Document to which it is a party; and</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.4</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of the Guarantor; or</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.6</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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      <tr style="vertical-align: top; text-align: left">
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.21</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental Incident</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Status of the Guarantor</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UNDERTAKINGS</font></td>
      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any
      undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information provided to be accurate</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision of financial statements</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor will send to the Owner:</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of financial statements</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully disclose or provide for all significant liabilities of the Group; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Shareholder and creditor notices</font></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      Relevant Person obtains and promptly renews or procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the
      transactions contemplated under each Leasing Document to which it is a party.</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.7</font></td>
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      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates
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      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and will keep the Owner fully up-to-date with all developments and the Guarantor
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional information</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.11</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.12</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      </tr>

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      <tr style="vertical-align: top">
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            shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be relevant for the purposes of
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  </table>
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  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.13</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.14</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that, at any time during the Security Period but following the date on which the Initial Sub-charter (or any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that all time during the Security Period as from the Commencement Date the Liquid Funds divided by the number of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Total Net Debt; and</font></td>
      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the occurrence of a Termination Event which is continuing,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel;</font></td>
      </tr>

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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></p>
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      <tr style="vertical-align: top">
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      of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity
      holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is
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        <td style="width: 0"></td>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments relating to Bareboat Charter and other Leasing Documents</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Continuing guarantee</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Rights cumulative, non-exclusive</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No impairment of rights under Guarantee</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owner omits to exercise, delays in exercising or invalidly exercises any of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Severability of provisions</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any provision of this Guarantee is or subsequently becomes void, illegal,
      unenforceable or otherwise invalid, that shall not affect the validity, legality or enforceability of its other provisions.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.5</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall not impair, nor be impaired by, any other guarantee or any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.6</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.7</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clauses <font style="color: black">3</font> (<i>Liability as principal and
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.9</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or
            regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this
            paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms)
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSIGNMENT</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment by Owner</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to
      this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.2</b></font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Guarantor</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor may not assign any of its rights or transfer any of
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOTICES</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices to Guarantor</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in connection with this Guarantee
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.2</font></td>
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      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the same time as the service of a notice under clause 45 (<i>Notice</i>) of the Bareboat Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVALIDITY OF BAREBOAT CHARTER</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter or other Leasing Documents</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal,
            unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter
            resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Guarantee shall cover any amount which would have been or become payable under
      or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such
      events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts
      payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein
            with any necessary modifications:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 44 (<i>No waiver of rights</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 56 (<i>no set-off or tax deduction</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 58 (<i>confidentiality</i>); and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 60 (<i>partial invalidity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee
            of any provision of the Bareboat Charter which, by its terms, applies or relates to this Guarantee.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.1</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110054</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311913v1</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arbitration</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this
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            statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating
            that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice
            that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: _______________</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear Sirs</font></p>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;"><b>EXECUTED AS A DEED</b></font></td>
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        <td style="font-family: Arial,Helvetica,'sans-serif';"><font style="font-size: 10pt;">by <b>TOP SHIPS INC.</b></font></td>
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<TYPE>EX-4.45
<SEQUENCE>26
<FILENAME>ef20060828_ex4-45.htm
<DESCRIPTION>EXHIBIT 4.45
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          <div style="text-align: left; font-size: 10pt; font-weight: bold;">Dated: <u>11 February 2026</u></div>
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          <div><b>ROMAN SHARK II INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose</b></div>
          <div><b> registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, </b></div>
          <div><b>MH96960 </b><font style="color: #3C96D2"><strike>(Name of sellers)</strike></font>, hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#32902;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font><b> AQUARIUS 74 SHIPPING CO., LTD., a corporation incorporated </b></div>
          <div><b>under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No. 6262, <br>
              Australia Road, Dongjiang Free Trade Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13108) </b><font style="color: #3C96D2"><strike>(Name of </strike></font></div>
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        <td style="text-align: justify">Name of vessel: <b>TBC</b></td>
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        <td style="text-align: justify">Classification Society: <b>As per Shipbuilding Contract</b></td>
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        <td style="text-align: justify;">Year of Build: <font style="font-weight: bold; font-style: normal;">20<u>28</u></font> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></td>
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          <div>Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands</b> </div>
          <div>GT/NT: <b>As per Shipbuilding Contract</b><b></b></div>
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        <td style="text-align: justify">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</td>
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        <td style="width: 0"></td>
        <td style="width: 45pt">11</td>
        <td style="text-align: justify"><b>Definitions </b></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">12</td>
        <td style="text-align: justify">
          <div><font style="color: #B31330"><u>&#8220;Agreement&#8221; means this memorandum of agreement which shall for the avoidance of doubt, include the rider </u></font></div>
          <div><font style="color: #B31330"><u>provisions from Clauses 19 (Payment of Purchase Price by Buyers) to 34 (Definitions). </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #3C96D2"><strike>&#8220;Banking Days&#8221; are days on which banks are open both in the country of the currency stipulated for </strike>&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>13</strike></td>
        <td style="text-align: justify"><strike>the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>14</strike></td>
        <td style="text-align: justify"><strike>(Documentation) and (add additional jurisdictions as appropriate). </strike></td>
      </tr>

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        <td style="width: 45pt">15</td>
        <td style="text-align: justify; padding-right: 19pt">
          <div>&#8220;<font style="color: #3C96D2"><strike>Buyers&#8217; Nominated</strike></font> Flag State&#8221; means <b>the Marshall Islands or any other flag state of the Vessel as may be </b></div>
          <div><b>agreed in writing by the Buyers and the Sellers </b><font style="color: #3C96D2"><strike>(state flag state)</strike></font>.</div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">16</td>
        <td style="text-align: justify">&#8220;Class&#8221; means the class notation referred to above.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 45pt">17</td>
        <td style="text-align: justify">&#8220;Classification Society&#8221; means the Society referred to above.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #B31330"><u>&#8220;Dollars&#8221; or &#8220;$&#8221; mean United States dollars, being the lawful currency of the United States of America. </u></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #B31330">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>18</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit) </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>19</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit Holder&#8221; means (state name and location of Deposit Holder) or, if left blank, the </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>20</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">21</td>
        <td style="text-align: justify">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">22</td>
        <td style="text-align: justify">registered letter, e-mail or telefax.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">23</td>
        <td style="text-align: justify">&#8220;Parties&#8221; means the Sellers and the Buyers.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>24</strike></td>
        <td style="text-align: justify"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price). </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>25</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Account&#8221; means (state details of bank account) at the Sellers&#8217; Bank. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>26</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>27</strike></td>
        <td style="text-align: justify"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 33px;">28</td>
        <td style="text-align: justify; width: 31px;"><b>1. </b></td>
        <td style="text-align: justify"><b>Purchase Price <font style="color: #B31330">- (See Clause 19 (Payment of Purchase Price by Buyers))</font></b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>29</strike></td>
        <td style="text-align: justify"><strike>The Purchase Price is (state currency and amount both in words and figures). </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 33px;">30</td>
        <td style="text-align: justify; width: 31px;"><b>2. </b></td>
        <td style="text-align: justify;"><b>Deposit <font style="color: #B31330">- <u>intentionally omitted</u></font></b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>31</strike></td>
        <td style="text-align: justify"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0"></td>
        <td style="width: 47pt"><strike>32</strike></td>
        <td style="text-align: justify">% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>33</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three (3) </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>34</strike></td>
        <td style="text-align: justify"><strike>Banking Days after the date that: </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>35</strike></td>
        <td style="text-align: justify"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by </strike></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>36</strike></td>
        <td style="text-align: justify"><strike>e-mail or telefax; and </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>37</strike></td>
        <td style="text-align: justify"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>38</strike></td>
        <td style="text-align: justify"><strike>opened. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>39</strike></td>
        <td style="text-align: justify"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>40</strike></td>
        <td style="text-align: justify"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>41</strike></td>
        <td style="text-align: justify"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>42</strike></td>
        <td style="text-align: justify"><strike>all necessary documentation to open and maintain the account without delay. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 33px;">43</td>
        <td style="text-align: justify; width: 31px;"><b>3. </b></td>
        <td style="text-align: justify"><b>Payment <font style="color: #B31330"><u>(See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>44</strike></td>
        <td style="text-align: justify"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>45</strike></td>
        <td style="text-align: justify"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and </strike></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>46</strike></td>
        <td style="text-align: justify"><strike>notices): </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>47</strike></td>
        <td style="text-align: justify"><strike>(i) the Deposit shall be released to the Sellers; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>48</strike></td>
        <td style="text-align: justify"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>49</strike></td>
        <td style="text-align: justify"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>50</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Account. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">51</td>
        <td style="text-align: justify; width: 31px;"><b>4. </b></td>
        <td style="text-align: justify"><b>Inspection <font style="color: #B31330">- <u>intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>52</strike></td>
        <td style="text-align: justify"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>53</strike></td>
        <td style="text-align: justify"><strike>have also inspected the Vessel at/in (state place) on (state date) and have </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>54</strike></td>
        <td style="text-align: justify"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject only </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>55</strike></td>
        <td style="text-align: justify"><strike>to the terms and conditions of this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>56</strike></td>
        <td style="text-align: justify"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>57</strike></td>
        <td style="text-align: justify"><strike>whether same are accepted or not within (state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>58</strike></td>
        <td style="text-align: justify"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 47pt"><strike>59</strike></td>
        <td style="text-align: justify"><strike>(state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>60</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>61</strike></td>
        <td style="text-align: justify"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>62</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>63</strike></td>
        <td style="text-align: justify"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>64</strike></td>
        <td style="text-align: justify"><strike>examination by the Buyers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>65</strike></td>
        <td style="text-align: justify"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>66</strike></td>
        <td style="text-align: justify"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>67</strike></td>
        <td style="text-align: justify"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>68</strike></td>
        <td style="text-align: justify"><strike>date/last day of the period stated in Line 59, whichever is earlier. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>69</strike></td>
        <td style="text-align: justify"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>70</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>71</strike></td>
        <td style="text-align: justify"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>72</strike></td>
        <td style="text-align: justify"><strike>Buyers, whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>73</strike></td>
        <td style="text-align: justify"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>74</strike></td>
        <td style="text-align: justify"><strike>alternative 4(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">75</td>
        <td style="text-align: justify; width: 31px;"><b>5. </b></td>
        <td style="text-align: justify"><b>Time and place of delivery and notices <font style="color: #B31330">- (See Clause 27 (Notice, Time and Place of Delivery))</font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>76</strike></td>
        <td style="text-align: justify"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>77</strike></td>
        <td style="text-align: justify"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>78</strike></td>
        <td style="text-align: justify"><strike>Notice of Readiness shall not be tendered before: (date) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>79</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>80</strike></td>
        <td style="text-align: justify"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>81</strike></td>
        <td style="text-align: justify"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>82</strike></td>
        <td style="text-align: justify"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>83</strike></td>
        <td style="text-align: justify"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance with </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>84</strike></td>
        <td style="text-align: justify"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>85</strike></td>
        <td style="text-align: justify"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>86</strike></td>
        <td style="text-align: justify"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>87</strike></td>
        <td style="text-align: justify"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing a </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>88</strike></td>
        <td style="text-align: justify"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>89</strike></td>
        <td style="text-align: justify"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three (3) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>90</strike></td>
        <td style="text-align: justify"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>91</strike></td>
        <td style="text-align: justify"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>92</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217; </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>93</strike></td>
        <td style="text-align: justify"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>94</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date stipulated in line 79. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>95</strike></td>
        <td style="text-align: justify"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>96</strike></td>
        <td style="text-align: justify"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>97</strike></td>
        <td style="text-align: justify"><strike>force and effect. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>98</strike></td>
        <td style="text-align: justify"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>99</strike></td>
        <td style="text-align: justify"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>100</strike></td>
        <td style="text-align: justify"><strike>Default) for the Vessel not being ready by the original Cancelling Date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>101</strike></td>
        <td style="text-align: justify"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>102</strike></td>
        <td style="text-align: justify"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>103</strike></td>
        <td style="text-align: justify"><strike>whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <div> <br>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">104</td>
        <td style="text-align: justify; width: 31px;"><b>6. </b></td>
        <td style="text-align: justify"><b>Divers Inspection / Drydocking <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>105</strike></td>
        <td style="text-align: justify"><strike>(a)* </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>106</strike></td>
        <td style="text-align: justify"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>107</strike></td>
        <td style="text-align: justify"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>108</strike></td>
        <td style="text-align: justify"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>109</strike></td>
        <td style="text-align: justify"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>110</strike></td>
        <td style="text-align: justify"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>111</strike></td>
        <td style="text-align: justify"><strike>such inspection. This inspection shall be carried out without undue delay and in the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>112</strike></td>
        <td style="text-align: justify"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>113</strike></td>
        <td style="text-align: justify"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>114</strike></td>
        <td style="text-align: justify"><strike>inspection as observer(s) only without interfering with the work or decisions of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>115</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor. The extent of the inspection and the conditions under </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>116</strike></td>
        <td style="text-align: justify"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>117</strike></td>
        <td style="text-align: justify"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>118</strike></td>
        <td style="text-align: justify"><strike>their cost and expense make the Vessel available at a suitable alternative place near to </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>119</strike></td>
        <td style="text-align: justify"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>120</strike></td>
        <td style="text-align: justify"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>121</strike></td>
        <td style="text-align: justify"><strike>not tender Notice of Readiness prior to completion of the underwater inspection. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>122</strike></td>
        <td style="text-align: justify"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>123</strike></td>
        <td style="text-align: justify"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>124</strike></td>
        <td style="text-align: justify"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>125</strike></td>
        <td style="text-align: justify"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>126</strike></td>
        <td style="text-align: justify"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>127</strike></td>
        <td style="text-align: justify"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>128</strike></td>
        <td style="text-align: justify"><strike>such defects shall be made good by the Sellers at their cost and expense to the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>129</strike></td>
        <td style="text-align: justify"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>130</strike></td>
        <td style="text-align: justify"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>131</strike></td>
        <td style="text-align: justify"><strike>attendance. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>132</strike></td>
        <td style="text-align: justify"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>133</strike></td>
        <td style="text-align: justify"><strike>do not require the aforementioned defects to be rectified before the next class </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>134</strike></td>
        <td style="text-align: justify"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>135</strike></td>
        <td style="text-align: justify"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>136</strike></td>
        <td style="text-align: justify"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>137</strike></td>
        <td style="text-align: justify"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>138</strike></td>
        <td style="text-align: justify"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>139</strike></td>
        <td style="text-align: justify"><strike>for the repair work obtained from two reputable independent shipyards at or in the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>140</strike></td>
        <td style="text-align: justify"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>141</strike></td>
        <td style="text-align: justify"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>142</strike></td>
        <td style="text-align: justify"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>143</strike></td>
        <td style="text-align: justify"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>144</strike></td>
        <td style="text-align: justify"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>145</strike></td>
        <td style="text-align: justify"><strike>Readiness prior to such estimate having been established. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>146</strike></td>
        <td style="text-align: justify"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>147</strike></td>
        <td style="text-align: justify"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>148</strike></td>
        <td style="text-align: justify"><strike>where suitable drydocking facilities are available, whether within or outside the delivery </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>149</strike></td>
        <td style="text-align: justify"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>150</strike></td>
        <td style="text-align: justify"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>151</strike></td>
        <td style="text-align: justify"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>152</strike></td>
        <td style="text-align: justify"><strike>be extended by the additional time required for the drydocking and extra steaming, but </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>153</strike></td>
        <td style="text-align: justify"><strike>limited to a maximum of fourteen (14) days. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>154</strike></td>
        <td style="text-align: justify"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>155</strike></td>
        <td style="text-align: justify"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>156</strike></td>
        <td style="text-align: justify"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>157</strike></td>
        <td style="text-align: justify"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>158</strike></td>
        <td style="text-align: justify"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>159</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>160</strike></td>
        <td style="text-align: justify"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>161</strike></td>
        <td style="text-align: justify"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>162</strike></td>
        <td style="text-align: justify"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>163</strike></td>
        <td style="text-align: justify"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>164</strike></td>
        <td style="text-align: justify"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>165</strike></td>
        <td style="text-align: justify"><strike>expenses, dues and fees. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>166</strike></td>
        <td style="text-align: justify"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>167</strike></td>
        <td style="text-align: justify"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>168</strike></td>
        <td style="text-align: justify"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>169</strike></td>
        <td style="text-align: justify"><strike>not required by the Classification Society, the Buyers shall have the option to require the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>170</strike></td>
        <td style="text-align: justify"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>171</strike></td>
        <td style="text-align: justify"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>172</strike></td>
        <td style="text-align: justify"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>173</strike></td>
        <td style="text-align: justify"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>174</strike></td>
        <td style="text-align: justify"><strike>completion of the inspection by the Classification Society. The drawing and refitting of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>175</strike></td>
        <td style="text-align: justify"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>176</strike></td>
        <td style="text-align: justify"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>177</strike></td>
        <td style="text-align: justify"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>178</strike></td>
        <td style="text-align: justify"><strike>Classification Society without condition/recommendation**. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>179</strike></td>
        <td style="text-align: justify"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>180</strike></td>
        <td style="text-align: justify"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>181</strike></td>
        <td style="text-align: justify"><strike>parts of the system are condemned or found defective or broken so as to affect the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>182</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>183</strike></td>
        <td style="text-align: justify"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>184</strike></td>
        <td style="text-align: justify"><strike>observer(s) only without interfering with the work or decisions of the Classification </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>185</strike></td>
        <td style="text-align: justify"><strike>Society surveyor. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>187</strike></td>
        <td style="text-align: justify"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>188</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely </strike></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="color: #3C96D2"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>190</strike></td>
        <td style="text-align: justify"><strike>Sellers have completed the work which the Sellers are required to do, the additional </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>191</strike></td>
        <td style="text-align: justify"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>192</strike></td>
        <td style="text-align: justify"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>193</strike></td>
        <td style="text-align: justify"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>194</strike></td>
        <td style="text-align: justify"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>195</strike></td>
        <td style="text-align: justify"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>196</strike></td>
        <td style="text-align: justify"><strike>drydock or not. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>197</strike></td>
        <td style="text-align: justify"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>198</strike></td>
        <td style="text-align: justify"><strike>alternative 6 (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>199</strike></td>
        <td style="text-align: justify"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><font style="color: #3C96D2"><strike>200</strike></font></td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Society without condition</strike></font>/recommendation are not to be taken into account.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">201</td>
        <td style="text-align: justify; width: 31px;"><b>7. </b></td>
        <td style="text-align: justify"><b>Spares, bunkers and other items </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">202</td>
        <td style="text-align: justify">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">203</td>
        <td style="text-align: justify">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">204</td>
        <td style="text-align: justify">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of <font style="color: #B31330"><u>Delivery</u></font> <font style="color: #3C96D2"><strike>inspection</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">205</td>
        <td style="text-align: justify">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>, but spares on</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">206</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217; account</strike></font>. The Sellers</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">207</td>
        <td style="text-align: justify">are not required to replace spare parts including spare tail-end shaft(s) and spare</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">208</td>
        <td style="text-align: justify">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">209</td>
        <td style="text-align: justify">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">210</td>
        <td style="text-align: justify">
          <div>provisions shall be included in the sale and be taken over by the Buyers without extra payment. <font style="color: #B31330"><u>Any bunkers and </u></font></div>
          <div><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel <br>
                shall be taken over by the Buyers, at no cost to the Buyers. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>211</strike></td>
        <td style="text-align: justify"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>212</strike></td>
        <td style="text-align: justify"><strike>personal belongings including the slop chest are excluded from the sale without compensation, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>213</strike></td>
        <td style="text-align: justify"><strike>as well as the following additional items: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>214</strike></td>
        <td style="text-align: justify"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded from </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>215</strike></td>
        <td style="text-align: justify"><strike>the sale without compensation: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>216</strike></td>
        <td style="text-align: justify"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not listed </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>217</strike></td>
        <td style="text-align: justify"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>218</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>219</strike></td>
        <td style="text-align: justify"><strike>greases in storage tanks and unopened drums and pay either: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>220</strike></td>
        <td style="text-align: justify"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>221</strike></td>
        <td style="text-align: justify"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of delivery </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>222</strike></td>
        <td style="text-align: justify"><strike>of the Vessel or, if unavailable, at the nearest bunkering port, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>223</strike></td>
        <td style="text-align: justify"><strike>for the quantities taken over. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>224</strike></td>
        <td style="text-align: justify"><strike>Payment under this Clause shall be made at the same time and place and in the same </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>225</strike></td>
        <td style="text-align: justify"><strike>currency as the Purchase Price. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>226</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>227</strike></td>
        <td style="text-align: justify"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>228</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>229</strike></td>
        <td style="text-align: justify"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>230</strike></td>
        <td style="text-align: justify"><strike>alternative (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">231</td>
        <td style="text-align: justify; width: 31px;"><b>8. </b></td>
        <td style="text-align: justify"><b>Documentation <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>232</strike></td>
        <td style="text-align: justify"><strike>The place of closing: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>233</strike></td>
        <td style="text-align: justify"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>234</strike></td>
        <td style="text-align: justify"><strike>following delivery documents: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>235</strike></td>
        <td style="text-align: justify"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>236</strike></td>
        <td style="text-align: justify"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>237</strike></td>
        <td style="text-align: justify"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>238</strike></td>
        <td style="text-align: justify"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>239</strike></td>
        <td style="text-align: justify"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>240</strike></td>
        <td style="text-align: justify"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>241</strike></td>
        <td style="text-align: justify"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>242</strike></td>
        <td style="text-align: justify"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>243</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate); </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>244</strike></td>
        <td style="text-align: justify"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>245</strike></td>
        <td style="text-align: justify"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>246</strike></td>
        <td style="text-align: justify"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>247</strike></td>
        <td style="text-align: justify"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>248</strike></td>
        <td style="text-align: justify"><strike>possible after delivery of the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>249</strike></td>
        <td style="text-align: justify"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>250</strike></td>
        <td style="text-align: justify"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>251</strike></td>
        <td style="text-align: justify"><strike>Vessel is in Class free of condition/recommendation; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>252</strike></td>
        <td style="text-align: justify"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>253</strike></td>
        <td style="text-align: justify"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>254</strike></td>
        <td style="text-align: justify"><strike>the registry does not as a matter of practice issue such documentation immediately, a </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>255</strike></td>
        <td style="text-align: justify"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>256</strike></td>
        <td style="text-align: justify"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>257</strike></td>
        <td style="text-align: justify"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>258</strike></td>
        <td style="text-align: justify"><strike>been delivered; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>259</strike></td>
        <td style="text-align: justify"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>260</strike></td>
        <td style="text-align: justify"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>261</strike></td>
        <td style="text-align: justify"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>262</strike></td>
        <td style="text-align: justify"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>263</strike></td>
        <td style="text-align: justify"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>264</strike></td>
        <td style="text-align: justify"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>265</strike></td>
        <td style="text-align: justify"><strike>(viii) Commercial Invoice for the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>266</strike></td>
        <td style="text-align: justify"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>267</strike></td>
        <td style="text-align: justify"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>268</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>269</strike></td>
        <td style="text-align: justify"><strike>Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>270</strike></td>
        <td style="text-align: justify"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>271</strike></td>
        <td style="text-align: justify"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the </strike></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>272</strike></td>
        <td style="text-align: justify"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>273</strike></td>
        <td style="text-align: justify"><strike>this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>274</strike></td>
        <td style="text-align: justify"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>275</strike></td>
        <td style="text-align: justify"><strike>black listed by any nation or international organisation. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>276</strike></td>
        <td style="text-align: justify"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>277</strike></td>
        <td style="text-align: justify"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>278</strike></td>
        <td style="text-align: justify"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>279</strike></td>
        <td style="text-align: justify"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>280</strike></td>
        <td style="text-align: justify"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>281</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>282</strike></td>
        <td style="text-align: justify"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>283</strike></td>
        <td style="text-align: justify"><strike>language they shall be accompanied by an English translation by an authorised translator or </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>284</strike></td>
        <td style="text-align: justify"><strike>certified by a lawyer qualified to practice in the country of the translated language. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>285</strike></td>
        <td style="text-align: justify"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>286</strike></td>
        <td style="text-align: justify"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>287</strike></td>
        <td style="text-align: justify"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>288</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>289</strike></td>
        <td style="text-align: justify"><strike>Clause 5(b) of this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>290</strike></td>
        <td style="text-align: justify"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>291</strike></td>
        <td style="text-align: justify"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>292</strike></td>
        <td style="text-align: justify"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>293</strike></td>
        <td style="text-align: justify"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>294</strike></td>
        <td style="text-align: justify"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take copies. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>295</strike></td>
        <td style="text-align: justify"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>296</strike></td>
        <td style="text-align: justify"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>297</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>298</strike></td>
        <td style="text-align: justify"><strike>(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>299</strike></td>
        <td style="text-align: justify"><strike>confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">300</td>
        <td style="text-align: justify; width: 31px;"><b>9. </b></td>
        <td style="text-align: justify"><b>Encumbrances </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">301</td>
        <td style="text-align: justify">
          <div>The Sellers warrant that the Vessel, at the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>, is free from all charters <font style="color: #B31330"><u>(other than the
              </u></font></div>
          <div><font style="color: #B31330"><u>Bareboat Charter and the Initial Sub-charter)</u></font>,</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">302</td>
        <td style="text-align: justify">
          <div>encumbrances, mortgages and <font style="color: #3C96D2"><strike>maritime</strike></font> liens <font style="color: #B31330"><u>(whether maritime or otherwise)</u></font> or any other debts whatsoever, </div>
          <div>and is not subject</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">303</td>
        <td style="text-align: justify">to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">304</td>
        <td style="text-align: justify">Buyers against all consequences of claims made against the Vessel which have been incurred</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">305</td>
        <td style="text-align: justify">prior to the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">306</td>
        <td style="text-align: justify; width: 31px;"><b>10. </b></td>
        <td style="text-align: justify"><b>Taxes, fees and expenses </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">307</td>
        <td style="text-align: justify">Any taxes, fees and expenses in connection with the purchase <font style="color: #B31330"><u>of the Vessel</u></font> and registration in the <font style="color: #3C96D2"><strike>Buyers&#8217;</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">308</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Nominated </strike></font>Flag State <font style="color: #B31330"><u>and</u></font> <font style="color: #3C96D2"><strike>shall be for the Buyers&#8217; account, whereas similar
              charges </strike></font>in connection</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">309</td>
        <td style="text-align: justify">with the closing of the Sellers&#8217; register shall be for the Sellers&#8217; account.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">310</td>
        <td style="text-align: justify; width: 31px;"><b>11. </b></td>
        <td style="text-align: justify"><b>Condition on delivery </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">311</td>
        <td style="text-align: justify">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">312</td>
        <td style="text-align: justify">delivered to the Buyers<font style="color: #3C96D2"><strike>, but subject to the terms and conditions of this Agreement she shall be</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">313</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>delivered and taken over as she was at the time of inspection, fair wear and tear excepted</strike></font>.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">314</td>
        <td style="text-align: justify">However, the Vessel shall be delivered free of cargo and free of stowaways with her Class</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">315</td>
        <td style="text-align: justify">maintained without condition/recommendation*, free of average damage affecting the Vessel&#8217;s</td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">316</td>
        <td style="text-align: justify">class, and with her classification certificates and national certificates, as well as all other</td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">317</td>
        <td style="text-align: justify">certificates the Vessel had at the time of <font style="color: #3C96D2"><strike>inspection</strike></font><font style="color: #B31330"><u>Delivery</u></font>, valid and unextended without</td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">318</td>
        <td style="text-align: justify">condition/recommendation* by the Classification Society or the relevant authorities at the time</td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">319</td>
        <td style="text-align: justify">of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>320</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>321</strike></td>
        <td style="text-align: justify"><strike>4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>322</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">323</td>
        <td style="text-align: justify">*Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">324</td>
        <td style="text-align: justify">Society without condition/recommendation are not to be taken into account.</td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">325</td>
        <td style="text-align: justify; width: 31px;"><b>12. </b></td>
        <td style="text-align: justify"><b>Name/markings <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>326</strike></td>
        <td style="text-align: justify"><strike>Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>327</strike></td>
        <td style="text-align: justify"><strike>markings. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">328</td>
        <td style="text-align: justify; width: 31px;"><b>13. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; default <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>329</strike></td>
        <td style="text-align: justify"><strike>Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>330</strike></td>
        <td style="text-align: justify"><strike>right to cancel this Agreement, and they shall be entitled to claim compensation for their losses </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>331</strike></td>
        <td style="text-align: justify"><strike>and for all expenses incurred together with interest. </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>332</strike></td>
        <td style="text-align: justify"><strike>Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>333</strike></td>
        <td style="text-align: justify"><strike>have the right to cancel this Agreement, in which case the Deposit together with interest </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>334</strike></td>
        <td style="text-align: justify"><strike>earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>335</strike></td>
        <td style="text-align: justify"><strike>Sellers shall be entitled to claim further compensation for their losses and for all expenses </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>336</strike></td>
        <td style="text-align: justify"><strike>incurred together with interest. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">337</td>
        <td style="text-align: justify; width: 31px;"><b>14. </b></td>
        <td style="text-align: justify"><b>Sellers&#8217; default </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">338</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness in accordance</strike></font> <font style="color: #B31330"><u>notice of the Scheduled Delivery Date by serving </u></font></div>
          <div><font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment under </u></font><font style="color: #3C96D2"><strike>with</strike></font> <font style="color: #B31330"><u>Clause 27 (Notice, Time and Place of
                Delivery) </u></font><font style="color: #3C96D2"><strike></strike></font></div>
          <div><font style="color: #3C96D2"><strike>Clause 5(b) </strike></font>or fail to be</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">339</td>
        <td style="text-align: justify">ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">340</td>
        <td style="text-align: justify">
          <div>option of cancelling this Agreement. If after <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect of the Delivery </u></font></div>
          <div><font style="color: #B31330"><u>Instalment </u></font>has been given but before</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">341</td>
        <td style="text-align: justify">the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">342</td>
        <td style="text-align: justify">
          <div>made physically ready again by the Cancelling Date and new <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>Payment Notice in respect of </u></font></div>
          <div><font style="color: #B31330"><u>the Delivery Instalment </u></font>given, the</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">343</td>
        <td style="text-align: justify">Buyers shall retain their option to cancel. <font style="color: #3C96D2"><strike>In the event that the Buyers elect to cancel this</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>344</strike></td>
        <td style="text-align: justify"><strike>Agreement, the Deposit together with interest earned, if any, shall be released to them </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>345</strike></td>
        <td style="text-align: justify"><strike>immediately. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">346</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment</u></font> by the </div>
          <div>Cancelling Date or fail to be ready to</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">347</td>
        <td style="text-align: justify">validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="font-size: 10pt">348</font></td>
        <td><font style="font-size: 10pt">for their loss and for all expenses together with interest <font style="color: #3C96D2"><strike>if their failure is due to proven</strike></font></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">349</td>
        <td style="text-align: justify">
          <div><font style="color: #3C96D2"><strike>negligence and whether or not the Buyers cancel this Agreement.</strike></font><font style="color: #B31330"><u>in accordance with Clause 43 (Fees and </u></font></div>
          <div><font style="color: #B31330"><u>Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without </u></font></div>
          <div><font style="color: #B31330"><u>the need for either Buyers or Sellers to take any action whatsoever. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">350</td>
        <td style="text-align: justify; width: 31px;"><b>15. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; representatives <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>351</strike></td>
        <td style="text-align: justify"><strike>After this Agreement has been signed by the Parties and the Deposit has been lodged, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>352</strike></td>
        <td style="text-align: justify"><strike>Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>353</strike></td>
        <td style="text-align: justify"><strike>expense. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>354</strike></td>
        <td style="text-align: justify"><strike>These representatives are on board for the purpose of familiarisation and in the capacity of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>355</strike></td>
        <td style="text-align: justify"><strike>observers only, and they shall not interfere in any respect with the operation of the Vessel. The </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>356</strike></td>
        <td style="text-align: justify"><strike>Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>357</strike></td>
        <td style="text-align: justify"><strike>indemnity prior to their embarkation. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 22pt">358</td>
        <td style="text-align: justify"><b>16. Law and Arbitration <font style="color: #B31330"><u>(See Clause 33 (Governing Law and Jurisdiction))</u></font></b></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>359</strike></td>
        <td style="text-align: justify"><strike>(a) *This Agreement shall be governed by and construed in accordance with English law and </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>360</strike></td>
        <td style="text-align: justify"><strike>any dispute arising out of or in connection with this Agreement shall be referred to arbitration in </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>361</strike></td>
        <td style="text-align: justify"><strike>London in accordance with the Arbitration Act 1996 or any statutory modification or re- </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>362</strike></td>
        <td style="text-align: justify"><strike>enactment thereof save to the extent necessary to give effect to the provisions of this Clause. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>363</strike></td>
        <td style="text-align: justify"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>364</strike></td>
        <td style="text-align: justify"><strike>Association (LMAA) Terms current at the time when the arbitration proceedings are </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>365</strike></td>
        <td style="text-align: justify"><strike>commenced. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>366</strike></td>
        <td style="text-align: justify"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>367</strike></td>
        <td style="text-align: justify"><strike>appoint its arbitrator and send notice of such appointment in writing to the other party requiring </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>368</strike></td>
        <td style="text-align: justify"><strike>the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>369</strike></td>
        <td style="text-align: justify"><strike>stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>370</strike></td>
        <td style="text-align: justify"><strike>arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>371</strike></td>
        <td style="text-align: justify"><strike>other party does not appoint its own arbitrator and give notice that it has done so within the </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>372</strike></td>
        <td style="text-align: justify"><strike>fourteen (14) days specified, the party referring a dispute to arbitration may, without the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>373</strike></td>
        <td style="text-align: justify"><strike>requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>374</strike></td>
        <td style="text-align: justify"><strike>and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>375</strike></td>
        <td style="text-align: justify"><strike>both Parties as if the sole arbitrator had been appointed by agreement. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>376</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>377</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>378</strike></td>
        <td style="text-align: justify"><strike>the time when the arbitration proceedings are commenced. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>379</strike></td>
        <td style="text-align: justify"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>380</strike></td>
        <td style="text-align: justify"><strike>United States Code and the substantive law (not including the choice of law rules) of the State </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>381</strike></td>
        <td style="text-align: justify"><strike>of New York and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>382</strike></td>
        <td style="text-align: justify"><strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto, </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>383</strike></td>
        <td style="text-align: justify"><strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>384</strike></td>
        <td style="text-align: justify"><strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>385</strike></td>
        <td style="text-align: justify"><strike>competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>386</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>387</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>388</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>389</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>390</strike></td>
        <td style="text-align: justify"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>391</strike></td>
        <td style="text-align: justify"><strike>(state place) and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>392</strike></td>
        <td style="text-align: justify"><strike>referred to arbitration at (state place), subject to the procedures applicable there. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>393</strike></td>
        <td style="text-align: justify"><strike>*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>394</strike></td>
        <td style="text-align: justify"><strike>deletions, alternative 16(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">395</td>
        <td style="text-align: justify; width: 31px;"><b>17. </b></td>
        <td style="text-align: justify"><b>Notices <font style="color: #B31330"><u>- (See Clause 28 (Notices))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>396</strike></td>
        <td style="text-align: justify"><strike>All notices to be provided under this Agreement shall be in writing. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>397</strike></td>
        <td style="text-align: justify"><strike>Contact details for recipients of notices are as follows: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>398</strike></td>
        <td style="text-align: justify"><strike>For the Buyers: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>399</strike></td>
        <td style="text-align: justify"><strike>For the Sellers: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">400</td>
        <td style="text-align: justify; width: 31px;"><b>18. </b></td>
        <td style="text-align: justify"><b>Entire Agreement </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">401</td>
        <td style="text-align: justify">The written terms of this Agreement comprise the entire agreement between the Buyers and</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">402</td>
        <td style="text-align: justify">the Sellers in relation to the sale and purchase of the Vessel and supersede all previous</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify">warranty (whether or not made negligently) other than as is expressly set out in this Agreement.</td>
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        <td style="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 49pt"><font style="font-size: 10pt">For and on behalf of the Sellers</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>EXECUTION VERSION</u></b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DATED</b> <u><font style="font-weight: bold;">11 February</font></u> <b>2026</b></font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The purchase price (&#8220;<b>Purchase Price</b>&#8221;) of the Vessel shall be 85% of the lesser of:</font></td>
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        <td style="width: 40.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely, with full title guarantee, on the
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in consideration of the Sellers&#8217; agreement under sub-paragraph (i) above, the Buyers hereby agree to pay the Purchase Price by way of four (4)
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">four (4) Pre-delivery Instalments; and</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred or being continuing at the time of payment<i>,</i> or which will occur, as
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of each Instalment:</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers having received a duly completed Payment Notice relating to such Instalment not later than three (3) Business Days prior to the
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers and the Sellers agree that:</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of each Pre-delivery Instalment, payment of the amount of such Pre-delivery Instalment into the Head Sellers&#8217; Designated Account or
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including, but not limited to, any shortfall in each instalment of the Shipbuilding Contract Price which is not funded by the Buyers, any costs
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        <td style="width: 20%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Hull No. 25110055</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">SINGAPORE/92297787v1</font></td>
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      date on which a Payment Notice is issued by the Sellers, on each Payment Date and on the Delivery Date that (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they are duly incorporated and validly existing under the laws of their jurisdiction of incorporation;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they have the requisite power and authority to enter into and perform this Agreement and this Agreement constitutes their valid, legal and
            binding obligations in accordance with its terms;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the execution and performance by them of this Agreement will not breach or constitute a default under their constitutional documents or any
            agreement, instrument, order, judgment or other restriction which binds them;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Buyers are true and complete copies of such documents and
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are the sole legal and beneficial owner of the Vessel immediately prior to Delivery taking place on the Delivery Date; and</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is classed with the Classification Society at the highest classification available for vessels of its type and is free of all overdue
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">neither it nor any of its directors, officers or (to the best knowledge and belief of the Sellers) employees or any person acting on its behalf
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Potential Termination Event or a Termination Event occurs prior to Delivery and is continuing;</font></td>
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            this Agreement and the other Leasing Documents but have not been paid, the Sellers shall forthwith pay such fees and expenses to the Buyers in accordance with this Agreement, and such costs, expenses, fees or other amounts are acknowledged and
            agreed by the Sellers to be a proportionate amount, having regard to the legitimate interest of the Buyers in protecting against the risk of inter alia, this Agreement being terminated and the Sellers not being able to perform this Agreement;
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that the Buyers receive a refund of any Instalment(s) from the Head Sellers and/or the Refund Guarantor pursuant to the terms of
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Buyers (i) agreeing to pay and/or paying the Purchase Price under the terms of this Agreement and (ii) agreeing to
            charter the Vessel upon Delivery to the Charterers (being an Affiliate of the Sellers) pursuant to the terms of the Bareboat Charter as at the date hereof, the Sellers shall indemnify and pay such amounts to the Buyers in respect of all
            documented costs, claims, expenses, liabilities, losses, damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this
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        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Hull No. 25110055</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or resulting from the occurrence of a Termination Event or the funding of all or an portion of the Purchase Price (including but not
            limited to the event that the funds have been deposited in accordance with Clause 19 but not released in accordance with the Conditional Payment Instructions for any reason whatsoever, other than as a direct and sole result of the Buyers&#8217; gross
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers shall be entitled to request such documents and information that the Buyers may reasonably require in relation to the construction
            of the Vessel or otherwise in connection with the Vessel (including, without limitation, the status of such construction or otherwise in connection with the Shipbuilding Contract and/or the Refund Guarantees), and such information and
            documentation shall be delivered as soon as practically possible to the Buyers by the Sellers.</font></td>
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            records relating to its construction) during the course of its construction (but no more than once per calendar year), provided that prior notice shall be given to the Sellers, and the Sellers shall use best endeavours to procure that access
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall promptly notify the Buyers of:</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices and/or claims the Head Sellers has served on it under the Shipbuilding Contract (including but not limited to any notice
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 7%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif;"> (A)</font></td>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 49.75pt; text-indent: -49.75pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: 21/F, Xingye Building, 20 Chaoyangmen North Street, Chaoyang
              District, Beijing, China.</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.3in; text-indent: -49.75pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">madongxin@<u>email.cib-leasing.com.cn</u>;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.3in; text-indent: -49.75pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">huyongqiang@<u>email.cib-leasing.com.cn</u></font></p>
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        <td style="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: left">&#160;</td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt">&#160;</td>
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      <tr style="vertical-align: top">
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; font-size: 10pt; text-align: left; vertical-align: top"><font style="font-family: Arial, Helvetica, Sans-Serif;">to the Sellers:</font></td>
        <td style="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left; vertical-align: top">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c/o CENTRAL MARE INC.</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: louka@loukapartners.com</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 8128320</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address (or email
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No right or remedy conferred upon the Buyers by this Agreement shall be exclusive of any other right or remedy provided for herein or by law
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any payment made by the Sellers to the Buyers under this Agreement shall be paid:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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      <tr style="vertical-align: top">
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        <td style="width: 30.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall notify the Buyers as soon as they become aware of the requirement; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other Party requiring the other Party to appoint its own arbitrator within fourteen (14) calendar days of
            that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days specified. If the other Party does not appoint
            its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other Party, appoint its arbitrator as
            sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall prevent the Parties agreeing in writing to vary
            these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Hull No. 25110055</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Bareboat Charter</b>&#8221; means the bareboat charterparty in respect of the
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      portion) of the Delivery Instalment paid to the Head Sellers&#8217; Bank shall be released to the Head Sellers (such conditions to include, without limitation, the presentation to the Head Sellers&#8217; Bank of the SBC PODA duly executed by the Head Sellers and
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: ____________________</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The amount that the Head Sellers is entitled to receive under the Shipbuilding Contract in respect of the [first/second/third/fourth/fifth and
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        <td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>9.</i></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">CIBFL CM</font></td>
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        <td style="text-align: right"><font style="font: 9pt Arial, Helvetica, Sans-Serif">Hull No. 25110055</font></td>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">the suspense account of the Head Sellers&#8217; Bank (full details of which are set out below) together with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Head Sellers&#8217; Bank</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Beneficiary Bank: [&#9679;]</font></p>
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        <td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We agree that the [payment/depositing] of the [First/Second/Third/Fourth/Delivery] Instalment pursuant to paragraph 9 shall constitute a full
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.</font></td>
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      </tr>

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        <td style="width: 0.25in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no breach of the Shipbuilding Contract by us or the Head Sellers has occurred;</font></td>
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no event entitling us nor the Head Sellers to terminate the Shipbuilding Contract has occurred;</font></td>
      </tr>

  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event or Potential Termination Event (each as defined in the Bareboat Charter) has occurred and is continuing.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font: 9pt Arial, Helvetica, Sans-Serif">&#160;</font></td>
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          <div style="text-align: left; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; name: </font>Ma Dongxin</div>
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<DOCUMENT>
<TYPE>EX-4.46
<SEQUENCE>27
<FILENAME>ef20060828_ex4-46.htm
<DESCRIPTION>EXHIBIT 4.46
<TEXT>
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      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of delivery (Cl. 3)</font></p>
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        </td>
        <td style="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Cancelling date (Cl. 5)</font></p>
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                (Cancellation)</b></font></p>
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        </td>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of redelivery (Cl.
              15)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No. of months&#8217; validity of
              trading and class certificates upon redelivery (Cl. 15)</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Running days&#8217; notice if other
              than stated in Cl. 4</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Frequency of dry-docking (Cl.
              10(g))</font></p>
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                requirements of Flag State</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>International Navigating Limits and excluding any war listed
                area declared by the Joint War Committee, see also Clause 47.1(t), 47.1(u) and 47.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 32 (Charter Period)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Charterhire)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 38 (Changes to Interest Rate, Default Interest)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dollars/Bank transfer</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Charterhire); such account as the Owners may
                notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #B31330"><u>Corporate






                </u></font> <font style="color: #3C96D2"><strike>Bank</strike></font> guarantee/bond (sum and place) (Cl. 24) (optional)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 5pt; padding-left: 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 4pt; padding-right: 5pt; padding-left: 5pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
    <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

        <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to
                whom payable (Cl. 27)</font></p>
            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          </td>
        </tr>

    </table>

  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt; width: 50%; border-top: Black 1pt solid">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 30 not applicable. See Clause 67 (Governing Law and
                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;War cancellation (indicate
              countries agreed) (Cl. 26(f))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding Vessel (indicate with
              &#8220;yes&#8221; or &#8220;no&#8221; whether PART III applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and place of Builders (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liquidated damages and costs
              shall accrue to (state party acc. to Cl. 1)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bareboat Charter Registry
              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Number of additional clauses
              covering special provisions, if agreed</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 32 (Charter Period) to Clause 69 (Definitions) and
                Schedules 1 to 4 thereto (collectively, the &#8220;Additional Clauses&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II<font style="color: #B31330"><u> and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B31330"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B31330"><u>and</u></font><font style="color: #3C96D2"><strike>shall prevail over those of</strike></font> PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V
    shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and
    PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt; text-indent: 0.5in;">
          <div><font style="font-size: 10pt;">Signature (Owners)</font></div>
          <div><font style="font-size: 10pt;"> <br>
            </font></div>
          <div>
            <div style="text-align: left; font-size: 10pt;">/s/ Zhu Guanyu ZHU Guanyu</div>
            <div style="text-align: left; font-size: 10pt;">
              <div style="text-align: left; font-size: 10pt;">Attorney-in-Fact</div>
            </div>
            <font style="font-size: 10pt;"> </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt;">
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;">Signature (Charterers)</font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in;"><font style="font-size: 10pt;"> <br>
            </font></p>
          <div style="text-align: left; font-size: 10pt; margin-left: 18pt;"><font style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal;">ANDREAS LOUKA &#160; &#160; &#160;&#160; </font>/s/ Andreas Louka</div>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.25in;"><font style="font-size: 10pt;">Attorney-in-Fact&#160;</font></p>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 10pt;">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, the following terms shall have the meanings hereby assigned to them: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Owners&#8221; shall mean the party identified in Box 3; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Charterers&#8221; shall mean the party identified in Box 4; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Financial Instrument<font style="color: #B31330"><u>s</u></font>&#8221; <font style="color: #B31330"><u>has the meaning ascribed to it in Clause 69 (Definitions).</u></font>
              <font style="color: #3C96D2"><strike>means the mortgage, deed of </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>covenant or other such financial security instrument as </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>annexed to this Charter and stated in Box 28. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Charter Period </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire the Vessel for the period stated in Box 21 <font style="color: #3C96D2"><strike>(&#8220;The Charter Period&#8221;)</strike></font>. <font style="color: #B31330"><u>See also
                Clause 32 (Charter Period)</u></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(not applicable when Part III applies, as indicated in Box 37) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>every respect ready in hull, machinery and equipment for service under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Box 13<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>in such ready safe berth as the Charterers may direct.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>12. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>but the
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 35 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217; </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling <font style="color: #B31330"><u>(See Clause 33 (Cancellation))</u></font></b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt"> <br>
    </font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. </strike></font></td>
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      <tr style="vertical-align: top">
        <td rowspan="1">&#160;</td>
        <td rowspan="1">&#160;</td>
        <td rowspan="1">&#160;</td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in </strike></font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 47.1(t), 47.1 (u) and 47.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without first obtaining the consent of the insurers to such employment and complying with such requirements </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 48.2 (Inspection of Vessel)</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>delivery and</strike></font> redelivery <font style="color: #B31330"><u>pursuant to
                  Clause 42.5 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss) </u></font>hereunder <font style="color: #B31330">(if applicable) at the costs of the Charterers</font>. <font style="color: #3C96D2"><strike>The Owners shall bear all expenses </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 48 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for </strike></font></td>
      </tr>

  </table>
  <div> <br>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or damage to the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 35.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>A complete inventory of the Vessel&#8217;s entire equipment, outfit including spare parts, appliances and of all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel&#8217;s </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>which shall not be unreasonably withheld,</strike></font> to change the flag and/or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>replaced, renewed or substituted shall vest in and remain with the Owners. </u></font>The Charterers have the right</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to fit additional equipment at their expense and risk <font style="color: #B31330"><u>(provided that no permanent structural damage is caused </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>to the Vessel by reason of such installation) and </u></font><font style="color: #3C96D2"><strike>but&#160;</strike></font>the Charterers
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>or,






                if Box 19 has </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 37 (Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>(See Clause 65.4 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>181</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(only to apply if Box 28 has been appropriately filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>191</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than stated </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 40 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 40 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 40 (Insurance) </u></font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and






                  freight, </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: #B31330"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be unreasonably
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u></font> and the Charterers according to their </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners and the insurers, </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any deviation, shall be for
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the </strike></font>Charterers </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>any additional insurances that they arrange now or in the future will always be compliant with the terms of the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies. </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such documents </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330"><u>(if any)</u></font>.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 42.13 (Termination, Redelivery and Total </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330"><u>(or, if applicable, the Owners&#8217; Financiers in accordance with the terms </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>of the relevant loss payable clauses). </u></font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to their respective interests. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the
            Vessel is likely to become a <font style="color: #B31330"><u>T</u></font><font style="color: #3C96D2"><strike>t</strike></font>otal <font style="color: #B31330"><u>L</u></font><font style="color: #3C96D2"><strike>l</strike></font>oss <font style="color: #3C96D2"><strike>as defined in this </strike></font></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 40 (Insurance).</u></font> <font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
    <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

        <tr style="vertical-align: top">
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
          <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall </strike></font></td>
        </tr>

    </table>

  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 42.5 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, range </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>282</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of expected date and port or place of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>283</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>284</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>286</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>287</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>289</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>290</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>291</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>292</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>excepted. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>294</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>least the number of months agreed in Box 17. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>304</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>305</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>306</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
    <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

        <tr style="vertical-align: top">
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>307</strike></font></td>
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
          <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their </strike></font></td>
        </tr>

    </table>

  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>308</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>309</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>310</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>311</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>312</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>313</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>314</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>315</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>316</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B31330"><u>shall</u></font><font style="color: #3C96D2"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C96D2"><strike>, and the Charterers to have a lien on </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>320</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel for all moneys paid in advance and not earned</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment<font style="color: #3C96D2"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B31330"><u>(See Clause 65 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>331</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall not assign this Charter nor sub-charter the Vessel on a bareboat basis except with the prior </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>332</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>333</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conditions as the Owners shall approve. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>334</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>335</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>336</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation </font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the </font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>343</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>344</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
    <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

        <tr style="vertical-align: top">
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>345</strike></font></td>
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        </tr>

    </table>

  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>346</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>347</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>348</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><b><strike>Bank</strike></b></font><b> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Corporate</u></font></b><b>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if Box 27 filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B31330"><u>on or about the date of this Charter,</u></font> <font style="color: #3C96D2"><strike>before
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>other Security Documents (if not already earlier entered into) </u></font>for full performance of their obligations under this </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Requisition for Hire of the Vessel by any governmental or other competent authority </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>always
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>363</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>364</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for Hire&#8221; whichever be the shorter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td>&#160;</td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel. </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
    <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

        <tr style="vertical-align: top">
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
          <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
          <td>
            <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C96D2"><strike>unless the written consent of the Owners be first obtained,</strike></font> <font style="color: #B31330"><u>unless
                    trading within the limits and safe </u></font></font></div>
            <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium</u></font></font></div>
          </td>
        </tr>

    </table>

  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td></td>
        <td></td>
        <td>
          <div><font style="color: #B31330"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary </u></font></div>
          <div><font style="color: #B31330"><u>and the additional insurances of the Vessel, </u></font>shall not continue to or go through any</div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>389</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>390</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain within, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>391</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>392</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>393</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the next payment of hire is due. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war <font style="color: #3C96D2"><strike>(whether there be a declaration of war or not)</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>406</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>407</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>France; and the People&#8217;s Republic of China, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>408</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>409</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>410</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>411</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>412</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission </b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>416</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>417</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>418</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>actual expenses of the Brokers and a reasonable fee for their work. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>419</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>420</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>indemnify the Brokers against their loss of commission. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>421</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>422</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B31330"><u>(See Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>424</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>425</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>426</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with immediate effect by written notice to the Charterers if: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>427</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>428</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>429</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>430</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>431</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>432</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>433</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>434</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>terminate the Charter without further notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>435</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) the Charterers fail to comply with the requirements of: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>436</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(1)&#160;&#160;&#160;&#160;&#160;Clause 6 (Trading Restrictions) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>437</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(2)&#160;&#160;&#160;&#160;&#160;Clause 13(a) (Insurance and Repairs) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>438</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>439</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>440</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>441</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>442</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>443</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>444</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>445</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>446</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>447</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>448</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>449</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Loss of Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>450</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>451</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>452</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>453</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II</font></p>
  <p style="margin: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>454</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>455</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>456</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>457</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>458</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>459</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>composition with its creditors. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>460</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>461</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the date of termination and to any claim that either party might have. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. Repossession <font style="color: #B31330"><u>(See also Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events)).</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>In the event the Vessel is due for redelivery pursuant to Clause 42.5 (Termination, Redelivery and Total Loss) <br>
                </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>or Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>Clause 42.10 (Termination, Redelivery and Total Loss),</u></b></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>468</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>469</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution <font style="color: #B31330"><u>(See Clause 67 (Governing Law and Enforcement))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>474</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>475</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>476</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>477</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provisions of this Clause. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>478</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>479</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Terms current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>480</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>481</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>482</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>483</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>484</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>485</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>486</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>487</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>488</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the </strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>489</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appointment of a sole arbitrator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>490</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <p style="margin: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>491</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>492</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>493</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>494</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>495</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>496</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>497</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>498</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>499</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>500</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>501</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>502</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>503</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>504</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mutually agreed place, subject to the procedures applicable there. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>506</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or dispute arising out of or in connection with this Contract. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>507</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>508</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>following shall apply: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>509</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>510</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>511</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mediation. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>512</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>513</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>514</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>515</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>516</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>517</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of disagreement, as may be set by the mediator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>518</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>519</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>520</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>521</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>necessary to protect its interest. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>522</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>523</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>524</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>when setting the timetable for steps in the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>525</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>526</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>527</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>528</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>529</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and procedure governing the arbitration. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART II&#160;</font></p>
  <p style="margin: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>530</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>531</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>532</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>apply in all cases. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>533</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">534</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>(See Clause 45 (Notices))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>535</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>536</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>registered or recorded mail or by personal service. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>537</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART III</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Specifications and Building Contract </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building Contract&#8221;) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>approved by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>remedies. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>incurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41(a) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>36</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART III&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>50</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>to have effect; or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>51</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>52</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>53</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>54</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>55</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>56</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>57</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>58</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>59</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>60</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>61</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>62</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>63</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>64</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>65</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>66</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>67</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>4.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>68</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>69</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>5.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>72</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the condition of the Vessel at the time of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>paid at the rate of hire per day or pro rata. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART IV</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.8in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>payment. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><font style="font-size: 12pt">PART V</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1.</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Definitions</strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charter Registration.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Mortgage </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin: 0; text-align: right">CIBFL-2026-028-ZZ</p>
  <p style="margin: 0; text-align: right">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>EXECUTION VERSION</u><br>
      <br>
    </font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED 11 February 2026</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 32 &#8211; Charter Period</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
            shall be:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with effect from the date hereof until the end of the Charter Period (subject to the
      terms of this Charter).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 33 &#8211; Cancellation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Sellers as seller to the Owners as buyer under the MOA
            contemporaneously with the delivery by the Head Sellers of the Vessel to the Sellers as buyers pursuant to the Shipbuilding Contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Sellers to the Owners as buyers under the MOA by the Cancelling
            Date (or such later date as the parties to the MOA may agree); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in
            full force and effect for any reason (in whole or in part),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">then this Charter shall immediately terminate and be cancelled
      (without prejudice to Clause 55 (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall be obliged to pay the applicable Mandatory Sale Price to the Owners forthwith;
            and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall be entitled to retain all fees and expenses paid by the Sellers and/or the Charterers
            pursuant to the Leasing Documents and if such fees have not been paid, the Charterers shall forthwith pay (or procure the payment of) such fees and expenses to the Owners in accordance with the Leasing Documents,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such payment shall be irrevocable and unconditional and is
      acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of, inter alia, the Charterers failing to perform its obligations under this Charter. For
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">shall not prejudice the operation of any provision of any Leasing Document which is
      expressed to survive the termination or cancellation of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Pre-delivery
      Interest</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Pre-delivery Instalment:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the payment of each such Pre-delivery Instalment by the Owners (as buyers) pursuant to the
            MOA, interest shall accrue on a daily basis on the amount of that Pre-delivery Instalment for each Term during the Pre-delivery Period; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on that Pre-delivery Instalment for each relevant Term shall be calculated as follows:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 96%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.5in">

      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td rowspan="2" style="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount of the relevant Pre-delivery Instalment</font></p>
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        </td>
        <td rowspan="2" style="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>applicable Interest Rate</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="vertical-align: bottom; width: 49%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>number of
              days of the relevant Term</i></font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>360</i></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the Owners&#8217; prepositioning of the Delivery Instalment in accordance with clause 19 of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The aggregate of all interest accrued under Clauses 34.1 and 34.2</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(the &#8220;<b>Pre-delivery Interest</b>&#8221;) <font style="color: black">shall be payable in one lump sum by the Charterers to the Owners:</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the event that the Vessel is delivered by <font style="color: #1F1F1F">the Sellers </font>to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">in all other cases</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, within three (3) Business Days of the Owners&#8217; demand.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Charter of Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter is part of a transaction involving the sale, purchase and charter of the Vessel and
            constitutes one of the Leasing Documents.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and
            conditional upon:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Sellers as buyers of the Vessel under the Shipbuilding Contract;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(on or before the date falling five (5) days after the Commencement Date) the Vessel being delivered
            to and accepted by the Initial Sub-charterer under the Initial Sub-charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred which is continuing from the date
            of this Charter to the last day of the Charter Period (inclusive);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations and warranties contained in Clause 46 (<i>Representations and Warranties</i>)
            being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners having received from the Charterers:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the documents or evidence set out in Part A to Part F of Schedule 2 respectively at the relevant time
            specified for each such part under clause 19(c)(iii) of the MOA, in each case, in form and substance satisfactory to the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed
            copy of the MOA PODA evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part G of Schedule 2 in form and substance satisfactory to them,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the documents listed in Schedule 2 are not in the English language
      then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The conditions precedent specified in Clause 35.2 are inserted for the sole benefit of the Owners and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On the delivery to and acceptance by the Owners (in their capacity as buyers under the MOA) of the
            Vessel from the Sellers under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the
            Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and
            deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the
            Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the
            Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Sellers under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
            howsoever arising including without limitation, any loss of profit or any loss or otherwise:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not
            limited to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
            to commence.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused
            lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any
            such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part H of
            Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 36 &#8211; Quiet enjoyment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provided that no Termination Event has occurred and continuing or
      Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
            a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the
            Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 37 &#8211; Charterhire</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Owners agreeing, at the request of the Charterers, to purchase the Vessel from
            the Sellers (being an Affiliate of the Charterers) under the MOA and subsequently charter the Vessel to the Charterers under this Charter, the mutual covenants contained herein and other good and valuable consideration (the adequacy of such
            consideration which the Charterers hereby acknowledge), the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire and all other amounts payable under this Charter in accordance with the terms of this
            Charter.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
            in arrears in quarterly instalments on the twentieth (20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each calendar month that falls at three-month interval from the Commencement Date (each, a &#8220;<b>Payment





              Date</b>&#8221;), save that:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first instalment of Charterhire shall fall on the twentieth (20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the third calendar month after the Commencement Date (excluding the calendar month in which the Commencement Date falls, the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the final instalment of Charterhire shall fall on the last day of the Charter Period.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Payment Date, the Charterhire instalment shall consist of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to any prepayment made in accordance with Clause 47.1(x)(ii)(A), a capital element of
            Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;) which shall be an amount equal to 1/40 of the Total Fixed Charterhire; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by
            applying the applicable Interest Rate to the Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, to the Financing Amount) for each day of the relevant Term ending on the relevant
            Payment Date by reference to the actual number of days elapsed.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3A</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of determining the Interest Rate of any Term:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if no Term SOFR is available for any relevant Term the applicable Reference Rate shall be the
            Interpolated Term SOFR for a period equal in length to for that Term;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If no Term SOFR is available for any relevant Term and it is not possible to calculate the
            Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Term, the
            applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Term; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            funds and received by the Owners by not later than 4.00 pm (Beijing time). Any payment of Pre-delivery Interest and Charterhire which is due to be made on a date which is not also a Business Day shall be made on the preceding Business Day
            instead.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            under this Charter shall be of the essence of this Charter.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center">6</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the operation of this Charter in respect of the hire and all other payments to be made pursuant to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the import, export, purchase, operation, delivery and re-delivery of the Vessel,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay, if applicable, value added tax and other similar tax levied on any
            Charterhire, the Pre-delivery Interest and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in the People&#8217;s Republic
            of China and (ii) the introduction or alteration after the date of this Charter of a law in the People&#8217;s Republic of China or an alteration after the date of this Charter in the manner in which a law in the People&#8217;s Republic of China
            interpreted or applied (the &#8220;<b>Tax Changes</b>&#8221;), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners
            to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, before the Reporting Time of any Term, the Owners determine (which determination shall be
            conclusive and binding) that their cost of funds relating to any Instalment or the then prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market Disruption Rate, the Owners shall promptly notify the Charterers
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.3</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 38.3 applies pursuant to Clause 37.3A and Clause 38.1; or</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Margin, and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to
            the Owners at the relevant time (expressed as an annual rate of interest) relating to the relevant Instalment or the then prevailing Outstanding Capital Balance or any part thereof during the relevant Term (as reasonably determined by the
            Owners),</font></td>
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      Clause 38.3, and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If this Clause 38.4 applies pursuant to Clause 38.1 and the Owners do not notify a Funding Rate to the
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under
            this Charter (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Charter);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference
            Rate; or</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">8</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
            economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant
            Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and pending any such amendment or waiver and the Replacement Reference Rate being
      utilised under the Leasing Documents to calculate the Interest Rate, Clause 38.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers or the Sellers fail to make any payment due under this Charter or any other Leasing
            Documents on the due date, they shall pay additional interest on such late payment at the default rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Term, if the overdue amount had, during
            the period of non-payment, constituted an Instalment or the Outstanding Capital Balance (as the case may be) in the currency of the overdue payment for successive Terms, each of a duration selected by the Owners. Any interest accruing under
            this Clause 38.6 shall be immediately payable upon demand by the Owners and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the
            Owners agree that such default rate is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform their obligations under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All interest (including default interest) and any other payments under this Charter which are of an
            annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 39 &#8211; Possession of
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
            the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for
            any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly notify any party (including, without limitation, the Initial
            Sub-charterer or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory
            evidence to the opinion of the Owners that such party has received such written notification.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Clause 39.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
            of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or
            otherwise do such lawful things as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking
            possession or otherwise in re-acquiring the Vessel. </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">9</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Without prejudice to the generality of the foregoing and Clause 54 (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or
          liabilities arising from the master, officers or agents signing bills of lading or other documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the
            Owners&#8217; direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the
            Owners shall at their own expense take all reasonable steps to procure that the Vessel is released within a reasonable time.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer
            of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any
            Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 40 - Insurance</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, at their own cost and expense, procure that the insurances for the Vessel are
            effected at all times during the Charter Period:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with first class international insurers and/or underwriters acceptable to the Owners and having a
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to paragraph (b), name the Owners, the Charterers and the Approved Manager as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">10</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">only named assureds unless the interest of every other named assured or co-assured is limited:</td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any third party liability claims where cover for such claims is provided by the policy (and then
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of the loss payable
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the
            Owners&#8217; Financiers as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the
            Charterers fail to do so; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the
            coverage which adversely affects the interest of the Owners and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with
            respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
            writing the Owners of the terms and conditions of all Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the
            change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 40 (<i>Insurance</i>), notify the Owners
            (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the
            proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory
            Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the approved brokers and/or the war risks and protection and indemnity associations with
            which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions
            of the renewal; and</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
            such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 40.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover
            notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers
            (if any) provide the Owners with copies (or upon the Owners&#8217; request, originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in
            a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">12</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
            of assignment complying with the provisions of this Charter and the Financial Instruments;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
            Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the
            terms of the Obligatory Insurances of which they are aware;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
            the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month
            before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of
            renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that
            the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to
            the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
            received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
            respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which
            the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217;
            Financiers (if any) and agreed by such associations or in such association&#8217;s standard form; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certified copy of each certificate of financial responsibility for pollution by oil or other
            Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause 40 (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or
            qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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            the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.10</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.11</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.12</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">14</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.13</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.15</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners,
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">15</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or
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      </tr>

  </table>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time; and</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the then-applicable Market Value as evidenced by the relevant valuation report(s), if requested by the Owners,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.16</font></td>
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            damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only
            reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.17</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
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            Insurances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.18</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">keep the Vessel insured at their expense against such other risks (other than loss of hire and the
            contingent liability insurance) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners and having
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">16</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel
          (including without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability
          insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the
            Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem
            necessary (having regard to the existing insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      relating to Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
            of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Sellers pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
            no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All conditions, terms or warranties express or implied by the law relating to the specifications,
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage,
            expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason
            thereof be released from any liability to pay any Charterhire, Pre-delivery Interest or other payment due under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Redelivery and Total Loss</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Termination</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 50.2, the
            Charterers shall be obliged to pay the Owners the Termination Sum on the Termination Date in consideration of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to Delivery, the Owners entering into the MOA at the request of the Sellers and the Charterers
            and subsequently terminating such sale and purchase of the Vessel under the MOA, and if the Pre-delivery Assignment has been executed, the re-assignment of the rights of the Sellers under the Shipbuilding Contract and the Refund Guarantee
            thereunder as soon as reasonably practicable; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after Delivery (save in the event of a Total Loss),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and it is hereby agreed by the parties hereto that:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">17</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 42.9(b), the obligation to pay the Termination Sum is a continuing
            obligation and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until irrevocably and unconditionally paid in full;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Sellers or the Charterers failing to perform its obligations under the MOA or this Charter respectively; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which
            the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition by the Sellers or the Charterers or an obligation to pay an agreed sum in specified circumstances which do
            not involve a breach of contract by the Sellers or the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 38.6
            shall apply and the Owners shall be entitled to exercise their rights under Clauses 42.9 and 42.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
            the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 42.9 and 42.10), at the cost of the
            Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred
            or permitted by the Owners and/or Owners&#8217; Financiers (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and
            acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 54.1.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
            Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Redelivery</u></b></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this
            Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the
            Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">18</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in an equivalent class as she was as at the Commencement Date and without any recommendation or
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the
            Financial Instruments, if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any charter or other employment (unless the Owners wish to retain the continuance of any
            prevailing charter or as otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be redelivered to the Owner together with all material information generated during the Charter Period
            in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the
            Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within any time period required by Clause 42 (<i>Termination, Redelivery and
              Total Loss</i>). If the time of actual redelivery is after the date on which redelivery is required to take place pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<b>Redelivery Date</b>&#8221;), the Charterers </font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">19</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">shall, without prejudice to any other amounts payable under the Leasing Documents (including without limitation pursuant to Clause 42 (<i>Termination, Redelivery and Total
            Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is redelivered in accordance with Clause 42.5, the rate of hire equivalent to the higher of:</td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.7</font></td>
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            this Clause 42.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers
            any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 42.5 as a result of the Vessel not being
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      </tr>

  </table>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this Charter);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">terminate this Charter upon written notice to the Charterers (provided that any provision hereof
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on such outstanding amount shall accrue in accordance with Clause 38.6;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            any other form of short term employment contracts provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses
            (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform
            the Charterers of the Owners&#8217; intention to retain the Vessel instead of selling the Vessel under Clause 42.9(b)(iii) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after
            deducting any commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase.
            If the Market Value (less such deductions) of the Vessel as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to
            pay the shortfall to the Owners and default interest shall continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination
            Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 66 (<i>General Application of
              Proceeds</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Throughout the Charter Period, the Charterers shall bear the full risk of any Total Loss of or any
            other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterers shall, subject to Clause 42.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the
            Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">22</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent
            received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 66 (<i>General
              Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for
            Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following
            the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 43 &#8211; Fees and Expenses</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to
            the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or other payments not paid on the due date under this Charter
            and in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party shall be responsible for their own costs and expenses to review and negotiate the term
            sheet relating to this Charter. All third party costs and out-of-pocket expenses (including, but not limited to, negotiation costs, inspections, valuations, reasonable and duly documented legal fees, insurance reports, registration expenses and
            any other reasonable and duly documented expenses) incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document shall
            be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition,
            registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and
            maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the
            account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction
            of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of
            payment of the annual register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners (including but not limited to
            legal fees) in relation to the transfer of title of the Vessel from the Owners to the </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">23</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>) shall be for the account of
          the Charterers.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers make a request to re-register the Vessel in another Flag State,</font></td>
      </tr>

  </table>
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      amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any
      amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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            (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover
            possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
            conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party
            preclude any other or further exercise thereof.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice, certificate, demand or other communication to be served, given made or sent under or in
            relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the
            following respective address or email address:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Owners: </font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">24</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 65%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21/F, Xingye Building, 20 Chaoyangmen North Street, Chaoyang District, Beijing, China.</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Attention:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"> <font style="color: windowtext">Zhu Guanyu; Mao Dongxin; Hu Yongqiang</font></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Email:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>zhuguanyu@email.cib-leasing.com.cn</u>;<br>
            madongxin@<u>email.cib-leasing.com.cn</u>;<br>
            huyongqiang@<u>email.cib-leasing.com.cn</u></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Tel:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">+86-15040622437</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 5%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 80%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <b>c/o CENTRAL MARE INC.</b></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Attention: Andreas Louka</td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Email: louka@loukapartners.com</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Tel: +30 210 8128320</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when
            delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to
            be served on the next following working day in such place.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers represent and warrant to the Owners as of the date hereof, each Instalment Payment
            Date, the Commencement Date, and on each Payment Date, as follows (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund Guarantor is given only to the best
            of the Charterers&#8217; knowledge; and in the case of the Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance
            with Article IX thereunder; and in the case of the Refund Guarantor, up to but excluding the Commencement Date only):</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(following a Charterers Disposal) 100% of the issued and outstanding shares in the Charterers are
            legally, wholly and directly owned and controlled by the Shareholder; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Guarantor is controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute each of the Leasing Documents to which it is a party; and</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of such Relevant Person; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement or instrument binding upon it or any of its assets or constitute a default or
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all payments which a Relevant Person is liable to make under any Leasing Document to which such
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no legal or administrative action involving a Relevant Person has been commenced or taken (including
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">26</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or
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            direct, general and unconditional obligations of such Relevant Person and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of such Relevant Person save for any obligation which is
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that in relation to any Assignable Sub-Charter:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignable Sub-Charter <font style="color: windowtext">(A) whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where
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            to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the
            avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage
            caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without
            limitation in accordance with Clause 39 (<i>Possession of Vessel</i>) and the General Assignment);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Environmental Laws relating to the ownership, operation and management of the Vessel and the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">that in relation to the Shipbuilding Contract and the Refund Guarantee:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Owners are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same which have not been provided to the Owners;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">all amounts due and payable by the Sellers to the Head Sellers under the
            Shipbuilding Contract have been fully and irrevocably paid to the Head Sellers (receipt of which has been duly acknowledged by the Head Sellers) and there are no outstanding amounts which are due, owing or payable by the Sellers to Head Sellers
          </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">beyond any applicable grace period stated thereunder<font style="color: windowtext">;</font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract and the Refund Guarantee remain in full force and effect;</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">29</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers and the
            Sellers in respect of the Shipbuilding Contract and/or the Vessel which may adversely affect the interest of the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Refund Guarantor and
            the Sellers in respect of the Refund Guarantee; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Head Sellers and the Refund Guarantor is fully aware of the transactions contemplated
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(viii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">no default by the Sellers described in article XI (<i>Buyers&#8217; Default</i>) of the
            Shipbuilding Contract has occurred entitling the </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Head Sellers <font style="color: windowtext">to cancel, rescind or terminate the Shipbuilding Contract.</font></font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they shall comply or procure compliance with the following undertakings
            from the date of this Charter and up to the last day of the Charter Period (to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 47 (<i>Undertakings</i>) by (A) any Other
            Charterer which is not directly owned by the Shareholder and/or (B) the Head Sellers or the Refund Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance; and further provided that, in the
            case of the Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance with Article IX thereunder; and in the
            case of the Refund Guarantor, up to but excluding the Commencement Date only):</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there shall be sent to the Owners:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and eighty (180) days after the end of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">30</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
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      be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
            actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer, other member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any other
            matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person, <font style="color: windowtext">the </font>Head






            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or
            procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall at their own cost and shall procure that each other Relevant Person will:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">31</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (i), promptly register, file, record or enroll any
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            Relevant Person is a party, give any notice or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            ninety (90) days prior to the natural expiry date of the fixed period (or, if the relevant Sub-charterer of exercises any optional extension in accordance with the terms therein, the extended period) under the Initial Sub-charter or the
            relevant Approved Subsequent Sub-charter (as the case may be)) (for the purposes of this paragraph (i), an &#8220;<b>Expiry Date</b>&#8221;), together with any evidence requested by the Owners, whether the relevant Sub-charterer intends to and will (with
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no later than the Expiry Date of the Initial Sub-charter or the relevant Approved Subsequent
            Sub-charter (as applicable), they shall provide the Owners with evidence and documents, in form and substance satisfactory to the Owners, that such Sub-charter has been extended in accordance with its terms or a replacement Sub-charter which
            qualify as an Approved Subsequent Sub-charter has been entered into, <i>provided always that</i>, if no replacement Sub-charter has been entered into, or if a replacement Sub-Charter has been entered into but does not qualify as an Approved
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            against reduction of the future instalment(s) of Fixed Charterhire (or part thereof) payable hereunder, and such reduction shall be deemed to be an advance payment by the Charterers (but for the avoidance <font style="color: windowtext">of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">32</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">any default of the Sellers described in article </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XI (<i>Buyers&#8217; Default</i>) of the Shipbuilding Contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an event of default or termination event howsoever called under the terms of any Assignable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Potential Termination Event or a Termination Event,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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            calendar year and otherwise upon the Owners&#8217; and/or the Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other
            information relating:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the terms and conditions of any Sub-charter together with any other information relating to such
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">33</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any change to the class status, Port State Control (PSC) and inspection records of the Vessel <font style="color: windowtext">which may adversely affect the interest of the Owners</font>;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">35</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any significant change to the fleet size of a Guarantor or any corporate restructuring of a Guarantor,
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any accident, incident, casualty or occurrence as a result of which the Vessel has become or is, by
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on
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            rights and interests under such Assignable Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may
            reasonably require regarding the due execution of such Assignable Sub-charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(t)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person, <font style="color: windowtext">the </font>Head






            Sellers<font style="color: windowtext">, and the Refund Guarantor </font>will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy
            to ensure compliance with all such laws and regulations implemented from time to time;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">36</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners
            and provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            47.1(q), it is determined that the then Market Value of the Vessel falls below an amount equal to 118% of the prevailing Outstanding Capital Balance (the &#8220;<b>LTV Breach</b>&#8221; and the said difference between the then Market Value of the Vessel
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            advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide, or ensure that a third party has provided, additional Security Interests which, has a Market
            Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case of Security Interests over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the
            Owners, and which is documented in such terms as the Owners may require. For the avoidance of doubt, any cash collateral provided to the Owners pursuant to this sub-paragraph shall be retained by the Owners free of any interest.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or
            delayed), they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Earnings and any other amounts received by them in connection with the Vessel are paid into the
            Operating Account;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all of their operating expenses in connection with the Vessel are paid from the Operating Account or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the credit balance in the Operating Account shall by maintained at a level sufficient for the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchase, cancel or redeem any of its issued shares;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">increase or reduce the number of shares that it is authorized to issue or change the par value of such
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(bb)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall be registered under the Flag State at all times;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(cc)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
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            including, without limitation, all ship fuel oil consumption data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance relating to the Vessel for the preceding calendar year and,
            for the avoidance of doubt, such information shall be &#8220;Confidential Information&#8221; for the purposes of Clause 58 (<i>Confidentiality</i>) but the Charterers acknowledge that, in accordance with the Poseidon Principles, such information will form
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">38</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> of the information published regarding the Owners&#8217; and/or Owners&#8217; Financiers&#8217; portfolio climate alignment;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall or shall procure that any other organisation or person whom the Charterers have contractually
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon the Owners&#8217; request, provide and submit such signed mandate letter in the form required
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">39</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme
            with all relevant documents (including without limitation, any relevant mandating documents required in connection with surrendering the relevant Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission
            Scheme) required to be provided to such Emission Scheme Authority relating to such Emission Scheme,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and to do all such things necessary or advisable to ensure that
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not, save with the prior written consent of the Owners, agree or enter into, and shall
            procure that the Sellers, the Head Sellers or the Refund Guarantor does not agree or enter into, any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing, or waiving the
            terms of the Shipbuilding Contract and/or the Refund Guarantee and they shall procure that the Sellers will not make any demand under the Refund Guarantee without the prior written consent of the Owners; and</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-size: 9pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">40</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall promptly notify the Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default which is continuing and not remedied by either the Sellers or the Head Sellers of the
            terms of the Shipbuilding Contract;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any event entitling the Sellers to rescind the Shipbuilding Contract; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any event constituting a Buyer&#8217;s Default as defined under Article <font style="color: windowtext">XI
            </font>of the Shipbuilding Contract.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(kk)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of &#8220;Attained Annual Operational CII&#8221; (as per Regulations 26 and 28 of Annex VI of MARPOL)
            rating of the Vessel (&#8220;<b>CII Rating</b>&#8221;), if at any time the CII Rating:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is &#8220;D&#8221; for three (3) consecutive year; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is below &#8220;E&#8221; for one (1) year,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      and, immediately upon demand of the Owners, and perform, all reasonable and necessary corrective actions in accordance with the revised SEEMP in line with standard industry practises and the instructions of the 3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup> party verifier (&#8220;<b>CII Corrective Actions</b>&#8221;) in order for DCS Statement of Compliance to be issued. For the avoidance of doubt, any costs and expenses in relating to the CII Corrective Actions shall
      be borne by the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>47.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Russian oil price cap</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they will, at all times comply, and require compliance by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Sub-charterers of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all parties (each a &#8220;<b>Counterparty</b>&#8221;) with whom the Charterers or a sub-charterer enters into a
            contract of carriage in respect of the Vessel,</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with the Russian Oil Price Cap Measures.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will
            prior to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) or the effective date of a contract between the Charterers and an applicable Counterparty (whichever is earlier)
            and, throughout the duration of each contract, prior to any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price information demonstrating that the Russian Oil Products were purchased at or below the
            applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at
            or below the applicable price cap; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
            exception granted by the relevant authority in each applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">41</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall
            promptly, and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) provide to the Owners such of the following as the Owners shall
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price information demonstrating that the Russian Oil Products were purchased at or below the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that
            the Charterers have complied in all respects with the Russian Oil Price Cap Measures; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
            exception granted by the relevant authority in each applicable jurisdiction.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners
            that they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom
            the Charterers have sub-let the Vessel or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers
            to comply with this Clause 47.2 (<i>Russian oil price cap</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the
            purposes of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon request and within 30 days of any request provide the Owners with such other information
            in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to
            the Russian Oil Price Cap Measures; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">comply with such further or additional requirements as the Owners may from time to time require in
            writing, acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market
            practice in respect of the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations in this paragraph (e) are continuing and, in
      particular, shall survive and remain binding on the Charterers until all attestations and such other information as may be requested pursuant to this paragraph (e) have been received in satisfactory form by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy
            themselves, based on the information available, of the reliability and accuracy of any information provided by such counterparties for the purposes of or relating to satisfying the requirements of paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">42</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree that the Owners may forward all attestations and other documents which the
            Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents
            in accordance with the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 48 &#8211; Inspection of
      Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to Clause 48.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving
            notice to the Charterers, be entitled to inspect or survey the Vessel or instruct a surveyor to carry out such survey on their behalf:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly
            repaired and maintained;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical






              Dry-Docking</i>); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any other reason they consider necessary,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided it does not unduly interfere with the operation of the
      Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
            48.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel),
            save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or
            instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the
            right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of
            inspection and survey.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and
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      </tr>

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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      BBC Additional Clauses<br>
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      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">46</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the shares of a Guarantor cease to trade on The New York Stock Exchange or the NASDAQ or Over the
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Guarantor ceases being an entity reporting with the U.S. Securities and Exchange Commission;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there is a change in control of ownership or control of the Charterers or there is a change of voting
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there is any occurrence of any litigation, arbitration or administrative proceedings or investigations
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any lease, hire purchase agreement, charter or any other financing arrangement in respect of any
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">during the period from and including the date of this Charter </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the events specified in Clause 50.1(g) occurs in relation to the Head Sellers;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any corporate action, legal proceeding or other procedure or step described in Clause 50.1(g) has been
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a default by the Head Sellers under the Shipbuilding Contract occurs which entitles the Sellers to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">47</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            or terminated, or otherwise ceases to remain in full force and effect for any reason before its natural expiration under its terms, unless the Charterers enter into a replacement Sub-charter acceptable to the Owners within sixty (60) days of
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            Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (or in the case of Clause 50.1(w) above only,
            the Voluntary Early Termination Price) (the &#8220;<b>Termination Notice</b>&#8221;), whereupon the Charterers shall be obliged to pay the Termination Sum (or in the case of Clause 50.1(w) above only, the Voluntary Early Termination Price) to the Owners on
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            Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is
            redelivered to the Owners in accordance with Clause 42.5, or the title is transferred to the Charterers in accordance with Clause 42.3, the Vessel is sold in accordance with 42.9 or the Owners exercise the option set out in Clause 42.10.</font></td>
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            prejudicing the rights of the Charterers pursuant to Clause 42.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i)
            settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained
            pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the
            appointment of any originally appointed manager may be terminated immediately without any recourse to the Owners.</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise its rights under this clause, provided that, in case of a breach
          of contract claim, the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their
            obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the applicable Mandatory Sale
            Price to the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period
            permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it is or has become:</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contrary to, or inconsistent with, any regulation,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any Relevant Person to maintain or give effect to any of its
      obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a
      party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the
      Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If there is a breach of 47.1(j)(vi), 47.1(t), 47.1(u) or 47.1(v) in any such case on the basis that
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            pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            or Clause 51.1 or Clause 51.2 or Clause 51.3 or Clause 56.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 54 (<i>Sale of the
              Vessel</i>). The day on which the applicable Mandatory Sale Price is paid pursuant to Clause 37.11 or Clause 38.3 or Clause 51.1, Clause 51.2 or Clause 51.3 or Clause 56.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">would have direct and adverse effect to the business or operations of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention to terminate the Initial Sub-charter as a result of the
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved Sub-charterer has informed the Charterers of its intention to terminate such
            other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereunder which are equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>); or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need to be paid for the specific
            US Port Call had the Additional Port Call Fees not been imposed),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive, ports demand,
      expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all reasonable steps to mitigate any such
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
            on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed
            documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
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            the USTR Remedy Period:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall have the option to (but always at the cost of the Charterers), following the
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            Termination Amount,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to
            sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may be);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; receipt in full of the applicable Special Termination
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>52.1</i></b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), on or after the date
            falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other
            terms of this Clause 52 (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.2</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by
            the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of the occurrence of a Termination Event which is continuing on or prior to (i) the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 53 &#8211;Purchase
      Obligation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided all moneys owing and payable under
      this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and
      the Charterers shall perform their obligations referred to in Clause 54 (<i>Sale of the Vessel</i>) and the Charterers shall pay the Purchase Obligation Price in full on the last day of the Charter Period in relation thereto (unless the Parties agree
      otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion), together with all other amounts owed but unpaid by the Charterers to the Owners under the Leasing Documents.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 54 &#8211; Sale of the
      Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers&#8217;
            payment of the Termination Sum under Clause 42 (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 52 (<i>Voluntary Early Termination</i>) or the Charterers&#8217;
            payment of the Special Termination Amount under 51A (<i>USTR Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 53 (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 51 (<i>Mandatory






              Sale</i>) shall be on an &#8220;as is where is&#8221; and subject to the following terms and conditions:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no condition, warranty or representation of any kind is or has been given by or on behalf of the
            Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217;
            behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness
            for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby
            irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">52</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby also waive any rights which they may have in tort in respect of any of the
            matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions.
            No third party making any representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing
            contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third
            party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall procure the discharge and release of any registered mortgages created by the Owners
            and/or Owners&#8217; Financiers in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the
            Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
            Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
            last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price
            or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the
            terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the
            Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees
            (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 55 &#8211; Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims,
            expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the
            Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership
            and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217;
            rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of
            the leasing of this Charter and whether or not </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">53</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and
          losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism
          Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
            Master, officers or agents signing Bills of Lading or other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the
            Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every
            kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses.
            The Parties hereby further agree and acknowledge that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The
              Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The
              Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>)
            and form part of this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Charterers have at any time (whether in respect of this Charter or any other
            transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall
            not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability
            arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim any contribution from any third party providing security for, or any other guarantor of any
            Other Charterer&#8217;s or such Relevant Person&#8217;s obligations under the Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
            of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
            to make any payment, or perform any obligation, in respect of any Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">54</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
            hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing
            Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim,
            expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (<i>Cancellation</i>))







            and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and
            effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure each
            Guarantor will furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm such Guarantor&#8217;s agreement to assume and to be
            bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations of the Charterers under this Clause 55 (<i>Indemnities</i>) and in respect of any
            Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 55 (<i>Indemnities</i>) or in
            respect of any Security Interest created pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person) including:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the release of any other Relevant Person or any other person under the terms of any composition or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect
            or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any incapacity or lack of power, authority or legal personality of or dissolution or change in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">55</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">net of any bank charges or bank fees.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 57.2
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the
          Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding
          the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        cost</b>&#8221;.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost incurred as a result of, or in connection with, the Owners or the
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a reduction in the amount of any payment to the Owners under this Charter or in the effective return
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">57</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order or judgment from any court or other tribunal; or</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order or judgment;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58.1</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction by Owners</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may make any FATCA Deduction they are required by FATCA to make, and any
      payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA Deduction.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Mitigation</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      be required to be made by any party under Clause 64.3 (<i>FATCA</i>) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this
      Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 65 &#8211; Assignment and
      Transfer</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may assign any of their rights or transfer by novation any of their rights and obligations
            under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if
            such assignment, transfer and/or sale is made:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">62</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or
            sale, this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel
            (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The
            Charterers shall procure that any Relevant Person (in the case of any Other Charterer which is not directly owned by the Shareholder, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all
            obligations pursuant to such Leasing Document; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enters into all necessary documents or takes any necessary actions or provide all necessary assistance
            required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or executed) as from the completion of the relevant assignment, transfer or sale.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of Clause 65.2:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to Clause 36 (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding
            arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding
            arrangement shall not result in any adverse effect of the Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may do any of the following as security for the funding arrangements referred to in
            paragraph (a) above, in each case, without the prior consent of the Charterers:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
            its agent, trustee or nominee);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with this Charter or any other Leasing
            Documents in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the
            Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter into any other document or arrangement which is necessary to give effect to such financing
            arrangements, including but not limited to cancellation of any financing charter registration;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers undertake to comply, and provide such information and documents and all necessary
            assistance required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be
            directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and
            provisions of each Financial Instrument (if any) and agree to </font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">63</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">acknowledge this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that any prior written consent from the Approved Sub-Charterer is expressly required
            under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-Charterer
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      (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners
      from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All expenses arising out of assignment or transfer of this Charter as per Clause 65 (<i>Assignment and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner (as trustee of the Owners and the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter and any non-contractual obligations arising under or in connection with it, shall be
            governed by and construed in accordance with English law.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Charter (including a dispute regarding the
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            the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 67 (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
            arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has
            done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter, in conjunction with the other Leasing Documents, constitutes the entire agreement
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party acknowledges that it has not entered into this Charter or any other Leasing Document in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">65</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Acceptance Certificate</b>&#8221; means a certificate substantially
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Security</b>&#8221; means the document creating security
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Affiliate</b>&#8221; means in relation to any person, a Subsidiary
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Annex VI</b>&#8221; means Annex VI of the Protocol of 1997 to amend
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Anti-Money Laundering Laws</b>&#8221; means all applicable financial
      record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and
      without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are (a)
      issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is
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      jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;Approved Additional Guarantor&#8221; </b>means Rubico Inc., a
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Approved Classification Society</b>&#8221; means Bureau Veritas, DNV
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;Approved Shareholder&#8221; </b>means the Approved Main Guarantor
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Approved Subsequent Sub-charter</b>&#8221; <font style="color: windowtext">means any
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        thereunder, which satisfies the following:</font></font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a firm charter period (without any optional extension) of no less than 12 months;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a fixed daily rate of hire (free from any profit sharing or any other contingent adjustment) of no
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the charter period shall commence unconditionally and simultaneously upon the natural expiration of
            the Initial Sub-charter; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such other terms and conditions the Owners may require.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Breakfunding Costs</b>&#8221; means all breakfunding costs and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">67</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">written confirmation from the Owners that certain internal notification requirements relating to such
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than thirty (30) days prior to the Commencement Date;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a fixed daily rate of hire (free from any profit sharing or any other contingent adjustment) of no
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such other terms and conditions the Owners may require.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">74</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Initial Sub-charterer</b>&#8221; means <font style="color: windowtext">the sub-charterer</font> under the Initial Sub-charter.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Instalment</b>&#8221; has the meaning given to such term in the MOA.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">the most recent applicable Term SOFR (as of a day which is not more than three
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">75</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0.25in"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">either:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the applicable Term SOFR (as of the Quotation Day in respect of that Term) for the longest period (for
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">the applicable Term SOFR (as of the Quotation Day in respect of that </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Term<font style="font-weight: normal">) for the shortest period (for which Term SOFR is available) which exceeds three months.</font></font></td>
      </tr>

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      Code as adopted by the Conference of Contracting Governments to the Safety of Life at Sea Convention 1974 on 13 December 2002 and incorporated as Chapter XI-2 of the Safety of Life at Sea Convention 1974, as the same may be supplemented or amended
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">76</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Letter of Demand</b>&#8221; has the meaning given to it under clause 3.18 in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the technical and commercial management agreement made or to be made between the Approved Manager and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Mandatory Sale Date falls prior to the Commencement Date,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Pre-delivery Interest accrued but unpaid as at the date of the payment of the Mandatory Sale
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) one per cent. (1.00%) of the Instalment Balance prevailing as at the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">77</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued but unpaid as at the date of payment of the Mandatory Sale Price;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (i) to (v) above, any other moneys due and owing
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a valuation prepared:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such reports shall be prepared by Approved Valuers nominated by the Owners.</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to the Charterers, the annual financial statement accounts of the Charterers for that
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to the Guarantor, its audited financial statements for the financial year ended 31
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Financing Amount;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the aggregate Fixed Charterhire which has been paid by the Charterers and received by the Owners as at
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Party</b>&#8221; means a party to this Charter, namely the Owners or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Payment Date</b>&#8221; has the meaning given to such term under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Payment Notice</b>&#8221; has the meaning given to such term under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">80</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Perfection Requirements</b>&#8221; means the making or procuring of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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      BBC Additional Clauses<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to any amount which a Relevant Person fails to pay on its due date pursuant to a Leasing
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">89</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case where the Relevant Date falls prior to the Commencement Date, the aggregate of:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Instalment Balance prevailing as at the Relevant Date;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Fee;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any and all documented costs, losses and liabilities incurred by the Owners (and the Owners&#8217;
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">90</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">to cause the Vessel to conform with the provisions relating to redelivery as required under Clause 42.5) (but excluding any loan prepayment fees or losses resulting from
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Third Instalment&#8221; </b>has the meaning given to such term under the MOA.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal (subject to pre-agreed cap), registration or other costs reasonably incurred by
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Inconsistency between Charter provisions and Leasing Documents</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      the &#8220;<b>Shareholder</b>&#8221;, any &#8220;<b>Relevant Person</b>&#8221;, the &#8220;<b>Owners</b>&#8221;, any &#8220;<b>Other Charterer</b>&#8221;, any &#8220;<b>Other Owner</b>&#8221;, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">94</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>control</b>&#8221; over a particular company means the power
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be
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      they may reasonably select, an amount equal to the amount of the relevant Instalment or the Outstanding Capital Balance (as the case may be) or any part thereof for a period equal in length to the relevant Term of that Instalment or the Outstanding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221;, in relation to any insurance, includes a slip,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">95</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
      covered by a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person
      or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses
      (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>regulation</b>&#8221; includes any regulation, rule, official
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>tax</b>&#8221; includes any present or future tax, duty, impost,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.4</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Meaning of &#8220;month&#8221;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A period of one or more &#8220;months&#8221; ends on the day in the relevant calendar month
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Business Day following the numerically corresponding day if the numerically corresponding day
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the last Business Day in the relevant calendar month, if the period started on the last Business
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and &#8220;<b>month</b>&#8221; and &#8220;<b>monthly</b>&#8221; shall be construed accordingly.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a Leasing Document or any other document being in the form of a particular appendix or
            to any document referred to in the recitals include references to that form with any modifications to that form which the Owners and the Charterers approve;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, a Leasing Document or any other document are references to it as
            amended or supplemented, whether before the date of this Charter or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, any law include any amendment, extension, re-enactment or
            replacement, whether made before the date of this Charter or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">words denoting the singular number shall include the plural and vice versa; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">96</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the appropriate page of such other information service which displays that rate from time to time in
            place of that information service,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be available, shall include any other page or
      service displaying that rate specified by the Owners after consultation with the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Construction of Insurance terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause 40 (<i>Insurance</i>),





      approved in writing by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>excess risks</b>&#8221; means the proportion of claims for general
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>obligatory insurances</b>&#8221; means all insurances effected, or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221; includes a slip, cover note, certificate of entry
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
      (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the proportion (if any)
      of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Acceptance Certificate</font></p>
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        and Warranties</i>) of the Charter remain correct and that no Termination Event (as defined in the Charter) has occurred and is continuing at the date of this Acceptance Certificate.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: attorney in fact</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Roman Shark X Inc.</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 2</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Conditions Precedent to Signing</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authority</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a
            party and resolving that it execute the Leasing Documents to which it is a party;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed copies of this Charter and the MOA and of each
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract</b></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Shipbuilding Contract, together with all amendments
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">99</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.1</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the
            applicable documents listed in paragraph 2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the
            Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Original Financial Statements.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that any fees, costs and expenses then due from the Charterers and/or the Sellers to the
            Owners under the Leasing Documents (including but not limited to those payable under Clause 46 <i>(Fees and Expenses)</i>) have been paid and received by, or will be paid and received by, the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their
            financiers) to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of any other consents, approvals, authorization or other document, opinion or assurance which
            the Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">100</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part B<br>
      Conditions Precedent to the First Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Part A of this Schedule 2 remains correct, complete and in full
            force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part B of this Schedule 2 is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(a)
            of Article II (<i>Contract </i>Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the first instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.3</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.4</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.5</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">101</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed copies of the acknowledgements from the Head Sellers and the Refund Guarantor in such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.7</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.8</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.9</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.10</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed copies of the legal opinions specified in paragraph 4 of Part A of this
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>6</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>1</b></font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the first instalment of
            the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract before the Second Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in
            full.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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            received in full, such shortfall in the second instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the certificate or statement of the Classification Society stating that the steel cutting of
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Payment Notice in respect of the Second Instalment requests for payment of the Second
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            Price payable under paragraph 3(b) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each
            duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part D<br>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the second instalment of
            the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Third Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in
            full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(c)
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have
            received in full, such shortfall in the third instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the certificate or statement of the Classification Society stating that the keel laying of
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Payment Notice in respect of the Third Instalment requests for payment of the Third Instalment
            into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of the Shipbuilding Contract Price payable under paragraph 3(c) of Article II (<i>Contract







              Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To the extent not already provided to the Owners under Part A, Part B and Part C of Schedule 2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each
            duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">105</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
      19(c)(iii)(A) of the MOA.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">106</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part E<br>
      Conditions Precedent to the Fourth Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A, B, C and D of this Schedule 2 remains correct, complete
            and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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            received in full, such shortfall in the fourth instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Payment Notice in respect of the Fourth Instalment requests for payment of the Fourth
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            II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To the extent not already provided to the Owners under Part A, Part B, Part C and Part D of Schedule
            2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each
            duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">107</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
      19(c)(iii)(A) of the MOA.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">108</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part F<br>
      Conditions Precedent to the Delivery Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers
            and the Sellers dated no earlier than the Delivery Instalment Payment Date confirming that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A, B, C, D and E of this Schedule 2 remains correct,
            complete and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract and Refund Guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the fourth instalment of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of a statement issued by the Head Sellers confirming that the Vessel has been constructed to
            the order of the Sellers for delivery to the Owners and estimated delivery date, as required by the Flag State for registration of the Vessel in the name of the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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            of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract notifying that the fifth instalment of the Shipbuilding Contract Price and the &#8220;Remaining Oil Among&#8221; (as defined therein) is due and payable thereunder,
            together with supporting documentation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commercial invoice issued by the Head Sellers pursuant to the Shipbuilding Contract, specifying the
            aggregate amount payable by the Sellers to the Head Sellers on the Commencement Date for the purchase of the Vessel under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each
            duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that (in the form of a SWIFT payment confirmation, written
            confirmation of the Head Sellers and/or any such other evidence):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, the Delivery Shortfall (as defined in the MOA), has been or will be paid by the Sellers
            to the Head Sellers in accordance with clause 19(g) of the MOA; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(other than the Delivery Shortfall and the amount equivalent to the Purchase Price payable by the
            Owners (in their capacity as buyers under the MOA)) any other amount due and payable by the Sellers for the purchase of the Vessel under the Shipbuilding Contract has been paid by the Sellers to the Head Sellers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Documents</b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">109</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Account Security and of each document to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed but undated copies of each of the Manager&#8217;s Undertaking and of each document to be
            delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An agreed form legal opinion by English legal advisers to the Owners on such matters on the laws of
            England in relation to the documents listed in paragraph 3 of Part F of this Schedule 2, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the
            documents listed in paragraph 3 of Part F of this Schedule 2, concerning the laws of the Republic of Panama and such other relevant jurisdictions as the Owners may require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valuation of the Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Valuation(s) of the Vessel in the standard
      form and substance prevailing to the market<font style="background-color: lightgrey">,</font> addressed to the Owners indicating the Initial Market Value of the Vessel on a date which is no earlier than thirty (30) days before the Commencement Date.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Agreement</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Agreement establishing that the Vessel will, as from
      the Commencement Date, be managed by the Approved Manager, together with copy of the Document of Compliance of the Approved Manager.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Approved Subsequent Sub-charter</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, copies of the executed Approved Subsequent
      Sub-charter as at such time and of each document to be delivered under each of them.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">8.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">8.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the
            Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Earnings Account</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Operating Account has been opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">A duly executed copy of the Payment Notice <font style="color: windowtext">submitted pursuant to clause 19(c)(iii)(A) of the MOA</font>.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">110</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">11.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase; color: windowtext">11.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may require.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">111</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part G<br>
      Conditions Precedent to Delivery</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2(g)(ii) :</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authorisations/Confirmation</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy
            document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of the Charterers certifying that there is no Potential
            Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed and dated copies of each Manager&#8217;s Undertaking and of each document to be delivered
            under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Security Interests intended to be created by each of the Security
            Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the SBC PODA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of all documents required to be delivered by the Head Sellers to the Sellers under Article VII
            paragraph 3 (<i>Documents to be delivered to the Buyer</i>) of the Shipbuilding Contract prior to or concurrently with the execution of the SBC PODA pursuant to Article VII paragraph 2 of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Confirmation by the Head Sellers to the Owners that the Vessel has not been registered at any registry
            or in any person&#8217;s name or encumbered prior to or on delivery from the Head Sellers to the Sellers under the Shipbuilding Contract or prior to delivery of the Vessel from the Sellers to the Buyers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The original (if required by the Flag State) or a copy of the builder&#8217;s certificate issued by the
            Builder in relation to the Vessel duly notarially attested and legalised or apostilled as and to the extent required by the Flag State.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains its classification as
            set out under the terms of the Shipbuilding Contract with the Approved Classification Society and free of all recommendations and conditions.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery and title registration of the Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Vessel:</font></td>
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  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">112</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners
            under the flag of the Flag State;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is or will be unconditionally delivered by the Sellers to the Owners (in their capacity as buyers)
            pursuant to the terms of the MOA, where such documents shall include without limitation:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
            the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the
            Charterers&#8217; power of attorney); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
            executed by the Charterers and the Owners; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Initial Sub-charter has been (or will be, in any case, by the date following five (5) Business
            Days after the Commencement Date) delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance
            with the laws and regulations of the Flag State (including, without limitation, a side letter to be entered into between the Owners and the Charterers as required by the competent authorities of the Flag State).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any additional documents as may be required by the competent authorities of the Flag State for the
            purposes of registering the Vessel.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters
            on the laws of England as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall
            Islands and any other jurisdictions as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners being satisfied that all conditions precedent or documents or evidence
      specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">113</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part H<br>
      Conditions Subsequent</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date, documentary
      evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law (as applicable).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than three (3) Business Days after the Commencement Date, issued signed
      copies of the legal opinions referred to in paragraph 5 of Part B of Schedule 2 of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
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            association (as the case may be), each in the agreed form under paragraph 5.2 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
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            form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date,
      copies of the Vessel&#8217;s Safety Management Certificate (together with any other details of the applicable safety management system which the Owners require) and of any other documents required under the ISM Code and the ISPS Code (including without
      limitation an ISSC and IAPPC).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">114</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 3<br>
      THE VESSELS, THE PARTIES AND THE CHARTERS</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="background-color: #0A5D66; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><b>The Vessels</b></font></td>
        <td style="width: 30%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><b>The Owners</b></font></td>
        <td style="width: 28%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><b>The Charterers</b></font></td>
        <td style="width: 25%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: white"><b>The Charters</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a vessel currently under construction with hull no. 25110055 <br>
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">&#27700; &#29942; &#24231; &#26578; &#25342; &#32902; &#21495; &#65288;&#22825; &#27941;&#65289;&#33322; &#36816; &#31199; &#36161; &#26377; &#38480; &#20844; &#21496; Aquarius 74 Shipping Co., Ltd.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at Room 202, No. 6262, Australia Road, Dongjiang Free Trade
              Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13108)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner A&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roman Shark X Inc., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number 136538 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer A&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bareboat charter dated 11 February 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a vessel currently under construction with hull no. 25110057<br>
            (&#8220;<b>Vessel B</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">&#27700; &#29942; &#24231; &#26578; &#25342; &#20237; &#21495; &#65288;&#22825; &#27941;&#65289;&#33322; &#36816; &#31199; &#36161; &#26377; &#38480; &#20844; &#21496; Aquarius 75 Shipping Co., Ltd.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at Room 202, No. 6262, Australia Road, Dongjiang Free Trade
              Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13109)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner B&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roman Shark VIII Inc., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number 136535 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer B&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bareboat charter dated 11 February 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter B&#8221;)</b></font></td>
      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a vessel currently under construction with hull no. 25110059<br>
            (&#8220;<b>Vessel C</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">&#27700; &#29942; &#24231; &#26578; &#25342; &#26578; &#21495; &#65288;&#22825; &#27941; &#65289;&#33322; &#36816; &#31199; &#36161; &#26377; &#38480; &#20844; &#21496; Aquarius 77 Shipping Co., Ltd.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at Room 202, No. 6262, Australia Road, Dongjiang Free</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roman Shark IV Inc., a corporation incorporated under the laws of the Republic of
              Marshall Islands with registration number 136531 whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b></b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Bareboat charter dated 11 February 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter C&#8221;)</b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font-size: 10pt">115</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; border-top: rgb(153,153,153) 1pt solid">&#160;</td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; border-top: rgb(153,153,153) 1pt solid">Trade
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          <b>(&#8220;Owner C&#8221;)</b></td>
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      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 17%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a vessel currently under construction with hull no. 25110061</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">&#27700; &#29942; &#24231; &#26578; &#25342; &#25420; &#21495; &#65288;&#22825; &#27941; &#65289;&#33322; &#36816; &#31199; &#36161; &#26377; &#38480; &#20844; &#21496; Aquarius 78 Shipping Co., Ltd.</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at Room 202, No. 6262, Australia Road, Dongjiang Free Trade
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Owner D&#8221;)</b></font></p>
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        </td>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roman Shark VI Inc., a corporation incorporated under the laws of the Republic of
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#8220;Charterer D&#8221;)</b></font>&#160;</p>
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      </tr>
      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a vessel currently under construction with hull no. 25110063</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel E</b>&#8221;)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110055<br>
      SINGAPORE/92298113v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      SINGAPORE/92298113v1</font></p>
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<TYPE>EX-4.47
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><img src="image006.jpg" alt=""></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Index</font></p>
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        <td style="width: 90%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause</font></td>
        <td style="text-align: right; width: 10%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page</font></td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 5%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1&#160;&#160;&#160;</font></td>
        <td style="width: 85%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18&#160;&#160;&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing Law and Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>Schedules</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">

      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 90%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1 Form of Compliance Certificate</font></td>
        <td style="width: 10%; text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Execution Page</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> CIBFL CM- Guarantee (Top Ships)<br>
      hull no. <font style="color: windowtext">25110055</font><br>
      SINGAPORE/92298044v1</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>THIS GUARANTEE</b> is made on 18 March 2026</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Parties</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose
            registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#32902;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496; AQUARIUS 74 SHIPPING CO., LTD.</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No. 6262, Australia Road, Dongjiang Free Trade Pilot Zone,
            Tianjin (DJBS Free Trade Zone Branch No. 13108) (the &#8220;<b>Owner</b>&#8221; which expression includes its successors and assigns)</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Background</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a memorandum of agreement (as amended and/or supplemented from time to time, the &#8220;<b>MOA</b>&#8221;)
            dated 11 February 2026<font style="color: windowtext"> and made between (i) <b>ROMAN SHARK II INC.</b></font><b>,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex,
            Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Seller</b>&#8221;) as seller and (ii) the Owner as buyer, the Seller has agreed to sell and the Owner has agreed to purchase one (1) 47,499DWT Chemical/Product Oil Tanker
            having builder&#8217;s hull no. <font style="color: windowtext">25110055 </font>(the &#8220;<b>Vessel</b>&#8221;) pursuant to the terms and conditions contained therein.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">By a bareboat charter dated 11 February 2026 (as amended and/or supplemented from time to time, the &#8220;<b>Bareboat




              Charter</b>&#8221;) and made between (i) the Owner, as owner and (ii) <font style="color: windowtext"><b>ROMAN SHARK X INC.</b></font><b>,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust
            Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;), the Owner has agreed to bareboat charter the Vessel to the Charterer pursuant to the terms and conditions contained
            therein.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering
            of the Vessel under the Bareboat Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee is a Guarantee referred to in the Bareboat Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operative Provisions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Interpretation</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Defined expressions</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Words and expressions defined in the Bareboat Charter shall have the same meanings
      when used in this Guarantee unless the context otherwise requires.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Construction of certain terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Guarantee:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
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      relating to any Leasing Documents and for this purpose, there shall be disregarded any total or partial discharge of these liabilities, or variation of their terms, which is effected by, or in connection with, any bankruptcy, liquidation, arrangement
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unenforceable, invalid, void or illegal; and the amount
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
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        <td style="width: 0pt"></td>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
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        and independent debtor</i>), the Guarantor shall neither be discharged by, nor have any claim against the Owner in respect of:</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable,
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Costs of preservation of rights, enforcement etc</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand the amount of all documented
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fees and expenses payable under Leasing Documents</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Reinstatement of obligation to pay</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall pay to the Owner on its demand any amount which the Owner is
      required, or agrees, to pay pursuant to any claim by, or settlement with, a trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Payments</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Method of payments</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any amount due under this Guarantee shall be paid:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in immediately available funds;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to such account as the Owner may from time to time notify to the Guarantor;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.2</font></td>
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      </tr>

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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.3</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.1</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest under this Guarantee shall be calculated and accrue (as well after as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.1</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Guarantor at any time has (whether in respect of this
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">take or enforce any Security Interest for any such amount;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person;
            or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or
            recovered by the Owner under such Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="font-size: 10pt; text-transform: uppercase"><font style="font-family: Arial, Helvetica, Sans-Serif;">Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No requirement to commence proceedings against other Relevant Person</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owner will not need to commence any proceedings under, or enforce any Security
      Interest created by, the Bareboat Charter or any other Leasing Document before claiming or commencing proceedings under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Conclusive evidence of certain matters</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, as against the Guarantor:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any
            other Leasing Document,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be binding and conclusive as to all matters of fact and law to which it
      relates.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Representations and Warranties</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor represents and warrants to the Owner as of the date of this
      Guarantee, each Instalment Payment Date, the Commencement Date, and on each Payment Date, as follows.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Status</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            Marshall Islands.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of the Guarantor; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any contractual or other obligation or restriction which is binding on the Guarantor or any of its
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Legal, valid and binding obligations</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing law</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Guarantor to refer disputes to the relevant courts or tribunals as stated herein are valid and binding against the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Immunity</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Neither the Guarantor nor any of its assets are entitled to immunity on the
      grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>Pari passu</i> ranking</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      unconditional obligations of the Guarantor and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue
      of any contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.10</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No legal or administrative action involving the Guarantor has been commenced or
      taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.11</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.12</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tax obligor and place of business</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is not a US Tax Obligor, and has not established a place of business
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.13</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes paid</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.15</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></p>
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      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.16</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0pt"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or
            Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money
            Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.19</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental Laws</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.20</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental Claim</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Claim has been made against any Relevant Person or otherwise in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></p>
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      SINGAPORE/92298044v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental Incident</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No Environmental Incident has occurred and no person has claimed that an
      Environmental Incident has occurred which has or is reasonably likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Status of the Guarantor</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New
            York Stock Exchange or NASDAQ or Over the Counter (OTC); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Undertakings</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any
      undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information provided to be accurate</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All financial and other information which is provided by or on behalf of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision of financial statements</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be prepared in accordance with all applicable laws and generally accepted accounting principles in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully disclose or provide for all significant liabilities of the Group; and</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If not in the English language, be accompanied by an English translation duly certified as to its
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shareholder and creditor notices</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Consents</font></td>
      </tr>

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      transactions contemplated under each Leasing Document to which it is a party.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.7</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing
            Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant
            Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security
            Interest which such Relevant Person creates.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notification of legal or administrative action</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      provides the Owner with details of any legal or administrative action involving such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted
      and is likely to have a Material Adverse Effect.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.9</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notification of damage or default</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
            occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be expected to result, in repairs on the Vessel which exceed US$1,900,000; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will, and will procure that each other Relevant Person will, notify the Owner immediately of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional information</font></td>
      </tr>

  </table>
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      as practicable after receiving the request, provide the Owner with any additional financial or other information relating:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to themselves and/or the Vessel (including, but not limited to the condition, location and employment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

  </table>
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      Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0pt"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that any
            Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be
            relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Anti-Terrorism Financing Laws and/or Business Ethics Laws as well
      as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner
            which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a
            breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the
            Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any
            sanctions limitation or exclusion clause in any insurance documentation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers,
            directors and employees, will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
            with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
            use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.13</font></td>
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      </tr>

  </table>
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      case of any Other Charterer which is not directly owned by the Guarantor, on a best endeavour basis) will not create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document
      to which such Relevant Person is a party, and if applicable, the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.14</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall ensure that, at any time during the Security Period but following the date on
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
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      SINGAPORE/92298044v1</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of
            ownership by the Guarantor of each such Fleet Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      enforcement of any Security Interest held by any bank or any other third party or otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by an Approved Valuer nominated
      by the Charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the occurrence of a Termination Event which is continuing,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation
            reports prepared:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
            a willing seller and a willing buyer, free of any existing charter or other contract of employment,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the
            two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as
            set out under paragraph (b) above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate
      Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage
      of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity
      holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is
      subject to the existence and/or enforcement of any Security Interest unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any
      financing arrangement of any member of the Group.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting
      principles in the United States.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Compliance Certificate</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      statements delivered pursuant to Clause 11.3 (<i>Provision of financial statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial
        Covenants</i>); and each Compliance Certificate shall be signed by the Co-Chief Financial Officer of the Guarantor.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Negative Pledge</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor shall:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the Charterers will not create or permit to arise any Security Interest over any of its
            assets present or future except for the Permitted Security Interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that its liabilities under this Guarantee will rank at least pari passu with all its other
            present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.17</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No disposal of assets, change of business</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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            respective business or corporate structure from that existing as at the date of this Guarantee.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

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        <td style="width: 0pt"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Judgments and Currency Indemnity</font></td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12.1</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order, judgment or award from any court or other tribunal; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order, judgment or award;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Guarantor shall indemnify the Owner against the loss arising when the amount
      of the payment actually received by the Owner is converted at the available rate of exchange into the Contractual Currency.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>),



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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Supplemental</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Continuing guarantee</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.2</font></td>
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      </tr>

  </table>
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        <td style="width: 0pt"></td>
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      </tr>

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        <td style="width: 0pt"></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.5</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee not affected by other Security Interests</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Guarantee shall not impair, nor be impaired by, any other guarantee or any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.6</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantor bound by Bareboat Charter and other Leasing Documents</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat
      Charter and any other Leasing Document in the same way as if those provisions had been set out (with any necessary modifications) in this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.7</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Applicability of provisions of Guarantee to other rights</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clauses <font style="color: black">3</font> (<i>Liability as principal and
        independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the
      time of this Guarantee or at any later time (notwithstanding that the agreement does not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font>
      (<i>Invalidity of Bareboat Charter</i>)), being an agreement referring to this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third party rights</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.9</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Information</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter
            within ten (10) Business Days of a reasonable request by the other Party:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other relevant parties) such other form or forms
            (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information
            required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or
            W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other
            relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion,
            might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations);
            provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9
            (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of this paragraph.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party fails to confirm its status or to supply forms, documentation or other information
            requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
            shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated
            for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
      confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Assignment</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.1</font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to
      this Guarantee as if they were expressly incorporated herein with any necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.2</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment by Guarantor</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      of its rights or obligations under this Guarantee.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Notices</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices to Guarantor</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in connection with this Guarantee
      shall be given by letter or email at:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Alexandros Tsirikos</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: +30 210 81 28 180</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> or to such other address or email address which the Guarantor may notify to the
      Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.2</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Validity of demands</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A demand under this Guarantee shall be valid notwithstanding that it is served:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the
            Leasing Document to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at the same time as the service of a notice under clause 45 (<i>Notice</i>) of the Bareboat Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a
      duly authorised officer of the Owner and delivered to the Guarantor pursuant to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed
      obligations to be paid and/or performed (as the case may be); and (v) set forth payment instructions in respect of any amount or amounts payable to the Owner.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.3</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices to Owner</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice to the Owner under or in connection with this Guarantee shall be sent
      to the same address and in the same manner as notices to the Owner under clause 45 (<i>Notice</i>) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Invalidity of Bareboat Charter</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter or other Leasing Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or
            retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a similar kind or not; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the
            introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for
            example, by interest ceasing to accrue);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Guarantee shall cover any amount which would have been or become payable
      under or in connection with the Bareboat Charter or other Leasing Document if the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of
      such events or circumstances, as the case may be, and the Charterer had remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to
      amounts payable by that Party under or in connection with the Bareboat Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein
            with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 44 (<i>No waiver of rights</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 56 (<i>no set-off or tax deduction</i>);</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 58 (<i>confidentiality</i>); and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 60 (<i>partial invalidity</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase">Governing Law and Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
        <td style="width: 0pt"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.1</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing law</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arbitration</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the
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            with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the
            two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association,
            or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14
            calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not
            appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as
            sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary
            these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CIBFL CM &#8211; Guarantee (Top Ships)<br>
      Hull no. 25110055<br>
      SINGAPORE/92298044v1</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br style="clear: both">
    </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Form of Compliance Certificate</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#32902;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>AQUARIUS 74 SHIPPING CO., LTD. </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC. </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: _______________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee dated </b>_______________ <b>(the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear Sirs</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the
            same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance Certificate.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>)
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>80




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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Liquid Funds is <font style="color: windowtext">[&#9679;], which is not less than US$</font>440,000.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed: ___________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Co-Chief Financial Officer of</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Hull no. 25110055<br>
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<TYPE>EX-4.48
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<FILENAME>ef20060828_ex4-48.htm
<DESCRIPTION>EXHIBIT 4.48
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated: <u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u></font></td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ROMAN SHARK I INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose</b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, </b></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou </b></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Service Co., Ltd. Free Trade Zone Branch, No. <u>13223</u>) </b> <font style="color: #3C96D2"><strike>(Name of buyers),</strike></font> hereinafter called the
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class Notation: <b>As per Class Certificate</b></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year of Build: <b>20<u>29</u></b> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in"></td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GT/NT: <b>As per Shipbuilding Contract</b> <font style="color: #3C96D2"><strike>/</strike></font></font></div>
        </td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">11</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>&#8220;Agreement&#8221; means this memorandum of agreement which shall for the avoidance of doubt, include the rider </u></font></div>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>13</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>14</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<font style="color: #3C96D2"><strike>Buyers&#8217; Nominated</strike></font> Flag State&#8221; means <b>the Marshall Islands or any other flag state of the Vessel as may be </b></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 45.55pt; text-indent: 0in; color: #B31330"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>18</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>19</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit Holder&#8221; means (state name and location of Deposit Holder) or, if left blank, the</strike></font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>20</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a</font></td>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered letter, e-mail or telefax.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Parties&#8221; means the Sellers and the Buyers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>24</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>25</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Sellers&#8217; Account&#8221; means (state details of bank account) at the Sellers&#8217; Bank.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>26</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>27</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.</strike></font></td>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">28</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1. </b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>29</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Purchase Price is (state currency and amount both in words and figures).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">30</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Deposit <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>31</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>32</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>33</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three (3)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>34</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days after the date that:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>35</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>36</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>e-mail or telefax; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>37</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>38</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>opened.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>39</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>40</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>41</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>42</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>all necessary documentation to open and maintain the account without delay.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">43</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment <font style="color: #B31330"><u>(See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>44</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>45</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>46</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notices):</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>47</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Deposit shall be released to the Sellers; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>48</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>49</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>50</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Account.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">51</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>52</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>53</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>have also inspected the Vessel at/in (state place) on (state date) and have</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>54</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject only</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>55</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the terms and conditions of this Agreement.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>56</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>57</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether same are accepted or not within (state date/period).</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>58</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>59</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(state date/period).</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>60</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>61</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>62</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>63</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>64</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>examination by the Buyers.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>65</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>66</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>67</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>68</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date/last day of the period stated in Line 59, whichever is earlier.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>69</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>70</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>71</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>72</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers, whereafter this Agreement shall be null and void.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>73</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>74</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 4(a) shall apply.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.4in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">75</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time and place of delivery and notices <font style="color: #B31330"><u>- (See Clause 27 (Notice, Time and Place of
                  Delivery))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>76</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>77</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>78</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Notice of Readiness shall not be tendered before: (date)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>79</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14):</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>80</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>81</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>82</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>83</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance with</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>86</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>87</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>88</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>89</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three (3)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>90</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>92</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217;</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>94</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date stipulated in line 79.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>95</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>96</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>97</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>force and effect.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>98</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>99</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217;</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>100</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Default) for the Vessel not being ready by the original Cancelling Date.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>101</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>102</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>103</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whereafter this Agreement shall be null and void.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">104</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Divers Inspection / Drydocking <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; color: #3C96D2; margin-top: 0; margin-bottom: 0; width: 100%">

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        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>105</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)*</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>106</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>107</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>108</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>109</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>110</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>111</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such inspection. This inspection shall be carried out without undue delay and in the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>112</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>113</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>114</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection as observer(s) only without interfering with the work or decisions of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>115</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor. The extent of the inspection and the conditions under</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>116</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>117</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>118</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>their cost and expense make the Vessel available at a suitable alternative place near to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>119</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>120</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>121</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not tender Notice of Readiness prior to completion of the underwater inspection.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>122</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>123</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>124</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>125</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>126</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>127</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>128</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such defects shall be made good by the Sellers at their cost and expense to the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>129</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>130</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>131</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>attendance.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>132</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>133</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>do not require the aforementioned defects to be rectified before the next class</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>134</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>135</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>136</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>137</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>138</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>139</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the repair work obtained from two reputable independent shipyards at or in the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>140</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2)</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>141</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>142</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>143</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>144</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>145</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness prior to such estimate having been established.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>146</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>147</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>where suitable drydocking facilities are available, whether within or outside the delivery</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>149</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>150</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>151</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>152</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be extended by the additional time required for the drydocking and extra steaming, but</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>153</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>limited to a maximum of fourteen (14) days.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>154</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>156</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>157</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>159</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>163</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>164</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>165</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expenses, dues and fees.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>166</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>168</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not required by the Classification Society, the Buyers shall have the option to require the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>171</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>172</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>173</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>174</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>completion of the inspection by the Classification Society. The drawing and refitting of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>175</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>176</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>177</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>178</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society without condition/recommendation**.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>179</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>180</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>181</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parts of the system are condemned or found defective or broken so as to affect the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>182</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>183</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>184</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>observer(s) only without interfering with the work or decisions of the Classification</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>185</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society surveyor.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>186</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>187</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>188</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>189</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>190</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers have completed the work which the Sellers are required to do, the additional</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>191</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>192</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>193</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>194</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>195</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>196</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drydock or not.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>197</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>198</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 6 (a) shall apply.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>199</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>200</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Society without condition</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/recommendation are not to be taken into account.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">201</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Spares, bunkers and other items</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of<font style="color: #B31330"><u>
                Delivery </u></font><font style="color: #3C96D2"><strike>inspection</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>, but spares
                on</strike></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217; account</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">. The Sellers</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are not required to replace spare parts including spare tail-end shaft(s) and spare</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provisions shall be included in the sale and be taken over by the Buyers without extra payment.<font style="color: #B31330"> <u>Any bunkers and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>shall be taken over by the Buyers, at no cost to the Buyers.</u></font></font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>211</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>212</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>personal belongings including the slop chest are excluded from the sale without compensation,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>213</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>as well as the following additional items: (include list)</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>214</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded from</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>215</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the sale without compensation: (include list)</strike></font></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>216</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not listed</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>217</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>218</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>219</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>greases in storage tanks and unopened drums and pay either:</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>220</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>221</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of delivery</strike></font></td>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>222</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Vessel or, if unavailable, at the nearest bunkering port,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>223</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the quantities taken over.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>224</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Payment under this Clause shall be made at the same time and place and in the same</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>225</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>currency as the Purchase Price.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>226</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b)</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>228</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement shall be the relevant date.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>229</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>230</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative (a) shall apply.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">231</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Documentation <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>232</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The place of closing:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>233</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>234</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following delivery documents:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>235</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>238</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>241</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>243</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate);</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>244</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>245</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>248</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>possible after delivery of the Vessel;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>251</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel is in Class free of condition/recommendation;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>252</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>254</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the registry does not as a matter of practice issue such documentation immediately, a</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>257</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>258</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>been delivered;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>260</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>263</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>264</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>265</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(viii) Commercial Invoice for the Vessel;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>266</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases;</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>267</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>268</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>269</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel;</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>270</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>273</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Agreement; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>274</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>275</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>black listed by any nation or international organisation.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>276</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>277</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>279</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>280</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>281</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate).</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>282</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>283</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>language they shall be accompanied by an English translation by an authorised translator or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>284</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>certified by a lawyer qualified to practice in the country of the translated language.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>286</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>287</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>289</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Clause 5(b) of this Agreement.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>290</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>291</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans,</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>292</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>294</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take copies.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>295</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>296</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>297</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>298</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>299</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>confirming the date and time of delivery of the Vessel from the Sellers to the Buyers.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">300</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Encumbrances</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers warrant that the Vessel, at the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>,
              is free from all charters<font style="color: #B31330"><u> (other than the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Bareboat Charter and the Initial Sub-charter)</u></font>,</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">encumbrances, mortgages and <font style="color: #3C96D2"><strike>maritime </strike></font>liens <font style="color: #B31330"><u>(whether maritime or otherwise) </u></font>or



              any other debts whatsoever, </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and is not subject</font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">304</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyers against all consequences of claims made against the Vessel which have been incurred</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">305</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">306</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Taxes, fees and expenses</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">307</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any taxes, fees and expenses in connection with the purchase <font style="color: #B31330"><u>of the Vessel</u></font> and
            registration in the <font style="color: #3C96D2"><strike>Buyers&#8217;</strike></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">308</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nominated </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag








            State <font style="color: #B31330"><u>and</u></font> <font style="color: #3C96D2"><strike>shall be for the Buyers&#8217; account, whereas similar charges</strike></font> in connection</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">309</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with the closing of the Sellers&#8217; register shall be for the Sellers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">310</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Condition on delivery</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">311</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">312</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivered to the Buyers<font style="color: #3C96D2"><strike>, but subject to the terms and conditions of this Agreement she
                shall be</strike></font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">313</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivered and taken over as she was at the time of inspection, fair wear and tear excepted</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">314</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">However, the Vessel shall be delivered free of cargo and free of stowaways with her Class</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">315</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintained without condition/recommendation*, free of average damage affecting the Vessel&#8217;s</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">316</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">class, and with her classification certificates and national certificates, as well as all other</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates the Vessel had at the time of <font style="color: #3C96D2"><strike>inspection</strike></font><font style="color: #B31330"><u>Delivery</u></font>, valid and unextended without</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">condition/recommendation* by the Classification Society or the relevant authorities at the time</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>320</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>321</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>322</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement shall be the relevant date.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">*Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Society without condition/recommendation are not to be taken into account.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">325</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Name/markings <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>326</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>327</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>markings.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">328</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Buyers&#8217; default <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>329</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>330</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>right to cancel this Agreement, and they shall be entitled to claim compensation for their losses</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>331</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and for all expenses incurred together with interest.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>332</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>333</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>have the right to cancel this Agreement, in which case the Deposit together with interest</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>334</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>335</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall be entitled to claim further compensation for their losses and for all expenses</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>336</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>incurred together with interest.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">337</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Sellers&#8217; default</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness in accordance</strike></font> <font style="color: #B31330"><u>notice of the
                  Scheduled Delivery Date by serving </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment under</u></font> <font style="color: #3C96D2"><strike>with </strike></font><font style="color: #B31330"><u>Clause 27 (Notice, Time and Place of Delivery)</u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>Clause 5(b) </strike></font>or fail to be </font></div>
        </td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">option of cancelling this Agreement. If after <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment
                  Notice in respect of the Delivery </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Instalment </u></font>has been given but before</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made physically ready again by the Cancelling Date and new <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>Payment



                  Notice in respect of </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Delivery Instalment </u></font>given, the</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">343</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Buyers shall retain their option to cancel. <font style="color: #3C96D2"><strike>In the event that the Buyers elect to
                cancel this</strike></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>344</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement, the Deposit together with interest earned, if any, shall be released to them</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>345</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>immediately.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">346</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect
                  of the Delivery Instalment </u></font>by the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Cancelling Date or fail to be ready to</font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">347</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">348</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for their loss and for all expenses together with interest <font style="color: #3C96D2"><strike>if their failure is due to
                proven</strike></font></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>negligence and whether or not the Buyers cancel this Agreement.</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>in accordance with Clause 43 (Fees and </u></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without </u></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>the need for either Buyers or Sellers to take any action whatsoever.</u></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">350</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Buyers&#8217; representatives <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>351</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>After this Agreement has been signed by the Parties and the Deposit has been lodged, the</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>352</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>353</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expense.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>354</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>These representatives are on board for the purpose of familiarisation and in the capacity of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>355</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>observers only, and they shall not interfere in any respect with the operation of the Vessel. The</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>356</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>357</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>indemnity prior to their embarkation.</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">358</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Law and Arbitration <font style="color: #B31330"><u>(See Clause 33 (Governing Law and Jurisdiction))</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>359</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) *This Agreement shall be governed by and construed in accordance with English law and</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>360</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>any dispute arising out of or in connection with this Agreement shall be referred to arbitration in</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>361</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>London in accordance with the Arbitration Act 1996 or any statutory modification or re-</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enactment thereof save to the extent necessary to give effect to the provisions of this Clause.</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>363</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>364</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Association (LMAA) Terms current at the time when the arbitration proceedings are</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>365</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>commenced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>366</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>367</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>appoint its arbitrator and send notice of such appointment in writing to the other party requiring</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>368</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>369</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own</strike></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>370</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>371</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>other party does not appoint its own arbitrator and give notice that it has done so within the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>372</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>fourteen (14) days specified, the party referring a dispute to arbitration may, without the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>373</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>374</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>375</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>both Parties as if the sole arbitrator had been appointed by agreement.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>376</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>377</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>378</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the time when the arbitration proceedings are commenced.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>379</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>380</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>United States Code and the substantive law (not including the choice of law rules) of the State</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>381</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of New York and any dispute arising out of or in connection with this Agreement shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>382</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto,</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>383</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>384</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>385</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>386</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society of Maritime Arbitrators, Inc.</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>387</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>388</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the</strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>389</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society of Maritime Arbitrators, Inc.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>390</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>391</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(state place) and any dispute arising out of or in connection with this Agreement shall be</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>392</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>referred to arbitration at (state place), subject to the procedures applicable there.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>393</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>394</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>deletions, alternative 16(a) shall apply.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">395</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>- (See Clause 28 (Notices))</u></font></b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>396</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>All notices to be provided under this Agreement shall be in writing.</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>397</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Contact details for recipients of notices are as follows:</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>398</strike></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>For the Buyers:</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>399</strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18. </b></font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Entire Agreement</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The written terms of this Agreement comprise the entire agreement between the Buyers and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers in relation to the sale and purchase of the Vessel and supersede all previous</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agreements whether oral or written between the Parties in relation thereto.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each of the Parties acknowledges that in entering into this Agreement it has not relied on and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall have no right or remedy in respect of any statement, representation, assurance or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">406</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">warranty (whether or not made negligently) other than as is expressly set out in this Agreement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">407</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any terms implied into this Agreement by any applicable statute or law are hereby excluded to</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">408</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.8in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">409</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 49%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding-top: 7pt; padding-bottom: 7pt; padding-left: 0.5in;"><font style="font-size: 10pt;">For and on behalf of the Sellers</font></td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Name: </font>ANDREAS LOUKA /s/ Andreas Louka</div>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Name: </font>WANG Guang /s/ Wang Guang</div>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXECUTION VERSION</font></td>
        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JINGHAISANSHIYI - 2026 - MOA</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>RIDER CLAUSES TO MEMORANDUM OF AGREEMENT</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DATED</b> <font style="font-weight: bold;">9 March</font> <b>2026</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The purchase price (&#8220;<b>Purchase Price</b>&#8221;) of the Vessel shall be 85% of the lesser of:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract Price; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$45,200,000.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of this Agreement:</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely,
            with full title guarantee, on the Delivery Date; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in consideration of the Sellers&#8217; agreement under sub-paragraph (i) above, the Buyers hereby agree to
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">four (4) Pre-delivery Instalments; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery Instalment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers&#8217; obligation to pay the Purchase Price (or any part thereof) shall be subject to and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred or being continuing at the time of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations given by each Relevant Person under the Leasing Documents to which it is a party
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of each Instalment:</font></td>
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers having received a duly completed Payment Notice relating to such Instalment not later than
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the issuance of a Payment Notice in respect of any Instalment by the Sellers to the Buyers,
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the First Instalment) the conditions precedent set out in Part B of Schedule 2 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Second Instalment) the conditions precedent set out in Part C of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Second Instalment Payment Date, and the Sellers hereby
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Third Instalment) the conditions precedent set out in Part D of Schedule 2 of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Fourth Instalment) the conditions precedent set out in Part E of Schedule 2 of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            the Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Delivery Instalment Payment Date, and the Sellers
            hereby authorize the Buyers to deposit the Delivery Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Bank on an unallocated basis and in accordance with the terms of the Conditional Payment Instructions.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            referred to in Clause 19(c) are satisfied, the Sellers undertake to ensure that such outstanding conditions precedent shall be satisfied within five (5) Business Days from its original due date (unless otherwise agreed in writing by the Buyers
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            under the Bareboat Charter) agree to charter the Vessel to the Charterers under the Bareboat Charter before all the conditions precedent referred to in this Agreement and the Delivery Conditions Precedent are satisfied, the Sellers undertake to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be satisfied within five (5) Business Days from its original due date (unless
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Sellers have elected to pay any Instalment (other than the Delivery Instalment) directly to the
            Head Sellers by making the relevant payment to the Head Sellers in accordance with the Shipbuilding Contract, subject to paragraph (c) above, the Buyers shall pay the relevant Instalment directly to the Sellers&#8217; Account after fulfilment (or
            waiver) of the relevant Instalment Conditions Precedent along with evidence of full payment to the Head Sellers of such relevant Instalment in form and substance satisfactory to the Buyers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers and the Sellers agree that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of each Pre-delivery Instalment, payment of the amount of such Pre-delivery Instalment
            into the Head Sellers&#8217; Designated Account or the Sellers&#8217; Account (as the case may be) shall constitute a full discharge of the Buyers&#8217; obligations to pay such Pre-delivery Instalment under this Agreement; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the Delivery Instalment, deposit of the Delivery Instalment on an unallocated basis
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      accuracy of the details of such bank and/or account to ensure that they reflect the requirements of the Shipbuilding Contract or any other document between the Sellers and the Head Sellers or otherwise (other than in cases of manifest error); and the
      Buyers and the Sellers further agree that the Buyers shall not be required to countersign the SBC PODA and/or execute the MOA PODA until and unless the Instalment Conditions Precedent and the Delivery Conditions Precedent have been fulfilled to the
      satisfaction of, or waived by, the Buyers.</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Shipbuilding Contract Delivery Amount exceeds the Delivery Instalment, the Sellers shall pay an
            amount equal to such excess (such excess amount being referred to as the &#8220;<b>Delivery Shortfall</b>&#8221;) directly into the Head Sellers&#8217; Bank at least one (1) Business Day prior to the Delivery Instalment Payment Date (or such other period as may
            be acceptable to the Buyers and the Head Sellers) and the Sellers shall provide documentary evidence satisfactory to the Buyers that the Delivery Shortfall has been deposited into the Head Sellers&#8217; Bank in accordance with the terms of the
            Shipbuilding Contract (in the form of a SWIFT payment confirmation, written confirmation of the Head Sellers and/or any such other evidence reasonably acceptable to the Buyers).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pay (procure the payment) to the Head Sellers the full difference between the total amount due and
            payable by the Sellers under the Shipbuilding Contract and the Purchase Price. Other than the Instalments, the Sellers are solely accountable for and will pay all other pre-delivery and delivery costs in relation to the Vessel including, but
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be obliged to supply the Vessel with any bunkers, lubricating oil, greases, hydraulic oil, unbroached
            provisions, paints, ropes and other consumable stores in the Vessel in accordance with the Shipbuilding Contract.</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All amounts payable hereunder shall be made in Dollars unless otherwise requested by the Buyers in the
            event that there are any restrictions whatsoever preventing the remittance of payments in Dollars by or to the Buyers or otherwise adversely affecting the ability of the Buyers to make or receive payments in Dollars (including without
            limitation, any suspension of the SWIFT system in any jurisdiction where the Buyers would have made or received payment or would customarily make or receive payments) or, as a result of any Sanctions, it is unlawful for the Buyers to deal in,
            or the Buyers are unable to deal in, send or accept, Dollars hereunder, then the Buyers may be able to select such other currency (the &#8220;<b>Other Currency</b>&#8221;) as they determine in their absolute opinion whereupon the relevant amount shall be
            converted at the prevailing exchange rate quoted to the Buyers by such bank as the Buyers may reasonably select <b>provided always that </b>(a) dealing in such Other Currency shall not be a breach of any Sanctions and (b) the Head Sellers&#8217;
            prior written consent to the use of such Other Currency shall be obtained.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers&#8217; obligation to purchase the Vessel and the Sellers&#8217; obligation to sell the Vessel
      are conditional upon:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Payment Date, the Scheduled Delivery Date and the Delivery Date all falling on a Business Day on
            or before the Cancelling Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as at the Delivery Date and immediately prior to the payment of the Delivery Instalment, all other
            amounts payable under the Shipbuilding Contract (including, but not limited to the Delivery Shortfall) having been paid to the Head Sellers or deposited into the Head Sellers&#8217; Bank;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the fulfilment by the Sellers and/or the Charterers, or (as the case may be) the waiver by the Buyers
            and/or the Owners, of the Instalment Conditions Precedent and the Delivery Conditions Precedent;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel being delivered to the Sellers pursuant to the Shipbuilding Contract and the simultaneous
            delivery to and acceptance by the Charterers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event having occurred and being continuing or occurring as a result of the performance
            by the Sellers and Buyers of their respective obligations under this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 21 &#8211; Condition of vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under
      this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers represent and warrant to the Buyers on the date hereof, on each
      date on which a Payment Notice is issued by the Sellers, on each Payment Date and on the Delivery Date that (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund
      Guarantor is given only to the best of the Sellers&#8217; knowledge):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they are duly incorporated and validly existing under the laws of their jurisdiction of incorporation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they have the requisite power and authority to enter into and perform this Agreement and this
            Agreement constitutes their valid, legal and binding obligations in accordance with its terms;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the execution and performance by them of this Agreement will not breach or constitute a default under
            their constitutional documents or any agreement, instrument, order, judgment or other restriction which binds them;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Buyers are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same other than as notified in writing to the Buyers (such amendments or supplements having been pre-approved or permitted to be made by the
            Buyers under this Agreement or the Bareboat Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract contains valid, binding and enforceable obligations of the Sellers and the
            Head Sellers, and both the Sellers and the Head Sellers have obtained all necessary consents, authorizations and permits for the construction of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there is no breach of the Shipbuilding Contract by either the Sellers or the Head Sellers which
            entitles either of them to terminate the Shipbuilding Contract has occurred;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers, the
            Refund Guarantor and/or the Sellers in respect of the Shipbuilding Contract, the Refund Guarantee and/or the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee contains valid, binding and enforceable obligations of the Refund Guarantor, and
            the Refund Guarantor has obtained all necessary consents, authorisations and permits for the issuance of and performance of its obligations under the Refund Guarantee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee remains in full force and effect and neither the Sellers nor the Refund Guarantor
            is in breach of any of the terms of any Refund Guarantee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel is free from all Security Interests;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers:</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have good and marketable title to the Shipbuilding Contract and the Refund Guarantee up to and
            including the Delivery Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is in a good and safe condition; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is classed with the Classification Society at the highest classification available for vessels of its
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to each of the Sellers and any member of the Group, the Head Sellers and the Refund
            Guarantor:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not a Prohibited Person;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it does not own or control a Prohibited Person; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">neither it nor any of its directors, officers or (to the best knowledge and belief of the Sellers)
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial,Helvetica,sans-serif; margin-left: 27pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
    </font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Potential Termination Event or a Termination Event occurs prior to Delivery and is continuing;</font></td>
      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it becomes unlawful or illegal or contrary to Sanctions for the Buyers to perform their obligations
            under this Agreement and other Leasing Documents;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel becomes a Total Loss prior to the Delivery Date; or</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers&#8217; right to cancel arises under Clause 14 for failure of the Sellers to deliver the Vessel by
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 27pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers shall have the right (in their reasonable discretion
      save for paragraph (c) above where such termination will be immediate and automatic as from the date of the Total Loss) to terminate this Agreement immediately by written notice to the Sellers and such termination shall become effective on the date
      of such written notification (or such other date as the Buyers may specify in such notice), whereupon:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(without prejudice to Clause 25 (<i>Indemnities</i>) of this Agreement) the Sellers shall cease to
            have any obligations under this Agreement (including, but not limited to, the Buyers&#8217; obligations to pay any Instalment of the Purchase Price), and further provided that, in consideration of the Buyers entering into this Agreement and agreeing
            to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Buyers shall be entitled to retain all documented costs, expenses, fees or other amounts paid by the Sellers and/or
            the Charterers under this Agreement and the other Leasing Documents and if any documented fees and/or expenses which are payable by the Sellers and/or the Charterers pursuant to this Agreement and the other</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Leasing Documents but have not been paid, the Sellers shall forthwith pay such
      fees and expenses to the Buyers in accordance with this Agreement, and such costs, expenses, fees or other amounts are acknowledged and agreed by the Sellers to be a proportionate amount, having regard to the legitimate interest of the Buyers in
      protecting against the risk of inter alia, this Agreement being terminated and the Sellers not being able to perform this Agreement; and</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall be obliged to immediately pay an amount equal to the applicable Termination Sum, as
            at the date of such termination, provided that:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Buyers (in their capacity as owners) receive payment of the Termination Sum (or part thereof)
            from the Charterers under the Bareboat Charter, such amount of the Termination Sum actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that the Buyers receive a refund of any Instalment(s) from the Head Sellers and/or the
            Refund Guarantor pursuant to the terms of any Leasing Document, any such amount actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the irrevocable receipt of the Termination Sum paid to the Buyers by the Sellers, the Buyers
            shall, at the cost of the Sellers, within a reasonable time, without representation or warranty, re-assign the Buyer&#8217;s rights and interests under the Shipbuilding Contract and the Refund Guarantee to the Sellers in accordance with the terms of
            the Pre-delivery Assignment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Buyers (i) agreeing to pay and/or paying the Purchase Price under the terms of
            this Agreement and (ii) agreeing to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Sellers shall indemnify and pay such amounts to the Buyers in respect of all
            documented costs, claims, expenses, liabilities, losses, damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this
            Agreement or in connection with the Delivery, registration, purchase and inspection of the Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection with or resulting from the occurrence of a
            Termination Event or the funding of all or an portion of the Purchase Price (including but not limited to the event that the funds have been deposited in accordance with Clause 19 but not released in accordance with the Conditional Payment
            Instructions for any reason whatsoever, other than as a direct and sole result of the Buyers&#8217; gross</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-transform: uppercase; text-indent: -47.05pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers shall be entitled to request such documents and information that the Buyers may reasonably
            require in relation to the construction of the Vessel or otherwise in connection with the Vessel (including, without limitation, the status of such construction or otherwise in connection with the Shipbuilding Contract and/or the Refund
            Guarantees), and such information and documentation shall be delivered as soon as practically possible to the Buyers by the Sellers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers may reasonably request to inspect the Vessel (including but without limitation to all
            plans, specifications, and other documents and records relating to its construction) during the course of its construction (but no more than once per calendar year), provided that prior notice shall be given to the Sellers, and the Sellers
            shall use best endeavours to procure that access shall be granted by the Head Sellers for such inspection.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall promptly notify the Buyers of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices and/or claims the Head Sellers has served on it under the Shipbuilding Contract
            (including but not limited to any notice of delay, default or termination under the Shipbuilding Contract);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices the Sellers have served on the Head Sellers under the Shipbuilding Contract; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any material dispute between the Sellers and the Head Sellers in relation to the Shipbuilding
            Contract.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage
            at the Head Sellers&#8217; shipyard.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall keep the Buyers well informed of any changes to the Scheduled Delivery Date of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other valid method or giving, making or sending the same) shall be deemed sufficiently given
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Buyers:</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left" colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: 49F, ABC Tower, NO.9, YinCheng Road, Pudong New Area, Shanghai 200120, China<br>
            Attention: Yiye XIANG<br>
            Email: xiangyiyezl@abcleasing.com<br>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">louka@loukapartners.com</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+30 210 81 28 320</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address (or email
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 29 &#8211; No Waiver of Rights</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any payment made by the Sellers to the Buyers under this Agreement shall be paid:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim or condition; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">free and clear of any tax deduction or withholding unless required by law.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            deduction from any payment:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall notify the Buyers as soon as they become aware of the requirement; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause, &#8220;<b>tax deduction</b>&#8221; means any deduction or withholding for or on account of any
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter the Sellers
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 32 &#8211; Miscellaneous</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement, and any non-contractual obligations arising out of or in connection with it, are
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
            existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to arbitration in London in accordance with the Arbitration Act
            1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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      conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by
            the two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar
            Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other Party requiring the other Party to appoint its own
            arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days
            specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice
            to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall
            prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after
            the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three (3) arbitrators the procedure for making appointments shall be in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Definitions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same
      meaning as in the Bareboat Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Bareboat Charter</b>&#8221; means the bareboat charterparty in respect of the
      Vessel dated on or about the date hereof and entered into between the Buyers as owner and <font style="color: windowtext">the Charterers</font> as bareboat charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Builder</b>&#8221; means GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a
      corporation organised and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which
      banks are open for general business in London, New York and Shanghai and any jurisdiction in which any earnings account is opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Cancelling Date</b>&#8221; means <font style="color: windowtext">_____________________________</font>
      or such later date as may be agreed by the Buyers acting in their discretion.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Charterers</b>&#8221; means the Sellers, acting in their capacity as bareboat
      charterers under the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Conditional Payment Instructions</b>&#8221; means the conditional payment
      instructions to the Head Sellers&#8217; Bank in the form of a SWIFT MT199 with a SWIFT MT103 or such other format agreed between the Head Sellers, the Sellers and the Buyers, setting out the conditions upon which all (or as the case may be, the relevant
      portion) of the Delivery Instalment paid to the Head Sellers&#8217; Bank shall be released to the Head Sellers (such conditions to include, without limitation, the presentation to the Head Sellers&#8217; Bank of the SBC PODA duly executed by the Head Sellers and
      the Sellers (and countersigned by the Buyers)).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery</b>&#8221; means the passing of the legal and beneficial interest in
      the Vessel from the Sellers to the Buyers pursuant to the terms of this Agreement.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Conditions Precedent</b>&#8221; means the conditions precedent
      detailed in clause 35.2(g)(ii) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Date</b>&#8221; means the date on which Delivery occurs.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment</b>&#8221; has the meaning given to such term under <font style="color: black">Schedule 1</font> <i>(Purchase Price Instalments)</i>.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment Payment Date</b>&#8221; means the date specified in the
      Payment Notice relating to the Delivery Instalment provided that, unless otherwise agreed by the Buyers, any such date shall coincide with the due date of depositing the final instalment of the Shipbuilding Contract Price under the Shipbuilding
      Contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Shortfall</b>&#8221; has the meaning given to that term in Clause 19.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Dispute</b>&#8221; shall have the meaning ascribed thereto Clause 33(b).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Dollars</b>&#8221; and &#8220;<b>US$</b>&#8221; mean the lawful currency, for the time
      being, of the United States of America.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>First Instalment</b>&#8221; has the meaning given to such term under <font style="color: black">Schedule 1</font> (<i>Purchase Price Instalments</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>First Instalment Payment Date</b>&#8221; means the date specified in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Fourth Instalment Payment Date</b>&#8221; means the date specified in the
      Payment Notice relating to the Fourth Instalment.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Flag State</b>&#8221; means the Republic of the Marshall Islands or any other
      flag state of the Vessel as may be agreed in writing by the Buyers and the Sellers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Scheduled Delivery Date</b>&#8221; means the date on which the Vessel is
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Second Instalment</b>&#8221; has the meaning given to such term under Schedule
      1 (<i>Purchase Price Instalments</i>).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Second Instalment Payment Date</b>&#8221; means the date specified in the
      Payment Notice relating to the Second Instalment.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Sellers&#8217; Account</b>&#8221; means the account as notified by the Sellers to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Shipbuilding Contract</b>&#8221; means the shipbuilding contract dated <font style="color: windowtext">3 February 2026</font> in respect of the Vessel entered into between the Sellers (as buyer) and the Head Sellers (as seller) and as may be amended and/or supplemented from time to time.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Shipbuilding Contract Delivery Amount</b>&#8221; means the amount of the final
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Third Instalment</b>&#8221; has the meaning given to such term under Schedule
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First Instalment</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Second Instalment</font></td>
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Second Instalment Payment Date</font></td>
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Third Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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      Form of Payment Notice</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TIANJIN JINHAI SANSHIYI LEASING CO., LTD. </b></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</b></font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Memorandum of Agreement dated </b>____________________ <b>(the &#8220;Agreement&#8221;)</b><br>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Agreement made between us in relation to the Vessel.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a Payment Notice as defined in the Agreement.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise
            defined herein.</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice is irrevocable once issued (unless otherwise agreed by the Buyers).</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The Scheduled Delivery Date is [&#9679;].]<font style="color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice relates to the [First/Second/Third/Fourth/Delivery] Instalment.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The amount that the Head Sellers is entitled to receive under the Shipbuilding Contract in respect of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Payment Date for the [First/Second/Third/Fourth/Delivery] Instalment is [&#9679;].</font></td>
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>9.</i></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>[Head Sellers&#8217; Designated Account/Sellers&#8217; Account]</u></b></font></p>
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      Correspondent Bank: [&#9679;]<br>
      Name of Account Holder: [&#9679;]<br>
      Account no: [&#9679;]<br>
      Correspondent Bank SWIFT Code: [&#9679;]</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: left; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>[For Delivery Instalment:]</i></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We hereby irrevocably request that you deposit the Delivery Instalment by way of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1 </sup></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To be inserted in the case of the Delivery Instalment</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the suspense account of the Head Sellers&#8217; Bank (full details of which are set out
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
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      for and on behalf of<br>
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      Date:</font></p>
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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      hereby sell, transfer and deliver and <b>TIANJIN JINHAI SANSHIYI LEASING CO., LTD. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b>, a corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin
      Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. 13223) (the &#8220;<b>Buyers</b>&#8221;) hereby accept delivery, title and risk of and in one (1) chemical/product oil
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      (2) the Buyers as buyer.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title: attorney-in-fact<br>
      For and on behalf of<br>
      <font style="color: windowtext"><b>ROMAN SHARK III INC.</b></font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title:<br>
      For and on behalf of<br>
      <b>TIANJIN JINHAI SANSHIYI LEASING CO., LTD. </b><br>
      <b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXECUTION PAGE</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>SELLERS</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">
          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;"><b>SIGNED BY </b></font>ANDREAS LOUKA</div>
        </td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">) </font>/s/ Andreas Louka</div>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">for and on behalf of</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;"><b>ROMAN SHARK III INC.</b></font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; signature: </font>/s/ Dimitra Karkaletsi</div>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">Witness&#8217; address:</font>
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          <div style="text-align: right; font-size: 10pt;">19002 Paiania Athens, Greece</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 50%; font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;"><b>SIGNED BY </b></font><br>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">) </font>/s/ Wang Guang</div>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">for and on behalf of</font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;"><b>TIANJIN JINHAI SANSHIYI LEASING CO., LTD. </b></font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;"><b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</b></font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">as legal representative</font></td>
        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">)</font></td>
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        <td style="font: 10pt Arial,Helvetica,'sans-serif'; text-align: justify;"><font style="font-size: 10pt;">in the presence of</font></td>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; signature: </font>/s/ Huang Ziqiang</div>
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          <div style="text-align: left; font-family: Arial,Helvetica,'sans-serif'; font-size: 10pt;"><font style="font-size: 10pt;">Witness&#8217; name: </font>Huang Ziqiang</div>
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          <div style="text-align: left; font-size: 10pt;">No. 9, ABC Tower, No. 9, Yincheng Road, Pudong New Area Shanghai 200120, China</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">56</font><br>
      SINGAPORE/92306897v1</font></p>
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<DOCUMENT>
<TYPE>EX-4.49
<SEQUENCE>30
<FILENAME>ef20060828_ex4-49.htm
<DESCRIPTION>EXHIBIT 4.49
<TEXT>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right"><b>Exhibit 4.49</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="image005.jpg" alt=""></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>
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        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt 8pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Shipbroker</font></td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt 8pt">
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <font style="font-weight: bold;">9 March 2026</font></font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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                a corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s name, call sign and flag (Cl. 1 and 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;GT/NT</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>as per Shipbuilding Contract</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#160;</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guangzhou Shipyard International Company Limited</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Classification Society (Cl. 3)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of redelivery (Cl.
              15)</font></p>
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        </td>
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              trading and class certificates upon redelivery (Cl. 15)</font></p>
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        </td>
      </tr>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              10(g))</font></p>
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                requirements of Flag State</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Trading limits (Cl. 6)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>International Navigating Limits and excluding any war listed
                area declared by the Joint War Committee, see also Clause 47.1(t), 47.1(u) and 47.1(v) (Undertakings)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter period (Cl. 2)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 32 (Charter Period)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charter hire (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;New class and other safety
              requirements (state percentage of Vessel&#8217;s insurance value acc. to Box 29)(Cl. 10(a)(ii))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rate of interest payable acc. to
              Cl. 11 (f) and, if applicable, acc. to PART IV</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 38 (Changes to Interest Rate, Default Interest)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dollars/Bank transfer</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
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                notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #B31330"><u>Corporate






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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              countries agreed) (Cl. 26(f))</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding Vessel (indicate with
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and place of Builders (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liquidated damages and costs
              shall accrue to (state party acc. to Cl. 1)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)&#160;&#160;&#160;&#160;&#160;<b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Hire/Purchase agreement (indicate
              with &#8220;yes&#8221; or &#8220;no&#8221; whether PART IV applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No, Part IV does not apply</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Bareboat Charter Registry
              (indicate with &#8220;yes&#8221; or &#8220;no&#8221; whether PART V applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">44.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Flag and Country of the Bareboat
              Charter Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Country of the Underlying
              Registry (only to be filled in if PART V applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              covering special provisions, if agreed</font></p>
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                Schedules 1 to 5 thereto (collectively, the &#8220;Additional Clauses&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II<font style="color: #B31330"><u> and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B31330"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B31330"><u>and</u></font><font style="color: #3C96D2"><strike>shall prevail over those of</strike></font> PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V
    shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and
    PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt; text-indent: 0.5in;">
          <div><font style="font-size: 10pt;">Signature (Owners)</font></div>
          <div>
            <div style="text-align: left; font-size: 10pt;">/s/ Wang Guang</div>
            <font style="font-size: 10pt;"> </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,'sans-serif'; padding: 4pt 5pt;">
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          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">ANDREAS LOUKA /s/ Andreas Louka</div>
          <div style="text-align: left; font-size: 10pt; margin-left: 36pt;">Attorney-in-Fact</div>
          <p style="font-style: normal; font-weight: normal; font-size: 10pt; line-height: normal; font-size-adjust: none; font-stretch: normal; font-feature-settings: normal; font-language-override: normal; font-kerning: auto; font-synthesis: weight style; font-variant: normal; margin-top: 0pt; margin-bottom: 0pt;"><font style="font-size: 10pt;">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <div style="text-align: left; font-size: 10pt;">
    <div style="text-align: left; font-size: 10pt; font-family: Arial,Helvetica,'sans-serif'; margin-left: 45pt;">Wang Guang</div>
    <div style="text-align: left; font-size: 10pt; font-family: Arial,Helvetica,'sans-serif'; margin-left: 45pt;">Legal Representative</div>
    <div style="text-align: left; font-size: 10pt;"> <br>
    </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> </font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, the following terms shall have the meanings hereby assigned to them: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Owners&#8221; shall mean the party identified in Box 3; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Charterers&#8221; shall mean the party identified in Box 4; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>annexed to this Charter and stated in Box 28. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Charter Period </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire the Vessel for the period stated in Box 21 <font style="color: #3C96D2"><strike>(&#8220;The Charter Period&#8221;)</strike></font>. <font style="color: #B31330"><u>See also
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(not applicable when Part III applies, as indicated in Box 37) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall before and at the time of delivery exercise due diligence to make the Vessel seaworthy and in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>every respect ready in hull, machinery and equipment for service under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Box 13<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>in such ready safe berth as the Charterers may direct.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>12. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>but the
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 35 (Delivery and Charter of Vessel))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217; </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling <font style="color: #B31330"><u>(See Clause 33 (Cancellation))</u></font></b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours </strike></font></td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under this Charter. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 47.1(t), 47.1 (u) and 47.1 (v)) (Undertakings))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
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        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 48.2 (Inspection of Vessel)</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37) </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>delivery and</strike></font> redelivery <font style="color: #B31330"><u>pursuant to
                  Clause 42.5 (Termination, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss) </u></font>hereunder<font style="color: #B31330"><u> (if applicable) at the costs of the Charterers</u></font>.
              <font style="color: #3C96D2"><strike>The Owners shall bear all </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>expenses </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 48 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used in respect of inspection, survey or repairs shall be for the Charterers&#8217; account and form part of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or damage to the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 35.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>A complete inventory of the Vessel&#8217;s entire equipment, outfit including spare parts, appliances and of all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and redelivery take over and pay for all bunkers, lubricating oil, unbroached provisions, paints, ropes </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and other consumable stores (excluding spare parts) in the said Vessel at the then current market prices at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
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        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new </font></td>
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        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">navigate, operate, supply, fuel and, whenever required, repair the Vessel during the Charter Period and they </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
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        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first securing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the termination of this Charter</strike></font>. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>eplaced, renewed or substituted shall vest in and remain with the Owners. </u></font>The Charterers have the right</font></div>
        </td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>or,






                if Box 19 has </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 37 (Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>(See Clause 65.4 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>181</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(only to apply if Box 28 has been appropriately filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>191</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than stated </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 40 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 40 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 40 (Insurance) </u></font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and






                  freight, </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: #B31330"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be unreasonably
                withheld.</strike></font> Such insurances </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the Owners and the Owners&#8217; Financiers (if any)</u></font>. Insurance policies shall cover the </font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any deviation, shall be for
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the </strike></font>Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>any additional insurances that they arrange now or in the future will always be compliant with the terms of the </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>underlying hull and machinery policies. </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such documents </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330">(if <u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>any)</u></font>.</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 42.13 (Termination, Redelivery and Total </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330"><u>(or, if applicable, the Owners&#8217; Financiers in accordance with the terms </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>of the relevant loss payable clauses). </u></font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 40 (Insurance).</u></font> <font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 42.5 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, range </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>282</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of expected date and port or place of redelivery. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>283</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>284</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>286</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>287</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>289</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>290</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>291</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>292</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>excepted. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>294</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>least the number of months agreed in Box 17. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows: </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221;<font style="color: #B31330"><u> or a notice in such analogous form as reasonably </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>required by any Mortgagee (if any). </u></font></font></div>
        </td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity <font style="color: #B31330"><u>(See Clauses 39.3 (Possession of Vessel), 40.16 (Insurance), 40.17 (Insurance), 40.18 (Insurance), </u></font></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><font style="color: #B31330"><u>42.4 (Termination, Redelivery and Total Loss), 55 (Indemnities) and 57.4 (Increased Costs)) </u></font></b></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>304</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>305</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>306</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>307</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>308</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>309</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>310</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>311</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>312</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>313</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>314</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>315</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>316</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B31330"><u>shall</u></font><font style="color: #3C96D2"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
            sub-freights belonging or due to the Charterers or any </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C96D2"><strike>, and the Charterers to have a lien on </strike></font></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>320</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel for all moneys paid in advance and not earned</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment<font style="color: #3C96D2"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B31330"><u>(See Clause 65 (Assignment and Transfer))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>331</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>332</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>333</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conditions as the Owners shall approve. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>334</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>335</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Charter. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage </b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)*</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause. </font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>343</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>344</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>345</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>346</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>347</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>348</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><b><strike>Bank</strike></b></font><b> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Corporate</u></font></b><b>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if Box 27 filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B31330"><u>on or about the date of this Charter, </u></font> <font style="color: #3C96D2"><strike>before
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>other Security Documents (if not already earlier entered into) </u></font>for full performance of their obligations under this </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to the provisions of the Financial Instruments (if any) and the General Assignment, i</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>I</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">n the event of the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Requisition for Hire of the Vessel by any governmental or other competent authority </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>always
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>363</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>364</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for Hire&#8221; whichever be the shorter. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or </font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel. </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>389</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>390</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>391</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>392</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>393</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the next payment of hire is due. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war <font style="color: #3C96D2"><strike>(whether there be a declaration of war or not)</strike></font></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>406</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>407</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>408</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>409</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>410</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>411</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>412</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid
            in accordance with Clause 11 <font style="color: #3C96D2"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C96D2"><strike>redelivery</strike></font><font style="color: #B31330"><u>the end of the Charter
                Period</u></font>. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>416</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>417</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>418</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>actual expenses of the Brokers and a reasonable fee for their work. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>419</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>420</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>indemnify the Brokers against their loss of commission. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>421</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>422</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B31330"><u>(See Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>424</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>425</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>426</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with immediate effect by written notice to the Charterers if: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>427</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>428</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>429</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>430</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>431</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>432</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>433</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>434</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>terminate the Charter without further notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>435</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) the Charterers fail to comply with the requirements of: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>436</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(1)&#160;&#160;&#160;&#160;&#160;Clause 6 (Trading Restrictions) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>437</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(2)&#160;&#160;&#160;&#160;&#160;Clause 13(a) (Insurance and Repairs) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>438</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>439</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>440</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>441</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>442</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>443</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>444</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>445</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>446</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>447</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>448</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>449</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Loss of Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>450</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>451</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>452</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>453</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>454</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>455</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>456</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>457</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>458</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>459</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>composition with its creditors. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>460</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>461</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the date of termination and to any claim that either party might have. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>29. Repossession <font style="color: #B31330"><u>(See also Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events)).</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>In the event the Vessel is due for redelivery pursuant to Clause 42.5 (Termination, Redelivery and Total Loss) </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>or Owners have made a request for redelivery of the Vessel in accordance with the applicable provisions of </u></b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>Clause 42.10 (Termination, Redelivery and Total Loss),</u></b></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall </u></font></font></div>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>468</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>469</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution <font style="color: #B31330"><u>(See Clause 67 (Governing Law and Enforcement))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>474</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>475</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>476</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>477</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provisions of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>478</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>479</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Terms current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>480</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>481</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>482</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>483</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>484</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>485</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>486</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>487</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>488</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>489</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appointment of a sole arbitrator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>490</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>491</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>492</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>493</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>494</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>495</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>496</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>497</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>498</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>499</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>500</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>501</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>502</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)*</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>503</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>504</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mutually agreed place, subject to the procedures applicable there. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>505</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>506</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or dispute arising out of or in connection with this Contract. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>507</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>508</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>following shall apply: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>509</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>510</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>511</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mediation. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>512</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>513</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>514</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>515</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>516</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>517</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of disagreement, as may be set by the mediator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>518</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>519</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>520</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>521</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>necessary to protect its interest. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>522</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>523</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>524</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>when setting the timetable for steps in the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>525</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>526</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>527</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>528</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>529</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and procedure governing the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>530</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>531</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>532</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>apply in all cases. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>533</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">534</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>(See Clause 45 (Notices))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>535</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>536</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>registered or recorded mail or by personal service. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>537</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Specifications and Building Contract </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building Contract&#8221;) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>approved by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>remedies. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>incurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41(a) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>36</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">&#160;</td>
        <td style="width: 0.4in">&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>50</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>to have effect; or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>51</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>52</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>53</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>54</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>55</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>56</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>57</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>58</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>59</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>60</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>61</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>62</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>63</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>64</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>65</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>66</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>67</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>4.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>68</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>69</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>5.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>72</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>paid at the rate of hire per day or pro rata. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART IV</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.8in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>payment. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART V</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1.</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Definitions</strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charter Registration.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Mortgage </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0; margin-bottom: 0; margin-left: 0"></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>EXECUTION VERSION</u></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">JINGHAI SANSHIYI - 2026 - BBC</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED 9 March 2026</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>&#160;</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 32 &#8211; Charter Period</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">32.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter, continue for a period of one hundred and twenty (120)
            months starting from the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">32.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter shall be:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with effect from the date hereof until the end of the Charter Period
      (subject to the terms of this Charter).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 33 &#8211; Cancellation</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">33.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is not delivered by the Sellers as seller to the Owners as buyer under the MOA contemporaneously with the delivery by the Head Sellers of the Vessel
            to the Sellers as buyers pursuant to the Shipbuilding Contract;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is not delivered by the Sellers to the Owners as buyers under the MOA by the Cancelling Date (or such later date as the parties to the MOA may
            agree); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in full force and effect for any reason (in whole or in part),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">then this Charter shall immediately terminate and
      be cancelled (without prejudice to Clause 55 (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall be obliged to pay the applicable Mandatory Sale Price to the Owners forthwith; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall be entitled to retain all fees and expenses paid by the Sellers and/or the Charterers pursuant to the Leasing Documents and if such fees have
            not been paid, the Charterers shall forthwith pay (or procure the payment of) such fees and expenses to the Owners in accordance with the Leasing Documents,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and such payment shall be irrevocable and
      unconditional and is acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of, inter alia, the Charterers failing to perform its obligations
      under this Charter. For the avoidance of doubt, the termination of this Charter</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Calibri,sans-serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">shall not prejudice the operation of any provision
      of any Leasing Document which is expressed to survive the termination or cancellation of this Charter.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 34 &#8211;Pre-delivery INTEREST</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In relation to each Pre-delivery Instalment:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">following the payment of each such Pre-delivery Instalment by the Owners (as buyers) pursuant to the MOA, interest shall accrue on a daily basis on the amount
            of that Pre-delivery Instalment for each Term during the Pre-delivery Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">interest on that Pre-delivery Instalment for each relevant Term shall be calculated as follows:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" align="CENTER" style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">

      <tr>
        <td rowspan="2" style="vertical-align: top; width: 20%">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>the amount of the relevant Pre-delivery Instalment</i></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 3%">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>x</i></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 15%">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>applicable Interest Rate</i></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 3%">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>x</i></font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
        </td>
        <td style="vertical-align: bottom; width: 49%; border-bottom: Black 1pt solid; font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>number of days of the relevant Term</i></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td style="font-size: 10pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><i>360</i></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black">Following the Owners&#8217; prepositioning of the Delivery Instalment in accordance with clause 19 of the MOA, interest shall accrue on a daily basis at
            the Interest Rate on the amount of the Delivery Instalment during the Term applicable to the Delivery Instalment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">34.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black">The aggregate of all interest accrued under Clauses 34.1 and 34.2 (the &#8220;<b>Pre-delivery Interest</b>&#8221;) shall be payable in one lump sum by the
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      </tr>

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black">in the event that the Vessel is delivered by </font><font style="font-family: Arial, Helvetica, Sans-Serif; color: #1F1F1F">the Sellers </font><font style="font-family: Arial, Helvetica, Sans-Serif; color: black">to the Owners pursuant to the MOA on the Scheduled Delivery Date (or such other date as agreed between the Parties), together with the first instalment of Charterhire on the First
            Payment Date; or</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: black">in all other cases</font><font style="font-family: Arial, Helvetica, Sans-Serif">, within three (3) Business Days of the Owners&#8217; demand.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 35 &#8211; Delivery and Charter of Vessel</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Charter is part of a transaction involving the sale, purchase and charter of the Vessel and constitutes one of the Leasing Documents.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and conditional upon:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the delivery to and acceptance by the Sellers as buyers of the Vessel under the Shipbuilding Contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(on or before the date falling five (5) days after the Commencement Date) the Vessel being delivered to and accepted by the Initial Sub-charterer under the
            Initial Sub-charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Potential Termination Event or Termination Event having occurred which is continuing from the date of this Charter to the last day of the Charter Period
            (inclusive);</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the representations and warranties contained in Clause 46 (<i>Representations and Warranties</i>) being true and correct on the date hereof and each day
            thereafter until and including the last date of the Charter Period;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners having received from the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the documents or evidence set out in Part A to Part F of Schedule 2 respectively at the relevant time specified for each such part under clause 19(c)(iii) of
            the MOA, in each case, in form and substance satisfactory to the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed copy of the MOA PODA evidencing delivery of the Vessel under
            the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part G of Schedule 2 in form and substance satisfactory to them,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and if any of the documents listed in Schedule 2 are not in the
      English language then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The conditions precedent specified in Clause 35.2 are inserted for the sole benefit of the Owners and may be waived or deferred in whole or in part and with or
            without conditions by the Owners.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">On the delivery to and acceptance by the Owners (in their capacity as buyers under the MOA) of the Vessel from the Sellers under the MOA, the Vessel shall be
            deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the Vessel on and subject to the terms and conditions of this
            Charter on the same day as the delivery date of the Vessel under the MOA.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and deliver to the Owners, the Acceptance Certificate. The
            Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the Acceptance Certificate is not signed and/or the Charterers do
            not take actual possession of the Vessel at that time.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the Vessel under this Charter once the Vessel has been delivered
            to and accepted by the Owners (in their capacity as buyers) from the Sellers under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or howsoever arising including without limitation, any loss of profit or
            any loss or otherwise:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not limited to any deficiency in seaworthiness, merchantability,
            classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure of the Vessel; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period to commence.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused lubricating oils and hydraulic oils and greases in storage
            tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any such bunkers and unused lubricating oils and hydraulic
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">35.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part H of Schedule 2 in a form and substance satisfactory to the
            Owners within the time periods permitted therein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">36 &#8211; Quiet enjoyment</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer), a quiet enjoyment to be entered between the Owners, the
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the Charterers in a form mutually acceptable to the Mortgagee
            and the Charterer.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">37 &#8211; Charterhire</font></td>
      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In consideration of the Owners agreeing, at the request of the Charterers, to purchase the Vessel from the Sellers under the MOA and subsequently charter the
            Vessel to the Charterers under this Charter, the mutual covenants contained herein and other good and valuable consideration (the adequacy of such consideration which the Charterers hereby acknowledge), the Charterers hereby irrevocably and
            unconditionally agree to pay to the Owners the Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire in arrears in quarterly instalments on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each calendar month that falls at three-month interval from the Commencement Date (each, a &#8220;<b>Payment Date</b>&#8221;), save that:</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the
            third calendar month after the Commencement Date (excluding the calendar month in which the Commencement Date falls, the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the final instalment of Charterhire shall fall on the last day of the Charter Period.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In relation to each Payment Date, the Charterhire instalment shall consist of:</font></td>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to any prepayment made in accordance with Clause 47.1(y)(ii)(A), a capital element of Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;), in the amount stated
            in the third column headed</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;Principal&#8221; in the Repayment Schedule corresponding to the Term ending on such Payment Date; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by applying the applicable Interest Rate to the Outstanding
            Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, to the Financing Amount) for each day of the relevant Term ending on the relevant Payment Date by reference to the actual number of days
            elapsed.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">For the purpose of determining each instalment of
      Charterhire under this Clause 36.3:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 36pt"></td>
        <td style="width: 31.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers hereby expressly acknowledge that the Repayment Schedule in its form and content as attached hereto is prepared based on the assumption that the
            Financing Amount equals US$38,420,000 (and accordingly the Purchase Obligation Price equals $<font style="color: windowtext">18,200,000)</font>; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 36pt"></td>
        <td style="width: 31.5pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers irrevocably consent and agree that the Owners may deliver to the Charterers, if necessary as soon as practicable after the Commencement Date, an
            amended Repayment Schedule calculated by reference to the actual Financing Amount with pro-rata adjustment. Any amended Repayment Schedule prepared and delivered to the Charterers pursuant to this sub-paragraph shall, from the date the same is
            delivered to the Charterers, be deemed to be incorporated into this Charter and, for the purposes of this Charter, shall thereafter constitute the applicable Repayment Schedule.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.3A</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">For the purposes of determining the Interest Rate of any Term, if no Average SOFR is available for any relevant Term, there shall be no Reference Rate for that
            Term and Clause 38.3 below shall apply to the relevant Instalment or the prevailing Outstanding Capital Balance or any part thereof for that Term.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment of Pre-delivery Interest and Charterhire on any due date shall be made in same day available funds and received by the Owners by not later than 4.00 pm
            (Beijing time). Any payment of Pre-delivery Interest and Charterhire which is due to be made on a date which is not also a Business Day shall be made on the preceding Business Day instead.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Time of payment of the Pre-delivery Interest and Charterhire and any other payments by the Charterers under this Charter shall be of the essence of this
            Charter.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder shall be made in Dollars.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder shall be payable by the Charterers to the Owners&#8217; designated
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment of the Pre-delivery Interest, the Charterhire and any other amounts under this Charter shall be at the Charterers&#8217; risk until receipt by the Owners.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Vessel shall not at any time be deemed off-hire and the Charterers&#8217; obligation to pay the Pre-delivery Interest, the Charterhire and any other amounts
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not limited to:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">restriction in the movement of personnel and/or shortage of labour affecting the operation of the Vessel or the operation of the ports (including stevedoring
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or termination event (or any other analogous event howsoever called)
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and services tax), withholding or other taxes and import and
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the operation of this Charter in respect of the hire and all other payments to be made pursuant to this Charter and the remittance thereof to the Owners; and</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">37.11</font></td>
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            the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax
            Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the
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  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the applicable Interest Rate for that Term. Subject to Clause 38.5, any substitute or alternative basis agreed pursuant to this Clause shall, with the prior
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">this Clause 38.3 applies pursuant to Clause 37.3A and Clause 38.1; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause 38.5,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Margin, and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to the Owners at the relevant time (expressed as an annual
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">provided that if the rate pursuant to (ii) above
      is less than zero, the relevant rate shall be deemed to be zero. It is hereby agreed that the Charterers shall have the option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If this Clause 38.4 applies pursuant to Clause 38.1 and the Owners do not notify a Funding Rate to the Charterers by the Reporting Time, the Owners&#8217; cost of
            funds relating to the relevant Instalment or the Outstanding Capital Balance or any part thereof for that Term shall be deemed, for the purposes of Clause 38.3(c)(ii) above, to be the Market Disruption Rate.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the Owners are entitled to make any amendment or waiver to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in addition to) that Published Rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under this Charter (including, without limitation, any
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference Rate; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the
            application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the
            basis of that designation, nomination or recommendation),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and pending any such amendment or waiver and the Replacement
      Reference Rate being utilised under the Leasing Documents to calculate the Interest Rate, Clause 38.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers or the Sellers fail to make any payment due under this Charter or any other Leasing Documents on the due date, they shall pay additional
            interest on such late payment at the default rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Term, if the overdue amount had, during the period of non-payment, constituted an Instalment or
            the Outstanding Capital Balance (as the case may be) in the currency of the overdue payment for successive Terms, each of a duration selected by the Owners. Any interest accruing under this Clause 38.6 shall be immediately payable upon demand
            by the Owners and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the Owners agree that such default rate is proportionate as to
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">38.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All interest (including default interest) and any other payments under this Charter which are of an annual or periodic nature shall accrue from day to day and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 39 &#8211; Possession of Vessel</b></font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge the Vessel or any interest therein, its Earnings,
            Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for any claims for damages arising from any breach by
            the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
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  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly notify any party (including, without limitation, the Initial Sub-charterer or any other Sub-charterer of the Vessel) (as the
            Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory evidence to the opinion of the Owners that such party has
            received such written notification.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.3</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(whether by providing bail or procuring the provision of security or otherwise do such lawful things as the circumstances may require) and shall immediately
            notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring the Vessel. Without prejudice to the generality of
            the foregoing and Clause 54 (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing bills of lading or other documents.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the Owners&#8217; direct actions or omissions and for reasons which
            are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the Owners shall at their own expense take all reasonable
            steps to procure that the Vessel is released within a reasonable time.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">39.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer of the Vessel to pay and discharge all obligations and
            liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any Sub-charterer shall take all steps to prevent) an arrest
            (threatened or otherwise) of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 40 - Insurance</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall, at their own cost and expense, procure that the insurances for the Vessel are effected during the Charter Period:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and trapping), on an agreed value basis of at least the higher
            of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the higher of (i) the highest level of cover from time to time
            available under protection and indemnity club entry and in the international marine insurance market and (ii) an amount of not less than $1,000,000,000;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a protection and indemnity club which is a member of the
            International Group of Protection and Indemnity Clubs and acceptable to the Owners;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with first class international insurers and/or underwriters acceptable to the Owners and having a Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s
            rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the Owners or, in the case of war risks through a protection and indemnity club which meets the requirements of paragraph (d) above; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on terms and in form acceptable to the Owners.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall procure that the Obligatory Insurances shall:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if applicable the Owners&#8217; Financiers if so required by the
            Owners) as the only named assureds unless the interest of every other named assured or co-assured is limited:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable claim on underwriters; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any third party liability claims where cover for such claims is provided by the policy (and then only in respect of discharge of any claims made against
            them); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are entitled to make by way of reimbursement following
            discharge of any third party liability claims made specifically against them,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and every other named assured or co-assured has undertaken in
      writing to the Owners or the Owners&#8217; Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217; Financiers (if any)) in
      proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of
      the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">whenever the Owners or the Owners&#8217; Financiers (if any) require:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the Owners&#8217; Financiers as additional named assured for their rights
            and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but having the right to pay) premiums, calls or other assessments
            in respect of such insurance;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to protection and indemnity risks, name (or be amended to name) the Owners&#8217; Financiers as additional insured or co-assured for their rights and
            interests to the extent permissible under the relevant protection and indemnity club rules; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">name the Owners&#8217; Financiers and the Owners as respectively the first ranking loss payee and the second ranking loss payee (and in the absence of any financiers,
            the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for payment in accordance with the terms of such relevant loss
            payable clause, as the Owners and the Owners&#8217; Financiers (if any) may specify;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the Owners and/or the Owners&#8217; Financiers (as applicable) shall be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that such Obligatory Insurances shall be primary without right of contribution from other insurances which may be carried by the Owners or the Owners&#8217;
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the Charterers fail to do so; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the coverage which adversely affects the interest of the Owners
            and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with respect to the Owners and/or the Owners&#8217; Financiers (if any)
            for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall:</font></td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in writing the Owners of the terms and conditions of all
            Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the change of appointment of any brokers (or other insurers) and
            any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 40 (<i>Insurance</i>), notify the Owners (copied to the Owners&#8217; Financiers (if any)) of the brokers
            (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the proposed terms of such renewed or new insurance cover and obtain
            the Owners&#8217; approval to such matters;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory Insurance is renewed or to be renewed on its expiry date in
            accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">procure that the approved brokers and/or the war risks and protection and indemnity associations with which such a renewal is effected shall promptly after the
            renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions of the renewal; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after such expiry, deliver to the Owners a letter of undertaking
            as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 40.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover notes or entry certificates duly endorsed with the interest
            of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers (if any) provide the Owners with copies (or upon the
            Owners&#8217; request,</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of
            undertaking in a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice of assignment complying with the provisions of this
            Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the Owners&#8217; Financiers (if any) and/or such other party in
            accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the terms of the Obligatory Insurances of which they are
            aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and the Owners&#8217; Financiers (if any) when any cancellation,
            charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month before the expiry of the Obligatory Insurances they will
            notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of renewal instructions from the Charterers and, in the
            event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that the insurance broker(s), or leading insurer, as the case may
            be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to the Vessel under such Obligatory Insurances any premiums due
            in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums received under them, which they might have in respect of such
            premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in respect of the Vessel forthwith upon being so requested by the
            Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which the Vessel is entered provides the Owners and the Owners&#8217;
            Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217; Financiers (if any) and agreed by such associations or in such
            association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a certified copy of each certificate of financial responsibility for pollution by oil or other Environmentally Sensitive Material issued by the relevant
            certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the approved brokers (if any) through which the insurances
            are effected or renewed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory Insurances are punctually paid and produce all relevant
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks association are promptly issued and remain in full force and
            effect.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or thing which would or might render any Obligatory Insurance
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall procure that all necessary action is taken and all requirements are complied with which may from time to time be applicable to the
            Obligatory Insurances, and (without limiting the obligations contained in this Clause 40 (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or qualifications to which the Owners have not given their
            prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall not make or permit any changes relating to the classification or the classification society of the Vessel or, subject to procuring the
            provision of a replacement manager&#8217;s undertaking in substantially the same form as the Manager&#8217;s Undertaking, any changes to the manager or operator of the Vessel unless such changes have, if required, first been approved by the underwriters of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall procure that all quarterly or other voyage declarations which may be required by the protection and indemnity risks association in which
            the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other applicable legislation) are made and the Charterers shall
            promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity with the terms and conditions of the Obligatory
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor waive any right relating to any Obligatory Insurance
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.11</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for Total Loss or for a Major Casualty, and shall do all things
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.12</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a Total Loss or a Major Casualty the Charterers shall provide
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved protection and indemnity and/or war risks associations; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the approved insurers and/or underwriters, which relate directly or indirectly to:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers&#8217; obligations relating to the Obligatory Insurances including, without limitation, all requisite declarations and payments of additional premiums
            or calls; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs (i) or (ii) above relating wholly or partly to the
            effecting or maintenance of the Obligatory Insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.13</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for the purpose of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of the Obligatory Insurances effected or proposed to be
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      </tr>

  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s insurances exceeding the Major Casualty amount.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.14</font></td>
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            recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.15</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners, make direct payment to the relevant insurer or broker for the
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      </tr>

  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners interest insurance and an innocent owners additional
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s
            additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at the relevant time any form of loan facility to refinance
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">40.16</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or damage to the Vessel (insofar as the Owners shall not be
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by the Owners in obtaining a detailed report signed by an
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition precedent requirement under Schedule 2 of this Charter;</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">when the Owners procure the issuance of such detailed report no more than once every calendar year, unless a Termination Event has occurred in which case such
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during the Charter Period there has been a material change in the
            terms of the Insurances and/or a change in the circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall:</font></td>
      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">keep the Vessel insured at their expense against such other risks (other than loss of hire and the contingent liability insurance which shall be insured against
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            (as notified by the Owners and having regard to the then</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel) and which risks are, at that time,
            generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s
            interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</font></td>
      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>(b)</i></b></font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the Owners in respect of any other insurances (other than loss
            of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem necessary (having regard to the existing insurance cover and
            market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 41 &#8211; Warranties relating to Vessel</b></font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier of the Vessel but that the Owners (in their capacity as
            buyers) have purchased the Vessel from the Sellers pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that no condition, term, warranty or representation of any
            kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All conditions, terms, representation or warranties express or implied by the law relating to the specifications, quality, functions, conditions description,
            merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
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  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">41.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree and acknowledge that the Owners shall not be (a) responsible for the supervision of the Vessel during its construction and/or (b) liable
            for any claim, loss, damage, expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the
            Charterers shall not by reason thereof be released from any liability to pay any Charterhire, Pre-delivery Interest or other payment due under this Charter.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 42 &#8211; Termination, Redelivery and Total Loss</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Termination</u></b></font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 50.2, the Charterers shall be obliged to pay the Owners the Termination Sum
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">prior to Delivery, the Owners entering into the MOA at the request of the Sellers and the Charterers and subsequently terminating such sale and purchase of the
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  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on or after Delivery (save in the event of a Total Loss),</font></td>
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  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without prejudice to Clause 42.9(b), the obligation to pay the Termination Sum is a continuing obligation and shall survive the termination of the leasing of
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.2</font></td>
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to the terms of this Charter, this Charter shall terminate
            and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 42.9 and 42.10), at the cost of the Charterers, transfer the legal and beneficial ownership of the
            Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred or permitted by the Owners and/or Owners&#8217; Financiers (save for
            those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and acceptance evidencing the same and such sale shall be
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the Vessel prior to such transfer of ownership. Any
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this Charter, the Vessel shall be redelivered and taken over
            safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the Joint War Committee). The Charterers shall where
            applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of expected date and port or place of redelivery.
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at the time of redelivery to the Owners, the
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      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be in compliance with the Obligatory Insurances;</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be in an equivalent class as she was as at the Commencement Date and without any recommendation or condition and with valid, unextended certificates for not
            less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she was deemed on the Commencement Date, fair wear and tear
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second intermediate surveys and drydock at the Charterers&#8217; time
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the satisfaction of the Approved Classification Society; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable satisfaction of an Owners&#8217; Surveyor appointed at the cost
            of the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has her survey cycles up-to-date and trading and class certificate valid for at least the number of months agreed in Box 17;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at the time of Delivery, and any such spare parts and spare
            equipment on board at the time of re-delivery shall be taken over by the Owners free of charge;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the Financial Instruments, if any);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be free of any charter or other employment (unless the Owners wish to retain the continuance of any prevailing charter or as otherwise agreed by the Owners in
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      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to the next schedule dry docking of the Vessel;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(l)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">be redelivered to the Owner together with all material information generated during the Charter Period in respect of the use, possession, operation, navigation,
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to the nearest bunker port in compliance with all bunkering
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  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the Vessel to commence a voyage (including any preceding ballast
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  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">time period required by Clause 42 (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is after the date on which redelivery is
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            limitation pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is redelivered in accordance with
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      </tr>

  </table>
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            redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 42.5 and this Clause 42.7) are met, and the Vessel shall (if the
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall, at the time of the redelivery of the Vessel, take over all bunkers, lubricating oil, unbroached provisions, paints, ropes, other consumable
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      </tr>

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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">require delivery of the Vessel from the Head Sellers under the Shipbuilding Contract directly to the Owners (and for the avoidance of doubt, such exercise shall
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 70.9pt"></td>
        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">dispose of their rights under the Shipbuilding Contract and Refund Guarantee in accordance with the Pre-delivery Assignment by way of sale, assignment or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(D)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">terminate this Charter upon written notice to the Charterers (provided that any provision hereof expressed to survive termination shall do so in accordance with
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)<font style="font-size: 10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;






      </font>in the case where the non-payment occurs on or after Delivery:</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">interest on such outstanding amount shall accrue in accordance with Clause 38.6;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any way affecting the Charterers&#8217; obligation to pay the
            Charterers the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall procure that the master and crew follow the orders and
            directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to the Owners at such ready and nearest safe port or
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to paragraph (c) and (d) below and Clause 42.10, the Owners shall be entitled (at Owners&#8217; sole discretion) but subject always to any quiet enjoyment
            letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or any other form of short term employment contracts
            provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses (which would include, without limitation, any
            costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing Documents pursuant to Clause 66 (<i>General
              Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 55 (<i>Indemnities</i>) and be added to the Termination
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following conditions being
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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      reduction of the Termination Sum in accordance with Clause 66 (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and
      default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 38.6.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div>
    <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2c1e57f5e24b42f196f6505bd21d55c9" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%;">

        <tr style="vertical-align: top;">
          <td style="text-align: right; vertical-align: top; width: 36pt;">
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            <p style="font: 10pt Times New Roman,Times,serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify;"><font style="font-family: Arial,Helvetica,sans-serif;">Irrespective of any sales efforts, the Charterers have the right at all times,
                during the Nomination Period or until the Owners&#8217; Purchase (as referred to in Clause 42.10) is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></p>
          </td>
        </tr>

    </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform the Charterers of the Owners&#8217; intention to retain the Vessel
            instead of selling the Vessel under Clause 42.9(c) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any commissions, taxes and costs which would be likely to be
            incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market Value (less such deductions) of the Vessel as at the date
            of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the shortfall to the Owners and default interest shall continue to
            accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the
            Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 66 (<i>General Application of Proceeds</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.11</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Throughout the Charter Period, the Charterers shall bear the full risk of any Total Loss of or any other damage to the Vessel howsoever arising. If the Vessel
            becomes a Total Loss after Delivery, the Charterers shall, subject to Clause 42.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the Owners of the Termination Sum, this Charter shall terminate
            (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and all other amounts to the Owners under this Charter,
            notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.12</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            shall be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent received by the Owners (or the Owners&#8217; Financiers in accordance
            with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>)). The obligation of the Charterers to
            pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.13</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause)
            are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">42.14</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 43 &#8211; Fees and Expenses</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to the Owners within three (3) Business Days of the Owners&#8217;
            written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or other payments not paid on the due date under this Charter and in remedying any other failure of the Charterers to
            observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Each Party shall be responsible for their own costs and expenses to review and negotiate the term sheet relating to this Charter. All third party costs and
            out-of-pocket expenses (including, but not limited to, negotiation costs, inspections, valuations, reasonable and duly documented legal fees, insurance reports, registration expenses and any other reasonable and duly documented expenses)
            incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document shall be for the account of the Charterers (regardless of
            whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition, registration of title of the Vessel in the Owners&#8217; name in
            the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and maintenance costs if required to be registered as a foreign
            maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the account of the Charterers (regardless of whether the Vessel is
            delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction of such Flag State, all fees, costs and expenses payable by the
            Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of payment of the annual register/tonnage tax amounts payable to the
            Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All documented costs and expenses reasonably incurred by the Owners (including but not limited to legal fees) in relation to the transfer of title of the Vessel
            from the Owners to the</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>) shall be for
            the account of the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is required pursuant to 38.5 to address the fact that a Published
            Rate Replacement Event has occurred); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers make a request to re-register the Vessel in another Flag State,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall, on demand, reimburse the
      Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of
      doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses (including third party legal fees) incurred by the Owners in
            connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover possession of the Vessel, and with any proceedings
            instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">43.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be provided in favour of the Owners and shall continue in full
            force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">44 &#8211; No Waiver of Rights</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">44.1</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the Owners: &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <b>c/o ABC Financial Leasing Co., Ltd.</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td>&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-indent: 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">Address: 49F, ABC Tower, NO.9, YinCheng Road, Pudong New Area,</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: left; text-indent: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">Email: <font style="color: windowtext">xiangyiyezl@abcleasing.com</font><br>
              Tel: +8621 2068 6853</font></p>
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        <td style="text-align: justify; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">to the Charterers:</font></td>
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        <td style="text-align: justify">&#160;</td>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">Address: 20, Iouliou Kaisara Str., Paiania, Attica, Greece</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">Attention: Andreas Louka&#160;</font></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">Email: louka@loukapartners.com</font></p>
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          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif">Tel: +30 210 8128320</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">45.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when delivered (in case of a registered letter), or (b) when
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">46.1</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and controlled by the Shareholder; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any agreement or instrument binding upon it or any of its assets or constitute a default or termination event (however described) under any such agreement or
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no legal or administrative action involving a Relevant Person has been commenced or taken (including but not limited to actions involving any Environmental
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is not necessary under the laws of the Relevant Jurisdictions that this Charter or any other Leasing Document be registered, filed, recorded, notarized or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it
            is a party or the transactions contemplated by those Leasing Documents; the choice of governing law as stated in each Leasing Document to which a Relevant Person is a party and the agreement by such party to refer disputes to the relevant
            courts or tribunals as stated in such Leasing Document are valid and binding against such Relevant Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall
            include, without limitation, suit, attachment prior to judgment, execution or other enforcement);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the obligations of each Relevant Person under each Leasing Document to which it is a party, are the direct, general and unconditional obligations of such
            Relevant Person and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of such Relevant Person save for any obligation which is mandatorily preferred by law and not by virtue of any
            contract;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to the Legal Reservations and the Perfection Requirements, each Leasing Document creates (or, once entered into, will create) the Security Interest
            which it is expressed to create with the ranking and priority it is expressed to have;</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(p)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established a place of business in the United Kingdom or the United
            States of America;</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons, Approved Manager, Sub-charterer, no member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>:</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(t)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">that in relation to any Assignable Sub-Charter:</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such document and there have been no amendments, supplements or
            variations to the same;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the transactions contemplated under this Charter; and</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif">Assignable Sub-Charter <font style="color: windowtext">(A)






              whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where the applicable law requires the consent of the relevant Approved
              Sub-Charterer in order to effect an assignment thereof) </font>the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent to the assignment by the Charterers to the Owners of all their
            rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the avoidance of doubt, the Charterers&#8217; obligations under this
            sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other things the consent to the aforesaid assignment, pursuant to the
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit
            any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union,
            the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or
            contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set off, legal proceedings, attachment prior to judgment or
            other attachment or execution of judgement on the grounds of sovereign immunity or otherwise;</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(w)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or subject to any other formal or informal insolvency or
            bankruptcy procedure (including, without limitation, those referred to under Clause 50.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver,
            administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material part of their assets;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Termination Event is continuing or might reasonably be expected to result from the entry into and performance of this Charter or any other Leasing Document;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true and accurate in all material respects as at the date it was
            provided or as at the date at which such information was stated;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">none of the following events has occurred:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">breach of any Sanctions by any Relevant Person, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund
              Guarantor</font>; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage caused to the Vessel for any reason whatsoever which
            results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without limitation in accordance with Clause 39 (<i>Possession






              of Vessel</i>) and the General Assignment);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(aa)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">all Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
            reasonably anticipated to be conducted in the future) have been complied with;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(bb)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$1,900,000 or
            (ii) has or is reasonably likely to have a Material Adverse Effect;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(cc)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
            Material Adverse Effect; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(dd)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">that in relation to the Shipbuilding Contract and the Refund Guarantee:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Owners are true and complete copies of such documents and there have been no
            amendments, supplements or variations to the same which have not been provided to the Owners;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">all amounts due and payable by the Sellers to the Head Sellers under the Shipbuilding Contract have been fully and irrevocably paid to the
            Head Sellers (receipt of which has been duly acknowledged by the Head Sellers) and there are no outstanding amounts which are due, owing or payable by the Sellers to Head Sellers </font><font style="font-family: Arial, Helvetica, Sans-Serif">beyond







            any applicable grace period stated thereunder<font style="color: windowtext">;</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Shipbuilding Contract and the Refund Guarantee remain in full force and effect;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there are no unresolved disputes and/or pending claims for payment between the Head Sellers and the Sellers in respect of the Shipbuilding Contract and/or the
            Vessel which may adversely affect the interest of the Owners;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there are no unresolved disputes and/or pending claims for payment between the Refund Guarantor and the Sellers in respect of the Refund Guarantee; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the Head Sellers and the Refund Guarantor is fully aware of the transactions contemplated under the Pre-delivery Assignment and has consented to the
            assignment by the Sellers to the Owners of all its rights, interests and benefits in relation to the Shipbuilding Contract and the Refund Guarantee respectively.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by the Buyer</i>) of the Shipbuilding Contract has occurred
            entitling the Sellers to cancel, rescind or terminate the Shipbuilding Contract; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(viii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">no default by the Sellers described in article XI (<i>Buyers&#8217; Default</i>) of the Shipbuilding Contract has occurred entitling the </font><font style="font-family: Arial, Helvetica, Sans-Serif">Head Sellers <font style="color: windowtext">to cancel, rescind or terminate the Shipbuilding Contract.</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 47 &#8211; Undertakings</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">47.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers undertake that they shall comply or procure compliance with the following undertakings from the date of this Charter and up to the last day of
            the Charter Period (to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 47 (Undertakings) by (A) any Other Charterer which is not directly owned by the Shareholder and/or (B) the
            Head Sellers or the Refund Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance; and further provided that, <font style="color: windowtext">in the case of the </font>Head Sellers, up to
            the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance with Article IX thereunder; <font style="color: windowtext">and in the
              case of the Refund Guarantor, up to but excluding the Commencement Date only</font>):</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial title (free of any Security Interests save for those
            created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">there shall be sent to the Owners:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Charterers, the annual financial
            statement accounts of the Charterers for that financial year as referred to in the Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be delivered under paragraph (iii) or (v) below;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the unaudited semi-annual accounts of the Charterers for that
            half-year (as referred to in the Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of each Guarantor, the audited
            consolidated annual financial statement accounts of such Guarantor for that financial year; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of each
            Guarantor for that half-year certified as to their correctness by at least one officer of such Guarantor,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to this paragraph (b) shall be prepared using the generally accepted
      accounting principles in the United States and shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the
      date as at which those financial statements were drawn;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and minutes relating to any of their extraordinary
            shareholders&#8217; meeting which are despatched to the Charterers&#8217; or each Guarantor&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or actual breach of any Sanctions or Anti-Money Laundering
            Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer, other member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any litigation, arbitration or administrative proceedings or investigations relating to any other matters not referred to in paragraph (i) above (including
            proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the
              Refund Guarantor</font>; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being taken to remedy it);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an officer on its behalf certifying that no Termination Event has
            occurred (or if a Termination Event has occurred, specifying the nature of the Termination Event (and the steps, if any, being taken to remedy it));</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or procure the obtainment or renewal of and provide copies of,
            from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party (including without limitation to
            sell, charter and operate the Vessel);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not, and shall procure that each other Relevant Person will not, create, assume or permit to exist any Security Interest (other than any Permitted
            Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel;</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall at their own cost and shall procure that each other Relevant Person will:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and
            the Security Interests which such Relevant Person purports to create; and</font></td>
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  </table>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without limiting the generality of paragraph (i), promptly register, file, record or enroll any Leasing Document to which such Relevant Person is a party with
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Person is a party, give any notice or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall notify the Owners as soon as possible (but in any event no later than the date falling ninety (90) days prior to the natural expiry date of the fixed
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no later than the Expiry Date of the Initial Sub-charter or the relevant Approved Subsequent Sub-charter (as applicable), they shall provide the Owners with
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      expiry date of the fixed or extended period of the Initial Sub-charter or the relevant Approved Subsequent Sub-charter (as applicable). Any amount paid pursuant to this sub-paragraph shall be non-refundable and shall be applied pro rata against
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will (where applicable), notify the Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by the Buyer</i>) of the Shipbuilding Contract;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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            Sub-charterer to terminate an Assignable Sub-charter;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">breach of any Sanctions; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Potential Termination Event or a Termination Event,</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(k)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each calendar year and otherwise upon the Owners&#8217; and/or the
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the Vessel (including, but not limited to the management, inspection, employment, condition, class records, location and pooling arrangement of the Vessel)
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to any other matter (which include without limitation, to their best knowledge having made due enquiry, any other matters relating to the Initial Sub-charterer)
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall be maintained in the highest standard and classed with the Approved Classification Society and shall be free of all overdue conditions,
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall not be constructed, operated, employed, managed, used by or for the benefit of a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to Sanctions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">notwithstanding any other provision of this paragraph (p), the Vessel shall not be permitted to call at any port in any Prohibited Country or any area or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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            and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may reasonably require regarding the due execution of such
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall use best endeavours to procure that each other Relevant Person, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, and the Refund Guarantor </font>will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy to ensure
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners and provide all information in relation to its business and
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing immediately upon being aware that any of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(w)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved Manager on terms acceptable to the Owners and such Approved
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall, from time to time upon the Owners&#8217; reasonable request, deliver or procure the delivery, to the Owners of copies of inspection reports in respect of
            Port State Control (PSC) and Flag State Control (FSC), Chemical Distribution Institute (CDI) inspections, Ship Inspection Report Programme (SIRE) inspections and other oil major vetting reports, together with the score rated, if applicable, in
            respect of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(y)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an advance payment of hire and credited against future
            instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid (but for the avoidance of doubt, the Purchase
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide, or ensure that a third party has provided, additional Security Interests which, has a Market Value (in the case of a Security Interests over a vessel)
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or delayed), they shall not, and shall procure that no other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall ensure that the Vessels to be maintained with all spare parts on board and on order and with all stores on board together with all records, logs,
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      <tr style="vertical-align: top">
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            data required to be collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance relating to the Vessel for the preceding calendar year and, for the avoidance of doubt, such information shall be
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers Disposal shall not take place unless fifteen (15) Business Days prior written notification has been given to the Owners;</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and interest) which may be imposed on the Owners as registered owner of the Vessel by the MARPOL Carbon Intensity Regulations; and</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(jj)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if required by the Owners, the Charterers shall enter and shall exercise its best efforts to procure that any other organisation or person whom the Charterers
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            review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime in accordance with the parties&#8217; obligations under Clauses
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable Emission Scheme; and</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission Allowances in respect of the Vessel which are required to be
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme with all relevant documents (including without limitation,
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be provided to such Emission Scheme
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ll)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall not, save with the prior written consent of the Owners, agree or enter into, and shall procure that the Sellers, the Head Sellers or the Refund
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(mm)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">they shall promptly notify the Owners as soon as they become aware of the occurrence of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>47.2</b></font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an exception granted by the relevant authority in each
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners that they will ensure, exercising best commercial endeavours,
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            entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers to comply with this Clause 47.2 (<i>Russian oil price cap</i>).</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">provide the Owners with such information, and at such times, as they may reasonably require for the purposes of the Owners satisfying any record keeping
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">promptly upon request and within 30 days of any request provide the Owners with such other information in relation to compliance with the Russian Oil Price Cap
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">comply with such further or additional requirements as the Owners may from time to time require in writing, acting reasonably, in response to changes to any of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy themselves, based on the information available, of the reliability
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree that the Owners may forward all attestations and other documents which the Charterers may from time to time deliver to the Owners pursuant
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 48 &#8211; Inspection of Vessel</b></font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">48.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to Clause 48.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving notice to the Charterers, be entitled to inspect or survey
            the Vessel or instruct a surveyor to carry out such survey on their behalf:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and maintained;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause 48.1 once a year at the cost of the Charterers and at any
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            the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on
            their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the right to inspect or survey the Vessel or instruct a duly authorized
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Except as otherwise provided under Clause 48.2, the reasonable costs, fees and expenses in connection with the Owners&#8217; procuring or arranging such inspection
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 49 &#8211; Intentionally deleted</b></font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners and the Charterers hereby agree that any of the following events shall constitute a Termination Event:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Relevant Person fails to make any payment on the due date or on demand in accordance with the terms of any Leasing Document to which it is a party, unless
            such non-payment is caused by administrative or technical error and the relevant payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5) Business Days (in the case of any other payment, other than
            Charterhire) of the relevant due date;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers breach or omit to observe or perform any of their undertakings in Clause 47.1 (a), (f), (g), (j)(vi), (l), (o), (p), (t), (u), (v), (y) or
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers fail to obtain and/or maintain the Insurances required under Clause 40 (<i>Insurance</i>) in accordance with the provisions thereof (or any
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any Relevant Person commits any other breach of, or omits to observe or perform, any of their other obligations or undertakings in this Charter or any Leasing
            Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person remedies (or cause to remedy) such breach or omission to the
            satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">cover is required or becomes capable of being required, as a result of any termination event or event of default (howsoever defined);</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(m)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any corporate action, legal proceeding or other procedure or step described in Clause 50.1(g) has been taken or exists or, to their knowledge, threatened in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(w)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if the Initial Sub-charter or the Approved Subsequent Sub-charter is cancelled, repudiated, rescinded or terminated, or otherwise ceases to remain in full force
            and effect for any reason before its natural expiration under its terms, unless the Charterers enter into a replacement Sub-charter acceptable to the Owners within sixty (60) days of such cancellation, repudiation, rescission, termination or
            cessation.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding and without prejudice to Clause 33 (<i>Cancellation</i>), upon the occurrence of any Termination Event which is continuing, the Owners may issue
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination Event, the Charterers shall remain liable for the outstanding
            obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is redelivered to the Owners in accordance with Clause 42.5, or the
            title is transferred to the Charterers in accordance with Clause 42.3, the Vessel is sold in accordance with 42.9 or the Owners exercise the option set out in Clause 42.10.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without limiting the generality of the foregoing or any other rights of the Owners (but without prejudicing the rights of the Charterers pursuant to Clause
            42.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i) settle, compromise, compound, adjust or defend any action, suit
            or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained pursuant to this Charter, and settle, adjust or compromise any claims
            for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the appointment of any originally appointed manager may be terminated
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">50.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Each Termination Event which is continuing shall either be a breach of condition by the Charterers where it involves a breach of this Charter or any of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</font></td>
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            notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">contrary to, or inconsistent with, any regulation,</font></td>
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      to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to
      which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date
      specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If there is a breach of 47.1(j)(vi), 47.1(t), 47.1(u) or 47.1(v) in any such case on the basis that reference to &#8220;the People&#8217;s Republic of China&#8221; applies to the
            definition of &#8220;Prohibited Person&#8221; or paragraph (e) of the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within
            sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the relevant official institution, agency or the government of the
            People&#8217;s Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the applicable Mandatory Sale Price becomes payable in accordance with Clause 37.11 or Clause 38.3 or Clause 51.1 or Clause 51.2 or Clause 51.3 or Clause
            56.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 54 (<i>Sale of the Vessel</i>). The day on which the applicable Mandatory Sale
            Price is paid pursuant to Clause 37.11 or Clause 38.3 or Clause 51.1, Clause 51.2 or Clause 51.3 or Clause 56.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided therein is a &#8220;<b>Mandatory Sale</b>&#8221;.</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">CLAUSE 51A &#8211; USTR
      Termination event</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">51A.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If, from the date falling thirty (30) days prior to the Scheduled Delivery Date (inclusive) and until the date falling twelve (12) months from the Commencement
            Date (exclusive), in relation to any port call or intended port call of the Vessel in the US (a &#8220;<b>US Port Call</b>&#8221;):</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional port fees, dues, imposts, levies or any other additional
            fees or expenses (the &#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall be borne by the Charterers); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer (as the case may be) exclusively due to the beneficial or
              legal ownership of the Owners; </font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s Targeting of the Maritime, Logistics and Shipbuilding Sectors for
            Dominance, or any governmental policy or directive targeting Chinese maritime or financial interests; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">would have direct and adverse effect to the business or operations of the Charterers (for the purposes of this sub-paragraph (iii), a direct
            and adverse effect shall be deemed to exist if:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention to terminate the Initial Sub-charter as a result
            of the Additional Port Call Fees; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved Sub-charterer has informed the Charterers of its intention to
            terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif">thereunder which are equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>); or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need to be paid for the
            specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive,
      ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all reasonable steps to mitigate any
      such circumstances or events <b><i>provided that:</i></b></font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any Relevant Person under any Leasing Documents;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure on a best effort basis that the Approved Sub-charterer
            will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed documented costs and expenses reasonably incurred by the Owners
            in connection with such mitigation measures;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures have been agreed upon between the Parties or (2) either
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(D)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of the USTR Remedy Period:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(1)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers shall have the option to (but always at the cost of the Charterers), following the Commencement Date, purchase the Vessel on any date thereafter
            (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special Termination Amount, subject always to giving the Owners no less than
            (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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            the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(3)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall immediately transfer the legal and beneficial ownership of the
            Vessel in accordance with the terms and conditions set out at Clause 54 (Sale of the Vessel) to the Charterers or their nominees.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 52 &#8211; Voluntary Early Termination</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><i>52.1</i></b></font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), on or after the date falling twelve (12) months from the Commencement Date, to
            purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other terms of this Clause 52 (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">52.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary Early Termination Notice</b>&#8221;) to purchase the Vessel;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on or after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;);






            and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the absence of the occurrence of a Termination Event which is continuing on or prior to (i) the date of the Voluntary Early Termination Notice and (ii) the
            Voluntary Early Termination Date.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">52.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the Charterers and, once delivered to the Owners, will be
            irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">52.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall be conducted in accordance with Clause 54 (<i>Sale of the
              Vessel</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 53 &#8211; Purchase Obligation</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">Provided all moneys owing and
      payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and
      the Owners and the Charterers shall perform their obligations referred to in Clause 54 (<i>Sale of the Vessel</i>) and the Charterers shall pay the Purchase Obligation Price in full on the last day of the Charter Period in relation thereto (unless
      the Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">54 &#8211; Sale of the Vessel</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">54.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers&#8217; payment of the Termination Sum under Clause 42 (<i>Termination,






              Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 52 (<i>Voluntary Early Termination</i>) or the Charterers&#8217; payment of the Special Termination Amount under 51A (<i>USTR
              Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 53 (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 51 (<i>Mandatory Sale</i>) shall be on an &#8220;as is where is&#8221; and
            subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">no condition, warranty or representation of any kind is or has been given by or on behalf of the Owners in respect of the Vessel or any part thereof, and
            accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217; behalf, express or implied, whether arising by law or otherwise
            in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness for any purpose, value, state, condition, appearance, safety,
            durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby irrevocably and unconditionally waived by the Charterers to the
            extent permissible under applicable law;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers hereby also waive any rights which they may have in tort in respect of any of the matters referred to under paragraph (a) above and irrevocably
            agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions. No third party making any</font></td>
      </tr>

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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners
            thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against
            the manufacturer or supplier of the Vessel or any third party;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall procure the discharge and release of any registered mortgages created by the Owners and/or Owners&#8217; Financiers in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the Mandatory Sale Price or the Special Termination Amount
            shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may
            be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date
            or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price or, as the case may be, the Purchase Obligation Price or the
            applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the terms of this Charter, the Owners shall (save in the event of
            Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) and shall (at the Charterers&#8217; cost) execute a bill of
            sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees (and to the extent required for such purposes, the Vessel shall
            be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">55 &#8211; Indemnities</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims, expenses, liabilities, losses, fees (including but not limited
            to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the Owners arising from this Charter and any Leasing Document,
            including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership and operation of the Vessel by the Owners, (ii) costs related
            to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217; rights under this Charter or any Leasing Document or for taking
            any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of the leasing of this Charter and whether or not the Vessel is in
            the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or are asserted, under or in connection with any law relating to
            safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or
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            payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses. The Parties hereby further agree and acknowledge that:</font></td>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All rights which the Charterers have at any time (whether in respect of this Charter or any other transaction) against any Other Charterer or any Relevant
            Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall not exercise any rights which it may have (whether in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person to make any payment, or perform any obligation, in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing
            Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim, expense, liability or loss reasonably incurred by the
            Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause 55.5 shall not apply if the MOA is terminated due to the
            application of Clause 51A (<i>USTR Termination Event</i>).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">55.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (<i>Cancellation</i>)) and without prejudice to any right to
            damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and effect notwithstanding any breach of the
            terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure each Guarantor will furnish an undertaking to the
            Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm such Guarantor&#8217;s agreement to assume and to be bound by the indemnities provided by the
            Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The obligations of the Charterers under this Clause 55 (<i>Indemnities</i>) and in respect of any Security Interest created pursuant to the Security Documents
            will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 55 (<i>Indemnities</i>) or in respect of any Security Interest created pursuant to the
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any unenforceability, illegality or invalidity of any obligation of any person under any Security Document or any other document or security; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 56 &#8211; No Set-off or Tax deduction</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts under a Leasing Document shall be paid punctually and:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
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        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">made free and clear of all present and future taxes, levies, duties or deductions of any nature whatsoever, whether levied now or in the future, unless required
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">net of any bank charges or bank fees.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without prejudice to Clause 56.1 (<i>No Set-off or Tax Deduction</i>), if the Owners are required by law to make a tax deduction from any payment:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners shall notify the Charterers as soon as they become aware of the requirement; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the Owners receive and retain (free from any liability
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount equal to the loss, liability or cost which the Owners
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.4</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners are incorporated or, if different, the jurisdiction (or
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 57.2 or 57.3.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is or will be required to be made by the Charterers or the
            Owners in respect of a payment to the Owners as a result of the Tax Changes, the Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and have the right to transfer their interest in the Vessel
            (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the Owners and the Charterers having exercised reasonable
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the
            option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">56.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers compensate the Owners by an increased payment pursuant to Clause 57.2 or 57.3 and the Owners determine that they have obtained and utilized a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 57 &#8211; Increased Costs</b></font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">57.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Clause 57 (<i>Increased Costs</i>) applies if the Owners notify the Charterers that they (or their financiers) consider that as a result of:</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the introduction or alteration after the date of this Charter of a law or an alteration after the date of this Charter in the manner in which a law is
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">57.2</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an additional or increased cost incurred as a result of, or in connection with, the Owners or the Owners&#8217; parent company or the Owners&#8217; Financiers (if any)
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a reduction in the amount of any payment to the Owners under this Charter or in the effective return which such a payment represents to the Owners (if any) on
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">57.4</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">making or lodging any claim or proof against the Charterers, whether in their liquidation, any arrangement involving them or otherwise; or</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">58.1</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is already known to the public or becomes available to the public other than through the act or omission of the disclosing Party;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market regulation, the US Securities and Exchange Commission&#8217;s
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Leasing
            Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any other party save for circumstances arising which are similar
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e) (including the employees, officers and directors thereof);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.1</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.2</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or
            substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including
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      </tr>

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            paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents
            (and payments made thereunder) as if its applicable passthru percentage is 100%,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">until (in each case) such time as the party in question provides
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Deduction and gross-up by Relevant Party</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the representation made by the Charterers under Clause 46.1(p) (<i>Representations and Warranties</i>) proves to be untrue or misleading such that the
            Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the payment due from them to the Owners to an amount which (after
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there is any change in the rate or basis of a FATCA Deduction)
            notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers shall deliver to the Owners evidence satisfactory to the
            Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Owners are required to make a deduction or withholding from a payment under any Financial Instruments in respect of FATCA, and is required under such
            Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to an amount which, after such deduction or withholding and
            payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such Financial Instruments.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Deduction by Owners</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may make any FATCA Deduction they are required by FATCA
      to make, and any payment required in connection with that FATCA Deduction, and the Owners shall not be required to increase any payment in respect of which they make such a FATCA Deduction or otherwise compensate the recipient for that FATCA
      Deduction.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">64.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">FATCA Mitigation</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Notwithstanding any other provision to this Charter, if a FATCA
      Deduction is or will be required to be made by any party under Clause 64.3 (<i>FATCA</i>) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in
      the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 65 &#8211; Assignment and Transfer</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">65.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">65.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners may assign any of their rights or transfer by novation any of their rights and obligations under the Leasing Documents and/or sell and transfer title
            to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if such assignment, transfer and/or sale is made:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or sale, this Charter will continue (or will be novated to the
            applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">65.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel (as the case may be) for its performance of all obligations
            under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The Charterers shall procure that any Relevant Person (in the
            case of any Other Charterer which is not directly owned by the Shareholder, on a best endeavour basis) which is a party to a Leasing Document:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all obligations pursuant to such Leasing Document; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enters into all necessary documents or takes any necessary actions or provide all necessary assistance required for such Leasing Document and any Security
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">65.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Without limiting the generality of Clause 65.2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">subject to Clause 36 (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding arrangements with their financier(s), including but not
            limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding arrangement shall not result in any adverse effect of the
            Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Owners may do any of the following as security for the funding arrangements referred to in paragraph (a) above, in each case, without the prior consent of
            the Charterers:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">assign their rights and interests to, in or in connection with this Charter or any other Leasing Documents in favour of a Mortgagee (or its agent, trustee or
            nominee);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the Requisition Compensation of the Vessel in favour of the
            Mortgagee (or its agent, trustee or nominee); and</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">enter into any other document or arrangement which is necessary to give effect to such financing arrangements, including but not limited to cancellation of any
            financing charter registration;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Charterers undertake to comply, and provide such information and documents and all necessary assistance required to enable the Owners to comply, with all
            such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be directed from to time during the currency of this Charter by the
            Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge
            this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the Owners (by sale of shares in the Owners or other transactions
            having the same effect) may be effected without the Charterers&#8217; consent, provided always that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such change, this Charter would continue on identical terms
            (save for logical, consequential or mutually agreed amendments); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">to the extent that any prior written consent from the Approved Sub-Charterer is expressly required under the terms of the relevant Assignable Sub-charter,
            before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-Charterer has granted such prior written consent.</font></td>
      </tr>

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      Guarantor shall (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel
      or the Owners from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter)
      pursuant to this Clause; and</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">All expenses arising out of assignment or transfer of this Charter as per Clause 65 (<i>Assignment and Transfer</i>) shall be for the Owner&#8217;s account subject to
            no Termination Event or Potential Termination Event having occurred or being continuing at the relevant time.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 66 &#8211; General Application of Proceeds</b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Any Net Trading Proceeds, Net Sales Proceeds,
      Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner (as trustee of
      the Owners and the Other Owners) shall be applied in the following order of application against amounts payable under the Leasing Documents:</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination Sum (including but not limited to any costs and expenses
            incurred in the enforcement of the Security Documents, to the extent these are not covered under the Termination Sum);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such portion of it that then remains unpaid) in any order of
            application in the amounts comprising the Termination Sum as the Owners may determine; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to the Charterers, but always subject to the terms of the
            General Assignment.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">Clause</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">67 &#8211; Governing Law and Enforcement</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Charter and any non-contractual obligations arising under or in connection with it, shall be governed by and construed in accordance with English law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any dispute arising out of or in connection with this Charter (including a dispute regarding the existence, validity or termination of this Charter or any
            non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or
            re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 67 (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;)






            Terms current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member
            of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and send notice of such
            appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party
            appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the
            party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall
            be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so
            appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The language of the arbitration shall be English.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be
            conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>CLAUSE 68 &#8211; ENTIRE AGREEMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">This Charter, in conjunction with the other Leasing Documents, constitutes the entire agreement between the parties and supersedes all previous agreements,
            understandings and arrangements between them, whether in writing or oral, in respect of its subject matter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Each Party acknowledges that it has not entered into this Charter or any other Leasing Document in reliance on, and shall have no remedies in respect of, any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase"><b>CLAUSE 69 &#8211; Definitions</b></font></p>
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      enforced by the United States, United Kingdom, the European Union or applicable to any Relevant Person or the Owners or to any jurisdiction where activities are performed and which shall include but not be limited to (i) the United Kingdom Bribery
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">written confirmation from the Owners that certain internal notification requirements relating to the Charterers Disposal are completed;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">following the completion of the Charterers Disposal, each Guarantor continues to be controlled by companies affiliated with the family of Mr. Evangelos
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(f)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion of the Charterers Disposal, be issued) by lawyers
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(g)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the completion of the Charterers Disposal, have) provided in
            favour of the Owners documents and confirmations in form and substance acceptable to the Owners giving effect to the Charterers Disposal Amendments and confirming that any Security Interest created by that Relevant Person pursuant to the
            Leasing Documents to which it is a party shall remain in full force and effect notwithstanding the Charterers Disposal and the operation of Clause 47.1 (ee)(iv) (including the Charterers Disposal Amendments) and enforceable in accordance with
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(h)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any documented costs or expenses incurred by the Owners in relation to the Charterers Disposal have been fully settled by the Charterers (or the Owners are
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(j)</font></td>
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      the Vessel.</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any release, emission, spill or discharge of Environmentally Sensitive Material whether within the Vessel or from the Vessel into any other vessel or into or
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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      Trading System specifically applicable to shipping pursuant to the European Directive 2023/959 amending European Directive 2003/87/EC and Commission Implementing Regulation (EU) 2023/2599 of 22 November 2023 laying down rules for the application of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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      where the relevant member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered
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        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
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      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(v)</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (i) to (v) above, any other moneys due and owing under the Leasing Documents at the relevant Mandatory Sale
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a
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      </tr>

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with or without physical inspection of that Vessel; and</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(iv)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">and such valuation shall be prepared by an Approved
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">upon the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif">:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">subject to sub-paragraph (ii) below, </font><font style="font-family: Arial, Helvetica, Sans-Serif">the arithmetic mean of the valuations
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(A)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(B)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(C)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">with or without physical inspection of that Vessel; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">77</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(D)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any and all documented costs, losses and liabilities incurred by the Owners as a result of the early termination of the leasing under this Charter including but
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vi)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing, recovering, repositioning, berthing, insuring and
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(vii)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consideration or without any consideration, which is effected by any government or official authority or by any person or persons claiming to
            be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation, confiscation, requisition or, as
            the case may be, the acquisition of the Vessel is completed by delivery of the Vessel to the relevant government or official authority or the person or persons claiming to be or to represent the relevant government or official authority unless
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in the case of any arrest, condemnation, capture, seizure or detention of the Vessel (including any hijacking or theft), unless it is redelivered within thirty
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing under the Leasing Documents at the relevant Voluntary Early
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">69.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Inconsistency between Charter provisions and Leasing Documents</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">69.3</font></td>
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      any &#8220;<b>Guarantor</b>&#8221;, the &#8220;<b>Shareholder</b>&#8221;, any &#8220;<b>Relevant Person</b>&#8221;, the &#8220;<b>Owners</b>&#8221;, any &#8220;<b>Other Charterer</b>&#8221;, any &#8220;<b>Other Owner</b>&#8221;, or any other person shall be construed so as to include its successors in title, permitted
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">an authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalization; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">in relation to anything which will be prohibited or restricted by law if a governmental or official authority intervenes or acts in any way within a specified
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      waived by the Owners or remedied to the satisfaction of the Owners (acting reasonably), provided that following the issuance of a Termination Notice in accordance with Clause 50.2, a Termination Event is &#8220;continuing&#8221; if it has not been waived;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>person</b>&#8221; includes any company; any state,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>protection and indemnity risks</b>&#8221; means the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">94</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">the hull and machinery policies by reason of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">69.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Meaning of &#8220;month&#8221;</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A period of one or more &#8220;months&#8221; ends on the day in the relevant
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the Business Day following the numerically corresponding day if the numerically corresponding day is not a Business Day or, if there is no later Business Day
            in the same calendar month, on the Business Day preceding the numerically corresponding day; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">on the last Business Day in the relevant calendar month, if the period started on the last Business Day in a calendar month or if the last calendar month of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">69.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to a Leasing Document or any other document being in the form of a particular appendix or to any document referred to in the recitals include
            references to that form with any modifications to that form which the Owners and the Charterers approve;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to, or to a provision of, a Leasing Document or any other document are references to it as amended or supplemented, whether before the date of this
            Charter or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to, or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Charter or
            otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">words denoting the singular number shall include the plural and vice versa; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the appropriate page of such other information service which displays that rate from time to time in place of that information service,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">95</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">and, if such page or service ceases to be available, shall include
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">69.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Construction of Insurance terms</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">In this Charter:</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>approved</b>&#8221; means, for the purposes of
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>excess risks</b>&#8221; means the proportion of
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      such claims.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>obligatory insurances</b>&#8221; means all
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>policy</b>&#8221; includes a slip, cover note,
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;<b>protection and indemnity risks</b>&#8221; means the
      usual risks (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the
      proportion (if any) of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02)
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>69.7</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      Acceptance Certificate</font></p>
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        <td style="width: 65%"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Name:</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Title: attorney in fact</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">for and on behalf of</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif"><b>ROMAN SHARK III INC.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Dated:</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule 2&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      Conditions Precedent to Signing</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      35.2 (g)(i):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Corporate Authority</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the constitutional documents and corporate structure chart of each Relevant Person (other than the Other Charterers) (for the purpose of this Schedule
            only, collectively, the &#8220;<b>Pertinent Persons</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent Persons:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents
            to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(c)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in
            connection with, the Leasing Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, an original of the power of attorney of any party to a Leasing Document authorising a specified person or persons to execute the Leasing Documents
            to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a specimen of the signature of each person authorized by the resolution referred to in paragraph 1.2 above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant Person, approving the terms of, and the transactions
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy document relating to it specified in this Part A of
            Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documents and other security</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Copy of a Guarantee duly executed by the Approved Main Guarantor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed forms of the Account Security and the Manager&#8217;s Undertakings.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Shipbuilding Contract, together with
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinion</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in
            paragraph 2 of Part A of this Schedule, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraph 2 of Part A this
            Schedule, concerning the laws of the Republic of the Marshall Islands and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Duly executed copy of the Initial Sub-charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Copies of the Original Financial Statements.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence that any fees, costs and expenses then due from the Charterers and/or the Sellers to the Owners under the Leasing Documents (including but not limited
            to those payable under Clause 46 <i>(Fees and Expenses)</i>) have been paid and received by, or will be paid and received by, the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of any other <font style="color: windowtext">announcements</font>, consents, approvals, authorization or other document, opinion or assurance which the
            Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents (including, without
            limitation, any disclosure/announcement requirements of any applicable listing rules in the Relevant Jurisdiction of a Guarantor).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their &#8220;know
            your customer&#8221; or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in
            connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part B<br>
      Conditions Precedent to the First Instalment</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Bringdown certificate</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a duly executed copy of the
      certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than the First Instalment Payment Date confirming that:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the certificates provided in Part A of this Schedule 2 remains correct, complete and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy document relating to it specified in Part B of this Schedule 2 is correct, complete and in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(a) of Article II (<i>Contract </i>Price &amp; Terms of
            Payment) of the Shipbuilding Contract notifying that the first instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the first instalment
            of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Payment Notice in respect of the First Instalment requests for payment of the First Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA, a
            copy of the confirmation (via an email) issued by the Head Sellers confirming that 100% of the first instalment of the Shipbuilding Contract Price payable under paragraph 3(a) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the
            Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Leasing Documents and other documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">To the extent not already provided to the Owners
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of the Account Security.</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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            Assignment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">Three (3) originals of the duly executed but undated Letters of Demand in respect of the Refund Guarantee in such form as agreed under the Pre-delivery Assignment.</font></td>
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      <tr style="vertical-align: top">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If applicable, a copy of any amendments to the Shipbuilding Contract, each duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3.7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Refund Guarantee, together with all amendments and/or supplements thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Signed copies of the legal opinions specified in paragraph 4 of Part
      A of this Schedule.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment Notice</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of the Payment Notice submitted pursuant to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">6.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents
            (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">6.2</font></td>
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            Owners consider to be reasonably desirable in connection with the entry into and performance of the transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents (including, without
            limitation, any disclosure/announcement requirements of any applicable listing rules in the Relevant Jurisdiction of a Guarantor).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">6.3</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part C<br>
      Conditions Precedent to the Second Instalment</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause
      35.2 (g)(i):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Bringdown certificate</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a duly executed copy of the certificate issued by an
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation (via an email) by the Head Sellers confirming that the first instalment of the Shipbuilding Contract Price payable under Article II (<i>Contract






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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the second instalment
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the certificate or statement of the Classification Society stating that the steel cutting of the Vessel has been carried out, as provided by the Head
            Sellers to the Sellers under paragraph 3(b) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Leasing Documents and other documents</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment Notice</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of the Payment Notice submitted pursuant to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents
            (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part D<br>
      Conditions Precedent to the Third Instalment</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause
      35.2 (g)(i):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Bringdown certificate</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a duly executed copy of the certificate issued by an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the certificates provided in Parts A, B and C of this Schedule 2 remains correct, complete and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy document relating to it specified in Part D of this Schedule is correct, complete and in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation (via an email) by the Head Sellers confirming that the second instalment of the Shipbuilding Contract Price payable under Article II
            (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Third Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(c) of Article II (Contract Price &amp; Terms of Payment) of
            the Shipbuilding Contract notifying that the third instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the third instalment
            of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the certificate or statement of the Classification Society stating that the keel laying of the Vessel has been carried out, as provided by the Head
            Sellers to the Sellers under paragraph 3(c) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Payment Notice in respect of the Third Instalment requests for payment of the Third Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA, a
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            Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Leasing Documents and other documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">To the extent not already provided to the Owners
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment Notice</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents
            (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due date.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part E<br>
      Conditions Precedent to the Fourth Instalment</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Bringdown certificate</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a duly executed copy of the certificate issued by an
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the certificates provided in Parts A, B, C and D of this Schedule 2 remains correct, complete and in full force and effect; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy document relating to it specified in Part E of this Schedule is correct, complete and in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of the Shipbuilding Contract Price payable under Article II
            (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract prior to the Fourth Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(d) of Article II (Contract Price &amp; Terms of Payment) of
            the Shipbuilding Contract notifying that the fourth instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the fourth instalment
            of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the certificate or statement of the Classification Society stating that the launching of the Vessel has been carried out, as provided by the Head
            Sellers to the Sellers under paragraph 3(d) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If the Payment Notice in respect of the Fourth Instalment requests for payment of the Fourth Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA,
            a copy of the confirmation (via an email) by the Head Sellers confirming that the fourth instalment of the Shipbuilding Contract Price payable under paragraph 3(d) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding
            Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Leasing Documents and other documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">To the extent not already provided to the Owners
      under Part A, Part B, Part C and Part D of Schedule 2, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each duly executed by the parties thereto.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment Notice</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of the Payment Notice submitted pursuant to
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents
            (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">5.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part F<br>
      Conditions Precedent to the Delivery Instalment</font></p>
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      35.2 (g)(i):</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Bringdown certificate</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than the Delivery
            Instalment Payment Date confirming that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each of the certificates provided in Parts A, B, C, D and E of this Schedule 2 remains correct, complete and in full force and effect; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">each copy document relating to it specified in Part F of this Schedule 2 is correct, complete and in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Shipbuilding Contract and Refund Guarantee</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the confirmation (via an email) by the Head Sellers confirming that the fourth instalment of the Shipbuilding Contract Price payable under Article II
            (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Delivery Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of a statement issued by the Head Sellers confirming that the Vessel has been constructed to the order of the Sellers for delivery to the Owners and
            estimated delivery date, as required by the Flag State for registration of the Vessel in the name of the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(e) of Article II (<i>Contract Price &amp; Terms of Payment</i>)
            of the Shipbuilding Contract notifying that the fifth instalment of the Shipbuilding Contract Price and the &#8220;Remaining Oil Among&#8221; (as defined therein) is due and payable thereunder, together with supporting documentation.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Commercial invoice issued by the Head Sellers pursuant to the Shipbuilding Contract, specifying the aggregate amount payable by the Sellers to the Head Sellers
            on the Commencement Date for the purchase of the Vessel under the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">2.6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that (in the form of a SWIFT payment confirmation, written confirmation of the Head Sellers and/or any such other evidence):</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">if applicable, the Delivery Shortfall (as defined in the MOA), has been or will be paid by the Sellers to the Head Sellers in accordance with clause 19(g) of
            the MOA; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">(other than the Delivery Shortfall and the amount equivalent to the Purchase Price payable by the Owners (in their capacity as buyers under the MOA)) any other
            amount due and payable by the Sellers for the purchase of the Vessel under the Shipbuilding Contract has been paid by the Sellers to the Head Sellers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Security Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">108</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Duly executed but undated copies of each of the Manager&#8217;s Undertaking and of each document to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">To the extent not already provided to the Owners under Parts A to E of </font><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule







            2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a duly executed copy of the acknowledgements from the Account Bank in such form as agreed under the Account Security; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">a duly executed copy of the acknowledgements from the Initial Sub-charterer in such form as agreed under the General Assignment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">An agreed form legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the documents listed in paragraph 3
            of Part F of this Schedule 2, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">4.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the documents listed in paragraph 3 of Part F of this Schedule 2,
            concerning the laws of the Republic of Panama and such other relevant jurisdictions as the Owners may require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Valuation of the Vessel</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Valuation(s) of the Vessel in the standard form
      and substance prevailing to the market<font style="background-color: lightgrey">,</font> addressed to the Owners indicating the Initial Market Value of the Vessel on a date which is no earlier than thirty (30) days before the Commencement Date.</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Management Agreement</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Management Agreement establishing that the Vessel
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">7</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Approved Subsequent Sub-charter</font></td>
      </tr>

  </table>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">If applicable, copies of the executed Approved
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">8</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Vessel Insurances</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">8.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 40 (Insurance) acknowledged by
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">8.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">9</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Earnings Account</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence that the Operating Account has been
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Payment Notice</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-weight: normal">A duly executed copy of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">11</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">11.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents
            (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; text-transform: uppercase; color: windowtext">11.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Such other information and documents as the Owners may require.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">110</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part G<br>
      Conditions Precedent to Delivery</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 35.2(g)(ii) :</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Corporate Authorisations/Confirmation</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document provided under paragraph 1 of Part A of Schedule 2
            of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination Event or Termination Event has occurred and is
            continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Security Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Duly executed and dated copies of each Manager&#8217;s Undertaking and of each document to be delivered under it and evidence of their delivery within the timing
            prescribed under it.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law or will
            be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Vessel Documents</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A duly executed copy of the SBC PODA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Copies of all documents required to be delivered by the Head Sellers to the Sellers under Article VII paragraph 3 (<i>Documents to be delivered to the Buyer</i>)
            of the Shipbuilding Contract prior to or concurrently with the execution of the SBC PODA pursuant to Article VII paragraph 2 of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Confirmation by the Head Sellers to the Owners that the Vessel has not been registered at any registry or in any person&#8217;s name or encumbered prior to or on
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.4</font></td>
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            legalised or apostilled as and to the extent required by the Flag State.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains its classification as set out under the terms of the Shipbuilding Contract with
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Delivery and title registration of the Vessel</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">is or will be unconditionally delivered by the Sellers to the Owners (in their capacity as buyers) pursuant to the terms of the MOA, where such documents shall
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(i)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">the Initial Sub-charter has been (or will be, in any case, by the date following five (5) days after the Commencement Date) delivered to the Initial
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Documentary evidence that this Charter is or will be recorded as a financing charter in accordance with the laws and regulations of the Flag State (including,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">4.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Any additional documents as may be required by the competent authorities of the Flag State for the purposes of registering the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters on the laws of England as may be satisfactory to the
            Owners.</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">5.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands and any other jurisdictions as may be satisfactory
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Others</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The Owners being satisfied that all conditions precedent or
      documents or evidence specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Part H<br>
      Conditions Subsequent</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Security Interests</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than five (5) Business Days after the Commencement Date,
      documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law (as applicable).</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Legal opinions</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Insurances</font></td>
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  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters of undertaking and certificates of entry (as the
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            under paragraph 5.2 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">3.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of
            this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>4</b></font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Not later than five (5) Business Days after the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92306940v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      THE VESSELS, THE PARTIES AND THE CHARTERS</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="background-color: #0A5D66">
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      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">a vessel currently under construction with hull no. 25110054 (&#8220;<b>Vessel A</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0;">Tianjin Jinhai Sanshi Leasing Co., Ltd. (<font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#22825;&#27941;&#27941;&#28023;&#19977;&#21313; &#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font></p>
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        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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            charter dated 9 March 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">a vessel currently under construction with hull no. 25110056 (&#8220;<b>Vessel B</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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              China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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            charter dated 9 March 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter B&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">a vessel currently under construction with hull no. 25110058 (&#8220;<b>Vessel C</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat
            charter dated 9 March 2026, as amended and/or supplemented from time to</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt; width: 17%; border-top: rgb(153,153,153) 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; text-align: center; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; width: 30%; border-top: rgb(153,153,153) 1pt solid">
          <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0;"><font style="font-family: Arial, Helvetica, Sans-Serif"><b> </b>having its registered address at Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free
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        </td>
        <td style="vertical-align: top; border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; font-size: 10pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; width: 25%; border-top: rgb(153,153,153) 1pt solid"><font style="font-family: Arial, Helvetica, Sans-Serif">time <br>
            <b>(&#8220;Charter C&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">a vessel currently under construction with hull no. 25110060 (&#8220;<b>Vessel D</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
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              China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone
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        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer D&#8221;)</b></font></p>
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        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat
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            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; font-size: 10pt; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">a vessel currently under construction with hull no. 25110062 (&#8220;<b>Vessel E</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Tianjin Jinhai Sanshisi Leasing Co., Ltd. (</font><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: windowtext">&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#22235;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif">, a corporation with incorporated under the laws of the People&#8217;s Republic of
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          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0;"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Owner E&#8221;)</b>&#160;</font></p>
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; vertical-align: middle; padding-right: 5.4pt; padding-left: 5.4pt">
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          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"></p>
          <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(&#8220;Charterer E&#8221;)</b></font></p>
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        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; font-size: 10pt; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif">Bareboat
            charter dated 9 March 2026, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter E&#8221;)</b></font></td>
      </tr>

  </table>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull No. 25110056</font></p>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">Schedule 4<br>
      Repayment Schedule</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Period</b></font></td>
        <td rowspan="2" style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Hire (US$)</b></font></td>
        <td rowspan="2" style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Principal (US$)</b></font></td>
        <td rowspan="2" style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Interest (US$)</b></font></td>
        <td rowspan="2" style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>Outstanding Principal (US$)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>(Post Delivery)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>0</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">38,420,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,059,404.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">553,904.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">37,914,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,046,175.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">540,675.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">37,409,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,033,104.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">527,604.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">36,903,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,037,541.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">532,041.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">36,398,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">5</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,030,253.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">524,753.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">35,892,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,017,340.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">511,840.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">35,387,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">7</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,004,586.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">499,086.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">34,881,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">8</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,008,389.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">502,889.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">34,376,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">9</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">1,001,101.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">495,601.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">33,870,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">10</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">988,506.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">483,006.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">33,365,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">976,069.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">470,569.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">32,859,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">979,238.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">473,738.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">32,354,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">13</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">971,950.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">466,450.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">31,848,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">14</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">959,671.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">454,171.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">31,343,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">15</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">952,463.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">446,963.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">30,837,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">16</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">950,087.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">444,587.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">30,332,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">942,799.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">437,299.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">29,826,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">18</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">930,837.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">425,337.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">29,321,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">19</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">919,033.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">413,533.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">28,815,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">920,935.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">415,435.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">28,310,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">21</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">913,647.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">408,147.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">27,804,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">902,002.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">396,502.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">27,299,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">23</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">890,516.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">385,016.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">26,793,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">891,784.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">386,284.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">26,288,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">25</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">884,496.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">378,996.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">25,782,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">26</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">873,168.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">367,668.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">25,277,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">861,998.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">356,498.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">24,771,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">28</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">862,632.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">357,132.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">24,266,000.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">855,345.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">349,845.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">23,760,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">844,333.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">338,833.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">23,255,000.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">837,125.20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">331,625.20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">22,749,500.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">32</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">833,481.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">327,981.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">22,244,000.00</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">BBC Additional Clauses</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">33</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">826,193.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">320,693.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif">21,738,500.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">34</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">815,499.32</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">309,999.32</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">21,233,000.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">35</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">804,963.33</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">299,463.33</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">20,727,500.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">36</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">804,330.23</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">298,830.23</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">20,222,000.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">797,042.39</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">291,542.39</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">19,716,500.00</font></td>
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      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">786,664.83</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">505,500.00</font></td>
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<TYPE>EX-4.50
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<FILENAME>ef20060828_ex4-50.htm
<DESCRIPTION>EXHIBIT 4.50
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  <p style="margin: 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Exhibit 4.50</b></font></p>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font><br>
    <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>EXECUTION VERSION</u></b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JINGHAISANSHIYI - 2026 - GG</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><br>
      Dated&#160;<u>&#160;&#160;&#160;&#160; 9 March &#160; &#160;&#160;</u> 2026</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Top Ships Inc.&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as Guarantor</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to<br>
      a bareboat charter of one (1) 47,499DWT Chemical/Product Oil Tanker having builder&#8217;s hull no. <font style="color: windowtext">25110056 </font><br>
      dated&#160;<u>&#160;&#160;&#160;&#160; 9 March 2026 &#160;&#160; &#160; <br>
      </u></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><img src="image006.jpg" alt=""><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">bIndex</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; width: 50%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause</font></td>
        <td style="text-align: right; width: 50%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Page</font></td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 4%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1&#160;&#160;&#160;</font></td>
        <td style="width: 91%; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interpretation</font></td>
        <td style="width: 5%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Liability as Principal and Independent Debtor</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Expenses</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Adjustment of Transactions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
      </tr>
      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payments</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Interest</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subordination</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Enforcement</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Representations and Warranties</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Undertakings</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Judgments and Currency Indemnity</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Supplemental</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignment</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notices</font></td>
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      <tr style="text-align: left; vertical-align: bottom; font: 10pt Calibri, Helvetica, Sans-Serif">
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
        <td style="text-align: right; padding-top: 0in; padding-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
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        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18&#160;&#160;&#160;</font></td>
        <td style="padding-top: 0in; padding-bottom: 0pt; padding-left: 0in;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Governing Law and Enforcement</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex,
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9.2</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">REPRESENTATIONS AND WARRANTIES</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</font></td>
      </tr>

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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor represents and warrants to the Owner as of the date of this
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.2</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.3</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor has the corporate capacity, and has taken all corporate action and
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute this Guarantee or any other Leasing Document to which it is a party; and</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.14</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Taxes paid</font></td>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.21</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Environmental Incident</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10.22</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">UNDERTAKINGS</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">General</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Guarantor undertakes with the Owner to comply with the following provisions
      of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Information provided to be accurate</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All financial and other information which is provided by or on behalf of the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provision of financial statements</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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      <tr style="vertical-align: top">
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      </tr>

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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.10</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Additional information</font></td>
      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</font></td>
      </tr>

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      </tr>

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            shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be relevant for the purposes of
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif; margin-left: 35.45pt"><font style="font: 10pt Arial, Helvetica, Sans-Serif">relevant for the purposes of ascertaining whether any of the aforesaid parties are in
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            imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial
            Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</font></td>
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws,
            Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Total Net Debt; and</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify"></p>
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        <td style="width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11.15</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.9</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.10</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt
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            regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this
            paragraph shall excuse a Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms)
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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            this Charter or the provided information is insufficient under FATCA, then:</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ASSIGNMENT</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14.1</font></td>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">NOTICES</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.1</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice or demand to the Guarantor under or in connection with this Guarantee
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC.</b>&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> or to such other address or email address which the Guarantor may notify to the
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15.2</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">INVALIDITY OF BAREBOAT CHARTER</font></td>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16.1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Invalidity of Bareboat Charter or other Leasing Documents</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of:</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Guarantee shall cover any amount which would have been or become payable
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top">
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17.1</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 44 (<i>No waiver of rights</i>);</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 56 (<i>no set-off or tax deduction</i>);</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 58 (<i>confidentiality</i>); and</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 60 (<i>partial invalidity</i>).</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18</font></td>
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  <table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">

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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">19</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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      <tr style="vertical-align: top; text-align: left">
        <td style="width: 40%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
      <tr style="vertical-align: top; text-align: left">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">18.2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Arbitration</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this
            Guarantee or any non-contractual obligation arising out of or in connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any
            statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime
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        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer
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            as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating
            that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice
            that it has done so within the 14 days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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            arbitration stated above.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the
            arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date
        stated at the beginning of this GUARANTEE.</b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">20</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
      </tr>
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        <td style="width: 20%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">SINGAPORE/92311935v1</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1<br>
      <br>
      Form of Compliance Certificate</font></p>
  <p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TIANJIN JINHAI SANSHIYI LEASING CO., LTD. </b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;) </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">From:</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TOP SHIPS INC. </b></font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: _______________</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Guarantee dated </b>_______________ <b>(the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a
        bareboat charter for the 47,499DWT Chemical/Product Oil Tanker having builder&#8217;s hull no. <font style="color: windowtext">25110056</font></b></font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dear Sirs</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance
            Certificate unless given a difference meaning in this Compliance Certificate.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</font></td>
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        <td style="width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>80 per cent (80%); and</font></td>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed: ___________________________</font></p>
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  <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Co-Chief Financial Officer of</font></p>
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        <td style="width: 40%; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ABCFL CM &#8211; Guarantee (Top Ships)</font></td>
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        <td style="text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Hull no. 25110056</font></td>
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<TYPE>EX-4.51
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<DESCRIPTION>EXHIBIT 4.51
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        <td style="text-align: justify">Dated: <font style="font-weight: normal;"><u>11 February 2026</u></font></td>
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          <div><b>ROMAN SHARK IV INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose </b></div>
          <div><b>registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, </b></div>
          <div><b>MH96960 </b><font style="color: #3C96D2"><strike>(Name of sellers)</strike></font>, hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#20237;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font><b> AQUARIUS 75 SHIPPING CO., LTD., a corporation incorporated </b></div>
          <div><b>under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No. 6262, </b></div>
          <div><b>Australia Road, Dongjiang Free Trade Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13109) </b><font style="color: #3C96D2"><strike>(Name of </strike></font></div>
          <div><font style="color: #3C96D2"><strike>buyers)</strike></font>, hereinafter called the &#8220;Buyers&#8221;, have agreed to buy:</div>
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        <td style="width: 45pt">4</td>
        <td style="text-align: justify">Name of vessel: <b>TBC</b></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt">5</td>
        <td style="text-align: justify"><font style="color: #B31330"><u>Hull </u></font><font style="color: #3C96D2"><strike>IMO</strike></font> Number: <b>25110057</b></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">6</td>
        <td style="text-align: justify">Classification Society: <b>As per Shipbuilding Contract</b></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">7</td>
        <td style="text-align: justify">Class Notation: <b>As per Class Certificate</b></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt">8</td>
        <td style="text-align: justify">Year of Build: <b>20<u>29</u></b> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">9</td>
        <td style="text-align: justify; padding-right: 14pt">
          <div>Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands</b> </div>
          <div>GT/NT: <u>As per Shipbuilding Contract</u><b></b></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">10</td>
        <td style="text-align: justify">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</td>
      </tr>

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        <td style="width: 45pt">11</td>
        <td style="text-align: justify"><b>Definitions </b></td>
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        <td style="width: 45pt">12</td>
        <td style="text-align: justify">
          <div><font style="color: #B31330"><u>&#8220;Agreement&#8221; means this memorandum of agreement which shall for the avoidance of doubt, include the rider </u></font></div>
          <div><font style="color: #B31330"><u>provisions from Clauses 19 (Payment of Purchase Price by Buyers) to 34 (Definitions). </u></font></div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #3C96D2"><strike>&#8220;Banking Days&#8221; are days on which banks are open both in the country of the currency stipulated for </strike>&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>13</strike></td>
        <td style="text-align: justify"><strike>the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in Clause 8 </strike></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>14</strike></td>
        <td style="text-align: justify"><strike>(Documentation) and (add additional jurisdictions as appropriate). </strike></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt">15</td>
        <td style="text-align: justify; padding-right: 19pt">&#8220;<font style="color: #3C96D2"><strike>Buyers&#8217; Nominated</strike></font> Flag State&#8221; means <b>the Marshall Islands or any other flag state of the Vessel as may be <br>
            agreed in writing by the Buyers and the Sellers </b><font style="color: #3C96D2"><strike>(state flag state)</strike></font>.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">16</td>
        <td style="text-align: justify">&#8220;Class&#8221; means the class notation referred to above.</td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">17</td>
        <td style="text-align: justify">&#8220;Classification Society&#8221; means the Society referred to above.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #B31330"><u>&#8220;Dollars&#8221; or &#8220;$&#8221; mean United States dollars, being the lawful currency of the United States of America. </u></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 45pt; text-align: justify; color: #B31330">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>18</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit) </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>19</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit Holder&#8221; means (state name and location of Deposit Holder) or, if left blank, the </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>20</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement. </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">21</td>
        <td style="text-align: justify">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a</td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">22</td>
        <td style="text-align: justify">registered letter, e-mail or telefax.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt">23</td>
        <td style="text-align: justify">&#8220;Parties&#8221; means the Sellers and the Buyers.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>24</strike></td>
        <td style="text-align: justify"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price). </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>25</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Account&#8221; means (state details of bank account) at the Sellers&#8217; Bank. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>26</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>27</strike></td>
        <td style="text-align: justify"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 33px;">28</td>
        <td style="text-align: justify; width: 31px;"><b>1. </b></td>
        <td style="text-align: justify"><b>Purchase Price <font style="color: #B31330"><u>- (See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>29</strike></td>
        <td style="text-align: justify"><strike>The Purchase Price is (state currency and amount both in words and figures). </strike></td>
      </tr>

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        <td style="width: 33px;">30</td>
        <td style="text-align: justify; width: 31px;"><b>2. </b></td>
        <td style="text-align: justify"><b>Deposit <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>31</strike></td>
        <td style="text-align: justify"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 47pt"><strike>32</strike></td>
        <td style="text-align: justify">% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>33</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three (3) </strike></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>34</strike></td>
        <td style="text-align: justify"><strike>Banking Days after the date that: </strike></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>35</strike></td>
        <td style="text-align: justify"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by </strike></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>36</strike></td>
        <td style="text-align: justify"><strike>e-mail or telefax; and </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>37</strike></td>
        <td style="text-align: justify"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been </strike></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>38</strike></td>
        <td style="text-align: justify"><strike>opened. </strike></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>39</strike></td>
        <td style="text-align: justify"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>40</strike></td>
        <td style="text-align: justify"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>41</strike></td>
        <td style="text-align: justify"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>42</strike></td>
        <td style="text-align: justify"><strike>all necessary documentation to open and maintain the account without delay. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">43</td>
        <td style="text-align: justify; width: 31px;"><b>3. </b></td>
        <td style="text-align: justify"><b>Payment<font style="color: #B31330">&#160;<u>(See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>44</strike></td>
        <td style="text-align: justify"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>45</strike></td>
        <td style="text-align: justify"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>46</strike></td>
        <td style="text-align: justify"><strike>notices): </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>47</strike></td>
        <td style="text-align: justify"><strike>(i) the Deposit shall be released to the Sellers; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>48</strike></td>
        <td style="text-align: justify"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>49</strike></td>
        <td style="text-align: justify"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>50</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Account. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">51</td>
        <td style="text-align: justify; width: 31px;"><b>4. </b></td>
        <td style="text-align: justify"><b>Inspection <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>52</strike></td>
        <td style="text-align: justify"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>53</strike></td>
        <td style="text-align: justify"><strike>have also inspected the Vessel at/in (state place) on (state date) and have </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>54</strike></td>
        <td style="text-align: justify"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject only </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>55</strike></td>
        <td style="text-align: justify"><strike>to the terms and conditions of this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>56</strike></td>
        <td style="text-align: justify"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>57</strike></td>
        <td style="text-align: justify"><strike>whether same are accepted or not within (state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>58</strike></td>
        <td style="text-align: justify"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 47pt"><strike>59</strike></td>
        <td style="text-align: justify"><strike>(state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>60</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>61</strike></td>
        <td style="text-align: justify"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>62</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>63</strike></td>
        <td style="text-align: justify"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>64</strike></td>
        <td style="text-align: justify"><strike>examination by the Buyers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>65</strike></td>
        <td style="text-align: justify"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>66</strike></td>
        <td style="text-align: justify"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>67</strike></td>
        <td style="text-align: justify"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>68</strike></td>
        <td style="text-align: justify"><strike>date/last day of the period stated in Line 59, whichever is earlier. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>69</strike></td>
        <td style="text-align: justify"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>70</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>71</strike></td>
        <td style="text-align: justify"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>72</strike></td>
        <td style="text-align: justify"><strike>Buyers, whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>73</strike></td>
        <td style="text-align: justify"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>74</strike></td>
        <td style="text-align: justify"><strike>alternative 4(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">75</td>
        <td style="text-align: justify; width: 31px;"><b>5. </b></td>
        <td style="text-align: justify"><b>Time and place of delivery and notices <font style="color: #B31330"><u>- (See Clause 27 (Notice, Time and Place of Delivery))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>76</strike></td>
        <td style="text-align: justify"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>77</strike></td>
        <td style="text-align: justify"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>78</strike></td>
        <td style="text-align: justify"><strike>Notice of Readiness shall not be tendered before: (date) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>79</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>80</strike></td>
        <td style="text-align: justify"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>81</strike></td>
        <td style="text-align: justify"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>82</strike></td>
        <td style="text-align: justify"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>83</strike></td>
        <td style="text-align: justify"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance with </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>84</strike></td>
        <td style="text-align: justify"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>85</strike></td>
        <td style="text-align: justify"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>86</strike></td>
        <td style="text-align: justify"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>87</strike></td>
        <td style="text-align: justify"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing a </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>88</strike></td>
        <td style="text-align: justify"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>89</strike></td>
        <td style="text-align: justify"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three (3) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>90</strike></td>
        <td style="text-align: justify"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>91</strike></td>
        <td style="text-align: justify"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>92</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217; </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>93</strike></td>
        <td style="text-align: justify"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>94</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date stipulated in line 79. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>95</strike></td>
        <td style="text-align: justify"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>96</strike></td>
        <td style="text-align: justify"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>97</strike></td>
        <td style="text-align: justify"><strike>force and effect. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>98</strike></td>
        <td style="text-align: justify"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>99</strike></td>
        <td style="text-align: justify"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>100</strike></td>
        <td style="text-align: justify"><strike>Default) for the Vessel not being ready by the original Cancelling Date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>101</strike></td>
        <td style="text-align: justify"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>102</strike></td>
        <td style="text-align: justify"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>103</strike></td>
        <td style="text-align: justify"><strike>whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">104</td>
        <td style="text-align: justify; width: 31px;"><b>6. </b></td>
        <td style="text-align: justify"><b>Divers Inspection / Drydocking <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>105</strike></td>
        <td style="text-align: justify"><strike>(a)* </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>106</strike></td>
        <td style="text-align: justify"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>107</strike></td>
        <td style="text-align: justify"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>108</strike></td>
        <td style="text-align: justify"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>109</strike></td>
        <td style="text-align: justify"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>110</strike></td>
        <td style="text-align: justify"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>111</strike></td>
        <td style="text-align: justify"><strike>such inspection. This inspection shall be carried out without undue delay and in the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>112</strike></td>
        <td style="text-align: justify"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>113</strike></td>
        <td style="text-align: justify"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>114</strike></td>
        <td style="text-align: justify"><strike>inspection as observer(s) only without interfering with the work or decisions of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>115</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor. The extent of the inspection and the conditions under </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>116</strike></td>
        <td style="text-align: justify"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>117</strike></td>
        <td style="text-align: justify"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>118</strike></td>
        <td style="text-align: justify"><strike>their cost and expense make the Vessel available at a suitable alternative place near to </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>119</strike></td>
        <td style="text-align: justify"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>120</strike></td>
        <td style="text-align: justify"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>121</strike></td>
        <td style="text-align: justify"><strike>not tender Notice of Readiness prior to completion of the underwater inspection. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>122</strike></td>
        <td style="text-align: justify"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>123</strike></td>
        <td style="text-align: justify"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>124</strike></td>
        <td style="text-align: justify"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>125</strike></td>
        <td style="text-align: justify"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>126</strike></td>
        <td style="text-align: justify"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>127</strike></td>
        <td style="text-align: justify"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>128</strike></td>
        <td style="text-align: justify"><strike>such defects shall be made good by the Sellers at their cost and expense to the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>129</strike></td>
        <td style="text-align: justify"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>130</strike></td>
        <td style="text-align: justify"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>131</strike></td>
        <td style="text-align: justify"><strike>attendance. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>132</strike></td>
        <td style="text-align: justify"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>133</strike></td>
        <td style="text-align: justify"><strike>do not require the aforementioned defects to be rectified before the next class </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>134</strike></td>
        <td style="text-align: justify"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>135</strike></td>
        <td style="text-align: justify"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>136</strike></td>
        <td style="text-align: justify"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>137</strike></td>
        <td style="text-align: justify"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>138</strike></td>
        <td style="text-align: justify"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>139</strike></td>
        <td style="text-align: justify"><strike>for the repair work obtained from two reputable independent shipyards at or in the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>140</strike></td>
        <td style="text-align: justify"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>141</strike></td>
        <td style="text-align: justify"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>142</strike></td>
        <td style="text-align: justify"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>143</strike></td>
        <td style="text-align: justify"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>144</strike></td>
        <td style="text-align: justify"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>145</strike></td>
        <td style="text-align: justify"><strike>Readiness prior to such estimate having been established. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>146</strike></td>
        <td style="text-align: justify"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>147</strike></td>
        <td style="text-align: justify"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>148</strike></td>
        <td style="text-align: justify"><strike>where suitable drydocking facilities are available, whether within or outside the delivery </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>149</strike></td>
        <td style="text-align: justify"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>150</strike></td>
        <td style="text-align: justify"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>151</strike></td>
        <td style="text-align: justify"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>152</strike></td>
        <td style="text-align: justify"><strike>be extended by the additional time required for the drydocking and extra steaming, but </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>153</strike></td>
        <td style="text-align: justify"><strike>limited to a maximum of fourteen (14) days. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>154</strike></td>
        <td style="text-align: justify"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>155</strike></td>
        <td style="text-align: justify"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>156</strike></td>
        <td style="text-align: justify"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>157</strike></td>
        <td style="text-align: justify"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>158</strike></td>
        <td style="text-align: justify"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>159</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>160</strike></td>
        <td style="text-align: justify"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>161</strike></td>
        <td style="text-align: justify"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>162</strike></td>
        <td style="text-align: justify"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>163</strike></td>
        <td style="text-align: justify"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>164</strike></td>
        <td style="text-align: justify"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>165</strike></td>
        <td style="text-align: justify"><strike>expenses, dues and fees. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>166</strike></td>
        <td style="text-align: justify"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>167</strike></td>
        <td style="text-align: justify"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>168</strike></td>
        <td style="text-align: justify"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>169</strike></td>
        <td style="text-align: justify"><strike>not required by the Classification Society, the Buyers shall have the option to require the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>170</strike></td>
        <td style="text-align: justify"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>171</strike></td>
        <td style="text-align: justify"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>172</strike></td>
        <td style="text-align: justify"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>173</strike></td>
        <td style="text-align: justify"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>174</strike></td>
        <td style="text-align: justify"><strike>completion of the inspection by the Classification Society. The drawing and refitting of </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>175</strike></td>
        <td style="text-align: justify"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>176</strike></td>
        <td style="text-align: justify"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>177</strike></td>
        <td style="text-align: justify"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>178</strike></td>
        <td style="text-align: justify"><strike>Classification Society without condition/recommendation**. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>179</strike></td>
        <td style="text-align: justify"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>180</strike></td>
        <td style="text-align: justify"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>181</strike></td>
        <td style="text-align: justify"><strike>parts of the system are condemned or found defective or broken so as to affect the </strike></td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>182</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>183</strike></td>
        <td style="text-align: justify"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as </strike></td>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>184</strike></td>
        <td style="text-align: justify"><strike>observer(s) only without interfering with the work or decisions of the Classification </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>185</strike></td>
        <td style="text-align: justify"><strike>Society surveyor. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>187</strike></td>
        <td style="text-align: justify"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>188</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely </strike></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="color: #3C96D2"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>190</strike></td>
        <td style="text-align: justify"><strike>Sellers have completed the work which the Sellers are required to do, the additional </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>191</strike></td>
        <td style="text-align: justify"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>192</strike></td>
        <td style="text-align: justify"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>193</strike></td>
        <td style="text-align: justify"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst </strike></td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>194</strike></td>
        <td style="text-align: justify"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>195</strike></td>
        <td style="text-align: justify"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>196</strike></td>
        <td style="text-align: justify"><strike>drydock or not. </strike></td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>197</strike></td>
        <td style="text-align: justify"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
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        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>198</strike></td>
        <td style="text-align: justify"><strike>alternative 6 (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>199</strike></td>
        <td style="text-align: justify"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification </strike></td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt"><font style="color: #3C96D2"><strike>200</strike></font></td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Society without condition</strike></font>/recommendation are not to be taken into account.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">201</td>
        <td style="width: 31px;"><b>7.</b></td>
        <td style="text-align: justify"><b> Spares, bunkers and other items </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">202</td>
        <td style="text-align: justify">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</td>
      </tr>

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        <td style="width: 0"></td>
        <td style="width: 45pt">203</td>
        <td style="text-align: justify">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">204</td>
        <td style="text-align: justify">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of <font style="color: #B31330"><u>Delivery</u></font> <font style="color: #3C96D2"><strike>inspection</strike></font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 45pt">205</td>
        <td style="text-align: justify">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>, but spares on</strike></font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 45pt">206</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217; account</strike></font>. The Sellers</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">207</td>
        <td style="text-align: justify">are not required to replace spare parts including spare tail-end shaft(s) and spare</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">208</td>
        <td style="text-align: justify">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">209</td>
        <td style="text-align: justify">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</td>
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        <td style="width: 0"></td>
        <td style="width: 45pt">210</td>
        <td style="text-align: justify">
          <div>provisions shall be included in the sale and be taken over by the Buyers without extra payment. <font style="color: #B31330"><u>Any bunkers and </u></font></div>
          <div><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel </u></font></div>
          <div><font style="color: #B31330"><u>shall be taken over by the Buyers, at no cost to the Buyers. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>211</strike></td>
        <td style="text-align: justify"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>212</strike></td>
        <td style="text-align: justify"><strike>personal belongings including the slop chest are excluded from the sale without compensation, </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>213</strike></td>
        <td style="text-align: justify"><strike>as well as the following additional items: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>214</strike></td>
        <td style="text-align: justify"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded from </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>215</strike></td>
        <td style="text-align: justify"><strike>the sale without compensation: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>216</strike></td>
        <td style="text-align: justify"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not listed </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>217</strike></td>
        <td style="text-align: justify"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. </strike></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>218</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and </strike></td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>219</strike></td>
        <td style="text-align: justify"><strike>greases in storage tanks and unopened drums and pay either: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>220</strike></td>
        <td style="text-align: justify"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>221</strike></td>
        <td style="text-align: justify"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of delivery </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>222</strike></td>
        <td style="text-align: justify"><strike>of the Vessel or, if unavailable, at the nearest bunkering port, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>223</strike></td>
        <td style="text-align: justify"><strike>for the quantities taken over. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>224</strike></td>
        <td style="text-align: justify"><strike>Payment under this Clause shall be made at the same time and place and in the same </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>225</strike></td>
        <td style="text-align: justify"><strike>currency as the Purchase Price. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>226</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>227</strike></td>
        <td style="text-align: justify"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>228</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>229</strike></td>
        <td style="text-align: justify"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>230</strike></td>
        <td style="text-align: justify"><strike>alternative (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">231</td>
        <td style="text-align: justify; width: 31px;"><b>8. </b></td>
        <td style="text-align: justify"><b>Documentation <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>232</strike></td>
        <td style="text-align: justify"><strike>The place of closing: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>233</strike></td>
        <td style="text-align: justify"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>234</strike></td>
        <td style="text-align: justify"><strike>following delivery documents: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>235</strike></td>
        <td style="text-align: justify"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>236</strike></td>
        <td style="text-align: justify"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>237</strike></td>
        <td style="text-align: justify"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>238</strike></td>
        <td style="text-align: justify"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>239</strike></td>
        <td style="text-align: justify"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>240</strike></td>
        <td style="text-align: justify"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>241</strike></td>
        <td style="text-align: justify"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>242</strike></td>
        <td style="text-align: justify"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>243</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate); </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>244</strike></td>
        <td style="text-align: justify"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>245</strike></td>
        <td style="text-align: justify"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>246</strike></td>
        <td style="text-align: justify"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>247</strike></td>
        <td style="text-align: justify"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>248</strike></td>
        <td style="text-align: justify"><strike>possible after delivery of the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>249</strike></td>
        <td style="text-align: justify"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>250</strike></td>
        <td style="text-align: justify"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>251</strike></td>
        <td style="text-align: justify"><strike>Vessel is in Class free of condition/recommendation; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>252</strike></td>
        <td style="text-align: justify"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>253</strike></td>
        <td style="text-align: justify"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>254</strike></td>
        <td style="text-align: justify"><strike>the registry does not as a matter of practice issue such documentation immediately, a </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>255</strike></td>
        <td style="text-align: justify"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>256</strike></td>
        <td style="text-align: justify"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>257</strike></td>
        <td style="text-align: justify"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>258</strike></td>
        <td style="text-align: justify"><strike>been delivered; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>259</strike></td>
        <td style="text-align: justify"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>260</strike></td>
        <td style="text-align: justify"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>261</strike></td>
        <td style="text-align: justify"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>262</strike></td>
        <td style="text-align: justify"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>263</strike></td>
        <td style="text-align: justify"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>264</strike></td>
        <td style="text-align: justify"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>265</strike></td>
        <td style="text-align: justify"><strike>(viii) Commercial Invoice for the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>266</strike></td>
        <td style="text-align: justify"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>267</strike></td>
        <td style="text-align: justify"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>268</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>269</strike></td>
        <td style="text-align: justify"><strike>Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>270</strike></td>
        <td style="text-align: justify"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>271</strike></td>
        <td style="text-align: justify"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>272</strike></td>
        <td style="text-align: justify"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>273</strike></td>
        <td style="text-align: justify"><strike>this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>274</strike></td>
        <td style="text-align: justify"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>275</strike></td>
        <td style="text-align: justify"><strike>black listed by any nation or international organisation. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>276</strike></td>
        <td style="text-align: justify"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>277</strike></td>
        <td style="text-align: justify"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>278</strike></td>
        <td style="text-align: justify"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>279</strike></td>
        <td style="text-align: justify"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>280</strike></td>
        <td style="text-align: justify"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>281</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>282</strike></td>
        <td style="text-align: justify"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>283</strike></td>
        <td style="text-align: justify"><strike>language they shall be accompanied by an English translation by an authorised translator or </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>284</strike></td>
        <td style="text-align: justify"><strike>certified by a lawyer qualified to practice in the country of the translated language. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>285</strike></td>
        <td style="text-align: justify"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>286</strike></td>
        <td style="text-align: justify"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>287</strike></td>
        <td style="text-align: justify"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>288</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>289</strike></td>
        <td style="text-align: justify"><strike>Clause 5(b) of this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>290</strike></td>
        <td style="text-align: justify"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>291</strike></td>
        <td style="text-align: justify"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>292</strike></td>
        <td style="text-align: justify"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>293</strike></td>
        <td style="text-align: justify"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>294</strike></td>
        <td style="text-align: justify"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take copies. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>295</strike></td>
        <td style="text-align: justify"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>296</strike></td>
        <td style="text-align: justify"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>297</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>298</strike></td>
        <td style="text-align: justify"><strike>(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>299</strike></td>
        <td style="text-align: justify"><strike>confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">300</td>
        <td style="text-align: justify; width: 31px;"><b>9. </b></td>
        <td style="text-align: justify"><b>Encumbrances </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">301</td>
        <td style="text-align: justify">
          <div>The Sellers warrant that the Vessel, at the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>, is free from all charters <font style="color: #B31330"><u>(other than the
              </u></font></div>
          <div><font style="color: #B31330"><u>Bareboat Charter and the Initial Sub-charter)</u></font>,</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">302</td>
        <td style="text-align: justify">
          <div>encumbrances, mortgages and <font style="color: #3C96D2"><strike>maritime</strike></font> liens <font style="color: #B31330"><u>(whether maritime or otherwise)</u></font> or any other debts whatsoever, </div>
          <div>and is not subject</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">303</td>
        <td style="text-align: justify">to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">304</td>
        <td style="text-align: justify">Buyers against all consequences of claims made against the Vessel which have been incurred</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">305</td>
        <td style="text-align: justify">prior to the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">306</td>
        <td style="text-align: justify; width: 31px;"><b>10. </b></td>
        <td style="text-align: justify"><b>Taxes, fees and expenses </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">307</td>
        <td style="text-align: justify">Any taxes, fees and expenses in connection with the purchase <font style="color: #B31330"><u>of the Vessel</u></font> and registration in the <font style="color: #3C96D2"><strike>Buyers&#8217;</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">308</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Nominated </strike></font>Flag State <font style="color: #B31330"><u>and</u></font> <font style="color: #3C96D2"><strike>shall be for the Buyers&#8217; account, whereas similar
              charges </strike></font>in connection</td>
      </tr>

  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">309</td>
        <td style="text-align: justify">with the closing of the Sellers&#8217; register shall be for the Sellers&#8217; account.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">310</td>
        <td style="width: 31px;"><b>11.</b></td>
        <td style="text-align: justify"><b> Condition on delivery </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">311</td>
        <td style="text-align: justify">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">312</td>
        <td style="text-align: justify">delivered to the Buyers<font style="color: #3C96D2"><strike>, but subject to the terms and conditions of this Agreement she shall be</strike></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">313</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>delivered and taken over as she was at the time of inspection, fair wear and tear excepted</strike></font>.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">314</td>
        <td style="text-align: justify">However, the Vessel shall be delivered free of cargo and free of stowaways with her Class</td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">315</td>
        <td style="text-align: justify">maintained without condition/recommendation*, free of average damage affecting the Vessel&#8217;s</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">316</td>
        <td style="text-align: justify">class, and with her classification certificates and national certificates, as well as all other</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">317</td>
        <td style="text-align: justify">certificates the Vessel had at the time of <font style="color: #3C96D2"><strike>inspection</strike></font><font style="color: #B31330"><u>Delivery</u></font>, valid and unextended without</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">318</td>
        <td style="text-align: justify">condition/recommendation* by the Classification Society or the relevant authorities at the time</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">319</td>
        <td style="text-align: justify">of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>320</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>321</strike></td>
        <td style="text-align: justify"><strike>4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>322</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">323</td>
        <td style="text-align: justify">*Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">324</td>
        <td style="text-align: justify">Society without condition/recommendation are not to be taken into account.</td>
      </tr>

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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">325</td>
        <td style="text-align: justify; width: 31px;"><b>12. </b></td>
        <td style="text-align: justify"><b>Name/markings <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>326</strike></td>
        <td style="text-align: justify"><strike>Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>327</strike></td>
        <td style="text-align: justify"><strike>markings. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">328</td>
        <td style="text-align: justify; width: 31px;"><b>13. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; default <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>329</strike></td>
        <td style="text-align: justify"><strike>Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>330</strike></td>
        <td style="text-align: justify"><strike>right to cancel this Agreement, and they shall be entitled to claim compensation for their losses </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>331</strike></td>
        <td style="text-align: justify"><strike>and for all expenses incurred together with interest. </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>332</strike></td>
        <td style="text-align: justify"><strike>Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>333</strike></td>
        <td style="text-align: justify"><strike>have the right to cancel this Agreement, in which case the Deposit together with interest </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>334</strike></td>
        <td style="text-align: justify"><strike>earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>335</strike></td>
        <td style="text-align: justify"><strike>Sellers shall be entitled to claim further compensation for their losses and for all expenses </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>336</strike></td>
        <td style="text-align: justify"><strike>incurred together with interest. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">337</td>
        <td style="text-align: justify; width: 31px;"><b>14. </b></td>
        <td style="text-align: justify"><b>Sellers&#8217; default </b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">338</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness in accordance</strike></font> <font style="color: #B31330"><u>notice of the Scheduled Delivery Date by serving </u></font></div>
          <div><font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment under </u></font><font style="color: #3C96D2"><strike>with</strike></font> <font style="color: #B31330"><u>Clause 27 (Notice, Time and Place of
                Delivery) </u></font></div>
          <div><font style="color: #B31330"><u></u></font><font style="color: #3C96D2"><strike>Clause 5(b) </strike></font>or fail to be</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">339</td>
        <td style="text-align: justify">ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">340</td>
        <td style="text-align: justify">
          <div>option of cancelling this Agreement. If after <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect of the Delivery </u></font></div>
          <div><font style="color: #B31330"><u>Instalment </u></font>has been given but before</div>
        </td>
      </tr>

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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">341</td>
        <td style="text-align: justify">the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not</td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">342</td>
        <td style="text-align: justify">
          <div>made physically ready again by the Cancelling Date and new <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>Payment Notice in respect of </u></font></div>
          <div><font style="color: #B31330"><u>the Delivery Instalment </u></font>given, the</div>
        </td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">343</td>
        <td style="text-align: justify">Buyers shall retain their option to cancel. <font style="color: #3C96D2"><strike>In the event that the Buyers elect to cancel this</strike></font></td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>344</strike></td>
        <td style="text-align: justify"><strike>Agreement, the Deposit together with interest earned, if any, shall be released to them </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>345</strike></td>
        <td style="text-align: justify"><strike>immediately. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">346</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment</u></font> by the </div>
          <div>Cancelling Date or fail to be ready to</div>
        </td>
      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">347</td>
        <td style="text-align: justify">validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 45pt; text-align: left"><font style="font-size: 10pt">348</font></td>
        <td><font style="font-size: 10pt">for their loss and for all expenses together with interest <font style="color: #3C96D2"><strike>if their failure is due to proven</strike></font></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt">349</td>
        <td style="text-align: justify">
          <div><font style="color: #3C96D2"><strike>negligence and whether or not the Buyers cancel this Agreement.</strike></font><font style="color: #B31330"><u>in accordance with Clause 43 (Fees and </u></font></div>
          <div><font style="color: #B31330"><u>Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without </u></font></div>
          <div><font style="color: #B31330"><u>the need for either Buyers or Sellers to take any action whatsoever. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">350</td>
        <td style="text-align: justify; width: 31px;"><b>15. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; representatives <font style="color: #B31330"><u>- intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>351</strike></td>
        <td style="text-align: justify"><strike>After this Agreement has been signed by the Parties and the Deposit has been lodged, the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>352</strike></td>
        <td style="text-align: justify"><strike>Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>353</strike></td>
        <td style="text-align: justify"><strike>expense. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>354</strike></td>
        <td style="text-align: justify"><strike>These representatives are on board for the purpose of familiarisation and in the capacity of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>355</strike></td>
        <td style="text-align: justify"><strike>observers only, and they shall not interfere in any respect with the operation of the Vessel. The </strike></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced
      or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>356</strike></td>
        <td style="text-align: justify"><strike>Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>357</strike></td>
        <td style="text-align: justify"><strike>indemnity prior to their embarkation. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 31px;">358</td>
        <td style="text-align: justify"><b>16. Law and Arbitration<font style="color: #B31330"><u>&#160;(See Clause 33 (Governing Law and Jurisdiction))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>359</strike></td>
        <td style="text-align: justify"><strike>(a) *This Agreement shall be governed by and construed in accordance with English law and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>360</strike></td>
        <td style="text-align: justify"><strike>any dispute arising out of or in connection with this Agreement shall be referred to arbitration in </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>361</strike></td>
        <td style="text-align: justify"><strike>London in accordance with the Arbitration Act 1996 or any statutory modification or re- </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>362</strike></td>
        <td style="text-align: justify"><strike>enactment thereof save to the extent necessary to give effect to the provisions of this Clause. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>363</strike></td>
        <td style="text-align: justify"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>364</strike></td>
        <td style="text-align: justify"><strike>Association (LMAA) Terms current at the time when the arbitration proceedings are </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>365</strike></td>
        <td style="text-align: justify"><strike>commenced. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>366</strike></td>
        <td style="text-align: justify"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>367</strike></td>
        <td style="text-align: justify"><strike>appoint its arbitrator and send notice of such appointment in writing to the other party requiring </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>368</strike></td>
        <td style="text-align: justify"><strike>the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>369</strike></td>
        <td style="text-align: justify"><strike>stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>370</strike></td>
        <td style="text-align: justify"><strike>arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>371</strike></td>
        <td style="text-align: justify"><strike>other party does not appoint its own arbitrator and give notice that it has done so within the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>372</strike></td>
        <td style="text-align: justify"><strike>fourteen (14) days specified, the party referring a dispute to arbitration may, without the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>373</strike></td>
        <td style="text-align: justify"><strike>requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>374</strike></td>
        <td style="text-align: justify"><strike>and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>375</strike></td>
        <td style="text-align: justify"><strike>both Parties as if the sole arbitrator had been appointed by agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>376</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>377</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>378</strike></td>
        <td style="text-align: justify"><strike>the time when the arbitration proceedings are commenced. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>379</strike></td>
        <td style="text-align: justify"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>380</strike></td>
        <td style="text-align: justify"><strike>United States Code and the substantive law (not including the choice of law rules) of the State </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>381</strike></td>
        <td style="text-align: justify"><strike>of New York and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>382</strike></td>
        <td style="text-align: justify"><strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto, </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>383</strike></td>
        <td style="text-align: justify"><strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>384</strike></td>
        <td style="text-align: justify"><strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>385</strike></td>
        <td style="text-align: justify"><strike>competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>386</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>387</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>388</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>389</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>390</strike></td>
        <td style="text-align: justify"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>391</strike></td>
        <td style="text-align: justify"><strike>(state place) and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>392</strike></td>
        <td style="text-align: justify"><strike>referred to arbitration at (state place), subject to the procedures applicable there. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>393</strike></td>
        <td style="text-align: justify"><strike>*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of </strike></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>394</strike></td>
        <td style="text-align: justify"><strike>deletions, alternative 16(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 33px;">395</td>
        <td style="text-align: justify; width: 31px;"><b>17. </b></td>
        <td style="text-align: justify"><b>Notices <font style="color: #B31330"><u>- (See Clause 28 (Notices))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 45pt"><strike>396</strike></td>
        <td style="text-align: justify"><strike>All notices to be provided under this Agreement shall be in writing. </strike></td>
      </tr>

  </table>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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        <td style="border-right: 1pt solid Black; border-bottom: 1pt solid Black; border-left: 1pt solid Black; padding-bottom: 10pt; font-family: Arial,Helvetica,'sans-serif';">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="margin: 0"></p>
  <p style="FONT: 10pt Arial, Helvetica, Sans-Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery Instalment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers&#8217; obligation to pay the Purchase Price (or any part thereof) shall be subject to and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred or being continuing at the time of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations given by each Relevant Person under the Leasing Documents to which it is a party
            being true and correct on the relevant Payment Date by reference to the facts and circumstances then existing;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of each Instalment:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers having received a duly completed Payment Notice relating to such Instalment not later than
            three (3) Business Days prior to the relevant Payment Date of such Instalment;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the issuance of a Payment Notice in respect of any Instalment by the Sellers to the Buyers,
            the conditions precedent set out in Part A of Schedule 2 of the Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the First Instalment) the conditions precedent set out in Part B of Schedule 2 of the
            Bareboat Charter having been fulfilled to the</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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      conditions as the Buyers may require) at least three (3) Business Days prior to the First Instalment Payment Date, and the Sellers hereby authorize the Buyers to pay the First Instalment on the Payment Date relating thereto to the Head Sellers&#8217;
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Second Instalment) the conditions precedent set out in Part C of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Second Instalment Payment Date, and the Sellers hereby
            authorize the Buyers to pay the Second Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Designated Account;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(E)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Third Instalment) the conditions precedent set out in Part D of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Third Instalment Payment Date, and the Sellers hereby
            authorize the Buyers to pay the Third Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Designated Account;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(F)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Fourth Instalment) the conditions precedent set out in Part E of Schedule of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Fourth Instalment Payment Date, and the Sellers hereby
            authorize the Buyers to pay the Fourth Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Designated Account; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(G)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Delivery Instalment) the conditions precedent set out in Part F of Schedule 2 of
            the Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Delivery Instalment Payment Date, and the Sellers
            hereby authorize the Buyers to deposit the Delivery Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Bank on an unallocated basis and in accordance with the terms of the Conditional Payment Instructions.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers agree to pay an Instalment before the conditions precedent relating to such Instalment
            referred to in Clause 19(c) are satisfied, the Sellers undertake to ensure that such outstanding conditions precedent shall be satisfied within five (5) Business Days from its original due date (unless otherwise agreed in writing by the Buyers
            in their absolute discretion); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers agree to take delivery of the Vessel under this Agreement and (in their capacity as owner
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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      in this Agreement and the Delivery Conditions Precedent are satisfied, the Sellers undertake to ensure that such outstanding conditions precedent shall be satisfied within five (5) Business Days from its original due date (unless otherwise agreed in
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Sellers have elected to pay any Instalment (other than the Delivery Instalment) directly to the
            Head Sellers by making the relevant payment to the Head Sellers in accordance with the Shipbuilding Contract, subject to paragraph (c) above, the Buyers shall pay the relevant Instalment directly to the Sellers&#8217; Account after fulfilment (or
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers and the Sellers agree that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the Delivery Instalment, deposit of the Delivery Instalment on an unallocated basis
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, in each case, the Buyers shall not be obliged to verify the
      accuracy of the details of such bank and/or account to ensure that they reflect the requirements of the Shipbuilding Contract or any other document between the Sellers and the Head Sellers or otherwise (other than in cases of manifest error); and the
      Buyers and the Sellers further agree that the Buyers shall not be required to countersign the SBC PODA and/or execute the MOA PODA until and unless the Instalment Conditions Precedent and the Delivery Conditions Precedent have been fulfilled to the
      satisfaction of, or waived by, the Buyers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Shipbuilding Contract Delivery Amount exceeds the Delivery Instalment, the Sellers shall pay an
            amount equal to such excess (such excess amount being referred to as the &#8220;<b>Delivery Shortfall</b>&#8221;) directly into the Head Sellers&#8217; Bank at least one (1) Business Day prior to the Delivery Instalment Payment Date (or such other period as may
            be acceptable to the Buyers and the Head Sellers) and the Sellers shall provide documentary evidence satisfactory to the Buyers that the Delivery Shortfall has been deposited into the Head Sellers&#8217; Bank in accordance with the terms of the
            Shipbuilding Contract (in the form of a SWIFT payment confirmation, written confirmation of the Head Sellers and/or any such other evidence reasonably acceptable to the Buyers).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, the Sellers hereby agree and acknowledge that, the Sellers shall at their
            own costs and expenses:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pay (procure the payment) to the Head Sellers the full difference between the total amount due and
            payable by the Sellers under the Shipbuilding Contract and the Purchase Price. Other than the Instalments, the Sellers are solely accountable for and will pay all other pre-delivery and delivery costs in relation to the Vessel</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      of the Shipbuilding Contract Price which is not funded by the Buyers, any costs pertaining to the &#8220;Buyer&#8217;s supplied items&#8221; (as referred to in the Shipbuilding Contract) and any supervision cost under or in connection with the Shipbuilding Contract;
      and</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be obliged to supply the Vessel with any bunkers, lubricating oil, greases, hydraulic oil, unbroached
            provisions, paints, ropes and other consumable stores in the Vessel in accordance with the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All amounts payable hereunder shall be made in Dollars unless otherwise requested by the Buyers in the
            event that there are any restrictions whatsoever preventing the remittance of payments in Dollars by or to the Buyers or otherwise adversely affecting the ability of the Buyers to make or receive payments in Dollars (including without
            limitation, any suspension of the SWIFT system in any jurisdiction where the Buyers would have made or received payment or would customarily make or receive payments) or, as a result of any Sanctions, it is unlawful for the Buyers to deal in,
            or the Buyers are unable to deal in, send or accept, Dollars hereunder, then the Buyers may be able to select such other currency (the &#8220;<b>Other Currency</b>&#8221;) as they determine in their absolute opinion whereupon the relevant amount shall be
            converted at the prevailing exchange rate quoted to the Buyers by such bank as the Buyers may reasonably select <b>provided always that </b>(a) dealing in such Other Currency shall not be a breach of any Sanctions and (b) the Head Sellers&#8217;
            prior written consent to the use of such Other Currency shall be obtained.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 20 &#8211; Conditional on Delivery under the Bareboat Charter</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      are conditional upon:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Payment Date, the Scheduled Delivery Date and the Delivery Date all falling on a Business Day on
            or before the Cancelling Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as at the Delivery Date and immediately prior to the payment of the Delivery Instalment, all other
            amounts payable under the Shipbuilding Contract (including, but not limited to the Delivery Shortfall) having been paid to the Head Sellers or deposited into the Head Sellers&#8217; Bank;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the fulfilment by the Sellers and/or the Charterers, or (as the case may be) the waiver by the Buyers
            and/or the Owners, of the Instalment Conditions Precedent and the Delivery Conditions Precedent;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel being delivered to the Sellers pursuant to the Shipbuilding Contract and the simultaneous
            delivery to and acceptance by the Charterers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event having occurred and being continuing or occurring as a result of the performance
            by the Sellers and Buyers of their respective obligations under this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 21 &#8211; Condition of vessel</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under
      this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers represent and warrant to the Buyers on the date hereof, on each
      date on which a Payment Notice is issued by the Sellers, on each Payment Date and on the Delivery Date that (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund
      Guarantor is given only to the best of the Sellers&#8217; knowledge):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they are duly incorporated and validly existing under the laws of their jurisdiction of incorporation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they have the requisite power and authority to enter into and perform this Agreement and this
            Agreement constitutes their valid, legal and binding obligations in accordance with its terms;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the execution and performance by them of this Agreement will not breach or constitute a default under
            their constitutional documents or any agreement, instrument, order, judgment or other restriction which binds them;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Buyers are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same other than as notified in writing to the Buyers (such amendments or supplements having been pre-approved or permitted to be made by the
            Buyers under this Agreement or the Bareboat Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers, the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee contains valid, binding and enforceable obligations of the Refund Guarantor, and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee remains in full force and effect and neither the Sellers nor the Refund Guarantor
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel is free from all Security Interests;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have good and marketable title to the Shipbuilding Contract and the Refund Guarantee up to and
            including the Delivery Date; and</font></td>
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are the sole legal and beneficial owner of the Vessel immediately prior to Delivery taking place on
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Delivery Date, the Vessel:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is in a good and safe condition; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is classed with the Classification Society at the highest classification available for vessels of its
            type and is free of all overdue recommendations or conditions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to each of the Sellers and any member of the Group, the Head Sellers and the Refund
            Guarantor:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not a Prohibited Person;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it does not own or control a Prohibited Person; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">neither it nor any of its directors, officers or (to the best knowledge and belief of the Sellers)
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or
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  </p>
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        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Potential Termination Event or a Termination Event occurs prior to Delivery and is continuing;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it becomes unlawful or illegal or contrary to Sanctions for the Buyers to perform their obligations
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers&#8217; right to cancel arises under Clause 14 for failure of the Sellers to deliver the Vessel by
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      save for paragraph (c) above where such termination will be immediate and automatic as from the date of the Total Loss) to terminate this Agreement immediately by written notice to the Sellers and such termination shall become effective on the date
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(without prejudice to Clause 25 (<i>Indemnities</i>) of this Agreement) the Sellers shall cease to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Sellers) pursuant to the terms of the Bareboat Charter as at the date
      hereof, the Buyers shall be entitled to retain all documented costs, expenses, fees or other amounts paid by the Sellers and/or the Charterers under this Agreement and the other Leasing Documents and if any documented fees and/or expenses which are
      payable by the Sellers and/or the Charterers pursuant to this Agreement and the other Leasing Documents but have not been paid, the Sellers shall forthwith pay such fees and expenses to the Buyers in accordance with this Agreement, and such costs,
      expenses, fees or other amounts are acknowledged and agreed by the Sellers to be a proportionate amount, having regard to the legitimate interest of the Buyers in protecting against the risk of inter alia, this Agreement being terminated and the
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall be obliged to immediately pay an amount equal to the applicable Termination Sum, as
            at the date of such termination, provided that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Buyers (in their capacity as owners) receive payment of the Termination Sum (or part thereof)
            from the Charterers under the Bareboat Charter, such amount of the Termination Sum actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
            Buyers;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that the Buyers receive a refund of any Instalment(s) from the Head Sellers and/or the
            Refund Guarantor pursuant to the terms of any Leasing Document, any such amount actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the irrevocable receipt of the Termination Sum paid to the Buyers by the Sellers, the Buyers
            shall, at the cost of the Sellers, within a reasonable time, without representation or warranty, re-assign the Buyer&#8217;s rights and interests under the Shipbuilding Contract and the Refund Guarantee to the Sellers in accordance with the terms of
            the Pre-delivery Assignment.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Buyers (i) agreeing to pay and/or paying the Purchase Price under the terms of
            this Agreement and (ii) agreeing to charter the Vessel upon Delivery to the Charterers (being an Affiliate of the Sellers) pursuant to the terms of the Bareboat Charter as at the date hereof, the Sellers shall indemnify and pay such amounts to
            the Buyers in respect of all documented costs, claims, expenses, liabilities, losses, damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the
            Buyers arising from this Agreement or in connection with the Delivery, registration, purchase and inspection of the Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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      the funding of all or an portion of the Purchase Price (including but not limited to the event that the funds have been deposited in accordance with Clause 19 but not released in accordance with the Conditional Payment Instructions for any reason
      whatsoever, other than as a direct and sole result of the Buyers&#8217; gross negligence or wilful misconduct), and whether or not the Vessel is in the possession of or the control of the Sellers or otherwise.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be
            provided in favour of the Buyers and shall continue in full force and effect notwithstanding any breach of the terms of this Agreement or termination of this Agreement pursuant to the terms hereof.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 26 &#8211; Access to information and inspection</font></p>
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers shall be entitled to request such documents and information that the Buyers may reasonably
            require in relation to the construction of the Vessel or otherwise in connection with the Vessel (including, without limitation, the status of such construction or otherwise in connection with the Shipbuilding Contract and/or the Refund
            Guarantees), and such information and documentation shall be delivered as soon as practically possible to the Buyers by the Sellers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            plans, specifications, and other documents and records relating to its construction) during the course of its construction (but no more than once per calendar year), provided that prior notice shall be given to the Sellers, and the Sellers
            shall use best endeavours to procure that access shall be granted by the Head Sellers for such inspection.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall promptly notify the Buyers of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices and/or claims the Head Sellers has served on it under the Shipbuilding Contract
            (including but not limited to any notice of delay, default or termination under the Shipbuilding Contract);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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            (A)</font></td>
        <td style="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Buyers:</font></td>
        <td style="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: </font></td>
        <td style="width: 60%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21/F, Xingye Building, 20 Chaoyangmen North Street, Chaoyang District, Beijing, China.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Zhu Guanyu; Mao Dongxin; Hu Yongqiang</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>zhuguanyu@email.cib-leasing.com.cn</u>; <br>
            madongxin@<u>email.cib-leasing.com.cn</u>; <br>
            huyongqiang@<u>email.cib-leasing.com.cn</u></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Tel: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+86-15040622437</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Sellers:</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left" colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">c/o CENTRAL MARE INC.<br>
            Attention: Andreas Louka<br>
            Email: louka@loukapartners.com <br>
            Tel: +30 210 8128320</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify">&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No right or remedy conferred upon the Buyers by this Agreement shall be exclusive of any other right
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any payment made by the Sellers to the Buyers under this Agreement shall be paid:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter the Sellers
            shall not assign or transfer (whether by novation or otherwise) their rights and/or obligations under this Agreement except with the Buyers&#8217; prior written consent.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers may not assign or transfer (whether by novation or otherwise) any of their rights under
            this Agreement except with the Sellers&#8217; prior written consent (not to be unreasonably withheld), following which consent the Sellers shall execute such documents and do all such things as reasonably required by the Buyers to facilitate or
            effect such assignment or transfer.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each of the Sellers and Buyers shall bear their own costs arising from any assignment or transfer as
            permitted under this Clause.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 32 &#8211; Miscellaneous</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless otherwise expressly stated to the contrary in this Agreement, any payment which is due to be
            made on a day which is not a Business Day shall be made on the preceding Business Day instead.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in
            any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any
            other jurisdiction will in any way be affected or impaired.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
            any jurisdiction and subjects itself to civil and commercial law with respect to their obligations under this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
            person who is not a party to this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement may be executed in any number of counterparts, and this has the same effect as if the
            signatures on the counterparts were on a single copy of this Agreement, as the case may be.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 33 &#8211; Governing law and jurisdiction</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement, and any non-contractual obligations arising out of or in connection with it, are
            governed by English law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
            existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to arbitration in London in accordance with the Arbitration Act
            1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;)









            Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by
            the two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar
            Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other Party requiring the other Party to appoint its own
            arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days
            specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice
            to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall
            prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after
            the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three (3) arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Definitions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same
      meaning as in the Bareboat Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Bareboat Charter</b>&#8221; means the bareboat charterparty in respect of the
      Vessel dated on or about the date hereof and entered into between the Buyers as owner and <font style="color: windowtext">the Charterers</font> as bareboat charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Builder</b>&#8221; means GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a
      corporation organised and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which
      banks are open for general business in London, New York and Shanghai and any jurisdiction in which any earnings account is opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Cancelling Date</b>&#8221; means <font style="color: windowtext">26 May 2030
      </font>or such later date as may be agreed by the Buyers acting in their discretion.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Charterers</b>&#8221; means Roman Shark VIII Inc., a corporation incorporated
      under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH 96960.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Conditional Payment Instructions</b>&#8221; means the conditional payment
      instructions to the Head Sellers&#8217; Bank in the form of a SWIFT MT199 with a SWIFT MT103 or such other format agreed between the Head Sellers, the Sellers and the Buyers, setting out the conditions upon which all (or as the case may be, the relevant
      portion) of the Delivery Instalment paid to the Head Sellers&#8217; Bank shall be released to the Head Sellers (such conditions to include, without limitation, the presentation to the Head Sellers&#8217; Bank of the SBC PODA duly executed by the Head Sellers and
      the Sellers (and countersigned by the Buyers)).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Instalment</b>&#8221; means each, or as the context may require, any of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Pre-delivery Instalments</b>&#8221; means collectively, the First Instalment,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>SBC PODA&#8221; </b>means the protocol of delivery and acceptance in respect
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Scheduled Delivery Date</b>&#8221; means the date on which the Vessel is
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Vessel</b>&#8221; means the 47,499 DWT chemical/product oil tanker with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">14</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1 Purchase Price Instalments</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

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        <td style="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-indent: 0in; text-transform: uppercase; font: bold 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>Instalment</u></font></td>
        <td style="width: 49%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Amount</u></b></font></td>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the first
            (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) instalment of the Shipbuilding Contract Price payable by the Sellers to the Head Sellers under article II(3)(a) of the Shipbuilding Contract as evidenced by
            Head Sellers&#8217;s invoice, being no more than US$5,763,000 (the &#8220;<b>First Instalment</b>&#8221;).</font></td>
        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the First Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Second Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the second
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            Head Sellers&#8217;s invoice, being no more than US$3,842,000 (the &#8220;<b>Second Instalment</b>&#8221;).</font></td>
        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Second Instalment Payment Date</font></td>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third Instalment</font></td>
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Third Instalment Payment Date</font></td>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fourth Instalment</font></td>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: left; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fifth Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to the difference
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      Form of Payment Notice</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To: <font style="color: windowtext">&#160;&#160;&#160;&#160;&#160;[&#9679;]</font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date: ____________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Memorandum of Agreement dated </b>____________________ <b>(the &#8220;Agreement&#8221;)</b><br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Agreement made between us in relation to the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a Payment Notice as defined in the Agreement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice is irrevocable once issued (unless otherwise agreed by the Buyers).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The Scheduled Delivery Date is [&#9679;].]<font style="color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice relates to the [First/Second/Third/Fourth/Delivery] Instalment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The amount that the Head Sellers is entitled to receive under the Shipbuilding Contract in respect of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We hereby irrevocably request that you pay the [First/Second/Third/Fourth]
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
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      for and on behalf of<br>
      <b>ROMAN SHARK IV INC. </b><br>
      Date:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ROMAN SHARK IV INC.</b>, a corporation incorporated under the laws of the Republic of the
      Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the &#8220;<b>Sellers</b>&#8221;) hereby sell, transfer and deliver and <b>&#27700;&#29942;&#24231;&#26578;&#25342;&#20237;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496; Aquarius 75 Shipping Co.,
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      hereby accept delivery, title and risk of and in one (1) chemical/product oil tanker named m.t. &#8220;<font style="color: windowtext"><b>[&#9679;]</b></font>&#8221; with IMO No. <font style="color: windowtext">[&#9679;]</font>, as agreed between the Buyers and the
      Sellers, at _______ hour ________ time on __________________ and each of the Buyers and the Sellers confirm that the same is delivered in accordance with the Memorandum of Agreement dated ______________________ (as the same may be amended,
      supplemented and varied from time to time) entered into between (1) the Sellers as seller and (2) the Buyers as buyer.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title: attorney-in-fact<br>
      For and on behalf of<br>
      <b>ROMAN SHARK IV INC.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
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      For and on behalf of<br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">57</font><br>
      SINGAPORE/92297799v1</font></p>
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      <font style="color: windowtext">Hull No. </font>251100<font style="color: windowtext">57</font></font></p>
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<DOCUMENT>
<TYPE>EX-4.52
<SEQUENCE>33
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<DESCRIPTION>EXHIBIT 4.52
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          <p style="margin-top: 0; margin-bottom: 0"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160; February 11, 2026 <br>
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        </td>
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  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of delivery (Cl. 3)</font></p>
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        </td>
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        </td>
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        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="3" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Charterhire); such account as the Owners may
                notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #B31330"><u>Corporate




                </u></font> <font style="color: #3C96D2"><strike>Bank</strike></font> guarantee/bond (sum and place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 24</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Mortgage(s), if any (state
              whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
              war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 40 (Insurance) - Clause 14 does not apply</b></font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 40 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Charterers&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 40 (Insurance)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt; width: 50%; border-top: Black 1pt solid">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt; width: 50%; border-top: Black 1pt solid">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Dispute Resolution (state 30(a),
              30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 30 not applicable. See Clause 67 (Governing Law and
                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;War cancellation (indicate
              countries agreed) (Cl. 26(f))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding Vessel (indicate with
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and place of Builders (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td colspan="2" style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              shall accrue to (state party acc. to Cl. 1)</font></p>
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        </td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II<font style="color: #B31330"><u> and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B31330"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B31330"><u>and</u></font><font style="color: #3C96D2"><strike>shall prevail over those of</strike></font> PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">ANDREAS LOUKA <br>
              Attorney-in-Fact&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, the following terms shall have the meanings hereby assigned to them: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Owners&#8221; shall mean the party identified in Box 3; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Charterers&#8221; shall mean the party identified in Box 4; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>annexed to this Charter and stated in Box 28. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Charter Period </b></font></td>
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        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire the Vessel for the period stated in Box 21 <font style="color: #3C96D2"><strike>(&#8220;The Charter Period&#8221;)</strike></font>. <font style="color: #B31330"><u>See also
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(not applicable when Part III applies, as indicated in Box 37) </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Box 13<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>in such ready safe berth as the Charterers may direct.</strike></font></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>12. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>but the
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 35 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217; </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling <font style="color: #B31330"><u>(See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 47.1(t), 47.1 (u) and 47.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 48.2 (Inspection of Vessel)</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>delivery and</strike></font> redelivery <font style="color: #B31330"><u>pursuant to
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 48 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commercial operation of the Vessel). The costs and fees for such inspection and survey shall be paid by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 35.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repair, in efficient operating condition and in accordance with good commercial maintenance practice and, </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>except as provided for in Clause 14(l), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, at
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Classification</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Class</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
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        <td style="padding-left: 0.125in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or by compulsory legislation<font style="color: #B31330"><u>, the Charterers shall ensure that the same are complied with and the time and costs of compliance shall be for
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 23, or if Box 23 is left blank, 5 per cent of the Vessel&#8217;s insurance value as stated in Box 29, then the extent, if </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall be shared between </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">government or division or authority thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">their own colours, install and display their funnel insignia and fly their own house flag <font style="color: #B31330"><u>(with all fees, costs and expenses arising in
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period <font style="color: #B31330"><u>(with all fees, costs and expenses arising in relation thereto for the Charterers&#8217;
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first securing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the termination of this Charter</strike></font>. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">wear and tear excepted. The Charterers shall from time to time during the Charter Period replace<font style="color: #B31330"><u>, renew or substitute </u></font>such
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so replaced, renewed or
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to fit additional equipment at their expense and risk <font style="color: #B31330"><u>(provided that no permanent structural damage is caused to the Vessel by reason of
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>or,




                if Box 19 has </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 37 (Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reported or when the Vessel is posted as missing by Lloyd&#8217;s, whichever occurs first. Any hire paid in advance to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>(See Clause 65.4 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>181</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(only to apply if Box 28 has been appropriately filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>191</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than stated </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 40 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 40 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with Clause 40 (Insurance) </u></font>by the Charterers at their
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and




                freight, demurrage and defence risks </u></font>(and any risks against which it is compulsory to insure for the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and substance acceptable to the Owners
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses,</u></font> <font style="color: #3C96D2"><strike>Financial Instrument, if
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any deviation, shall be for
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the </strike></font>Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party </strike></font><font style="color: #B31330"><u>Owners</u></font> with particulars of any additional insurance effected, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that any additional insurances that
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such documents </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330"><u>(if any)</u></font>.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 42.13 (Termination, Redelivery and Total Loss)</u></font>, if any, should
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330"><u>(or, if applicable, the Owners&#8217; Financiers in accordance with the terms of the relevant loss
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the
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      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 40 (Insurance).</u></font> <font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 42.5 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, range </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>282</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of expected date and port or place of redelivery. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>283</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>284</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>286</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>287</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>289</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>290</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>291</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>292</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>excepted. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>294</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>least the number of months agreed in Box 17. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221;<font style="color: #B31330"><u> or a notice in such analogous form as reasonably required by any Mortgagee (if
                any). </u></font></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity <font style="color: #B31330"><u>(See Clauses 39.3 (Possession of Vessel), 40.16 (Insurance), 40.17 (Insurance), 40.18 (Insurance), 42.4 (Termination,
                  Redelivery and Total Loss), 55 (Indemnities) and 57.4 (Increased Costs)) </u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>304</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>305</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>306</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>307</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>308</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>309</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>310</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>311</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>312</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>313</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>314</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>315</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>316</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B31330"><u>shall</u></font><font style="color: #3C96D2"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
            sub-freights belonging or due to the Charterers or any </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sub-charterers and any Bill of Lading freight for all claims under this Charter<font style="color: #3C96D2"><strike>, and the Charterers to have a lien on </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>320</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel for all moneys paid in advance and not earned</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All salvage and towage performed by the Vessel shall be for the Charterers&#8217; benefit and the cost of repairing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">damage occasioned thereby shall be borne by the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment<font style="color: #3C96D2"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B31330"><u>(See Clause 65 (Assignment and Transfer))</u></font></b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>331</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>332</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consent in writing of the Owners, which shall not be unreasonably withheld, and subject to such terms and </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>333</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conditions as the Owners shall approve. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>334</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>335</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers, which shall not be unreasonably withheld, and subject to the buyer accepting an assignment of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>336</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Charter. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)*</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the </font></td>
      </tr>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>343</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>344</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>345</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>346</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>347</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>348</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><b><strike>Bank</strike></b></font><b> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Corporate</u></font></b><b>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if Box 27 filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B31330"><u>on or about the date of this Charter, </u></font> <font style="color: #3C96D2"><strike>before
                delivery of the Vessel, a first class bank guarantee or bond in the </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Requisition for Hire&#8221; may occur and irrespective of the length thereof and whether or not it be for an indefinite </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter Period, this Charter shall not be deemed thereby or thereupon to be frustrated or otherwise terminated </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>always
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>363</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>364</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel, <font style="color: #3C96D2"><strike>unless the written consent of the Owners be first obtained,</strike></font> <font style="color: #B31330"><u>unless
                trading within the limits and safe places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium</u></font></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>required by the Vessels insurers and prior notice has been given to the Owners about the details of the itinerary and the additional
                insurances of the Vessel, </u></font>shall not continue to or go through any</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>389</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>390</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain within, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>391</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>392</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>393</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the next payment of hire is due. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war <font style="color: #3C96D2"><strike>(whether there be a declaration of war or not)</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>406</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>407</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>France; and the People&#8217;s Republic of China, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>408</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>409</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>410</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>411</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>412</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C96D2"><strike>redelivery</strike></font><font style="color: #B31330"><u>the end of the Charter
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission </b></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>416</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>417</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>418</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>actual expenses of the Brokers and a reasonable fee for their work. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>419</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>420</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>indemnify the Brokers against their loss of commission. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>421</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>422</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B31330"><u>(See Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>424</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>425</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>426</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with immediate effect by written notice to the Charterers if: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>427</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>428</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>429</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>430</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>431</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>432</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>433</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>434</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>terminate the Charter without further notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>435</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) the Charterers fail to comply with the requirements of: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>436</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(1)&#160;&#160;&#160;&#160;&#160;Clause 6 (Trading Restrictions) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>437</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(2)&#160;&#160;&#160;&#160;&#160;Clause 13(a) (Insurance and Repairs) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>438</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>439</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>440</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>441</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>442</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>443</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>444</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>445</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>446</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>447</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>448</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>449</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Loss of Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>450</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>451</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>452</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>453</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>454</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>455</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>456</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>457</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>458</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>459</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>composition with its creditors. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>460</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>461</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the date of termination and to any claim that either party might have. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td><b>29.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> Repossession <font style="color: #B31330"><u>(See also Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events)).</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><b><u>In the event the Vessel is due for redelivery pursuant to Clause 42.5 (Termination, Redelivery and Total Loss) or Owners have made a request for
                redelivery of the Vessel in accordance with the applicable provisions of Clause 42.10 (Termination, Redelivery and Total Loss),</u></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners <font style="color: #B31330"><u>and the Charterers shall procure that the master and crew follow the directions of
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>468</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>469</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution <font style="color: #B31330"><u>(See Clause 67 (Governing Law and Enforcement))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>474</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>475</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>476</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>477</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provisions of this Clause. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>479</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Terms current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>480</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>481</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>482</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>483</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>484</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>485</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>486</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>487</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>488</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>489</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appointment of a sole arbitrator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>490</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>491</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>492</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>493</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>494</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>495</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>496</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>497</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>498</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>499</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>500</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>501</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>502</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>503</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>504</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mutually agreed place, subject to the procedures applicable there. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>506</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or dispute arising out of or in connection with this Contract. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>508</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>following shall apply: </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>509</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>510</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>511</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mediation. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>512</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>513</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>514</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>515</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>516</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>517</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of disagreement, as may be set by the mediator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>518</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>519</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>520</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>521</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>necessary to protect its interest. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>522</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>523</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>524</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>when setting the timetable for steps in the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>525</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vi) Unless otherwise agreed or specified in the mediation terms, each party shall bear its own costs incurred in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>526</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>527</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>528</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>529</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and procedure governing the arbitration. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>530</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>531</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>532</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>apply in all cases. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>533</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">534</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>(See Clause 45 (Notices))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>535</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>536</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>registered or recorded mail or by personal service. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>537</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Specifications and Building Contract </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building Contract&#8221;) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>approved by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>remedies. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>incurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41(a) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>36</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties, </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>50</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>to have effect; or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>51</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>52</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>53</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>54</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>55</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>56</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>57</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>58</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>59</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>60</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>61</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>62</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>63</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>64</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If not otherwise agreed, the Owners authorise the Charterers to arrange for the guarantee works to be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>65</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>66</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>67</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>4.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>68</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>69</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>5.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>72</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the condition of the Vessel at the time of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>paid at the rate of hire per day or pro rata. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea"></div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART IV</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

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        <td style="width: 0.8in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
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      <tr style="vertical-align: top">
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      </tr>
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      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>payment. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART V</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1.</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Definitions</strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charter Registration.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Mortgage </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage and the provisions of Clause 12(b) (Part II) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Termination of Charter by Default </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners shall default in the payment of any amounts due under the mortgage(s) specified in Box 28, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall, if so required by the mortgagee, direct the Owners to re-register the Vessel in the Underlying </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Registry as shown in Box 45. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Charter. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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  </div>
  <p style="margin: 0; text-align: right">CIBFL-2026-029-ZZ</p>
  <p style="margin: 0; text-align: right">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>EXECUTION VERSION</u><br>
      <br>
    </font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED 11 February 2026<br>
      </b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in full force and effect; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">valid, binding and enforceable against the parties hereto,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with effect from the date hereof until the end of the Charter Period (subject to the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 33 &#8211; Cancellation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Sellers as seller to the Owners as buyer under the MOA
            contemporaneously with the delivery by the Head Sellers of the Vessel to the Sellers as buyers pursuant to the Shipbuilding Contract;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Sellers to the Owners as buyers under the MOA by the Cancelling
            Date (or such later date as the parties to the MOA may agree); or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the MOA expires, is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in
            full force and effect for any reason (in whole or in part),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">then this Charter shall immediately terminate and be cancelled
      (without prejudice to Clause 55 (<i>Indemnities</i>) and without the need for either the Owners or the Charterers to take any action whatsoever), provided that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall be obliged to pay the applicable Mandatory Sale Price to the Owners forthwith;
            and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall be entitled to retain all fees and expenses paid by the Sellers and/or the Charterers
            pursuant to the Leasing Documents and if such fees have not been paid, the Charterers shall forthwith pay (or procure the payment of) such fees and expenses to the Owners in accordance with the Leasing Documents,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and such payment shall be irrevocable and unconditional and is
      acknowledged by the Charterers to be proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of, inter alia, the Charterers failing to perform its obligations under this Charter. For
      the avoidance of doubt, the termination of this Charter</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">shall not prejudice the operation of any provision of any Leasing Document which is
      expressed to survive the termination or cancellation of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Pre-delivery
      Interest</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Pre-delivery Instalment:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the payment of each such Pre-delivery Instalment by the Owners (as buyers) pursuant to the
            MOA, interest shall accrue on a daily basis on the amount of that Pre-delivery Instalment for each Term during the Pre-delivery Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on that Pre-delivery Instalment for each relevant Term shall be calculated as follows:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 96%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.5in">

      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td rowspan="2" style="vertical-align: top; width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount of the relevant Pre-delivery Instalment</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 4%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>applicable Interest Rate</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td rowspan="2" style="vertical-align: top; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="vertical-align: bottom; width: 49%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>number of
              days of the relevant Term</i></font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>360</i></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following the Owners&#8217; prepositioning of the Delivery Instalment in accordance with clause 19 of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The aggregate of all interest accrued under Clauses 34.1 and 34.2</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(the &#8220;<b>Pre-delivery Interest</b>&#8221;) <font style="color: black">shall be payable in one lump sum by the Charterers to the Owners:</font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the event that the Vessel is delivered by <font style="color: #1F1F1F">the Sellers </font>to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">in all other cases</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, within three (3) Business Days of the Owners&#8217; demand.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Charter of Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter is part of a transaction involving the sale, purchase and charter of the Vessel and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and
            conditional upon:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Sellers as buyers of the Vessel under the Shipbuilding Contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(on or before the date falling five (5) days after the Commencement Date) the Vessel being delivered
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">2&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred which is continuing from the date
            of this Charter to the last day of the Charter Period (inclusive);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations and warranties contained in Clause 46 (<i>Representations and Warranties</i>)
            being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery occurring on or before the Cancelling Date; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners having received from the Charterers:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the documents or evidence set out in Part A to Part F of Schedule 2 respectively at the relevant time
            specified for each such part under clause 19(c)(iii) of the MOA, in each case, in form and substance satisfactory to the Owners; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the documents listed in Schedule 2 are not in the English language
      then, where required by the Owners, they shall be accompanied by a certified English translation.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The conditions precedent specified in Clause 35.2 are inserted for the sole benefit of the Owners and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On the delivery to and acceptance by the Owners (in their capacity as buyers under the MOA) of the
            Vessel from the Sellers under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and
            deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the
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            howsoever arising including without limitation, any loss of profit or any loss or otherwise:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">3&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
            to commence.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused
            lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any
            such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part H of
            Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 36 &#8211; Quiet enjoyment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provided that no Termination Event has occurred and continuing or
      Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
            a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the
            Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 37 &#8211; Charterhire</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Owners agreeing, at the request of the Charterers, to purchase the Vessel from
            the Sellers (being an Affiliate of the Charterers) under the MOA and subsequently charter the Vessel to the Charterers under this Charter, the mutual covenants contained herein and other good and valuable consideration (the adequacy of such
            consideration which the Charterers hereby acknowledge), the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire and all other amounts payable under this Charter in accordance with the terms of this
            Charter.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
            in arrears in quarterly instalments on the twentieth (20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each calendar month that falls at three-month interval from the Commencement Date (each, a &#8220;<b>Payment



              Date</b>&#8221;), save that:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first instalment of Charterhire shall fall on the twentieth (20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the third calendar month after the Commencement Date (excluding the calendar month in which the Commencement Date falls, the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the final instalment of Charterhire shall fall on the last day of the Charter Period.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Payment Date, the Charterhire instalment shall consist of:</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">4&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to any prepayment made in accordance with Clause 47.1(x)(ii)(A), a capital element of
            Charterhire (the &#8220;<b>Fixed Charterhire</b>&#8221;) which shall be an amount equal to 1/40 of the Total Fixed Charterhire; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by
            applying the applicable Interest Rate to the Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, to the Financing Amount) for each day of the relevant Term ending on the relevant
            Payment Date by reference to the actual number of days elapsed.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3A</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of determining the Interest Rate of any Term:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if no Term SOFR is available for any relevant Term the applicable Reference Rate shall be the
            Interpolated Term SOFR for a period equal in length to for that Term;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If no Term SOFR is available for any relevant Term and it is not possible to calculate the
            Interpolated Term SOFR, the applicable Reference Rate shall be the Historic Term SOFR;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if paragraph (b) above applies but no Historic Term SOFR is available for any relevant Term, the
            applicable Reference Rate shall be the Interpolated Historic Term SOFR for a period equal in length to that Term; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if paragraph (c) above applies but it is not possible to calculate the Interpolated Historic Term
            SOFR, there shall be no Reference Rate for that Term and Clause 38.3 below shall apply to the relevant Instalment or the prevailing Outstanding Capital Balance or any part thereof for that Term.</font></td>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment of Pre-delivery Interest and Charterhire on any due date shall be made in same day available
            funds and received by the Owners by not later than 4.00 pm (Beijing time). Any payment of Pre-delivery Interest and Charterhire which is due to be made on a date which is not also a Business Day shall be made on the preceding Business Day
            instead.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            under this Charter shall be of the essence of this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">5&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any invalidity, unenforceability, lack of due authorization or other defects, or any failure or delay
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any prevention, delay, deviation or disruption in the use of the Vessel resulting from the wide
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">6&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">quarantine regulations affecting the Vessel, its cargo, the crew members or relevant port personnel;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fumigation or cleaning of the Vessel; or</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any claims raised by any Sub-charterer or manager of the Vessel that a force majeure event or
            termination event (or any other analogous event howsoever called) has occurred under the relevant charter agreement or management agreement (as the case may be) of the Vessel as a result of the outbreak of such viruses.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All stamp duty, value added tax (for the avoidance of doubt, including without limitation, goods and
            services tax), withholding or other taxes and import and export duties and all other similar types of charges which may be levied or assessed on or in connection with:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the operation of this Charter in respect of the hire and all other payments to be made pursuant to
            this Charter and the remittance thereof to the Owners; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the import, export, purchase, operation, delivery and re-delivery of the Vessel,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be borne by the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay, if applicable, value added tax and other similar tax levied on any
            Charterhire, the Pre-delivery Interest and other payments payable under this Charter by addition to, and at the time of payment of, such amounts. If any such taxes arise as a result of (i) the Owners being incorporated in the People&#8217;s Republic
            of China and (ii) the introduction or alteration after the date of this Charter of a law in the People&#8217;s Republic of China or an alteration after the date of this Charter in the manner in which a law in the People&#8217;s Republic of China
            interpreted or applied (the &#8220;<b>Tax Changes</b>&#8221;), and after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners
            to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the Mandatory Sale Price to the Owners within thirty (30) days following such notice by
            the Owners, and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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      Interest Rate, Default Interest</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, before the Reporting Time of any Term, the Owners determine (which determination shall be
            conclusive and binding) that their cost of funds relating to any Instalment or the then prevailing Outstanding Capital Balance or any part thereof would be in excess of the Market Disruption Rate, the Owners shall promptly notify the Charterers
            accordingly and Clause 38.3 below shall apply to the relevant Instalment the prevailing Outstanding Capital Balance or any part thereof for that Term.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Immediately following the notification referred to in Clause 38.1 above, if the Owners and Charterers
            so require, the Owners and the Charterers shall negotiate in good faith (for a period not more than thirty (30) days) with a view to agreeing upon a substitute basis for determining the applicable Interest Rate for that Term. Subject to Clause
            38.5, any substitute or alternative basis agreed pursuant to this Clause shall, with the prior written consent of the Parties, be binding on the Parties.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">7&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 38.3 applies pursuant to Clause 37.3A and Clause 38.1; or</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a substitute basis is not so requested and/or agreed pursuant to Clause 38.2 above; or</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amendment or waiver to the terms of the Leasing Documents is not so agreed pursuant to Clause
            38.5,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the applicable Interest Rate shall be the percentage rate per
      annum which is the sum of:</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Margin, and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to
            the Owners at the relevant time (expressed as an annual rate of interest) relating to the relevant Instalment or the then prevailing Outstanding Capital Balance or any part thereof during the relevant Term (as reasonably determined by the
            Owners),</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided that if the rate pursuant to (ii) above is less than
      zero, the relevant rate shall be deemed to be zero. It is hereby agreed that the Charterers shall have the option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners pursuant to this
      Clause 38.3, and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If this Clause 38.4 applies pursuant to Clause 38.1 and the Owners do not notify a Funding Rate to the
            Charterers by the Reporting Time, the Owners&#8217; cost of funds relating to the relevant Instalment or the Outstanding Capital Balance or any part thereof for that Term shall be deemed, for the purposes of Clause 38.3(c)(ii) above, to be the Market
            Disruption Rate.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Published Rate Replacement Event has occurred in relation to any Published Rate for dollars, the
            Owners are entitled to make any amendment or waiver to the terms of the Leasing Documents with the consent of the Charterers (at the Charterers&#8217; cost) which relates to:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under
            this Charter (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for the purposes of this Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for appropriate fallback (and market disruption) provisions for that Replacement Reference
            Rate; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">8&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
            economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant
            Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and pending any such amendment or waiver and the Replacement Reference Rate being
      utilised under the Leasing Documents to calculate the Interest Rate, Clause 38.3 shall apply to the calculation of the Interest Rate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers or the Sellers fail to make any payment due under this Charter or any other Leasing
            Documents on the due date, they shall pay additional interest on such late payment at the default rate which is equal to two per cent. (2%) per annum above the applicable Interest Rate for the relevant Term, if the overdue amount had, during
            the period of non-payment, constituted an Instalment or the Outstanding Capital Balance (as the case may be) in the currency of the overdue payment for successive Terms, each of a duration selected by the Owners. Any interest accruing under
            this Clause 38.6 shall be immediately payable upon demand by the Owners and shall accrue on a daily basis from the date on which such payment became due up to and excluding the date of payment thereof<b><i>, </i></b>and the Charterers and the
            Owners agree that such default rate is proportionate as to amount, having regard to the legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Charterers failing to perform their obligations under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All interest (including default interest) and any other payments under this Charter which are of an
            annual or periodic nature shall accrue from day to day and shall be calculated on the basis of the actual number of days elapsed and a three hundred and sixty (360) days&#8217; year.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 39 &#8211; Possession of
      Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
            the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for
            any claims for damages arising from any breach by the Owners of this Charter and other amounts due to the Charterers under this Charter) except for the Permitted Security Interests.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly notify any party (including, without limitation, the Initial
            Sub-charterer or any other Sub-charterer of the Vessel) (as the Owners may request) in writing that the Vessel is the property of the Owners and the Charterers shall provide the Owners with a copy of such written notification and satisfactory
            evidence to the opinion of the Owners that such party has received such written notification.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Clause 39.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
            of their possession or control (whether or not pursuant to any distress, execution or other legal process), the Charterers shall procure the immediate release of the Vessel (whether by providing bail or procuring the provision of security or
            otherwise do such lawful things as the circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking
            possession or otherwise in re-acquiring the Vessel. </font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">9&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Without prejudice to the generality of the foregoing and Clause 54 (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or
          liabilities arising from the master, officers or agents signing bills of lading or other documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the
            Owners&#8217; direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the
            Owners shall at their own expense take all reasonable steps to procure that the Vessel is released within a reasonable time.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer
            of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any
            Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 40 - Insurance</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, at their own cost and expense, procure that the insurances for the Vessel are
            effected at all times during the Charter Period:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            trapping), on an agreed value basis of at least the higher of (i) if requested by the Owners, the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with first class international insurers and/or underwriters acceptable to the Owners and having a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on terms and in form acceptable to the Owners.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to paragraph (b), name the Owners, the Charterers and the Approved Manager as
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">10&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">only named assureds unless the interest of every other named assured or co-assured is limited:</td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any third party liability claims where cover for such claims is provided by the policy (and then
            only in respect of discharge of any claims made against them); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in accordance with the terms of the loss payable
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the
            Owners&#8217; Financiers as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but
            having the right to pay) premiums, calls or other assessments in respect of such insurance;</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">name the Owners&#8217; Financiers and the Owners as respectively the first ranking loss payee and the second
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the
            Charterers fail to do so; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the
            coverage which adversely affects the interest of the Owners and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with
            respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
            writing the Owners of the terms and conditions of all Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the
            change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 40 (<i>Insurance</i>), notify the Owners
            (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the
            proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory
            Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the approved brokers and/or the war risks and protection and indemnity associations with
            which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions
            of the renewal; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
            such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 40.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover
            notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all insurance companies and/or underwriters, and/or insurance brokers
            (if any) provide the Owners with copies (or upon the Owners&#8217; request, originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to effect or renew and letter or letters of undertaking in
            a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">12&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
            of assignment complying with the provisions of this Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
            Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the
            terms of the Obligatory Insurances of which they are aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
            the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month
            before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of
            renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that
            the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to
            the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
            received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
            respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which
            the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217;
            Financiers (if any) and agreed by such associations or in such association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certified copy of each certificate of financial responsibility for pollution by oil or other
            Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">13&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks
            association are promptly issued and remain in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all necessary action is taken and all requirements are complied with
            which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause 40 (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or
            qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of
            Protection And Indemnity Clubs);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not make or permit any changes relating to the classification or the
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            changes have, if required, first been approved by the underwriters of the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all quarterly or other voyage declarations which may be required by
            the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
            applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
            with the terms and conditions of the Obligatory Insurances, without first obtaining the consent of the insurers and complying with any requirements (as to extra premium or otherwise) which the insurers specify.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not settle, compromise or abandon any claim under any obligatory insurance for
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            Insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">14&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all communications between the Charterers and:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the approved brokers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
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            requisite declarations and payments of additional premiums or calls; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any communication with any party involved in case of a claim under any of the Vessel&#8217;s insurances.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.13</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance





              and Repairs</i>) or Clause 40 (<i>Insurance</i>) dealing with or considering any matters relating to any such insurances; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s
            insurances exceeding the Major Casualty amount.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If one or more of the Obligatory Insurances are not effected and maintained with first class
            international insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative
            reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable
            to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.15</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon demand fully indemnify the Owners (including if requested by the Owners,
            make direct payment to the relevant insurer or broker for the same) in respect of all premiums and other expenses which are incurred by:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">15&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners in connection with or with a view to effecting, maintaining or renewing an innocent owners
            interest insurance and an innocent owners additional perils insurance or any similar protective shipowner insurance that is taken out in respect of the Vessel; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or
            renewing a mortgagee&#8217;s interest insurance, a mortgagee&#8217;s additional perils insurance, all protection and indemnity insurance that is taken out in respect of the Vessel subject to the Owners&#8217; Financiers (if any) having provided to the Owners at
            the relevant time any form of loan facility to refinance the Vessel,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in each case, in an amount no less than the higher of:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 25pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">one hundred and twenty per cent (120%) of the Outstanding Capital Balance from time to time; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 25pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the then-applicable Market Value as evidenced by the relevant valuation report(s), if requested by the
            Owners,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and on such other terms, through such insurers and generally in
      such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.16</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or
            damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only
            reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.17</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
            the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory
            Insurances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition
            precedent requirement under Schedule 2 of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Owners procure the issuance of such detailed report no more than once every calendar year,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.18</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">keep the Vessel insured at their expense against such other risks (other than loss of hire and the
            contingent liability insurance) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading, management, operational and/or safety purposes at the relevant time (as notified by the Owners and having
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">16&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">as the Vessel) and which risks are, at that time, generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel
          (including without limitation, innocent owners interest insurance, innocent owners additional perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability
          insurance, save that the Owners may take out upon an occurrence and during the continuance of a Termination Event); and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the
            Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem
            necessary (having regard to the existing insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      relating to Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
            of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Sellers pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
            no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All conditions, terms or warranties express or implied by the law relating to the specifications,
            quality, description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree and acknowledge that the Owners shall not be liable for any claim, loss, damage,
            expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or any repairs thereto or servicing thereof and the Charterers shall not by reason
            thereof be released from any liability to pay any Charterhire, Pre-delivery Interest or other payment due under this Charter.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Redelivery and Total Loss</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Termination</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 50.2, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to Delivery, the Owners entering into the MOA at the request of the Sellers and the Charterers
            and subsequently terminating such sale and purchase of the Vessel under the MOA, and if the Pre-delivery Assignment has been executed, the re-assignment of the rights of the Sellers under the Shipbuilding Contract and the Refund Guarantee
            thereunder as soon as reasonably practicable; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after Delivery (save in the event of a Total Loss),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and it is hereby agreed by the parties hereto that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">17&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 42.9(b), the obligation to pay the Termination Sum is a continuing
            obligation and shall survive the termination of the leasing of the Vessel under this Charter and shall continue in full force and effect until irrevocably and unconditionally paid in full;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Sellers or the Charterers failing to perform its obligations under the MOA or this Charter respectively; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which
            the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition by the Sellers or the Charterers or an obligation to pay an agreed sum in specified circumstances which do
            not involve a breach of contract by the Sellers or the Charterers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 38.6
            shall apply and the Owners shall be entitled to exercise their rights under Clauses 42.9 and 42.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
            the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 42.9 and 42.10), at the cost of the
            Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred
            or permitted by the Owners and/or Owners&#8217; Financiers (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and
            acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 54.1.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
            Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Redelivery</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this
            Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the
            Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">18&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in compliance with the Obligatory Insurances;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in an equivalent class as she was as at the Commencement Date and without any recommendation or
            condition and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
            intermediate surveys and drydock at the Charterers&#8217; time and expense without any recommendation or condition:</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the satisfaction of the Approved Classification Society; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable
            satisfaction of an Owners&#8217; Surveyor appointed at the cost of the Charterers;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has her survey cycles up-to-date and trading and class certificate valid for at least the number of
            months agreed in Box 17;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at
            the time of Delivery, and any such spare parts and spare equipment on board at the time of re-delivery shall be taken over by the Owners free of charge;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the
            Financial Instruments, if any);</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any charter or other employment (unless the Owners wish to retain the continuance of any
            prevailing charter or as otherwise agreed by the Owners in their absolute discretion);</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to
            the next schedule dry docking of the Vessel;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be redelivered to the Owner together with all material information generated during the Charter Period
            in respect of the use, possession, operation, navigation, utilization of lubricating oil and the physical condition of the Vessel, whether or not such information is contained in the Charterer&#8217;s equipment, computer or property; and</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have such amount of bunkers on board the Vessel as would be sufficient to enable the Vessel to sail to
            the nearest bunker port in compliance with all bunkering fuel content regulations then applicable in such place of redelivery, including without limitation, the global sulphur limit imposed by the International Maritime Organization (IMO).</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that they will not permit (or request any Sub-charterer not to permit) the
            Vessel to commence a voyage (including any preceding ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel within any time period required by Clause 42 (<i>Termination, Redelivery and
              Total Loss</i>). If the time of actual redelivery is after the date on which redelivery is required to take place pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>) (the &#8220;<b>Redelivery Date</b>&#8221;), the Charterers </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">19&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">shall, without prejudice to any other amounts payable under the Leasing Documents (including without limitation pursuant to Clause 42 (<i>Termination, Redelivery and Total
            Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel is redelivered in accordance with Clause 42.5, the rate of hire equivalent to the higher of:</td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the bareboat chartering of vessels of a similar type as the Vessel (as
            determined by an Approved Valuer appointed by the Owners); and</font></td>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</font></td>
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      provisions of this Charter and the other Leasing Documents shall continue to apply during such period.</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners&#8217; Surveyor with all such facilities and access to the Vessel as
            may be required to enable such Owners&#8217; Surveyor to conduct its survey of the Vessel and shall take all such actions as may be reasonably recommended by the Owners&#8217; Surveyor to ensure that the Vessel shall be redelivered in accordance with
            Clause 42.5. The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 42.5 and
            this Clause 42.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers
            any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 42.5 as a result of the Vessel not being
            redelivered in accordance with the terms of this Charter).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Non-payment of Termination Sum</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">20&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this Charter);</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">dispose of their rights under the Shipbuilding Contract and Refund Guarantee in accordance with the
            Pre-delivery Assignment by way of sale, assignment or transfer on terms the Owners otherwise deem fit on an arm&#8217;s length basis and for the avoidance of doubt, clause 7 (<i>enforceability and owner&#8217;s powers</i>) of the Pre-delivery Assignment
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">terminate this Charter upon written notice to the Charterers (provided that any provision hereof
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case where the non-payment occurs on or after Delivery:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on such outstanding amount shall accrue in accordance with Clause 38.6;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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            any other form of short term employment contracts provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses
            (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  </table>
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      Sum in accordance with Clause 66 (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the shortfall and default interest shall continue
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            Period or until the Owners&#8217; Purchase (as referred to in Clause 42.10) is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform
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            deducting any commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase.
            If the Market Value (less such deductions) of the Vessel as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to
            pay the shortfall to the Owners and default interest shall continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination
            Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 66 (<i>General Application of
              Proceeds</i>).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Throughout the Charter Period, the Charterers shall bear the full risk of any Total Loss of or any
            other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterers shall, subject to Clause 42.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the
            Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and
            all other amounts to the Owners under this Charter, notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">22&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent
            received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 66 (<i>General
              Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for
            Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 43 &#8211; Fees and Expenses</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to
            the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or other payments not paid on the due date under this Charter
            and in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party shall be responsible for their own costs and expenses to review and negotiate the term
            sheet relating to this Charter. All third party costs and out-of-pocket expenses (including, but not limited to, negotiation costs, inspections, valuations, reasonable and duly documented legal fees, insurance reports, registration expenses and
            any other reasonable and duly documented expenses) incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document shall
            be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition,
            registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and
            maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the
            account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction
            of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners (including but not limited to
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.5</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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      amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the avoidance of doubt, any
      amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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            (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover
            possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
            conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party
            preclude any other or further exercise thereof.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No right or remedy conferred upon either party by this Charter or any other Leasing Document shall be
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice, certificate, demand or other communication to be served, given made or sent under or in
            relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the
            following respective address or email address:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Owners: </font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">24&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 65%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21/F, Xingye Building, 20 Chaoyangmen North Street, Chaoyang District, Beijing, China.</font></td>
      </tr>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Attention:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext">Zhu Guanyu; Mao Dongxin; Hu Yongqiang</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Email:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif"><u>zhuguanyu@email.cib-leasing.com.cn</u>; </font><br>
          <font style="font-family: Arial, Helvetica, Sans-Serif"><u>madongxin@email.cib-leasing.com.cn</u>; </font><br>
          <font style="font-family: Arial, Helvetica, Sans-Serif"><u>huyongqiang@email.cib-leasing.com.cn</u></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Tel:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">+86-15040622437</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: left; text-indent: 0.5in"></p>
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        <td style="width: 5%; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 15%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 80%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <b>c/o CENTRAL MARE INC.</b></font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Attention: Andreas Louka</td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Email: louka@loukapartners.com</td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">Tel: +30 210 8128320</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 141.75pt; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when
            delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to
            be served on the next following working day in such place.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers represent and warrant to the Owners as of the date hereof, each Instalment Payment
            Date, the Commencement Date, and on each Payment Date, as follows (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund Guarantor is given only to the best
            of the Charterers&#8217; knowledge; and in the case of the Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(following a Charterers Disposal) 100% of the issued and outstanding shares in the Charterers are
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Guarantor is controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">25&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of such Relevant Person; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement or instrument binding upon it or any of its assets or constitute a default or
            termination event (however described) under any such agreement or instrument;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all payments which a Relevant Person is liable to make under any Leasing Document to which such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no legal or administrative action involving a Relevant Person has been commenced or taken (including
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">26&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in relation to the Leasing Documents to which it is a party or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Relevant Person nor any of their assets are entitled to immunity on the grounds of sovereignty or
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons, Approved Manager, Sub-charterer, no member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is a Prohibited Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is owned or controlled by or acting directly or indirectly on behalf of or for the benefit of, a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">owns or controls a Prohibited Person; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has a Prohibited Person serving as a director, officer or, to the best of its knowledge, employee;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(r)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons or any of their respective directors, officers, and employees or, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, the Refund Guarantor or</font> any Sub-charterer is in breach of applicable Sanctions laws, and none of them (i) has been or is currently being investigated
            on compliance with Sanctions, (ii) has received notice or is aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and (iii) has taken any action to evade the application of Sanctions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font> is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and each Relevant Person has instituted and maintained systems, controls,
            policies and procedures designed to:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">27&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or
            Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money
            Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(t)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">that in relation to any Assignable Sub-Charter:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy of that Assignable Sub-Charter provided to the Owners is a true and complete copy of such
            document and there have been no amendments, supplements or variations to the same;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the termination and/or suspension provisions of each Assignable Sub-Charter are in line with
            prevailing market practice at the date of such Assignable Sub-Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Initial Sub-charterer or any other Approved Sub-Charterer has been made aware of the
            transactions contemplated under this Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignable Sub-Charter <font style="color: windowtext">(A) whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where
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            to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the
            avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other
            things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(u)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions
            and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
            boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the
            Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons nor any of their assets, in each case, has any right to immunity from set
            off, legal proceedings, attachment prior to judgment or other attachment or execution of judgement on the grounds of sovereign immunity or otherwise;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(w)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or
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      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">28&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">doubt including the presentation of a petition for commencing such procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event is continuing or might reasonably be expected to result from the entry into and
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage
            caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without
            limitation in accordance with Clause 39 (<i>Possession of Vessel</i>) and the General Assignment);</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Environmental Laws relating to the ownership, operation and management of the Vessel and the
            business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the
            Vessel which is either (i) in excess of US$1,900,000 or (ii) has or is reasonably likely to have a Material Adverse Effect;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(cc)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has
            occurred which has or is reasonably likely to have a Material Adverse Effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">that in relation to the Shipbuilding Contract and the Refund Guarantee:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Owners are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same which have not been provided to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">all amounts due and payable by the Sellers to the Head Sellers under the
            Shipbuilding Contract have been fully and irrevocably paid to the Head Sellers (receipt of which has been duly acknowledged by the Head Sellers) and there are no outstanding amounts which are due, owing or payable by the Sellers to Head Sellers
          </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">beyond any applicable grace period stated thereunder<font style="color: windowtext">;</font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract and the Refund Guarantee remain in full force and effect;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">29&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers and the
            Sellers in respect of the Shipbuilding Contract and/or the Vessel which may adversely affect the interest of the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Refund Guarantor and
            the Sellers in respect of the Refund Guarantee; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Head Sellers and the Refund Guarantor is fully aware of the transactions contemplated
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(viii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">no default by the Sellers described in article XI (<i>Buyers&#8217; Default</i>) of the
            Shipbuilding Contract has occurred entitling the </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Head Sellers <font style="color: windowtext">to cancel, rescind or terminate the Shipbuilding Contract.</font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 47 &#8211; Undertakings</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they shall comply or procure compliance with the following undertakings
            from the date of this Charter and up to the last day of the Charter Period (to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 47 (<i>Undertakings</i>) by (A) any Other
            Charterer which is not directly owned by the Shareholder and/or (B) the Head Sellers or the Refund Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance; and further provided that, in the
            case of the Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance with Article IX thereunder; and in the
            case of the Refund Guarantor, up to but excluding the Commencement Date only):</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
            title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there shall be sent to the Owners:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and eighty (180) days after the end of
            each financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be
            delivered under paragraph (iii) or (v) below;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and eighty (180) days after the end of
            each financial year of each Guarantor, the audited consolidated annual financial statement accounts of such Guarantor for that financial year; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">30&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of each Guarantor for that half-year certified as to their correctness by at least one officer of such Guarantor,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the statements above are not in the English language then they shall
      be accompanied by an English translation and each set of financial statements delivered pursuant to this paragraph (b) shall be prepared using the generally accepted accounting principles in the United States and shall be certified by a duly
      authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and operations as at the date as at which those financial statements were drawn;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and
            minutes relating to any of their extraordinary shareholders&#8217; meeting which are despatched to the Charterers&#8217; or each Guarantor&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
            actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer, other member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any other
            matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person, <font style="color: windowtext">the </font>Head




            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being
            taken to remedy it);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an
            officer on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred, specifying the nature of the Termination Event (and the steps, if any, being taken to remedy it));</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or
            procure the obtainment or renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing
            Document to which it is a party (including without limitation to sell, charter and operate the Vessel);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not, and shall procure that each other Relevant Person will not, create, assume or permit
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall at their own cost and shall procure that each other Relevant Person will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">31&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without limiting the generality of paragraph (i), promptly register, file, record or enroll any
            Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such
            Relevant Person is a party, give any notice or take any other step which, is or has become necessary for any such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest
            which such Relevant Person creates;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter or any Approved Subsequent Sub-charter:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall notify the Owners as soon as possible (but in any event no later than the date falling
            ninety (90) days prior to the natural expiry date of the fixed period (or, if the relevant Sub-charterer of exercises any optional extension in accordance with the terms therein, the extended period) under the Initial Sub-charter or the
            relevant Approved Subsequent Sub-charter (as the case may be)) (for the purposes of this paragraph (i), an &#8220;<b>Expiry Date</b>&#8221;), together with any evidence requested by the Owners, whether the relevant Sub-charterer intends to and will (with
            irrevocable confirmation from the relevant Sub-charterer) extend the charter period of the Initial Sub-charter or the relevant Approved Subsequent Sub-charter (as the case may be) in accordance with the terms thereunder;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no later than the Expiry Date of the Initial Sub-charter or the relevant Approved Subsequent
            Sub-charter (as applicable), they shall provide the Owners with evidence and documents, in form and substance satisfactory to the Owners, that such Sub-charter has been extended in accordance with its terms or a replacement Sub-charter which
            qualify as an Approved Subsequent Sub-charter has been entered into, <i>provided always that</i>, if no replacement Sub-charter has been entered into, or if a replacement Sub-Charter has been entered into but does not qualify as an Approved
            Subsequent Sub-charter:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; request, the Charterers shall make a payment of US$2,000,000 to the Owners on or
            before the expiry date of the Initial Sub-charter or the relevant Approved Subsequent Sub-charter (as applicable); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such amount once paid pursuant to (A) above shall be non-refundable and shall be applied <i>pro rata</i>
            against reduction of the future instalment(s) of Fixed Charterhire (or part thereof) payable hereunder, and such reduction shall be deemed to be an advance payment by the Charterers (but for the avoidance <font style="color: windowtext">of
              doubt, such amount shall not reduce the Purchase Obligation Price);</font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will (where applicable), notify the
            Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
              the Buyer</i>) of the Shipbuilding Contract;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">32&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Refund Guarantor under the terms of the Refund Guarantee;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">any default of the Sellers described in article </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">XI (<i>Buyers&#8217; Default</i>) of the Shipbuilding Contract;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by either any Approved Sub-charterer or the Charterers of the terms of an Assignable
            Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an event of default or termination event howsoever called under the terms of any Assignable
            Sub-charter entitling either the Charterers or any Approved Sub-charterer to terminate an Assignable Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Potential Termination Event or a Termination Event,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and will keep the Owners fully up-to-date with all developments and the Charterers
      shall, if so requested by the Owners, provide any such certificate signed by at least one officer, confirming that there exists no Termination Event;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, on 30 June and 31 December of each
            calendar year and otherwise upon the Owners&#8217; and/or the Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other
            information relating:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel (including, but not limited to the management, inspection, employment, condition, class
            records, location and pooling arrangement of the Vessel) and, to their best knowledge having made due enquiry, to the Initial Sub-charterer;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the terms and conditions of any Sub-charter together with any other information relating to such
            Sub-charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter (which include without limitation, to their best knowledge having made due
            enquiry, any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the Owners&#8217; Financiers (if any)) at any time or which under the terms of the relevant Leasing Document may be sought from the
            person in possession of such information.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 47.1(t), comply, or procure compliance, and shall procure that each other
            Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental
            Laws and the laws of the Vessel&#8217;s registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">33&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">corporate reconstruction or change of ownership (with respect to the Charterers and the Other Charterers only), or change of voting control:</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the Charterers or any Other Charterer, other than any Charterers Disposal made under
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will comply, and will procure that each other Relevant Person, each other member of the Group
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            all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia, implements the recommendations of the Sanctions
            Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that (in the case of any Sub-charterer, use best endeavours to procure that) each other
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct their activities in a manner consistent with US and UN sanctions, as applicable;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have sufficient resources in place to ensure execution of and compliance with their own sanctions
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ensure subsidiaries and affiliates comply with the relevant policies, as applicable;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have controls to assess authenticity of bills of lading, as necessary; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have controls in place consistent with the Sanctions Advisory;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall not be employed in trading with any Prohibited Person or in any manner contrary to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">34&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that the Market Value of the Vessel will be tested at any of the following
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if, in the opinion of the Owners, any volatile market fluctuations occur that may affect the value of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at any time at the request of the Owners (acting reasonably) if the Owners have determined that the
            then Market Value of the Vessel is less than 118% of the prevailing Outstanding Capital Balance; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the occurrence of a Termination Event which is continuing, at any time at the request of the
            Owners,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      expenses of the Approved Valuers arising in connection with conducting any such valuations or reimburse the same to the Owners (as the case may be).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall notify the Owners immediately of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any change to the class status, Port State Control (PSC) and inspection records of the Vessel <font style="color: windowtext">which may adversely affect the interest of the Owners</font>;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
            in connection with the Vessel or any Environmental Incident;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">35&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any significant change to the fleet size of a Guarantor or any corporate restructuring of a Guarantor,
            provided that, if the relevant Guarantor has already published an announcement regarding such event in compliance with the relevant listing rules, such publication shall be deemed to satisfy the notification requirement under this paragraph;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any arrest or detention of the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any exercise or purported exercise of any lien on that Vessel or its Earnings or any requisition of
            that Vessel for hire;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any damage caused to or alteration of the Vessel for any reason whatsoever which results, or may be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any accident, incident, casualty or occurrence as a result of which the Vessel has become or is, by
            the passing of time or otherwise, likely to become, a Major Casualty;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(s)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to the terms of this Charter, the Charterers may freely sub-charter the Vessel (other than on
            a bareboat charter basis, irrespective of duration) save that the Owners&#8217; prior written consent shall be required to any Assignable Sub-charter (such consent not to be unreasonably withheld or delayed) and the Charterers shall assign all their
            rights and interests under such Assignable Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may
            reasonably require regarding the due execution of such Assignable Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(t)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person, <font style="color: windowtext">the </font>Head




            Sellers<font style="color: windowtext">, and the Refund Guarantor </font>will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain a sanctions compliance policy
            to ensure compliance with all such laws and regulations implemented from time to time;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(u)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall use their best endeavours to procure that each other Relevant Person and their
            respective officers, directors and employees, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, and the Refund Guarantor</font>, will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
            and/or Business Ethics Laws;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners
            and provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether they are in compliance with all applicable laws and regulations relating to Sanctions, and in particular, the
            Charterers shall notify the Owners in writing immediately upon being aware that any of the Charterers&#8217; shareholders, directors, officers or employees is a Prohibited Person or has otherwise become a target of Sanctions;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at any time, the shares of a Guarantor cease to trade on The New York Stock Exchange or the NASDAQ or
            Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to the Owners and
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the cancellation, termination or expiration of the Initial Sub-charter (save that where an
            Approved Subsequent Sub-charter that is materially on the same terms as the Initial Sub-charter has been entered into, then upon the cancellation, termination or expiration of such Approved Subsequent Sub-charter) if, pursuant to Clause
            47.1(q), it is determined that the then Market Value of the Vessel falls below an amount equal to 118% of the prevailing Outstanding Capital Balance (the &#8220;<b>LTV Breach</b>&#8221; and the said difference between the then Market Value of the Vessel
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      date falling thirty (30) days from the date on which the Owners receive the valuation report(s) pursuant to Clause 47.1(q), at the Owners&#8217; discretion, either:</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">make payment in an amount such as to eliminate the shortfall which payment shall be deemed to be an
            advance payment of hire and credited against future instalment(s) of Fixed Charterhire (or part thereof) such that the amount of Fixed Charterhire for each Payment Date falling after that prepayment will be reduced pro rata by the amount paid
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide, or ensure that a third party has provided, additional Security Interests which, has a Market
            Value (in the case of a Security Interests over a vessel) or otherwise in the opinion of the Owners (in the case of Security Interests over any other asset) has a net realisable value at least equal to the shortfall and is acceptable to the
            Owners, and which is documented in such terms as the Owners may require. For the avoidance of doubt, any cash collateral provided to the Owners pursuant to this sub-paragraph shall be retained by the Owners free of any interest.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">37&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(y)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">save with the prior written consent of the Owners (such consent not to be unreasonably withheld or
            delayed), they shall not, and shall procure that no other Relevant Person shall, agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of varying, amending, supplementing or waiving
            any term of the Initial Sub-charter, any other Assignable Sub-Charter or the Management Agreements;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall ensure that:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Earnings and any other amounts received by them in connection with the Vessel are paid into the
            Operating Account;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">purchase, cancel or redeem any of its issued shares;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, upon the request of the Owners and at the cost of the Charterers, on or before 31st July
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">38&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> of the information published regarding the Owners&#8217; and/or Owners&#8217; Financiers&#8217; portfolio climate alignment;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon the Owners&#8217; request, provide and submit such signed mandate letter in the form required
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">39&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            setting out how the parties will co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall (and they shall procure that each of the Approved Manager and the Sub- charterer shall):</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme
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            Scheme) required to be provided to such Emission Scheme Authority relating to such Emission Scheme,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not, save with the prior written consent of the Owners, agree or enter into, and shall
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">40&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall promptly notify the Owners as soon as they become aware of the occurrence of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default which is continuing and not remedied by either the Sellers or the Head Sellers of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any event constituting a Buyer&#8217;s Default as defined under Article <font style="color: windowtext">XI
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of &#8220;Attained Annual Operational CII&#8221; (as per Regulations 26 and 28 of Annex VI of MARPOL)
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with the Russian Oil Price Cap Measures.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            prior to the Vessel first commencing lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) or the effective date of a contract between the Charterers and an applicable Counterparty (whichever is earlier)
            and, throughout the duration of each contract, prior to any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">41&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition to the generality of the undertaking at paragraph (a) above, the Charterers shall
            promptly, and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) provide to the Owners such of the following as the Owners shall
            specify:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price information demonstrating that the Russian Oil Products were purchased at or below the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an attestation signed by an authorised signatory in the form set forth in Schedule 4 confirming that
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to the generality of paragraph (a) above, the Charterers undertake to the Owners
            that they will ensure, exercising best commercial endeavours, that any sub-charter or other contract of carriage in respect of the Vessel will include for the benefit of the Charterers provisions requiring the sub-charterer or person to whom
            the Charterers have sub-let the Vessel or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers
            to comply with this Clause 47.2 (<i>Russian oil price cap</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they will:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the
            purposes of the Owners satisfying any record keeping obligations applicable to them or an Affiliate under the Russian Oil Price Cap Measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon request and within 30 days of any request provide the Owners with such other information
            in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to
            the Russian Oil Price Cap Measures; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">comply with such further or additional requirements as the Owners may from time to time require in
            writing, acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market
            practice in respect of the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">42&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree that the Owners may forward all attestations and other documents which the
            Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents
            in accordance with the Russian Oil Price Cap Measures.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 48 &#8211; Inspection of
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to Clause 48.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical




              Dry-Docking</i>); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any other reason they consider necessary,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
            48.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel),
            save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or
            instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the
            right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of
            inspection and survey.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.4</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the
            Charterers&#8217; account and form part of the Charter Period.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">43&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners and the Charterers hereby agree that any of the following events shall constitute a
            Termination Event:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Relevant Person fails to make any payment on the due date or on demand in accordance with the
            terms of any Leasing Document to which it is a party, unless such non-payment is caused by administrative or technical error and the relevant payment is made within three (3) Business Days (in the case of payment of Charterhire) or five (5)
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers breach or omit to observe or perform any of their undertakings in Clause 47.1 (a), (f),
            (g), (j)(vi)47.1(j)(vi), (l), (o), (p), (t), (u), (v), (x) or (z)(iii) or a Guarantor breaches or omits to observe or perform any of its undertakings or the financial covenants contained under clause 11.14 (<i>Financial covenants</i>) of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers fail to obtain and/or maintain the Insurances required under Clause 40 (<i>Insurance</i>)
            in accordance with the provisions thereof (or any insurer in respect of such Insurances cancels the Insurances or disclaims liability with respect thereto);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Relevant Person commits any other breach of, or omits to observe or perform, any of their other
            obligations or undertakings in this Charter or any Leasing Document (other than a breach referred to in paragraphs (a), (b) and (c) above) unless such breach or omission is in the opinion of the Owners, remediable and the Relevant Person
            remedies (or cause to remedy) such breach or omission to the satisfaction of the Owners within fifteen (15) Business Days of the occurrence of such breach or omission;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any representation or warranty made by any Relevant Person in or pursuant to any Leasing Document to
            which it is a party proves to be untrue or misleading when it is made;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the following occurs in relation to any Financial Indebtedness of any of the Charterers or a
            Guarantor:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any
            applicable grace period has expired;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Financial Indebtedness of such entity becomes due and payable, or capable of being declared due
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a lease, hire purchase agreement or charter creating any Financial Indebtedness of such entity is
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">cover is required or becomes capable of being required, as a result of any termination event or event of default (howsoever defined);</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such entity makes any formal declaration of bankruptcy or any formal statement to the effect that they
            are insolvent or likely to become insolvent, or a winding up or administration order is made in relation to such entity, or the members or directors of such entity pass a resolution to the effect that they should be wound up, placed in
            administration or cease to carry on business;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a petition is presented in any Relevant Jurisdiction for the winding up or administration, or the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such entity petitions a court, or presents any proposal for, any form of judicial or non-judicial
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any meeting of the members or board of directors of such entity is summoned for the purpose of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(viii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in any jurisdiction, any event occurs or any procedure is commenced which, in the opinion of the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ix)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any expropriation, attachment, sequestration, distress or execution or any analogous process in any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">45&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers or a Guarantor suspends or ceases or threatens to suspend or cease carrying on its
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any consent, approval, authorisation, license or permit necessary to enable the Charterers to operate
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the shares of a Guarantor cease to trade on The New York Stock Exchange or the NASDAQ or Over the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">during the period from and including the date of this Charter </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the events specified in Clause 50.1(g) occurs in relation to the Refund Guarantor;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">47&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any corporate action, legal proceeding or other procedure or step described in Clause 50.1(g) has been
            taken or exists or, to their knowledge, threatened in relation to the Refund Guarantor;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a party to the Refund Guarantee rescinds or repudiates the Refund Guarantee; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee is terminated or cancelled or ceases to remain valid, legal, binding, in full
            force and effect for any reason whatsoever or is transferred, assigned, novated or otherwise disposed of by the Sellers to any person (other than pursuant to any Leasing Document); or</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(w)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Initial Sub-charter or the Approved Subsequent Sub-charter is cancelled, repudiated, rescinded
            or terminated, or otherwise ceases to remain in full force and effect for any reason before its natural expiration under its terms, unless the Charterers enter into a replacement Sub-charter acceptable to the Owners within sixty (60) days of
            such cancellation, repudiation, rescission, termination or cessation. For the purposes of this paragraph (w) only, the Voluntary Early Termination Price will apply.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding and without prejudice to Clause 33 (<i>Cancellation</i>), upon the occurrence of any
            Termination Event which is continuing, the Owners may issue a written notice to the Charterers terminating this leasing of the Vessel under this Charter and demanding payment of the Termination Sum (or in the case of Clause 50.1(w) above only,
            the Voluntary Early Termination Price) (the &#8220;<b>Termination Notice</b>&#8221;), whereupon the Charterers shall be obliged to pay the Termination Sum (or in the case of Clause 50.1(w) above only, the Voluntary Early Termination Price) to the Owners on
            the date specified by the Owners in their sole discretion in the Termination Notice (the &#8220;<b>Termination Date</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, notwithstanding any action taken by the Owners following a Termination
            Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is
            redelivered to the Owners in accordance with Clause 42.5, or the title is transferred to the Charterers in accordance with Clause 42.3, the Vessel is sold in accordance with 42.9 or the Owners exercise the option set out in Clause 42.10.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without limiting the generality of the foregoing or any other rights of the Owners (but without
            prejudicing the rights of the Charterers pursuant to Clause 42.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i)
            settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained
            pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the
            appointment of any originally appointed manager may be terminated immediately without any recourse to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Termination Event which is continuing shall either be a breach of condition by the Charterers
            where it involves a breach of this Charter or any of the other Leasing Document by the Charterers or shall otherwise be an agreed terminating event, the occurrence of which</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">48&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> gives rise to a right of the Owners to terminate the leasing of the Vessel under this Charter and to exercise its rights under this clause, provided that, in case of a breach
          of contract claim, the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 51 &#8211; Mandatory Sale</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their
            obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the applicable Mandatory Sale
            Price to the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period
            permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it is or has become:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an
            existing law or a change in the manner in which an existing law is or will be interpreted or applied; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contrary to, or inconsistent with, any regulation,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any Relevant Person to maintain or give effect to any of its
      obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any Leasing Document to which it is a
      party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the
      Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If there is a breach of 47.1(j)(vi), 47.1(t), 47.1(u) or 47.1(v) in any such case on the basis that
            reference to &#8220;the People&#8217;s Republic of China&#8221; applies to the definition of &#8220;Prohibited Person&#8221; or paragraph (e) of the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to
            pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the
            relevant official institution, agency or the government of the People&#8217;s Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the applicable Mandatory Sale Price becomes payable in accordance with Clause 37.11 or Clause 38.3
            or Clause 51.1 or Clause 51.2 or Clause 51.3 or Clause 56.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 54 (<i>Sale of the
              Vessel</i>). The day on which the applicable Mandatory Sale Price is paid pursuant to Clause 37.11 or Clause 38.3 or Clause 51.1, Clause 51.2 or Clause 51.3 or Clause 56.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">49&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">CLAUSE 51A &#8211; USTR Termination event</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51A.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, from the date falling thirty (30) days prior to the Scheduled Delivery Date (inclusive) and until
            the date falling twelve (12) months from the Commencement Date (exclusive), in relation to any port call or intended port call of the Vessel in the US (a &#8220;<b>US Port Call</b>&#8221;):</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional
            port fees, dues, imposts, levies or any other additional fees or expenses (the &#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall
            be borne by the Charterers); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer
              (as the case may be) exclusively due to the beneficial or legal ownership of the Owners; </font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s
            Targeting of the Maritime, Logistics and Shipbuilding Sectors for Dominance, or any governmental policy or directive targeting Chinese maritime or financial interests; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">would have direct and adverse effect to the business or operations of the
            Charterers (for the purposes of this sub-paragraph (iii), a direct and adverse effect shall be deemed to exist if:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 72.55pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its
            intention to terminate the Initial Sub-charter as a result of the Additional Port Call Fees; or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72.55pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(y)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved
            Sub-charterer has informed the Charterers of its intention to terminate such other Assignable Sub-charter pursuant to certain provisions</font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereunder which are
            equivalent or similar to this Clause 51A (<i>USTR Termination Event</i>); or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72.55pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any
            other fees or expenses that would need to be paid for the specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall notify the Owners accordingly and provide the
      Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US governmental directive, ports demand,
      expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all reasonable steps to mitigate any such
      circumstances or events <b><i>provided that:</i></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(A)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any
            Relevant Person under any Leasing Documents;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">50&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
            on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed
            documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures
            have been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be
            applicable;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of
            the USTR Remedy Period:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall have the option to (but always at the cost of the Charterers), following the
            Commencement Date, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special
            Termination Amount,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to
            sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may be);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 72pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; receipt in full of the applicable Special Termination
      Amount, the Owners shall immediately transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set out at Clause 54 (<i>Sale of the Vessel</i>) to the Charterers or their nominees.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 52 &#8211; Voluntary Early
      Termination</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>52.1</i></b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), on or after the date
            falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other
            terms of this Clause 52 (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">51&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary
              Early Termination Notice</b>&#8221;) to purchase the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by
            the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of the occurrence of a Termination Event which is continuing on or prior to (i) the
            date of the Voluntary Early Termination Notice and (ii) the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall
            be conducted in accordance with Clause 54 (<i>Sale of the Vessel</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 53 &#8211;Purchase
      Obligation</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided all moneys owing and payable under
      this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all belonging to her, and the Owners and
      the Charterers shall perform their obligations referred to in Clause 54 (<i>Sale of the Vessel</i>) and the Charterers shall pay the Purchase Obligation Price in full on the last day of the Charter Period in relation thereto (unless the Parties agree
      otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion), together with all other amounts owed but unpaid by the Charterers to the Owners under the Leasing Documents.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 54 &#8211; Sale of the
      Vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers&#8217;
            payment of the Termination Sum under Clause 42 (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 52 (<i>Voluntary Early Termination</i>) or the Charterers&#8217;
            payment of the Special Termination Amount under 51A (<i>USTR Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 53 (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 51 (<i>Mandatory




              Sale</i>) shall be on an &#8220;as is where is&#8221; and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no condition, warranty or representation of any kind is or has been given by or on behalf of the
            Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217;
            behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness
            for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby
            irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">52&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby also waive any rights which they may have in tort in respect of any of the
            matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions.
            No third party making any representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing
            contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third
            party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall procure the discharge and release of any registered mortgages created by the Owners
            and/or Owners&#8217; Financiers in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the
            Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
            Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price
            or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the
            terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the
            Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees
            (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 55 &#8211; Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims,
            expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the
            Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership
            and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217;
            rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of
            the leasing of this Charter and whether or not </font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">53&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and
          losses which arise, or are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money Laundering Laws, Anti-Terrorism
          Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
            Master, officers or agents signing Bills of Lading or other documents.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the
            Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every
            kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses.
            The Parties hereby further agree and acknowledge that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The
              Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The
              Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>)
            and form part of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Charterers have at any time (whether in respect of this Charter or any other
            transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall
            not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability
            arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim any contribution from any third party providing security for, or any other guarantor of any
            Other Charterer&#8217;s or such Relevant Person&#8217;s obligations under the Leasing Documents;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to take any benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights
            of any Other Charterer or such Relevant Person under the Leasing Documents or of any other guarantee or security taken pursuant to, or in connection with, the Leasing Documents by any of the aforesaid parties;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
            to make any payment, or perform any obligation, in respect of any Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to exercise any right of set-off against any Other Charterer or such Relevant Person; and/or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">54&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
            hold that benefit, payment or distribution to the extent necessary to enable all amounts which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under or in connection with the Leasing
            Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim,
            expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (<i>Cancellation</i>))





            and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and
            effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure each
            Guarantor will furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm such Guarantor&#8217;s agreement to assume and to be
            bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligations of the Charterers under this Clause 55 (<i>Indemnities</i>) and in respect of any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the release of any other Relevant Person or any other person under the terms of any composition or
            arrangement with any creditor of a Relevant Person or any of its affiliates;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect
            or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality
            or other requirement in respect of any instrument or any failure to realise the full value of any security;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any incapacity or lack of power, authority or legal personality of or dissolution or change in the
            members or status of a Relevant Person or any other person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">55&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not
            more onerous) or replacement of any Leasing Document or any other document or security;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any unenforceability, illegality or invalidity of any obligation of any person under any Security
            Document or any other document or security; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any insolvency or similar proceedings.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 56 &#8211; No Set-off or Tax
      deduction</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All Charterhire and any other payment made from the Charterers to enable the Owners to pay all amounts
            under a Leasing Document shall be paid punctually and:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">made free and clear of all present and future taxes, levies, duties or deductions of any nature
            whatsoever, whether levied now or in the future, unless required by law; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">net of any bank charges or bank fees.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to Clause 56.1 (<i>No Set-off or Tax Deduction</i>), if the Owners are required by
            law to make a tax deduction from any payment:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall notify the Charterers as soon as they become aware of the requirement; and</font></td>
      </tr>

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall (within three (3) Business Days of demand by Owners) pay to the Owners an amount
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.4</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners
            are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
            deemed to be received or receivable) by the Owners; or</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 57.2
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provision to this Charter, if any deduction or withholding or other tax is
            or will be required to be made by the Charterers or the Owners in respect of a payment to the Owners as a result of the Tax Changes, the Owners and the Charterers shall use reasonable endeavours to mitigate the effect of the Tax Changes and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the
          Charterers. Provided that if after the Owners and the Charterers having exercised reasonable endeavours to mitigate the effect of the Tax Changes (at the cost of the Charterers) following notification from the Owners to the Charterers regarding
          the occurrence of the Tax Changes such Tax Changes continue to have the same effect, the Charterers shall have the option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and
          this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers compensate the Owners by an increased payment pursuant to Clause 57.2 or 57.3 and
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            such increased payment).</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Clause 57 (<i>Increased Costs</i>) applies if the Owners notify the Charterers that they (or
            their financiers) consider that as a result of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the introduction or alteration after the date of this Charter of a law or an alteration after the date
            of this Charter in the manner in which a law is interpreted or applied (excluding any effect which relates to the application to payments under this Charter of a tax on the Owners&#8217; overall net income); or</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">complying with any regulation (including any which relates to capital adequacy or liquidity controls
            or which affects the manner in which the Owners allocates capital resources to their obligations under this Charter) which is introduced, or altered, or the interpretation or application of which is altered, after the date of this Charter,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners or a parent company of them (if any) has incurred or will incur an &#8220;<b>increased



        cost</b>&#8221;.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Clause 57 (<i>Increased Costs</i>), &#8220;<b>increased cost</b>&#8221; means, in relation to the Owners:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost incurred as a result of, or in connection with, the Owners or the
            Owners&#8217; parent company or the Owners&#8217; Financiers (if any) having entered into, or being a party to, this Charter, of funding or financing the acquisition of the Vessel pursuant to the MOA or performing their obligations under this Charter;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a reduction in the amount of any payment to the Owners under this Charter or in the effective return
            which such a payment represents to the Owners (if any) on their capital; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an additional or increased cost of funds relating to the acquisition of the Vessel pursuant to the
            MOA,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and for the purposes of this Clause 57.2 the Owners may in good faith allocate or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">57&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the terms of Clause 57.1, the Charterers shall pay to the Owners, upon receipt of the
            Owners&#8217; demand and any evidence thereto (where available to the Owners), the amounts which the Owners from time to time notify the Charterers to be necessary to compensate the Owners for the increased cost.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or
            under any order or judgment relating thereto has to be converted from the currency in which this Charter or such Leasing Document provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment
              Currency</b>&#8221;) for the purpose of:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">making or lodging any claim or proof against the Charterers, whether in their liquidation, any
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining an order or judgment from any court or other tribunal; or</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enforcing any such order or judgment;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Parties agree to keep the terms and conditions of this Charter and any other Leasing Documents
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">sections 1471 to 1474 of the Code or any associated regulations;</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 1.3pt 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms
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            calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in question provides sufficient
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.3</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the representation made by the Charterers under Clause 46.1(p) (<i>Representations and Warranties</i>)
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">61&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">required in connection with that FATCA Deduction within the time allowed and in the minimum amount required by FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the
            payment due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there
            is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers
            shall deliver to the Owners evidence satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owners are required to make a deduction or withholding from a payment under any Financial
            Instruments in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to
            an amount which, after such deduction or withholding and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such
            Financial Instruments.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction by Owners</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may make any FATCA Deduction they are required by FATCA to make, and any
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Mitigation</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provision to this Charter, if a FATCA Deduction is or will
      be required to be made by any party under Clause 64.3 (<i>FATCA</i>) in respect of a payment to the Owners as a result of the Owners not being a FATCA Exempt Party, the Owners shall have the right to transfer their interest in the Vessel (and this
      Charter) to any person nominated by the Owners and all costs in relation to such transfer shall be for the account of the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 65 &#8211; Assignment and
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not assign this Charter except with the Owners&#8217; prior consent in writing.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may assign any of their rights or transfer by novation any of their rights and obligations
            under the Leasing Documents and/or sell and transfer title to of the Vessel to any third party with the prior written consent of the Charterers (such consent not to be unreasonably withheld) provided that such consent shall not be required if
            such assignment, transfer and/or sale is made:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at such time following the occurrence of a Termination Event which is continuing; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">62&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or
            sale, this Charter will continue (or will be novated to the applicable new owner) on identical terms (save for logical, consequential or mutually agreed amendments).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel
            (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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            obligations pursuant to such Leasing Document; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to Clause 36 (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding
            arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may do any of the following as security for the funding arrangements referred to in
            paragraph (a) above, in each case, without the prior consent of the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
            its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with this Charter or any other Leasing
            Documents in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the
            Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter into any other document or arrangement which is necessary to give effect to such financing
            arrangements, including but not limited to cancellation of any financing charter registration;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers undertake to comply, and provide such information and documents and all necessary
            assistance required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be
            directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and</font></td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif"></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">63&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"> acknowledge all relevant terms, conditions and provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in any form that may be required by
          the Mortgagee (or its agent, trustee or nominee);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the
            Owners (by sale of shares in the Owners or other transactions having the same effect) may be effected without the Charterers&#8217; consent, provided always that:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the event of change in the registered or beneficial ownership of the Vessel, notwithstanding such
            change, this Charter would continue on identical terms (save for logical, consequential or mutually agreed amendments); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that any prior written consent from the Approved Sub-Charterer is expressly required
            under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-Charterer
            has granted such prior written consent.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, and shall procure each Guarantor shall
      (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of the Vessel or the Owners
      from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this Charter) pursuant to this
      Clause; and</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All expenses arising out of assignment or transfer of this Charter as per Clause 65 (<i>Assignment and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 66 &#8211; General
      Application of Proceeds</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Net Trading Proceeds, Net Sales Proceeds, Total Loss Proceeds,
      any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner (as trustee of the Owners and the
      Other Owners) shall be applied in the following order of application against amounts payable under the Leasing Documents:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
            Sum (including but not limited to any costs and expenses incurred in the enforcement of the Security Documents, to the extent these are not covered under the Termination Sum);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thirdly, any amounts remaining after the application of 65.1 (a) and 65.1 (b) above, shall be paid to
            the Charterers, but always subject to the terms of the General Assignment.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">64&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 67 &#8211; Governing Law and
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter and any non-contractual obligations arising under or in connection with it, shall be
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Charter (including a dispute regarding the
            existence, validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with
            the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 67 (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall
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            who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
            arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has
            done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
            within fourteen (14) days of such request.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            accordance with the procedure for full arbitration stated above.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter, in conjunction with the other Leasing Documents, constitutes the entire agreement
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party acknowledges that it has not entered into this Charter or any other Leasing Document in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">65&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 69 &#8211; Definitions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-transform: uppercase; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
            meanings ascribed to them below:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Acceptance Certificate</b>&#8221; means a certificate substantially
      in the form set out in Schedule 1 (<i>Acceptance Certificate</i>) to be signed by the Charterers at Delivery.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Bank</b>&#8221; means Citic Group Alpha Bank, Berenberg
      Bank, ABN Amro Bank N.V., Citi Bank, HSBC or another reputable bank acceptable to the Owners, in and/or through which all revenues and operating expenses of the Charterers shall be credited and/or transferred.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Account Security</b>&#8221; means the document creating security
      over the Operating Account made or to be made between the Charterers and the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Affiliate</b>&#8221; means in relation to any person, a Subsidiary
      of that person or a Holding Company of that person or any other Subsidiary of that Holding Company.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Annex VI</b>&#8221; means Annex VI of the Protocol of 1997 to amend
      the International Convention for the Prevention of Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Anti-Money Laundering Laws</b>&#8221; means all applicable financial
      record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all jurisdictions including and
      without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt) and which in each case are (a)
      issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which any Relevant Person or Owner is
      subjected or subject to.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Anti-Terrorism Financing Laws</b>&#8221; means all applicable
      anti-terrorism laws, rules, regulations or guidelines of any jurisdiction, including and not limited to the United States of America or the People&#8217;s Republic of China which are: (a) issued, administered or enforced by any governmental agency, having
      jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or the Owners conduct business; or (c) to which any Relevant Person or the Owners are subjected or subject to.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;Approved Additional Guarantor&#8221; </b>means Rubico Inc., a
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Approved Classification Society</b>&#8221; means Bureau Veritas, DNV
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">66&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#8220;Approved Shareholder&#8221; </b>means the Approved Main Guarantor
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 31.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">written confirmation from the Owners that certain internal notification requirements relating to such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on implementation of such Charterers Disposal, the new Shareholder will hold the entire shareholding
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the new Shareholder has (or the Owners are satisfied that the new Shareholder will, by the completion
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person has (or the Owners are satisfied that each such Relevant Person will, by the
            completion of the Charterers Disposal, have) provided in favour of the Owners documents and confirmations in form and substance acceptable to the Owners giving effect to the Charterers Disposal Amendments and confirming that any Security
            Interest created by that Relevant Person pursuant to the Leasing Documents to which it is a party shall remain in full force and effect notwithstanding the Charterers Disposal and the operation of Clause 47.1 (ee)(iv) (including the Charterers
            Disposal Amendments) and enforceable in accordance with their terms;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such evidence relating to the Charterers Disposal as the Owners (or the Owners&#8217; Financier) may require
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such other documents as the Owner may reasonably require.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">69&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all freight, hire and passage moneys;</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any compensation payable in the event of requisition of the Vessel for hire;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      BBC Additional Clauses<br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU ETS</b>&#8221; means the European Union Emissions Trading System
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif"> 2003/87/EC and Commission Implementing Regulation (EU) 2023/2599 of 22 November 2023 laying down rules
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>EU MRV</b>&#8221; means the European Regulation 2023/957 of the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">72&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding vessels not delivered to the relevant
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      and any sub-charter guarantee or security or any contracts for employment in respect of the Vessel, in favour of the Owners and in the agreed form agreed on or prior to signing of this Charter.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Head Sellers</b>&#8221; has the meaning ascribed to such term in the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Initial Sub-charterer</b>&#8221; means <font style="color: windowtext">the sub-charterer</font> under the Initial Sub-charter.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Instalment</b>&#8221; has the meaning given to such term in the MOA.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Instalment Balance</b>&#8221; means the aggregate of:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Pre-delivery Instalments Balance; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery Instalment if the same has been pre-positioned or paid by the Owners pursuant to the MOA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">all rights and other assets relating to, or derived from, any of the foregoing,
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>ISSC</b>&#8221; means a valid international ship security
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the principle that equitable remedies may be granted or refused at the discretion of a court and the
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">similar principles, rights and defences under the laws of any Relevant Jurisdiction; and</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any other matters which are set out as qualifications or reservations as to matters of law of general
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Leasing Documents</b>&#8221; means this Charter, the MOA and the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">76&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Letter of Demand</b>&#8221; has the meaning given to it under clause 3.18 in the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Major Casualty</b>&#8221; means any casualty to the Vessel in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Agreement</b>&#8221; means:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the technical and commercial management agreement made or to be made between the Approved Manager and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) one per cent. (1.00%) of the Instalment Balance prevailing as at the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Mandatory Sale Date fall on or after the Commencement Date,</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">77&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued but unpaid as at the date of payment of the Mandatory Sale Price;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) if the Mandatory Sale Date occurs on or before the date falling thirty six
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (i) to (v) above, any other moneys due and owing
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Margin</b>&#8221; means <font style="color: windowtext">one point
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Disruption Rate</b>&#8221; means the Reference Rate.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Market Value</b>&#8221; means:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a valuation prepared:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than thirty (30) days prior to the relevant date of valuation;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">78&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Net Trading Proceeds</b>&#8221; has the meaning given to it under
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Obligatory Insurances</b>&#8221; means any insurances of the Vessel
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Operating Account</b>&#8221; means an account in the name of the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to the Charterers, the annual financial statement accounts of the Charterers for that
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">79&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to the Guarantor, its audited financial statements for the financial year ended 31
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">formally designated, nominated or recommended as the replacement for a Published Rate by:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the opinion of the Owners, generally accepted in the international or any relevant domestic
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Term which would otherwise extend beyond the earliest of (A) the Commencement Date, (B) the date
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">88&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in">&#160;</td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">(as buyers under the MOA) according to the terms of the MOA shall instead end on (and excluding) such date;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Pre-delivery Interest accruing on the Delivery Instalment, the period shall
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the event that the Vessel is delivered to the Owners (as buyers under the MOA) on the Scheduled
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in all other cases, the date that the Delivery Instalment is returned by the Head Sellers&#8217; Bank to the
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Charterhire, each consecutive period of three (3) months following the Commencement
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first Term shall commence on the Commencement Date and ending on the First Payment Date;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each subsequent Term shall commence on the last day of the preceding Term and ending on the next
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Term which would otherwise overrun a Payment Date shall instalment end on that Payment Date; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 1in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to any amount which a Relevant Person fails to pay on its due date pursuant to a Leasing
            Document, each period determined in accordance with Clause 37.11.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">89&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire due and payable, but unpaid up to (and including) the date of payment of the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Fee;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing,
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">to cause the Vessel to conform with the provisions relating to redelivery as required under Clause 42.5) (but excluding any loan prepayment fees or losses resulting from
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Outstanding Capital Balance prevailing as at the relevant Voluntary Early Termination Date;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued but unpaid as at the relevant Voluntary Early Termination Date;</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">93&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal (subject to pre-agreed cap), registration or other costs reasonably incurred by
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (a) to (e) above, any other moneys due and owing
            under the Leasing Documents at the relevant Voluntary Early Termination Date including any default interest on amounts under (a) to (e) above.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inconsistency between Charter provisions and Leasing Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the case of any conflict between the provisions or terms so of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Construction</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless a contrary indication appears, in this Charter:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the &#8220;<b>Approved Manager</b>&#8221;, the &#8220;<b>Charterers</b>&#8221;, the &#8220;<b>Guarantor</b>&#8221;,



      the &#8220;<b>Shareholder</b>&#8221;, any &#8220;<b>Relevant Person</b>&#8221;, the &#8220;<b>Owners</b>&#8221;, any &#8220;<b>Other Charterer</b>&#8221;, any &#8220;<b>Other Owner</b>&#8221;, or any other person shall be construed so as to include its successors in title, permitted assigns and permitted
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>agreed form</b>&#8221; means, in relation to a document, such
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>asset</b>&#8221; includes every kind of property, asset, interest or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>company</b>&#8221; includes any partnership, joint venture and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an authorisation, consent, approval, resolution, licence, exemption, filing, registration,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to anything which will be prohibited or restricted by law if a governmental or official
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  </table>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>document</b>&#8221; includes a deed; also a letter, fax or telex;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; &#8220;<b>cost of funds</b>&#8221; in relation to any Instalment
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      they may reasonably select, an amount equal to the amount of the relevant Instalment or the Outstanding Capital Balance (as the case may be) or any part thereof for a period equal in length to the relevant Term of that Instalment or the Outstanding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>expense</b>&#8221; means any kind of cost, charge or expense
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>gross negligence</b>&#8221; means a form of negligence which is
      distinct from ordinary negligence, in which the due diligence and care which are generally to be exercised have been disregarded to a particularly high degree, in which the plainest deliberations have not been made and that which should be most
      obvious to everybody has not been followed.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>law</b>&#8221; includes any order or decree, any form of delegated
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>legal or administrative action</b>&#8221; means any legal proceeding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>liability</b>&#8221; includes every kind of debt or liability
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>months</b>&#8221; shall be construed in accordance with Clause 69.4
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>person</b>&#8221; includes any company; any state, political
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221;, in relation to any insurance, includes a slip,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">95&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
      covered by a protection and indemnity association which is a member of the International Group of Protection And Indemnity Clubs including pollution risks, extended passenger cover and the proportion (if any) of any sums payable to any other person
      or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02 or 1/11/03), clause 8 of the Institute Time Clauses
      (Hulls)(1/10/83) or clause 8 of the Institute Time Clauses (Hulls) (1/11/1995) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>regulation</b>&#8221; includes any regulation, rule, official
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Meaning of &#8220;month&#8221;</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

  </table>
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      </tr>

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.5</font></td>
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      </tr>

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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, a Leasing Document or any other document are references to it as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, any law include any amendment, extension, re-enactment or
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a page or screen of an information service displaying a rate shall include:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">96&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the appropriate page of such other information service which displays that rate from time to time in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be available, shall include any other page or
      service displaying that rate specified by the Owners after consultation with the Charterers.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Construction of Insurance terms</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>approved</b>&#8221; means, for the purposes of Clause 40 (<i>Insurance</i>),



      approved in writing by the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>excess risks</b>&#8221; means the proportion of claims for general
      average, salvage and salvage charges not recoverable under the hull and machinery policies in respect of the Vessel in consequence of its insured value being less than the value at which the Vessel is assessed for the purpose of such claims.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>obligatory insurances</b>&#8221; means all insurances effected, or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>policy</b>&#8221; includes a slip, cover note, certificate of entry
      or other document evidencing the contract of insurance or its terms.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>protection and indemnity risks</b>&#8221; means the usual risks
      (including but not limited to freight, demurrage and defence cover) covered by a protection and indemnity association being a member of the International Group of Protection and Indemnity Clubs, including pollution risks and the proportion (if any)
      of any sums payable to any other person or persons in case of collision which are not recoverable under the hull and machinery policies by reason of the incorporation in them of clause 6 of the International Hull Clauses (1/11/02) (1/11/03), clause 8
      of the Institute Time Clauses (Hulls) (1/10/83) (1/11/95) or the Institute Amended Running Down Clause (1/10/71) or any equivalent provision.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>war risks</b>&#8221; includes the risk of mines and all risks
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Headings</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In interpreting a Leasing Document or any provision of a Leasing Document, all
      clauses, sub-clauses and other headings in that and any other Leasing Document shall be entirely disregarded.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">97&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 1<br>
      Acceptance Certificate</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Roman Shark VIII Inc.</b> (the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges that at [&#9679;] hours
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      will be subject to all the terms and conditions contained in the Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers warrant that the representations and warranties made by them in Clause 46 (<i>Representation



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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Title: attorney in fact</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for and on behalf of</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Roman Shark VIII Inc.</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">98&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 2</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part A<br>
      Conditions Precedent to Signing</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authority</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the constitutional documents of each Relevant Person (other than the Other Charterers) (for
            the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent Persons</b>&#8221;).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the
            Pertinent Persons:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a
            party and resolving that it execute the Leasing Documents to which it is a party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on
            its behalf; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and
            notices to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, an original of the power of attorney of any party to a Leasing Document authorising a
            specified person or persons to execute the Leasing Documents to which it is a party.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a specimen of the signature of each person authorized by the resolution referred to in
            paragraph 1.2 above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any
            Relevant Person, approving the terms of, and the transactions contemplated by such Leasing Document.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">1.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an officer or authorized signatory of each Relevant Person certifying that each copy
            document relating to it specified in this Part A of Schedule 2 is correct, complete and in full force and effect as at a date no earlier than the date of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Documents and other security</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed copies of this Charter and the MOA and of each
      document to be delivered under each of them.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Shipbuilding Contract, together with all amendments
      and/or supplements thereto.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinion</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">99&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of
            England in relation to the applicable documents listed in paragraph 2 of Part A of this Schedule, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.2</font></td>
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            applicable documents listed in paragraph 2 of Part A this Schedule, concerning the laws of the Republic of the Marshall Islands and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the
            Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of the Original Financial Statements.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that any fees, costs and expenses then due from the Charterers and/or the Sellers to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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            financiers) to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in relation to the Leasing Documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other documents as the Owners may require by giving notice to the Charterers.</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">100&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part B<br>
      Conditions Precedent to the First Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an
      officer of each of the Charterers and the Sellers dated no earlier than the First Instalment Payment Date confirming that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Part A of this Schedule 2 remains correct, complete and in full
            force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part B of this Schedule 2 is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(a)
            of Article II (<i>Contract </i>Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the first instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have
            received in full, such shortfall in the first instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Payment Notice in respect of the First Instalment requests for payment of the First Instalment
            into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation (via an email) issued by the Head Sellers confirming that 100% of the first instalment of the Shipbuilding Contract Price payable under paragraph 3(a) of
            Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">To the extent not already provided to the Owners under Part A of
    </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 2<font style="color: windowtext">:</font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of a Guarantee duly executed by the Approved Main Guarantor.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed copies of the Shares Security, the Pre-delivery Assignment and the General Assignment
            and of each document to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of the Manager&#8217;s Undertaking.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Three (3) originals of the duly executed but undated Letters of Demand in respect of the Refund
            Guarantee in such form as agreed under the Pre-delivery Assignment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">One (1) original power of attorney of the Sellers appointing the Owners as their attorney-in-fact to
            make demand for payment on the Refund Guarantor under the Refund Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">101&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed copies of the acknowledgements from the Head Sellers and the Refund Guarantor in such
            form as agreed under the Pre-delivery Assignment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, a copy of any amendments to the Shipbuilding Contract, each duly executed by the
            parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.8</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.9</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.10</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed copies of the legal opinions specified in paragraph 4 of Part A of this
      Schedule.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">6.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">6.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may require.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">102&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part C<br>
      Conditions Precedent to the Second Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of
      the Charterers and the Sellers dated no earlier than the Second Instalment Payment Date confirming that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A and B of this Schedule 2 remains correct, complete and in
            full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part C of this Schedule 2 is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the first instalment of
            the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract before the Second Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in
            full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(b)
            of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the second instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have
            received in full, such shortfall in the second instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
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            the Vessel has been carried out, as provided by the Head Sellers to the Sellers under paragraph 3(b) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
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            duly executed by the parties thereto.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">103&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Payment Notice submitted pursuant to clause
      19(c)(iii)(A) of the MOA.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">104&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part D<br>
      Conditions Precedent to the Third Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of
      the Charterers and the Sellers dated no earlier than the Third Instalment Payment Date confirming that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A, B and C of this Schedule 2 remains correct, complete and
            in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part D of this Schedule is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the second instalment of
            the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Third Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in
            full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(c)
            of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the third instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have
            received in full, such shortfall in the third instalment of the Shipbuilding Contract Price, which is not funded by the Owners (in their capacity as buyers) to the Sellers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the certificate or statement of the Classification Society stating that the keel laying of
            the Vessel has been carried out, as provided by the Head Sellers to the Sellers under paragraph 3(c) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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              Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Leasing Documents and other documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To the extent not already provided to the Owners under Part A, Part B and Part C of Schedule 2:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">105&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">106&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part E<br>
      Conditions Precedent to the Fourth Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A, B, C and D of this Schedule 2 remains correct, complete
            and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part E of this Schedule is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of
            the Shipbuilding Contract Price payable under Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract prior to the Fourth Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(d)
            of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the fourth instalment of the Shipbuilding Contract Price is due and payable thereunder.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the certificate or statement of the Classification Society stating that the launching of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Payment Notice in respect of the Fourth Instalment requests for payment of the Fourth
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            II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract have been paid by the Sellers and received by the Head Sellers in full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>3</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">107&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and
            the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 (<i>Fees and Expenses</i>)) have been paid to and received by, or will be paid to and received by, the Owners, by its relevant due
            date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Such other information and documents as the Owners may reasonably require.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">108&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part F<br>
      Conditions Precedent to the Delivery Instalment</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2 (g)(i):</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Bringdown certificate</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers
            and the Sellers dated no earlier than the Delivery Instalment Payment Date confirming that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the certificates provided in Parts A, B, C, D and E of this Schedule 2 remains correct,
            complete and in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each copy document relating to it specified in Part F of this Schedule 2 is correct, complete and in
            full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Shipbuilding Contract and Refund Guarantee</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the confirmation (via an email) by the Head Sellers confirming that the fourth instalment of
            the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract prior to the Delivery Instalment Payment Date has been paid by the Sellers and received by the Head Sellers in
            full.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of a statement issued by the Head Sellers confirming that the Vessel has been constructed to
            the order of the Sellers for delivery to the Owners and estimated delivery date, as required by the Flag State for registration of the Vessel in the name of the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(e)
            of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract notifying that the fifth instalment of the Shipbuilding Contract Price and the &#8220;Remaining Oil Among&#8221; (as defined therein) is due and payable thereunder,
            together with supporting documentation.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Commercial invoice issued by the Head Sellers pursuant to the Shipbuilding Contract, specifying the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">2.6</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, the Delivery Shortfall (as defined in the MOA), has been or will be paid by the Sellers
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(other than the Delivery Shortfall and the amount equivalent to the Purchase Price payable by the
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">109&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the Account Security and of each document to be delivered under each of them.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">3.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An agreed form legal opinion by English legal advisers to the Owners on such matters on the laws of
            England in relation to the documents listed in paragraph 3 of Part F of this Schedule 2, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">4.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the
            documents listed in paragraph 3 of Part F of this Schedule 2, concerning the laws of the Republic of Panama and such other relevant jurisdictions as the Owners may require, in form and substance acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Valuation of the Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Valuation(s) of the Vessel in the standard
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Management Agreement</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Management Agreement establishing that the Vessel will, as from
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Approved Subsequent Sub-charter</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If applicable, copies of the executed Approved Subsequent
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">8.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to
            insurances as set out in Clause 40 (Insurance) acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">8.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the
            Charterers) in an agreed form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Earnings Account</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Evidence that the Operating Account has been opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment Notice</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">A duly executed copy of the Payment Notice <font style="color: windowtext">submitted pursuant to clause 19(c)(iii)(A) of the MOA</font>.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">110&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11</b></font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; text-transform: uppercase; color: windowtext">11.2</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">111&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part G<br>
      Conditions Precedent to Delivery</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 35.2(g)(ii) :</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Corporate Authorisations/Confirmation</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy
            document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force and effect as on the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A certificate of an authorized signatory of the Charterers certifying that there is no Potential
            Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Duly executed and dated copies of each Manager&#8217;s Undertaking and of each document to be delivered
            under it and evidence of their delivery within the timing prescribed under it.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Security Interests intended to be created by each of the Security
            Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed period contained in such Security Documents.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Vessel Documents</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A duly executed copy of the SBC PODA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Copies of all documents required to be delivered by the Head Sellers to the Sellers under Article VII
            paragraph 3 (<i>Documents to be delivered to the Buyer</i>) of the Shipbuilding Contract prior to or concurrently with the execution of the SBC PODA pursuant to Article VII paragraph 2 of the Shipbuilding Contract.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Confirmation by the Head Sellers to the Owners that the Vessel has not been registered at any registry
            or in any person&#8217;s name or encumbered prior to or on delivery from the Head Sellers to the Sellers under the Shipbuilding Contract or prior to delivery of the Vessel from the Sellers to the Buyers under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The original (if required by the Flag State) or a copy of the builder&#8217;s certificate issued by the
            Builder in relation to the Vessel duly notarially attested and legalised or apostilled as and to the extent required by the Flag State.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains its classification as
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery and title registration of the Vessel</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Documentary evidence that the Vessel:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">112&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners
            under the flag of the Flag State;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is or will be unconditionally delivered by the Sellers to the Owners (in their capacity as buyers)
            pursuant to the terms of the MOA, where such documents shall include without limitation:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by
            the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of the Charterers, together with such original or a copy of the notarized and legalised copies (if required by the Flag State) of the
            Charterers&#8217; power of attorney); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Initial Sub-charter has been (or will be, in any case, by the date following five (5) Business
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.3</font></td>
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            purposes of registering the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters
            on the laws of England as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall
            Islands and any other jurisdictions as may be satisfactory to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Others</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners being satisfied that all conditions precedent or documents or evidence
      specified in Schedule 1 to the MOA have been satisfied or provided in form and substance satisfactory to the Owners.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif">113&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Part H<br>
      Conditions Subsequent</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The following are the documents referred to in Clause 34.8:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Security Interests</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date, documentary
      evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law (as applicable).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Legal opinions</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than three (3) Business Days after the Commencement Date, issued signed
      copies of the legal opinions referred to in paragraph 5 of Part B of Schedule 2 of this Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurances</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed
            letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 40 (<i>Insurance</i>) acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.2</font></td>
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            form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4</b></font></td>
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      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Not later than five (5) Business Days after the Commencement Date,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIBFL CM <br>
      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
    <div style="PAGE-BREAK-AFTER: always" class="BRPFPageBreak">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 3<br>
      THE VESSELS, THE PARTIES AND THE CHARTERS</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>
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      BBC Additional Clauses<br>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Roman Shark VI Inc., a corporation incorporated under the laws of the Republic of
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(&#8220;<b>Vessel E</b>&#8221;)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
      SINGAPORE/92298117v1</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt" class="BRPFPageBreakArea">
    <div style="TEXT-ALIGN: center" class="BRPFPageNumberArea">&#160;</div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></td>
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      </tr>

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      BBC Additional Clauses<br>
      Hull No. 25110057<br>
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<TYPE>EX-4.53
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<FILENAME>ef20060828_ex4-53.htm
<DESCRIPTION>EXHIBIT 4.53
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">CIBFL-2026-029-ZZ-BZ01</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;&#160; <br>
  </p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Top Ships Inc.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">as Guarantor</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160; <br>
  </p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#27700;&#29942;&#24231;&#26578;&#25342;&#20237;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Aquarius 75 Shipping Co., Ltd.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">as Owner</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Guarantee</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">relating to<br>
    a bareboat charter of one (1) 47,499DWT Chemical/Product Oil Tanker having builder&#8217;s hull no. <font style="color: windowtext">25110057</font><br>
    dated 11 February 2026</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><img alt="" src="image006.jpg"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Index</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr>
        <td style="vertical-align: top" colspan="2"><b>Clause</b></td>
        <td style="vertical-align: bottom; text-align: right"><b>Page</b></td>
      </tr>
      <tr>
        <td style="vertical-align: top; width: 5%">&#160;</td>
        <td style="vertical-align: top; width: 90%">&#160;</td>
        <td style="vertical-align: bottom; width: 5%; text-align: right">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top">1</td>
        <td style="vertical-align: top">Interpretation</td>
        <td style="vertical-align: bottom; text-align: right">1</td>
      </tr>
      <tr>
        <td style="vertical-align: top">2</td>
        <td style="vertical-align: top">Guarantee</td>
        <td style="vertical-align: bottom; text-align: right">2</td>
      </tr>
      <tr>
        <td style="vertical-align: top">3</td>
        <td style="vertical-align: top">Liability as Principal and Independent Debtor</td>
        <td style="vertical-align: bottom; text-align: right">3</td>
      </tr>
      <tr>
        <td style="vertical-align: top">4</td>
        <td style="vertical-align: top">Expenses</td>
        <td style="vertical-align: bottom; text-align: right">3</td>
      </tr>
      <tr>
        <td style="vertical-align: top">5</td>
        <td style="vertical-align: top">Adjustment of Transactions</td>
        <td style="vertical-align: bottom; text-align: right">4</td>
      </tr>
      <tr>
        <td style="vertical-align: top">6</td>
        <td style="vertical-align: top">Payments</td>
        <td style="vertical-align: bottom; text-align: right">4</td>
      </tr>
      <tr>
        <td style="vertical-align: top">7</td>
        <td style="vertical-align: top">Interest</td>
        <td style="vertical-align: bottom; text-align: right">5</td>
      </tr>
      <tr>
        <td style="vertical-align: top">8</td>
        <td style="vertical-align: top">Subordination</td>
        <td style="vertical-align: bottom; text-align: right">5</td>
      </tr>
      <tr>
        <td style="vertical-align: top">9</td>
        <td style="vertical-align: top">Enforcement</td>
        <td style="vertical-align: bottom; text-align: right">5</td>
      </tr>
      <tr>
        <td style="vertical-align: top">10</td>
        <td style="vertical-align: top">Representations and Warranties</td>
        <td style="vertical-align: bottom; text-align: right">6</td>
      </tr>
      <tr>
        <td style="vertical-align: top">11</td>
        <td style="vertical-align: top">Undertakings</td>
        <td style="vertical-align: bottom; text-align: right">9</td>
      </tr>
      <tr>
        <td style="vertical-align: top">12</td>
        <td style="vertical-align: top">Judgments and Currency Indemnity</td>
        <td style="vertical-align: bottom; text-align: right">15</td>
      </tr>
      <tr>
        <td style="vertical-align: top">13</td>
        <td style="vertical-align: top">Supplemental</td>
        <td style="vertical-align: bottom; text-align: right">16</td>
      </tr>
      <tr>
        <td style="vertical-align: top">14</td>
        <td style="vertical-align: top">Assignment</td>
        <td style="vertical-align: bottom; text-align: right">18</td>
      </tr>
      <tr>
        <td style="vertical-align: top">15</td>
        <td style="vertical-align: top">Notices</td>
        <td style="vertical-align: bottom; text-align: right">18</td>
      </tr>
      <tr>
        <td style="vertical-align: top">16</td>
        <td style="vertical-align: top">Invalidity of Bareboat Charter</td>
        <td style="vertical-align: bottom; text-align: right">19</td>
      </tr>
      <tr>
        <td style="vertical-align: top">17</td>
        <td style="vertical-align: top">Incorporation of Bareboat Charter Provisions</td>
        <td style="vertical-align: bottom; text-align: right">19</td>
      </tr>
      <tr>
        <td style="vertical-align: top">18</td>
        <td style="vertical-align: top">Governing Law and Enforcement</td>
        <td style="vertical-align: bottom; text-align: right">20</td>
      </tr>
      <tr>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: top">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top" colspan="2"><b>Schedules</b></td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top" colspan="2">&#160;</td>
        <td style="vertical-align: bottom; text-align: right">&#160;</td>
      </tr>
      <tr>
        <td style="vertical-align: top" colspan="2">Schedule 1 Form of Compliance Certificate</td>
        <td style="vertical-align: bottom; text-align: right">22</td>
      </tr>
      <tr>
        <td style="vertical-align: top" colspan="2">Execution Page</td>
        <td style="vertical-align: bottom; text-align: right">23</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">CIBFL CM- Guarantee (Top Ships) <br>
    hull no. 25110057 <br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>THIS GUARANTEE</b> is made on 18 March 2026</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Parties</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(1)</td>
        <td style="text-align: justify"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(2)</td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#20237;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font><b> <font style="color: windowtext">AQUARIUS 75 SHIPPING CO., LTD.</font></b>, a corporation incorporated
          under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No. 6262, Australia Road, Dongjiang Free Trade Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13109) (the &#8220;<b>Owner</b>&#8221; which expression includes its
          successors and assigns)</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Background</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">By a memorandum of agreement (as amended and/or supplemented from time to time, the &#8220;<b>MOA</b>&#8221;) dated 11 February 2026 <font style="color: windowtext">and made between (i) <b>ROMAN SHARK IV INC.</b></font><b>,</b>
          a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Seller</b>&#8221;) as seller and (ii) the Owner as buyer,
          the Seller has agreed to sell and the Owner has agreed to purchase one (1) 47,499DWT Chemical/Product Oil Tanker having builder&#8217;s hull no. <font style="color: windowtext">25110057 </font>(the &#8220;<b>Vessel</b>&#8221;) pursuant to the terms and
          conditions contained therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">By a bareboat charter dated 11 February 2026 (as amended and/or supplemented from time to time, the &#8220;<b>Bareboat Charter</b>&#8221;) and made between (i) the Owner, as owner and (ii) <font style="color: windowtext"><b>ROMAN



              SHARK VIII INC.</b></font><b>,</b> a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960, as charterer (the &#8220;<b>Charterer</b>&#8221;),



          the Owner has agreed to bareboat charter the Vessel to the Charterer pursuant to the terms and conditions contained therein.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">This Guarantee is a Guarantee referred to in the Bareboat Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Operative Provisions</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left"><b>1</b></td>
        <td><font style="text-transform: uppercase"><b>Interpretation</b></font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.1</td>
        <td style="text-align: justify">Defined expressions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.2</td>
        <td style="text-align: justify">Construction of certain terms</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>bankruptcy</b>&#8221; includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form set out in <font style="color: black">Schedule 1</font> or in any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>control</b>&#8221; over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
    to:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">cast, or control the casting of, more than 51 per cent, of the maximum number of votes that might be cast at a general meeting of such company;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">2</p>
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    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
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      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">3</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor&#8217;s liabilities
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall be paid:</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(a)</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">free and clear of any tax deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Indemnity and evidence of payment of taxes</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
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        <td><font style="text-transform: uppercase">Interest</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.1</td>
        <td style="text-align: justify">Accrual of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.2</td>
        <td style="text-align: justify">Calculation of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 38.6 and 38.7 of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
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      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">8.1</td>
        <td style="text-align: justify">Subordination of rights of Guarantor</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">take or enforce any Security Interest for any such amount;</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">9</td>
        <td><font style="text-transform: uppercase">Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.1</td>
        <td style="text-align: justify">No requirement to commence proceedings against other Relevant Person</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document
    before claiming or commencing proceedings under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.2</td>
        <td style="text-align: justify">Conclusive evidence of certain matters</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, as against the Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any other Leasing Document,</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">5</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">shall be binding and conclusive as to all matters of fact and law to which it relates.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">10</td>
        <td><font style="text-transform: uppercase">Representations and Warranties</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor represents and warrants to the Owner as of the date of this Guarantee, each Instalment Payment Date, the Commencement Date, and on each Payment
    Date, as follows.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.2</td>
        <td style="text-align: justify">Status</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.3</td>
        <td style="text-align: justify">Corporate power</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to execute this Guarantee or any other Leasing Document to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.4</td>
        <td style="text-align: justify">Consents in force</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.5</td>
        <td style="text-align: justify">No conflicts</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a
    contravention of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any law or regulation applicable to it; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the constitutional documents of the Guarantor; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.6</td>
        <td style="text-align: justify">Legal, valid and binding obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor&#8217;s legal, valid and binding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">6</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.7</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.8</td>
        <td style="text-align: justify">Immunity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
    shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.9</td>
        <td style="text-align: justify"><i>Pari passu</i> ranking</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least <i>pari
      passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.10</td>
        <td style="text-align: justify">Legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.11</td>
        <td style="text-align: justify">No insolvency</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver,
    administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.12</td>
        <td style="text-align: justify">Tax obligor and place of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.13</td>
        <td style="text-align: justify">No withholding taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on
    account of any tax payable under any law of relevant jurisdictions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.14</td>
        <td style="text-align: justify">Taxes paid</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with
    adequate reserves.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.15</td>
        <td style="text-align: justify">No default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any
    other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">7</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.16</td>
        <td style="text-align: justify">Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was
    provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) satisfied the requirements of Clause <font style="color: black">11.4</font> (<i>Form of financial statements</i>); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.17</td>
        <td style="text-align: justify">No litigation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor&#8217;s knowledge, is likely to be commenced or taken
    which, in either case, would be likely to have a Material Adverse Effect on the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.18</td>
        <td style="text-align: justify">Sanctions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Each Relevant Person, and their respective directors, officers, and employees is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions,
          they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems,
          controls, policies and procedures designed to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and
          utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.19</td>
        <td style="text-align: justify">Environmental Laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
    reasonably anticipated to be conducted in the future) have been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.20</td>
        <td style="text-align: justify">Environmental Claim</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$1,900,000 or
    (ii) has or is reasonably likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">8</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.21</td>
        <td style="text-align: justify">Environmental Incident</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
    Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.22</td>
        <td style="text-align: justify">Status of the Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the Counter (OTC); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">11</td>
        <td><font style="text-transform: uppercase">Undertakings</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor undertakes with the Owner to comply with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at
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    which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.2</td>
        <td style="text-align: justify">Information provided to be accurate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not
    misleading and will not omit any material fact or consideration.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.3</td>
        <td style="text-align: justify">Provision of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send to the Owner:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
          for that financial year; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness
          by at least one officer of the Guarantor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.4</td>
        <td style="text-align: justify">Form of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">9</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">fully disclose or provide for all significant liabilities of the Group; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.5</td>
        <td style="text-align: justify">Shareholder and creditor notices</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor&#8217;s shareholders or creditors or any
    class of them.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.6</td>
        <td style="text-align: justify">Consents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or
    renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.7</td>
        <td style="text-align: justify">Valid obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will at its own cost, and will procure that each other Relevant Person will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
          purports to create; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
          any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any
          such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.8</td>
        <td style="text-align: justify">Notification of legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving
    such Relevant Person or the Vessel that is likely to have a Material Adverse Effect as soon as such action is instituted or it becomes apparent is likely to be instituted and is likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.9</td>
        <td style="text-align: justify">Notification of damage or default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be
          expected to result, in repairs on the Vessel which exceed US$1,900,000; and</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">10</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by
    its authorised signatory, confirming that there exists no Termination Event.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.10</td>
        <td style="text-align: justify">Additional information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any
    additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status
    of the Vessel, such information shall be in form and substance satisfactory to the Owner and shall be provided by the Charterers to the Owner at least once every six-monthly period during each calendar year.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.11</td>
        <td style="text-align: justify">Compliance with operational laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations
    relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental Laws and the laws of the Vessel&#8217;s registry.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.12</td>
        <td style="text-align: justify">Compliance with other laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain
          a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and
          regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has
          otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations
          relating to Anti-Money Laundering Laws, </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">11</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in">&#160;</td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be relevant for the purposes of ascertaining whether
          any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which
          is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States
          of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any
          published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing
          Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
          and/or Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.13</td>
        <td style="text-align: justify">No Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that each other Relevant Person (in the case of any Other Charterer which is not directly owned by the Guarantor,
    on a best endeavour basis) will not create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.14</td>
        <td style="text-align: justify">Financial covenants</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall ensure that, at any time during the Security Period but following the date on which the Initial Sub-charter (or any Approved Subsequent Sub-Charter materially on the same terms as the Initial
          Sub-charter) is cancelled, repudiated, rescinded or terminated, the Guarantor&#8217;s Leverage Ratio shall not be more than eighty per cent (80%).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor shall ensure that all time during the Security Period as from the Commencement Date the Liquid Funds divided by the number of the Fleet Vessels shall not be less than US$440,000.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">12</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed as a percentage) of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Total Net Debt; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such Fleet Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Liquid Funds</b>&#8221; means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the
    Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or
    otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">upon the occurrence of a Termination Event which is continuing,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">13</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the
          denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to
    include a percentage of the Financial Indebtedness of any joint venture with a minimum holding of 50 per cent by any member of the Group which is equal to the percentage of the Guarantor&#8217;s ownership in such joint venture, minus the aggregate amount of
    all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the
    percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is
    held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting principles in the United States.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.15</td>
        <td style="text-align: justify">Compliance Certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial
      statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>); and each Compliance Certificate shall be signed by the
    Co-Chief Financial Officer of the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.16</td>
        <td style="text-align: justify">Negative Pledge</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the Permitted Security Interests; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.17</td>
        <td style="text-align: justify">No disposal of assets, change of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the Charterer), whether by one transaction or a number of </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">14</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">transactions, whether related or not except in the usual course of their respective trading operations, other than any Disposal made in accordance with the Bareboat Charter; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure from that existing as at the date of this Guarantee.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.18</td>
        <td style="text-align: justify">No merger etc</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than any Disposal made in accordance with the Bareboat Charter, the Guarantor shall not enter into any form of merger, sub-division, amalgamation,
    demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
    reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.19</td>
        <td style="text-align: justify">FATCA</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.20</td>
        <td style="text-align: justify">No payment of dividend</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect
    of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 50 (<i>Termination Events</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">12</td>
        <td><font style="text-transform: uppercase">Judgments and Currency Indemnity</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.1</td>
        <td style="text-align: justify">Judgments relating to Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter
    and any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.2</td>
        <td style="text-align: justify">Currency indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from
    the currency in which this Guarantee provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">obtaining an order, judgment or award from any court or other tribunal; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">enforcing any such order, judgment or award;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available
    rate of exchange into the Contractual Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">15</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>), the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the
    Owners are able at the opening of business (Beijing time) on the Business Day after it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13</td>
        <td><font style="text-transform: uppercase">Supplemental</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.1</td>
        <td style="text-align: justify">Continuing guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.2</td>
        <td style="text-align: justify">Rights cumulative, non-exclusive</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to
    exclude or limit any right or remedy conferred by law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.3</td>
        <td style="text-align: justify">No impairment of rights under Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other
    right of the Owner under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.4</td>
        <td style="text-align: justify">Severability of provisions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality
    or enforceability of its other provisions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.5</td>
        <td style="text-align: justify">Guarantee not affected by other Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or
    later hold in connection with the Bareboat Charter or any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.6</td>
        <td style="text-align: justify">Guarantor bound by Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those
    provisions had been set out (with any necessary modifications) in this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.7</td>
        <td style="text-align: justify">Applicability of provisions of Guarantee to other rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity
      of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does
    not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>)), being an agreement referring to
    this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">16</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.8</td>
        <td style="text-align: justify">Third party rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.9</td>
        <td style="text-align: justify">Counterpart</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.10</td>
        <td style="text-align: justify">FATCA Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a reasonable request by the other Party:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation
          and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
          reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be
          a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
          confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS
          Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of
          this paragraph.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">17</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
          passthru percentage is 100%,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant
    facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14</td>
        <td><font style="text-transform: uppercase">Assignment</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">14.1</td>
        <td style="text-align: justify">Assignment by Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any
    necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when
    applied herein.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>14.2</b></td>
        <td style="text-align: justify"><b>Assignment by Guarantor</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15</td>
        <td><font style="text-transform: uppercase">Notices</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.1</td>
        <td style="text-align: justify">Notices to Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Attention: Alexandros Tsirikos</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Email: atsirikos@topships.org</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Tel: +30 210 81 28 180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">or to such other address or email address which the Guarantor may notify to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.2</td>
        <td style="text-align: justify">Validity of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A demand under this Guarantee shall be valid notwithstanding that it is served:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">at the same time as the service of a notice under clause 45 (<i>Notice</i>) of the Bareboat Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant
    to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth
    payment instructions in respect of any amount or amounts payable to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">18</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.3</td>
        <td style="text-align: justify">Notices to Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under
    clause 45 (<i>Notice</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16</td>
        <td><font style="text-transform: uppercase">Invalidity of Bareboat Charter</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">16.1</td>
        <td style="text-align: justify">Invalidity of Bareboat Charter or other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a
          similar kind or not; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under
          the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if
    the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had
    remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat
    Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17</td>
        <td><font style="text-transform: uppercase">Incorporation of Bareboat Charter Provisions</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.1</td>
        <td style="text-align: justify"><font style="font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 44 (<i>No waiver of rights</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 56 (<i>no set-off or tax deduction</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 58 (<i>confidentiality</i>); and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 60 (<i>partial invalidity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">19</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.2</td>
        <td style="text-align: justify"><font style="font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its
            terms, applies or relates to this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">18</td>
        <td><font style="text-transform: uppercase">Governing Law and Enforcement</font></td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
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        <td style="width: 0.5in">18.2</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0"></td>
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        <td style="text-align: justify">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in
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          to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be
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          shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other
          party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a
          Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both
          parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">20</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">21</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1<br>
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    Form of Compliance Certificate</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>AQUARIUS 75 SHIPPING CO., LTD. </b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From:</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC. </b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Date: _______________</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Guarantee dated </b>_______________ <b>(the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a bareboat charter for the 49,700DWT Chemical/Product Oil Tanker having
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</p>
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        <td style="text-align: justify">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial year] ending on [&#9679;].</td>
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        <td style="text-align: justify">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>80 per cent (80%); and</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Signed: ___________________________</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Co-Chief Financial Officer of</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC.</b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">22</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">CIBFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Execution Page</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
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        <td style="width: 50%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>GUARANTOR</b></font></td>
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        <td style="width: 36%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>EXECUTED AS A DEED</b></font></td>
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    Hull no. 25110057<br>
    SINGAPORE/92298045v1</p>
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<DOCUMENT>
<TYPE>EX-4.54
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<DESCRIPTION>EXHIBIT 4.54
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        <td style="text-align: justify">Dated: <b>9 March 2026</b></td>
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          <div><b>ROMAN SHARK V INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose </b></div>
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          <div><b>MH96960 </b><font style="color: #3C96D2"><strike>(Name of sellers)</strike></font>, hereinafter called the &#8220;Sellers&#8221;, have agreed to sell, and</div>
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          <div><b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. (<font style="font-family: Arial, Helvetica, Sans-Serif">&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</font>), a corporation incorporated </b></div>
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          <div><b>Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial </b></div>
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        <td style="text-align: justify">Name of vessel: <b>TBC</b></td>
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        <td style="text-align: justify"><font style="color: #B31330"><u>Hull</u></font><font style="color: #3C96D2"><strike>IMO</strike></font> Number: <b>25110058</b></td>
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        <td style="text-align: justify">Classification Society: <b>As per Shipbuilding Contract</b></td>
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        <td style="text-align: justify">Year of Build: <b>20____</b> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></td>
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        <td style="text-align: justify; padding-right: 14pt">Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands</b> GT/NT: <b>As per Shipbuilding Contract</b><font style="color: #3C96D2"><strike> /</strike></font></td>
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        <td style="text-align: justify">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</td>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>20</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">21</td>
        <td style="text-align: justify">&#8220;In writing&#8221; or &#8220;written&#8221; means a letter handed over from the Sellers to the Buyers or vice versa, a</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">22</td>
        <td style="text-align: justify">registered letter, e-mail or telefax.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">23</td>
        <td style="text-align: justify">&#8220;Parties&#8221; means the Sellers and the Buyers.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>24</strike></td>
        <td style="text-align: justify"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>25</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Account&#8221; means (state details of bank account) at the Sellers&#8217; Bank. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>26</strike></td>
        <td style="text-align: justify"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>27</strike></td>
        <td style="text-align: justify"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">28</td>
        <td style="text-align: justify; width: 0.4in"><b>1.</b></td>
        <td style="text-align: justify"><b>Purchase Price<font style="color: #B31330"><u> - (See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>29</strike></td>
        <td style="text-align: justify"><strike>The Purchase Price is (state currency and amount both in words and figures). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.4in">30</td>
        <td style="text-align: justify; width: 0.4in"><b>2. </b></td>
        <td style="text-align: justify"><b>Deposit<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>31</strike></td>
        <td style="text-align: justify"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>32</strike></td>
        <td style="text-align: justify"><strike>% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>33</strike></td>
        <td style="text-align: justify"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three (3) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>34</strike></td>
        <td style="text-align: justify"><strike>Banking Days after the date that: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>35</strike></td>
        <td style="text-align: justify"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>36</strike></td>
        <td style="text-align: justify"><strike>e-mail or telefax; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>37</strike></td>
        <td style="text-align: justify"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>38</strike></td>
        <td style="text-align: justify"><strike>opened. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>39</strike></td>
        <td style="text-align: justify"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>40</strike></td>
        <td style="text-align: justify"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>41</strike></td>
        <td style="text-align: justify"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>42</strike></td>
        <td style="text-align: justify"><strike>all necessary documentation to open and maintain the account without delay. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">43</td>
        <td style="text-align: justify; width: 0.4in"><b>3. </b></td>
        <td style="text-align: justify"><b>Payment<font style="color: #B31330"><u> (See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>44</strike></td>
        <td style="text-align: justify"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that Notice of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>45</strike></td>
        <td style="text-align: justify"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>46</strike></td>
        <td style="text-align: justify"><strike>notices): </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>47</strike></td>
        <td style="text-align: justify"><strike>(i) the Deposit shall be released to the Sellers; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>48</strike></td>
        <td style="text-align: justify"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>49</strike></td>
        <td style="text-align: justify"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>50</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; Account. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">51</td>
        <td style="text-align: justify; width: 0.4in"><b>4. </b></td>
        <td style="text-align: justify"><b>Inspection<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>52</strike></td>
        <td style="text-align: justify"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>53</strike></td>
        <td style="text-align: justify"><strike>have also inspected the Vessel at/in (state place) on (state date) and have </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>54</strike></td>
        <td style="text-align: justify"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject only </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>55</strike></td>
        <td style="text-align: justify"><strike>to the terms and conditions of this Agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>56</strike></td>
        <td style="text-align: justify"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and declare </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>57</strike></td>
        <td style="text-align: justify"><strike>whether same are accepted or not within (state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>58</strike></td>
        <td style="text-align: justify"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>59</strike></td>
        <td style="text-align: justify"><strike>(state date/period). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>60</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>61</strike></td>
        <td style="text-align: justify"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>62</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>63</strike></td>
        <td style="text-align: justify"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>64</strike></td>
        <td style="text-align: justify"><strike>examination by the Buyers. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>65</strike></td>
        <td style="text-align: justify"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>66</strike></td>
        <td style="text-align: justify"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>67</strike></td>
        <td style="text-align: justify"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>68</strike></td>
        <td style="text-align: justify"><strike>date/last day of the period stated in Line 59, whichever is earlier. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>69</strike></td>
        <td style="text-align: justify"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>70</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>71</strike></td>
        <td style="text-align: justify"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>72</strike></td>
        <td style="text-align: justify"><strike>Buyers, whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>73</strike></td>
        <td style="text-align: justify"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>74</strike></td>
        <td style="text-align: justify"><strike>alternative 4(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">75</td>
        <td style="text-align: justify; width: 0.4in"><b>5. </b></td>
        <td style="text-align: justify"><b>Time and place of delivery and notices <font style="color: #B31330"><u>- (See Clause 27 (Notice, Time and Place of Delivery))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>76</strike></td>
        <td style="text-align: justify"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>77</strike></td>
        <td style="text-align: justify"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>78</strike></td>
        <td style="text-align: justify"><strike>Notice of Readiness shall not be tendered before: (date) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>79</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>80</strike></td>
        <td style="text-align: justify"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>81</strike></td>
        <td style="text-align: justify"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>82</strike></td>
        <td style="text-align: justify"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>83</strike></td>
        <td style="text-align: justify"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance with </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>84</strike></td>
        <td style="text-align: justify"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>85</strike></td>
        <td style="text-align: justify"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>86</strike></td>
        <td style="text-align: justify"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>87</strike></td>
        <td style="text-align: justify"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing a </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>88</strike></td>
        <td style="text-align: justify"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>89</strike></td>
        <td style="text-align: justify"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three (3) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>90</strike></td>
        <td style="text-align: justify"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>91</strike></td>
        <td style="text-align: justify"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>92</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>93</strike></td>
        <td style="text-align: justify"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>94</strike></td>
        <td style="text-align: justify"><strike>Cancelling Date stipulated in line 79. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>95</strike></td>
        <td style="text-align: justify"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>96</strike></td>
        <td style="text-align: justify"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>97</strike></td>
        <td style="text-align: justify"><strike>force and effect. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>98</strike></td>
        <td style="text-align: justify"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>99</strike></td>
        <td style="text-align: justify"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>100</strike></td>
        <td style="text-align: justify"><strike>Default) for the Vessel not being ready by the original Cancelling Date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>101</strike></td>
        <td style="text-align: justify"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>102</strike></td>
        <td style="text-align: justify"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>103</strike></td>
        <td style="text-align: justify"><strike>whereafter this Agreement shall be null and void. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">104</td>
        <td style="text-align: justify; width: 0.4in"><b>6. </b></td>
        <td style="text-align: justify"><b>Divers Inspection / Drydocking<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>105</strike></td>
        <td style="text-align: justify"><strike>(a)* </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>106</strike></td>
        <td style="text-align: justify"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>107</strike></td>
        <td style="text-align: justify"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>108</strike></td>
        <td style="text-align: justify"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>109</strike></td>
        <td style="text-align: justify"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>110</strike></td>
        <td style="text-align: justify"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>111</strike></td>
        <td style="text-align: justify"><strike>such inspection. This inspection shall be carried out without undue delay and in the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>112</strike></td>
        <td style="text-align: justify"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>113</strike></td>
        <td style="text-align: justify"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>114</strike></td>
        <td style="text-align: justify"><strike>inspection as observer(s) only without interfering with the work or decisions of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>115</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor. The extent of the inspection and the conditions under </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>116</strike></td>
        <td style="text-align: justify"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>117</strike></td>
        <td style="text-align: justify"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>118</strike></td>
        <td style="text-align: justify"><strike>their cost and expense make the Vessel available at a suitable alternative place near to </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>119</strike></td>
        <td style="text-align: justify"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>120</strike></td>
        <td style="text-align: justify"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>121</strike></td>
        <td style="text-align: justify"><strike>not tender Notice of Readiness prior to completion of the underwater inspection. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>122</strike></td>
        <td style="text-align: justify"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line are </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>123</strike></td>
        <td style="text-align: justify"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>124</strike></td>
        <td style="text-align: justify"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>125</strike></td>
        <td style="text-align: justify"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>126</strike></td>
        <td style="text-align: justify"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>127</strike></td>
        <td style="text-align: justify"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>128</strike></td>
        <td style="text-align: justify"><strike>such defects shall be made good by the Sellers at their cost and expense to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>129</strike></td>
        <td style="text-align: justify"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>130</strike></td>
        <td style="text-align: justify"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>131</strike></td>
        <td style="text-align: justify"><strike>attendance. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>132</strike></td>
        <td style="text-align: justify"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>133</strike></td>
        <td style="text-align: justify"><strike>do not require the aforementioned defects to be rectified before the next class </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>134</strike></td>
        <td style="text-align: justify"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>135</strike></td>
        <td style="text-align: justify"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>136</strike></td>
        <td style="text-align: justify"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>137</strike></td>
        <td style="text-align: justify"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>138</strike></td>
        <td style="text-align: justify"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>139</strike></td>
        <td style="text-align: justify"><strike>for the repair work obtained from two reputable independent shipyards at or in the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>140</strike></td>
        <td style="text-align: justify"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>141</strike></td>
        <td style="text-align: justify"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>142</strike></td>
        <td style="text-align: justify"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>143</strike></td>
        <td style="text-align: justify"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>144</strike></td>
        <td style="text-align: justify"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>145</strike></td>
        <td style="text-align: justify"><strike>Readiness prior to such estimate having been established. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>146</strike></td>
        <td style="text-align: justify"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>147</strike></td>
        <td style="text-align: justify"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>148</strike></td>
        <td style="text-align: justify"><strike>where suitable drydocking facilities are available, whether within or outside the delivery </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>149</strike></td>
        <td style="text-align: justify"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>150</strike></td>
        <td style="text-align: justify"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>151</strike></td>
        <td style="text-align: justify"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>152</strike></td>
        <td style="text-align: justify"><strike>be extended by the additional time required for the drydocking and extra steaming, but </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>153</strike></td>
        <td style="text-align: justify"><strike>limited to a maximum of fourteen (14) days. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>154</strike></td>
        <td style="text-align: justify"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>155</strike></td>
        <td style="text-align: justify"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the extent </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>156</strike></td>
        <td style="text-align: justify"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>157</strike></td>
        <td style="text-align: justify"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>158</strike></td>
        <td style="text-align: justify"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>159</strike></td>
        <td style="text-align: justify"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>160</strike></td>
        <td style="text-align: justify"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>161</strike></td>
        <td style="text-align: justify"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>162</strike></td>
        <td style="text-align: justify"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>163</strike></td>
        <td style="text-align: justify"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>164</strike></td>
        <td style="text-align: justify"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>165</strike></td>
        <td style="text-align: justify"><strike>expenses, dues and fees. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>166</strike></td>
        <td style="text-align: justify"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>167</strike></td>
        <td style="text-align: justify"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>168</strike></td>
        <td style="text-align: justify"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>169</strike></td>
        <td style="text-align: justify"><strike>not required by the Classification Society, the Buyers shall have the option to require the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>170</strike></td>
        <td style="text-align: justify"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>171</strike></td>
        <td style="text-align: justify"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>172</strike></td>
        <td style="text-align: justify"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>173</strike></td>
        <td style="text-align: justify"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>174</strike></td>
        <td style="text-align: justify"><strike>completion of the inspection by the Classification Society. The drawing and refitting of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>175</strike></td>
        <td style="text-align: justify"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>176</strike></td>
        <td style="text-align: justify"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>177</strike></td>
        <td style="text-align: justify"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>178</strike></td>
        <td style="text-align: justify"><strike>Classification Society without condition/recommendation**. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>179</strike></td>
        <td style="text-align: justify"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>180</strike></td>
        <td style="text-align: justify"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>181</strike></td>
        <td style="text-align: justify"><strike>parts of the system are condemned or found defective or broken so as to affect the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>182</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>183</strike></td>
        <td style="text-align: justify"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>184</strike></td>
        <td style="text-align: justify"><strike>observer(s) only without interfering with the work or decisions of the Classification </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>185</strike></td>
        <td style="text-align: justify"><strike>Society surveyor. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="color: #3C96D2"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>187</strike></td>
        <td style="text-align: justify"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>188</strike></td>
        <td style="text-align: justify"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="color: #3C96D2"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>190</strike></td>
        <td style="text-align: justify"><strike>Sellers have completed the work which the Sellers are required to do, the additional </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>191</strike></td>
        <td style="text-align: justify"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>192</strike></td>
        <td style="text-align: justify"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>193</strike></td>
        <td style="text-align: justify"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>194</strike></td>
        <td style="text-align: justify"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>195</strike></td>
        <td style="text-align: justify"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>196</strike></td>
        <td style="text-align: justify"><strike>drydock or not. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>197</strike></td>
        <td style="text-align: justify"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of deletions, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>198</strike></td>
        <td style="text-align: justify"><strike>alternative 6 (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>199</strike></td>
        <td style="text-align: justify"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><font style="color: #3C96D2"><strike>200</strike></font></td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Society without condition</strike></font>/recommendation are not to be taken into account.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">201</td>
        <td style="text-align: justify; width: 0.4in"><b>7. </b></td>
        <td style="text-align: justify"><b>Spares, bunkers and other items </b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">202</td>
        <td style="text-align: justify">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">203</td>
        <td style="text-align: justify">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">204</td>
        <td style="text-align: justify">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of <font style="color: #B31330"><u>Delivery</u></font> <font style="color: #3C96D2"><strike>inspection</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">205</td>
        <td style="text-align: justify">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>, but spares on</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">206</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217; account</strike></font>. The Sellers</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">207</td>
        <td style="text-align: justify">are not required to replace spare parts including spare tail-end shaft(s) and spare</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">208</td>
        <td style="text-align: justify">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">209</td>
        <td style="text-align: justify">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">210</td>
        <td style="text-align: justify">
          <div>provisions shall be included in the sale and be taken over by the Buyers without extra payment. <font style="color: #B31330"><u>Any bunkers and </u></font></div>
          <div><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel </u></font></div>
          <div><font style="color: #B31330"><u>shall be taken over by the Buyers, at no cost to the Buyers. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>211</strike></td>
        <td style="text-align: justify"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and crew&#8217;s </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>212</strike></td>
        <td style="text-align: justify"><strike>personal belongings including the slop chest are excluded from the sale without compensation, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>213</strike></td>
        <td style="text-align: justify"><strike>as well as the following additional items: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>214</strike></td>
        <td style="text-align: justify"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded from </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>215</strike></td>
        <td style="text-align: justify"><strike>the sale without compensation: (include list) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>216</strike></td>
        <td style="text-align: justify"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not listed </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>217</strike></td>
        <td style="text-align: justify"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>218</strike></td>
        <td style="text-align: justify"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>219</strike></td>
        <td style="text-align: justify"><strike>greases in storage tanks and unopened drums and pay either: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>220</strike></td>
        <td style="text-align: justify"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>221</strike></td>
        <td style="text-align: justify"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of delivery </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>222</strike></td>
        <td style="text-align: justify"><strike>of the Vessel or, if unavailable, at the nearest bunkering port, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>223</strike></td>
        <td style="text-align: justify"><strike>for the quantities taken over. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>224</strike></td>
        <td style="text-align: justify"><strike>Payment under this Clause shall be made at the same time and place and in the same </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>225</strike></td>
        <td style="text-align: justify"><strike>currency as the Purchase Price. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>226</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or 4(b) </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>227</strike></td>
        <td style="text-align: justify"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>228</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>229</strike></td>
        <td style="text-align: justify"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>230</strike></td>
        <td style="text-align: justify"><strike>alternative (a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">231</td>
        <td style="text-align: justify; width: 0.4in"><b>8. </b></td>
        <td style="text-align: justify"><b>Documentation<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>232</strike></td>
        <td style="text-align: justify"><strike>The place of closing: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>233</strike></td>
        <td style="text-align: justify"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>234</strike></td>
        <td style="text-align: justify"><strike>following delivery documents: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>235</strike></td>
        <td style="text-align: justify"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>236</strike></td>
        <td style="text-align: justify"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>237</strike></td>
        <td style="text-align: justify"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>238</strike></td>
        <td style="text-align: justify"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>239</strike></td>
        <td style="text-align: justify"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>240</strike></td>
        <td style="text-align: justify"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>241</strike></td>
        <td style="text-align: justify"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>242</strike></td>
        <td style="text-align: justify"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>243</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate); </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>244</strike></td>
        <td style="text-align: justify"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag state </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>245</strike></td>
        <td style="text-align: justify"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>246</strike></td>
        <td style="text-align: justify"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>247</strike></td>
        <td style="text-align: justify"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>248</strike></td>
        <td style="text-align: justify"><strike>possible after delivery of the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>249</strike></td>
        <td style="text-align: justify"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>250</strike></td>
        <td style="text-align: justify"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>251</strike></td>
        <td style="text-align: justify"><strike>Vessel is in Class free of condition/recommendation; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>252</strike></td>
        <td style="text-align: justify"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official evidence of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>253</strike></td>
        <td style="text-align: justify"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>254</strike></td>
        <td style="text-align: justify"><strike>the registry does not as a matter of practice issue such documentation immediately, a </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>255</strike></td>
        <td style="text-align: justify"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>256</strike></td>
        <td style="text-align: justify"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>257</strike></td>
        <td style="text-align: justify"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>258</strike></td>
        <td style="text-align: justify"><strike>been delivered; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>259</strike></td>
        <td style="text-align: justify"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>260</strike></td>
        <td style="text-align: justify"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>261</strike></td>
        <td style="text-align: justify"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>262</strike></td>
        <td style="text-align: justify"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>263</strike></td>
        <td style="text-align: justify"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>264</strike></td>
        <td style="text-align: justify"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>265</strike></td>
        <td style="text-align: justify"><strike>(viii) Commercial Invoice for the Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>266</strike></td>
        <td style="text-align: justify"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>267</strike></td>
        <td style="text-align: justify"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>268</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>269</strike></td>
        <td style="text-align: justify"><strike>Vessel; </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>270</strike></td>
        <td style="text-align: justify"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>271</strike></td>
        <td style="text-align: justify"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>272</strike></td>
        <td style="text-align: justify"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>273</strike></td>
        <td style="text-align: justify"><strike>this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>274</strike></td>
        <td style="text-align: justify"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is not </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>275</strike></td>
        <td style="text-align: justify"><strike>black listed by any nation or international organisation. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>276</strike></td>
        <td style="text-align: justify"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>277</strike></td>
        <td style="text-align: justify"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>278</strike></td>
        <td style="text-align: justify"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>279</strike></td>
        <td style="text-align: justify"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>280</strike></td>
        <td style="text-align: justify"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>281</strike></td>
        <td style="text-align: justify"><strike>or apostilled (as appropriate). </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>282</strike></td>
        <td style="text-align: justify"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>283</strike></td>
        <td style="text-align: justify"><strike>language they shall be accompanied by an English translation by an authorised translator or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>284</strike></td>
        <td style="text-align: justify"><strike>certified by a lawyer qualified to practice in the country of the translated language. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>285</strike></td>
        <td style="text-align: justify"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>286</strike></td>
        <td style="text-align: justify"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>287</strike></td>
        <td style="text-align: justify"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>288</strike></td>
        <td style="text-align: justify"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>289</strike></td>
        <td style="text-align: justify"><strike>Clause 5(b) of this Agreement. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>290</strike></td>
        <td style="text-align: justify"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>291</strike></td>
        <td style="text-align: justify"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all plans, </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>292</strike></td>
        <td style="text-align: justify"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>293</strike></td>
        <td style="text-align: justify"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>294</strike></td>
        <td style="text-align: justify"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take copies. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>295</strike></td>
        <td style="text-align: justify"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>296</strike></td>
        <td style="text-align: justify"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>297</strike></td>
        <td style="text-align: justify"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>298</strike></td>
        <td style="text-align: justify"><strike>(g) The Parties shall sign and deliver to each other a Protocol of Delivery and Acceptance </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>299</strike></td>
        <td style="text-align: justify"><strike>confirming the date and time of delivery of the Vessel from the Sellers to the Buyers. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">300</td>
        <td style="text-align: justify; width: 0.4in"><b>9. </b></td>
        <td style="text-align: justify"><b>Encumbrances </b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">301</td>
        <td style="text-align: justify">
          <div>The Sellers warrant that the Vessel, at the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>, is free from all charters<font style="color: #B31330"><u> (other than the
              </u></font></div>
          <div><font style="color: #B31330"><u>Bareboat Charter and the Initial Sub-charter)</u></font>,</div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">302</td>
        <td style="text-align: justify">
          <div>encumbrances, mortgages and <font style="color: #3C96D2"><strike>maritime</strike></font> liens <font style="color: #B31330"><u>(whether maritime or otherwise)</u></font> or any other debts whatsoever, </div>
          <div>and is not subject</div>
        </td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">303</td>
        <td style="text-align: justify">to Port State or other administrative detentions. The Sellers hereby undertake to indemnify the</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">304</td>
        <td style="text-align: justify">Buyers against all consequences of claims made against the Vessel which have been incurred</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">305</td>
        <td style="text-align: justify">prior to the time of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">306</td>
        <td style="text-align: justify; width: 0.4in"><b>10. </b></td>
        <td style="text-align: justify"><b>Taxes, fees and expenses </b></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">307</td>
        <td style="text-align: justify">Any taxes, fees and expenses in connection with the purchase <font style="color: #B31330"><u>of the Vessel</u></font> and registration in the <font style="color: #3C96D2"><strike>Buyers&#8217;</strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">308</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>Nominated </strike></font>Flag State <font style="color: #B31330"><u>and</u></font> <font style="color: #3C96D2"><strike>shall be for the Buyers&#8217; account, whereas similar
              charges </strike></font>in connection</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">309</td>
        <td style="text-align: justify">with the closing of the Sellers&#8217; register shall be for the Sellers&#8217; account.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">310</td>
        <td style="text-align: justify; width: 0.4in"><b>11. </b></td>
        <td style="text-align: justify"><b>Condition on delivery </b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">311</td>
        <td style="text-align: justify">The Vessel with everything belonging to her shall be at the Sellers&#8217; risk and expense until she is</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">312</td>
        <td style="text-align: justify">delivered to the Buyers<font style="color: #3C96D2"><strike>, but subject to the terms and conditions of this Agreement she shall be</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">313</td>
        <td style="text-align: justify"><font style="color: #3C96D2"><strike>delivered and taken over as she was at the time of inspection, fair wear and tear excepted</strike></font>.</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">314</td>
        <td style="text-align: justify">However, the Vessel shall be delivered free of cargo and free of stowaways with her Class</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">315</td>
        <td style="text-align: justify">maintained without condition/recommendation*, free of average damage affecting the Vessel&#8217;s</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">316</td>
        <td style="text-align: justify">class, and with her classification certificates and national certificates, as well as all other</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">317</td>
        <td style="text-align: justify">certificates the Vessel had at the time of <font style="color: #3C96D2"><strike>inspection</strike></font><font style="color: #B31330"><u>Delivery</u></font>, valid and unextended without</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">318</td>
        <td style="text-align: justify">condition/recommendation* by the Classification Society or the relevant authorities at the time</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">319</td>
        <td style="text-align: justify">of <font style="color: #3C96D2"><strike>delivery</strike></font><font style="color: #B31330"><u>Delivery</u></font>.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>320</strike></td>
        <td style="text-align: justify"><strike>&#8220;inspection&#8221; in this Clause 11, shall mean the Buyers&#8217; inspection according to Clause 4(a) or </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>321</strike></td>
        <td style="text-align: justify"><strike>4(b) (Inspections), if applicable. If the Vessel is taken over without inspection, the date of this </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>322</strike></td>
        <td style="text-align: justify"><strike>Agreement shall be the relevant date. </strike></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">323</td>
        <td style="text-align: justify">*Notes and memoranda, if any, in the surveyor&#8217;s report which are accepted by the Classification</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">324</td>
        <td style="text-align: justify">Society without condition/recommendation are not to be taken into account.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">325</td>
        <td style="text-align: justify; width: 0.4in"><b>12. </b></td>
        <td style="text-align: justify"><b>Name/markings<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>326</strike></td>
        <td style="text-align: justify"><strike>Upon delivery the Buyers undertake to change the name of the Vessel and alter funnel </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>327</strike></td>
        <td style="text-align: justify"><strike>markings. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">328</td>
        <td style="text-align: justify; width: 0.4in"><b>13. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; default<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>329</strike></td>
        <td style="text-align: justify"><strike>Should the Deposit not be lodged in accordance with Clause 2 (Deposit), the Sellers have the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>330</strike></td>
        <td style="text-align: justify"><strike>right to cancel this Agreement, and they shall be entitled to claim compensation for their losses </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>331</strike></td>
        <td style="text-align: justify"><strike>and for all expenses incurred together with interest. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>332</strike></td>
        <td style="text-align: justify"><strike>Should the Purchase Price not be paid in accordance with Clause 3 (Payment), the Sellers </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>333</strike></td>
        <td style="text-align: justify"><strike>have the right to cancel this Agreement, in which case the Deposit together with interest </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>334</strike></td>
        <td style="text-align: justify"><strike>earned, if any, shall be released to the Sellers. If the Deposit does not cover their loss, the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>335</strike></td>
        <td style="text-align: justify"><strike>Sellers shall be entitled to claim further compensation for their losses and for all expenses </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>336</strike></td>
        <td style="text-align: justify"><strike>incurred together with interest. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">337</td>
        <td style="text-align: justify; width: 0.4in"><b>14. </b></td>
        <td style="text-align: justify"><b>Sellers&#8217; default </b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">338</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness in accordance</strike></font> <font style="color: #B31330"><u>notice of the Scheduled Delivery Date by serving </u></font></div>
          <div><font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment under </u></font><font style="color: #3C96D2"><strike>with</strike></font> <font style="color: #B31330"><u>Clause 27 (Notice, Time and Place of
                Delivery) </u></font><font style="color: #3C96D2"><strike></strike></font></div>
          <div><font style="color: #3C96D2"><strike>Clause 5(b) </strike></font>or fail to be</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">339</td>
        <td style="text-align: justify">ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">340</td>
        <td style="text-align: justify">
          <div>option of cancelling this Agreement. If after <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330">a Payment Notice in respect of the Delivery <u></u></font></div>
          <div><font style="color: #B31330"><u>Instalment </u></font>has been given but before</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">341</td>
        <td style="text-align: justify">the Buyers have taken delivery, the Vessel ceases to be physically ready for delivery and is not</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">342</td>
        <td style="text-align: justify">
          <div>made physically ready again by the Cancelling Date and new <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>Payment Notice in respect of </u></font></div>
          <div><font style="color: #B31330"><u>the Delivery Instalment </u></font>given, the</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">343</td>
        <td style="text-align: justify">Buyers shall retain their option to cancel. <font style="color: #3C96D2"><strike>In the event that the Buyers elect to cancel this</strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>344</strike></td>
        <td style="text-align: justify"><strike>Agreement, the Deposit together with interest earned, if any, shall be released to them </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>345</strike></td>
        <td style="text-align: justify"><strike>immediately. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">346</td>
        <td style="text-align: justify">
          <div>Should the Sellers fail to give <font style="color: #3C96D2"><strike>Notice of Readiness</strike></font> <font style="color: #B31330"><u>a Payment Notice in respect of the Delivery Instalment</u></font> by the </div>
          <div>Cancelling Date or fail to be ready to</div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">347</td>
        <td style="text-align: justify">validly complete a legal transfer as aforesaid they shall make due compensation to the Buyers</td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.8in; text-align: left"><font style="font-size: 10pt">348</font></td>
        <td><font style="font-size: 10pt">for their loss and for all expenses together with interest <font style="color: #3C96D2"><strike>if their failure is due to proven</strike></font></font></td>
      </tr>

  </table>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">349</td>
        <td style="text-align: justify">
          <div><font style="color: #3C96D2"><strike>negligence and whether or not the Buyers cancel this Agreement.</strike></font><font style="color: #B31330"><u>in accordance with Clause 43 (Fees and </u></font></div>
          <div><font style="color: #B31330"><u>Expenses) of the Bareboat Charter, and this Agreement shall immediately terminate and be cancelled without <br>
                the need for either Buyers or Sellers to take any action whatsoever. </u></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">350</td>
        <td style="text-align: justify; width: 0.4in"><b>15. </b></td>
        <td style="text-align: justify"><b>Buyers&#8217; representatives<font style="color: #B31330"><u> - intentionally omitted</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>351</strike></td>
        <td style="text-align: justify"><strike>After this Agreement has been signed by the Parties and the Deposit has been lodged, the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>352</strike></td>
        <td style="text-align: justify"><strike>Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>353</strike></td>
        <td style="text-align: justify"><strike>expense. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>354</strike></td>
        <td style="text-align: justify"><strike>These representatives are on board for the purpose of familiarisation and in the capacity of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>355</strike></td>
        <td style="text-align: justify"><strike>observers only, and they shall not interfere in any respect with the operation of the Vessel. The </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>356</strike></td>
        <td style="text-align: justify"><strike>Buyers and the Buyers&#8217; representatives shall sign the Sellers&#8217; P&amp;I Club&#8217;s standard letter of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>357</strike></td>
        <td style="text-align: justify"><strike>indemnity prior to their embarkation. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">358</td>
        <td style="text-align: justify; width: 0.4in"><b>16. </b></td>
        <td style="text-align: justify"><b>Law and Arbitration <font style="color: #B31330"><u>(See Clause 33 (Governing Law and Jurisdiction))</u></font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>359</strike></td>
        <td style="text-align: justify"><strike>(a) *This Agreement shall be governed by and construed in accordance with English law and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>360</strike></td>
        <td style="text-align: justify"><strike>any dispute arising out of or in connection with this Agreement shall be referred to arbitration in </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>361</strike></td>
        <td style="text-align: justify"><strike>London in accordance with the Arbitration Act 1996 or any statutory modification or re- </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>362</strike></td>
        <td style="text-align: justify"><strike>enactment thereof save to the extent necessary to give effect to the provisions of this Clause. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>363</strike></td>
        <td style="text-align: justify"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>364</strike></td>
        <td style="text-align: justify"><strike>Association (LMAA) Terms current at the time when the arbitration proceedings are </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>365</strike></td>
        <td style="text-align: justify"><strike>commenced. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>366</strike></td>
        <td style="text-align: justify"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>367</strike></td>
        <td style="text-align: justify"><strike>appoint its arbitrator and send notice of such appointment in writing to the other party requiring </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>368</strike></td>
        <td style="text-align: justify"><strike>the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>369</strike></td>
        <td style="text-align: justify"><strike>stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>370</strike></td>
        <td style="text-align: justify"><strike>arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>371</strike></td>
        <td style="text-align: justify"><strike>other party does not appoint its own arbitrator and give notice that it has done so within the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>372</strike></td>
        <td style="text-align: justify"><strike>fourteen (14) days specified, the party referring a dispute to arbitration may, without the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>373</strike></td>
        <td style="text-align: justify"><strike>requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>374</strike></td>
        <td style="text-align: justify"><strike>and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>375</strike></td>
        <td style="text-align: justify"><strike>both Parties as if the sole arbitrator had been appointed by agreement. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>376</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>377</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>378</strike></td>
        <td style="text-align: justify"><strike>the time when the arbitration proceedings are commenced. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>379</strike></td>
        <td style="text-align: justify"><strike>(b) *This Agreement shall be governed by and construed in accordance with Title 9 of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>380</strike></td>
        <td style="text-align: justify"><strike>United States Code and the substantive law (not including the choice of law rules) of the State </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>381</strike></td>
        <td style="text-align: justify"><strike>of New York and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>382</strike></td>
        <td style="text-align: justify"><strike>referred to three (3) persons at New York, one to be appointed by each of the parties hereto, </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>383</strike></td>
        <td style="text-align: justify"><strike>and the third by the two so chosen; their decision or that of any two of them shall be final, and </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>384</strike></td>
        <td style="text-align: justify"><strike>for the purposes of enforcing any award, judgment may be entered on an award by any court of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>385</strike></td>
        <td style="text-align: justify"><strike>competent jurisdiction. The proceedings shall be conducted in accordance with the rules of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>386</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>387</strike></td>
        <td style="text-align: justify"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$ 100,000 the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>388</strike></td>
        <td style="text-align: justify"><strike>arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>389</strike></td>
        <td style="text-align: justify"><strike>Society of Maritime Arbitrators, Inc. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>390</strike></td>
        <td style="text-align: justify"><strike>(c) This Agreement shall be governed by and construed in accordance with the laws of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>391</strike></td>
        <td style="text-align: justify"><strike>(state place) and any dispute arising out of or in connection with this Agreement shall be </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>392</strike></td>
        <td style="text-align: justify"><strike>referred to arbitration at (state place), subject to the procedures applicable there. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>393</strike></td>
        <td style="text-align: justify"><strike>*16(a), 16(b) and 16(c) are alternatives; delete whichever is not applicable. In the absence of </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>394</strike></td>
        <td style="text-align: justify"><strike>deletions, alternative 16(a) shall apply. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">395</td>
        <td style="text-align: justify; width: 0.4in"><b>17. </b></td>
        <td style="text-align: justify"><b>Notices <font style="color: #B31330">- (See Clause 28 (Notices))</font></b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>396</strike></td>
        <td style="text-align: justify"><strike>All notices to be provided under this Agreement shall be in writing. </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>397</strike></td>
        <td style="text-align: justify"><strike>Contact details for recipients of notices are as follows: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>398</strike></td>
        <td style="text-align: justify"><strike>For the Buyers: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in"><strike>399</strike></td>
        <td style="text-align: justify"><strike>For the Sellers: </strike></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.4in">400</td>
        <td style="text-align: justify; width: 0.4in"><b>18. </b></td>
        <td style="text-align: justify"><b>Entire Agreement </b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">401</td>
        <td style="text-align: justify">The written terms of this Agreement comprise the entire agreement between the Buyers and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0in"></td>
        <td style="width: 0.8in">402</td>
        <td style="text-align: justify">the Sellers in relation to the sale and purchase of the Vessel and supersede all previous</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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        <td style="text-align: justify">warranty (whether or not made negligently) other than as is expressly set out in this Agreement.</td>
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        <td style="text-align: justify">the extent that such exclusion can legally be made. Nothing in this Clause shall limit or exclude</td>
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        <td style="width: 49%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 49pt"><font style="font-size: 10pt">For and on behalf of the Sellers</font></td>
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        <td style="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 49pt"><font style="font-size: 10pt">Name: ANDREAS LOUKA<br>
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                          <div style="margin-left: 9pt">/s/ ANDREAS LOUKA</div>
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                          <div style="margin-left: 9pt">/s/ WANG Guang<br>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 10pt">&#160;</td>
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        <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-bottom: 10pt">&#160;</td>
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  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO. No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form
    without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</p>
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        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">EXECUTION VERSION</font></td>
        <td style="width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">JINGHAISANSHIER - 2026 - MOA</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><font style="font: 10pt Arial, Helvetica, Sans-Serif"><b>RIDER CLAUSES TO MEMORANDUM OF AGREEMENT</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>DATED 9 March 2026</b></font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The purchase price (&#8220;<b>Purchase Price</b>&#8221;) of the Vessel shall be 85% of the lesser of:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract Price; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">US$45,200,000.</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers hereby agree to sell and transfer all rights, title and interest in the Vessel absolutely,
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        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in consideration of the Sellers&#8217; agreement under sub-paragraph (i) above, the Buyers hereby agree to
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        <td style="width: 34.9pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred or being continuing at the time of
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers having received a duly completed Payment Notice relating to such Instalment not later than
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the issuance of a Payment Notice in respect of any Instalment by the Sellers to the Buyers,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Second Instalment Payment Date, and the Sellers hereby
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Third Instalment) the conditions precedent set out in Part D of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Third Instalment Payment Date, and the Sellers hereby
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Fourth Instalment) the conditions precedent set out in Part E of Schedule 2 of the
            Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Fourth Instalment Payment Date, and the Sellers hereby
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in the case of the Delivery Instalment) the conditions precedent set out in Part F of Schedule 2 of
            the Bareboat Charter having been fulfilled to the satisfaction of the Buyers (or waived, with or without conditions as the Buyers may require) at least three (3) Business Days prior to the Delivery Instalment Payment Date, and the Sellers
            hereby authorize the Buyers to deposit the Delivery Instalment on the Payment Date relating thereto to the Head Sellers&#8217; Bank on an unallocated basis and in accordance with the terms of the Conditional Payment Instructions.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers agree to pay an Instalment before the conditions precedent relating to such Instalment
            referred to in Clause 19(c) are satisfied, the Sellers undertake to ensure that such outstanding conditions precedent shall be satisfied within five (5) Business Days from its original due date (unless otherwise agreed in writing by the Buyers
            in their absolute discretion); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Buyers agree to take delivery of the Vessel under this Agreement and (in their capacity as owner
            under the Bareboat Charter) agree to charter the Vessel to the Charterers under the Bareboat Charter before all the conditions precedent referred to in this Agreement and the Delivery Conditions Precedent are satisfied, the Sellers undertake to
            ensure that such outstanding conditions precedent shall</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be satisfied within five (5) Business Days from its original due date (unless
      otherwise agreed in writing by the Buyers in their absolute discretion).</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Sellers have elected to pay any Instalment (other than the Delivery Instalment) directly to the
            Head Sellers by making the relevant payment to the Head Sellers in accordance with the Shipbuilding Contract, subject to paragraph (c) above, the Buyers shall pay the relevant Instalment directly to the Sellers&#8217; Account after fulfilment (or
            waiver) of the relevant Instalment Conditions Precedent along with evidence of full payment to the Head Sellers of such relevant Instalment in form and substance satisfactory to the Buyers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers and the Sellers agree that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            into the Head Sellers&#8217; Designated Account or the Sellers&#8217; Account (as the case may be) shall constitute a full discharge of the Buyers&#8217; obligations to pay such Pre-delivery Instalment under this Agreement; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      accuracy of the details of such bank and/or account to ensure that they reflect the requirements of the Shipbuilding Contract or any other document between the Sellers and the Head Sellers or otherwise (other than in cases of manifest error); and the
      Buyers and the Sellers further agree that the Buyers shall not be required to countersign the SBC PODA and/or execute the MOA PODA until and unless the Instalment Conditions Precedent and the Delivery Conditions Precedent have been fulfilled to the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Shipbuilding Contract Delivery Amount exceeds the Delivery Instalment, the Sellers shall pay an
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the avoidance of doubt, the Sellers hereby agree and acknowledge that, the Sellers shall at their
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">pay (procure the payment) to the Head Sellers the full difference between the total amount due and
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify; text-indent: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be obliged to supply the Vessel with any bunkers, lubricating oil, greases, hydraulic oil, unbroached
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All amounts payable hereunder shall be made in Dollars unless otherwise requested by the Buyers in the
            event that there are any restrictions whatsoever preventing the remittance of payments in Dollars by or to the Buyers or otherwise adversely affecting the ability of the Buyers to make or receive payments in Dollars (including without
            limitation, any suspension of the SWIFT system in any jurisdiction where the Buyers would have made or received payment or would customarily make or receive payments) or, as a result of any Sanctions, it is unlawful for the Buyers to deal in,
            or the Buyers are unable to deal in, send or accept, Dollars hereunder, then the Buyers may be able to select such other currency (the &#8220;<b>Other Currency</b>&#8221;) as they determine in their absolute opinion whereupon the relevant amount shall be
            converted at the prevailing exchange rate quoted to the Buyers by such bank as the Buyers may reasonably select <b>provided always that </b>(a) dealing in such Other Currency shall not be a breach of any Sanctions and (b) the Head Sellers&#8217;
            prior written consent to the use of such Other Currency shall be obtained.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      are conditional upon:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Payment Date, the Scheduled Delivery Date and the Delivery Date all falling on a Business Day on
            or before the Cancelling Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as at the Delivery Date and immediately prior to the payment of the Delivery Instalment, all other
            amounts payable under the Shipbuilding Contract (including, but not limited to the Delivery Shortfall) having been paid to the Head Sellers or deposited into the Head Sellers&#8217; Bank;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the fulfilment by the Sellers and/or the Charterers, or (as the case may be) the waiver by the Buyers
            and/or the Owners, of the Instalment Conditions Precedent and the Delivery Conditions Precedent;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel being delivered to the Sellers pursuant to the Shipbuilding Contract and the simultaneous
            delivery to and acceptance by the Charterers as bareboat charterer of the Vessel in accordance with the terms of the Bareboat Charter; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event having occurred and being continuing or occurring as a result of the performance
            by the Sellers and Buyers of their respective obligations under this Agreement.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 21 &#8211; Condition of vessel</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers hereby acknowledge that with respect to the sale and purchase of the Vessel under
      this Agreement, the Buyers are relying on the Sellers in all respects to check all matters concerning the Vessel, safety, condition, quality and fitness for purposes and delivery of the Vessel.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers represent and warrant to the Buyers on the date hereof, on each
      date on which a Payment Notice is issued by the Sellers, on each Payment Date and on the Delivery Date that (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund
      Guarantor is given only to the best of the Sellers&#8217; knowledge):</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they are duly incorporated and validly existing under the laws of their jurisdiction of incorporation;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they have the requisite power and authority to enter into and perform this Agreement and this
            Agreement constitutes their valid, legal and binding obligations in accordance with its terms;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the execution and performance by them of this Agreement will not breach or constitute a default under
            their constitutional documents or any agreement, instrument, order, judgment or other restriction which binds them;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Buyers are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same other than as notified in writing to the Buyers (such amendments or supplements having been pre-approved or permitted to be made by the
            Buyers under this Agreement or the Bareboat Charter);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract contains valid, binding and enforceable obligations of the Sellers and the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Refund Guarantee contains valid, binding and enforceable obligations of the Refund Guarantor, and
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is in a good and safe condition; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is classed with the Classification Society at the highest classification available for vessels of its
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to each of the Sellers and any member of the Group, the Head Sellers and the Refund
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not a Prohibited Person;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is not owned or controlled by or acting directly or indirectly on behalf of or for the benefit of,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it does not own or control a Prohibited Person; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">neither it nor any of its directors, officers or (to the best knowledge and belief of the Sellers)
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no part of the Purchase Price nor the Vessel shall be made available, directly or indirectly, to or
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    <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If:</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"> <br>
    </font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 27pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Potential Termination Event or a Termination Event occurs prior to Delivery and is continuing;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it becomes unlawful or illegal or contrary to Sanctions for the Buyers to perform their obligations
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel becomes a Total Loss prior to the Delivery Date; or</font></td>
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      save for paragraph (c) above where such termination will be immediate and automatic as from the date of the Total Loss) to terminate this Agreement immediately by written notice to the Sellers and such termination shall become effective on the date
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        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(without prejudice to Clause 25 (<i>Indemnities</i>) of this Agreement) the Sellers shall cease to
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            to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Buyers shall be entitled to retain all documented costs, expenses, fees or other amounts paid by the Sellers and/or
            the Charterers under this Agreement and the other Leasing Documents and if any documented fees and/or expenses which are payable by the Sellers and/or the Charterers pursuant to this Agreement and the other</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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      fees and expenses to the Buyers in accordance with this Agreement, and such costs, expenses, fees or other amounts are acknowledged and agreed by the Sellers to be a proportionate amount, having regard to the legitimate interest of the Buyers in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 71.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Sellers shall be obliged to immediately pay an amount equal to the applicable Termination Sum, as
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Buyers (in their capacity as owners) receive payment of the Termination Sum (or part thereof)
            from the Charterers under the Bareboat Charter, such amount of the Termination Sum actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
            Buyers;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that the Buyers receive a refund of any Instalment(s) from the Head Sellers and/or the
            Refund Guarantor pursuant to the terms of any Leasing Document, any such amount actually and irrevocably received by the Buyers shall be set off against the Sellers&#8217; obligation to pay that portion of the Termination Sum equal thereto to the
            Buyers; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the irrevocable receipt of the Termination Sum paid to the Buyers by the Sellers, the Buyers
            shall, at the cost of the Sellers, within a reasonable time, without representation or warranty, re-assign the Buyer&#8217;s rights and interests under the Shipbuilding Contract and the Refund Guarantee to the Sellers in accordance with the terms of
            the Pre-delivery Assignment.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Flag State requires the Buyers to have a physical presence or office in the
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 25 &#8211; Indemnities</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Buyers (i) agreeing to pay and/or paying the Purchase Price under the terms of
            this Agreement and (ii) agreeing to charter the Vessel upon Delivery to the Charterers pursuant to the terms of the Bareboat Charter as at the date hereof, the Sellers shall indemnify and pay such amounts to the Buyers in respect of all
            documented costs, claims, expenses, liabilities, losses, damages and fees (including but not limited to any documented legal fees, vessel registration and tonnage fees) suffered or incurred by or imposed on the Buyers arising from this
            Agreement or in connection with the Delivery, registration, purchase and inspection of the Vessel by the Buyers whether prior to, during or after termination of this Agreement or in connection with or resulting from the occurrence of a
            Termination Event or the funding of all or an portion of the Purchase Price (including but not limited to the event that the funds have been deposited in accordance with Clause 19 but not released in accordance with the Conditional Payment
            Instructions for any reason whatsoever, other than as a direct and sole result of the Buyers&#8217; gross</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">negligence or wilful misconduct), and whether or not the Vessel is
      in the possession of or the control of the Sellers or otherwise.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Sellers shall be
            provided in favour of the Buyers and shall continue in full force and effect notwithstanding any breach of the terms of this Agreement or termination of this Agreement pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 42.55pt; text-transform: uppercase; text-indent: -47.05pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers shall be entitled to request such documents and information that the Buyers may reasonably
            require in relation to the construction of the Vessel or otherwise in connection with the Vessel (including, without limitation, the status of such construction or otherwise in connection with the Shipbuilding Contract and/or the Refund
            Guarantees), and such information and documentation shall be delivered as soon as practically possible to the Buyers by the Sellers.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Buyers may reasonably request to inspect the Vessel (including but without limitation to all
            plans, specifications, and other documents and records relating to its construction) during the course of its construction (but no more than once per calendar year), provided that prior notice shall be given to the Sellers, and the Sellers
            shall use best endeavours to procure that access shall be granted by the Head Sellers for such inspection.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 13.5pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 22.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall promptly notify the Buyers of:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices and/or claims the Head Sellers has served on it under the Shipbuilding Contract
            (including but not limited to any notice of delay, default or termination under the Shipbuilding Contract);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all material notices the Sellers have served on the Head Sellers under the Shipbuilding Contract; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any material dispute between the Sellers and the Head Sellers in relation to the Shipbuilding
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage
            at the Head Sellers&#8217; shipyard.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall keep the Buyers well informed of any changes to the Scheduled Delivery Date of the
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other valid method or giving, making or sending the same) shall be deemed sufficiently given
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left" colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: 49F, ABC Tower, NO.9, YinCheng Road, Pudong New Area, Shanghai 200120, China<br>
            Attention: Yiye XIANG<br>
            Email: xiangyiyezl@abcleasing.com<br>
            Tel: +8621 2068 6853</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left">&#160;</td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left" colspan="2">&#160;</td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify" colspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o CENTRAL SHIPPING INC. </b><br>
            Address: 20, Iouliou Kaisara Str., Paiania, Attica, Greece</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify; width: 54%"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Andreas Louka</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Email: </font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">louka@loukapartners.com</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></td>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">+30 210 81 28 320</font></td>
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  <p style="margin-top: 0; margin-bottom: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email address, to such other address (or email
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 29 &#8211; No Waiver of Rights</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any payment made by the Sellers to the Buyers under this Agreement shall be paid:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, at any time, any provision of this Agreement is or becomes illegal, invalid or unenforceable in
            any respect under any law of any jurisdiction, neither the legality, validity or enforceability of the remaining provisions under the law of that jurisdiction nor the legality, validity or enforceability of such provision under the law of any
            other jurisdiction will in any way be affected or impaired.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers waive any rights of sovereign immunity which they or any of their properties may enjoy in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement may be executed in any number of counterparts, and this has the same effect as if the
            signatures on the counterparts were on a single copy of this Agreement, as the case may be.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 33 &#8211; Governing law and jurisdiction</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Agreement, and any non-contractual obligations arising out of or in connection with it, are
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Agreement (including a dispute regarding the
            existence, validity or termination of this Agreement or any non-contractual obligation arising out of or in connection with this Agreement) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to arbitration in London in accordance with the Arbitration Act
            1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the provisions of this Clause. The arbitration shall be
      conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three (3) arbitrators, one to be appointed by each Party and the third, by
            the two so appointed. A Party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar
            Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and shall send notice of such appointment in writing to the other Party requiring the other Party to appoint its own
            arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other Party appoints its own arbitrator and give notice that it has done so within the fourteen (14) days
            specified. If the other Party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the Party referring a Dispute to arbitration may, without the requirement of any further prior notice
            to the other Party, appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator shall be binding on both Parties as if he or she had been appointed by agreement. Nothing herein shall
            prevent the Parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator within seven (7) days after
            the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen (14) days of such request.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three (3) arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Clause 34 &#8211; Definitions</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Unless otherwise specified hereunder, capitalised terms in this Agreement shall have the same
      meaning as in the Bareboat Charter:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Bareboat Charter</b>&#8221; means the bareboat charterparty in respect of the
      Vessel dated on or about the date hereof and entered into between the Buyers as owner and <font style="color: windowtext">the Charterers</font> as bareboat charterer.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Builder</b>&#8221; means GUANGZHOU SHIPYARD INTERNATIONAL COMPANY LIMITED, a
      corporation organised and existing under the laws of the People&#8217;s Republic of China, having its registered office at No.18 Qihang Road, Longxue Street, Nansha District, Guangzhou, the People&#8217;s Republic of China.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Business Day</b>&#8221; means a day (other than a Saturday or Sunday) on which
      banks are open for general business in London, New York and Shanghai and any jurisdiction in which any earnings account is opened.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Cancelling Date</b>&#8221; means <font style="color: windowtext">_____________________________</font>
      or such later date as may be agreed by the Buyers acting in their discretion.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Charterers</b>&#8221; means the Sellers, acting in their capacity as bareboat
      charterers under the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Conditional Payment Instructions</b>&#8221; means the conditional payment
      instructions to the Head Sellers&#8217; Bank in the form of a SWIFT MT199 with a SWIFT MT103 or such other format agreed between the Head Sellers, the Sellers and the Buyers, setting out the conditions upon which all (or as the case may be, the relevant
      portion) of the Delivery Instalment paid to the Head Sellers&#8217; Bank shall be released to the Head Sellers (such conditions to include, without limitation, the presentation to the Head Sellers&#8217; Bank of the SBC PODA duly executed by the Head Sellers and
      the Sellers (and countersigned by the Buyers)).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery</b>&#8221; means the passing of the legal and beneficial interest in
      the Vessel from the Sellers to the Buyers pursuant to the terms of this Agreement.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      detailed in clause 35.2(g)(ii) of the Bareboat Charter.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Date</b>&#8221; means the date on which Delivery occurs.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment</b>&#8221; has the meaning given to such term under <font style="color: black">Schedule 1</font> <i>(Purchase Price Instalments)</i>.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Instalment Payment Date</b>&#8221; means the date specified in the
      Payment Notice relating to the Delivery Instalment provided that, unless otherwise agreed by the Buyers, any such date shall coincide with the due date of depositing the final instalment of the Shipbuilding Contract Price under the Shipbuilding
      Contract.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Delivery Shortfall</b>&#8221; has the meaning given to that term in Clause 19.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Pre-delivery Instalments</b>&#8221; means collectively, the First Instalment,
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Second Instalment</b>&#8221; has the meaning given to such term under Schedule
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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        <td style="width: 19%; padding-right: 5.4pt; padding-bottom: 12pt; text-indent: 0in; text-transform: uppercase; font: bold 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>Instalment</u></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">First Instalment</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the first
            (1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup>) instalment of the Shipbuilding Contract Price payable by the Sellers to the Head Sellers under article II(3)(a) of the Shipbuilding Contract as evidenced by
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the First Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Second Instalment</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the second
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Second Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; font: 10pt Arial, Helvetica, Sans-Serif">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Third Instalment</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% of the third
            (3<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">rd</sup>) instalment of the Shipbuilding Contract Price payable by the Sellers to the Head Sellers under article II(3)(c) of the Shipbuilding Contract, as evidenced by
            Head Sellers&#8217;s invoice, being no more than US$<font style="color: windowtext">3,842,000</font> (the &#8220;<b>Third Instalment</b>&#8221;).</font></td>
        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Third Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fourth Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to 85% the fourth (4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) instalment of the Shipbuilding Contract Price payable by the Sellers to the Head Sellers under article II(3)(d) of the Shipbuilding Contract, as evidenced by Head
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        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Fourth Instalment Payment Date</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Fifth Instalment</font></td>
        <td style="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an amount equal to the difference
            between (i) the Purchase Price and (ii) the aggregate amount of Instalments paid by the Buyers pursuant to the terms of this Agreement (the &#8220;<b>Fifth Instalment</b>&#8221;).</font></td>
        <td style="padding-right: 1.85pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery Instalment Payment Date</font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Schedule 2<br>
      Form of Payment Notice</font></p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">To:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. </b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Date:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">____________________</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Memorandum of Agreement dated </b>____________________ <b>(the &#8220;Agreement&#8221;)</b><br>
      <b>in relation to a vessel currently under construction with hull No. <font style="color: windowtext">25110058</font> (the &#8220;Vessel&#8221;)</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">We refer to the Agreement made between us in relation to the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This is a Payment Notice as defined in the Agreement.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Capitalised terms in this Payment Notice have the meanings set out in the Agreement unless otherwise
            defined herein.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice is irrevocable once issued (unless otherwise agreed by the Buyers).</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The Scheduled Delivery Date is [&#9679;].]<font style="color: black"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></font></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Payment Notice relates to the [First/Second/Third/Fourth/Delivery] Instalment.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">[The amount that the Head Sellers is entitled to receive under the Shipbuilding Contract in respect of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8.</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Payment Date for the [First/Second/Third/Fourth/Delivery] Instalment is [&#9679;].</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>9.</i></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>[For Pre-delivery Instalments:]</i></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>[Head Sellers&#8217; Designated Account/Sellers&#8217; Account]</u></b></font></p>
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      Beneficiary Bank SWIFT Code: [&#9679;]<br>
      Correspondent Bank: [&#9679;]<br>
      Name of Account Holder: [&#9679;]<br>
      Account no: [&#9679;]<br>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Yours faithfully</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">_______________________________</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title: attorney-in-fact<br>
      for and on behalf of<br>
      <font style="color: windowtext"><b>ROMAN SHARK V INC.</b></font><br>
      Date:</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext"><b>ROMAN SHARK V INC.</b></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a corporation incorporated under the laws of the Republic of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (the &#8220;<b>Sellers</b>&#8221;)




      hereby sell, transfer and deliver and <b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b>, a corporation incorporated under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin
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      Buyers and the Sellers confirm that the same is delivered in accordance with the Memorandum of Agreement dated ______________________ (as the same may be amended, supplemented and varied from time to time) entered into between (1) the Sellers as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
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      For and on behalf of<br>
      <font style="color: windowtext"><b>ROMAN SHARK V INC.</b></font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font: 10pt Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name:<br>
      Title:<br>
      For and on behalf of<br>
      <b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. </b><br>
      <b>(&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM<br>
      MOA Riders<br>
      Hull No. 251100<font style="color: windowtext">58</font><br>
      SINGAPORE/92306907v1</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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<DOCUMENT>
<TYPE>EX-4.55
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<FILENAME>ef20060828_ex4-55.htm
<DESCRIPTION>EXHIBIT 4.55
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 25%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Port or Place of delivery (Cl. 3)</font></p>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        </td>
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="3">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="3">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">25.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Currency and method of payment
              (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dollars/Bank transfer</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">26.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Place of payment; also state
              beneficiary and bank account (Cl. 11)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 37 (Charterhire); such account as the Owners may
                notify the Charterers from time to time</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">27.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="color: #B31330"><u>Corporate





                </u></font> <font style="color: #3C96D2"><strike>Bank</strike></font> guarantee/bond (sum and place) (Cl. 24) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>See Clause 24</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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              whether 12(a) or (b) applies; if 12(b) applies state date of Financial Instrument and name of Mortgagee(s)/Place of business) (Cl. 12)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">29.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Insurance (hull and machinery and
              war risks) (state value acc. to Cl. 13(f) or, if applicable, acc. to Cl. 14(k)) (also state if Cl. 14 applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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              any, for Owners&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">31.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Additional insurance cover, if
              any, for Charterers&#8217; account limited to (Cl. 13(b) or, if applicable, Cl. 14(g))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Latent defects (only to be filled
              in if period other than stated in Cl. 3)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="width: 50%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Brokerage commission and to whom
              payable (Cl. 27)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Grace period (state number of
              clear banking days) (Cl. 28)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Dispute Resolution (state 30(a),
              30(b) or 30(c); if 30(c) agreed Place of Arbitration must be stated (Cl. 30)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause 30 not applicable. See Clause 67 (Governing Law and
                Enforcement)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;War cancellation (indicate
              countries agreed) (Cl. 26(f))</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Newbuilding Vessel (indicate with
              &#8220;yes&#8221; or &#8220;no&#8221; whether PART III applies) (optional)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>No</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">38.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Name and place of Builders (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessel&#8217;s Yard Building No. (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Date of Building Contract (only
              to be filled in if PART III applies)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>N/A</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-indent: -0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Liquidated damages and costs
              shall accrue to (state party acc. to Cl. 1)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt">
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              Registry (only to be filled in if PART V applies)</font></p>
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        </td>
      </tr>
      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; padding: 4pt 5pt" colspan="2">
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">PREAMBLE - It is mutually agreed that this Contract shall be performed subject to the conditions contained in this Charter which shall include PART I and PART II<font style="color: #B31330"><u> and the Additional Clauses</u></font>. In the event of a conflict of conditions, the provisions of <font style="color: #B31330"><u>the Additional Clauses shall prevail over the provisions of </u></font>PART I <font style="color: #B31330"><u>and</u></font><font style="color: #3C96D2"><strike>shall prevail over those of</strike></font> PART II to the extent of such conflict but no further. It is further mutually agreed that PART III and/or PART IV and/or PART V
    shall only apply and only form part of this Charter if expressly agreed and stated in Boxes 37, 42 and 43. If PART III and/or PART IV and/or PART V apply, it is further agreed that in the event of a conflict of conditions, the provisions of PART I and
    PART II shall prevail over those of PART III and/or PART IV and/or PART V to the extent of such conflict but no further.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 50%; border: 1pt solid black; font: 10pt Arial,Helvetica,sans-serif; padding-top: 4pt; padding-bottom: 4pt;">
          <div style="margin-left: 18pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Signature (Owners)</font></div>
          <div style="margin-left: 18pt;">WANG Guang<br>
            /S/ WANG Guang<br>
            Legal Representative<font style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt;"><br>
            </font></div>
        </td>
        <td style="width: 50%; border-top: 1pt solid black; border-right: 1pt solid black; border-bottom: 1pt solid black; font: 10pt Arial,Helvetica,sans-serif; padding-top: 4pt; padding-bottom: 4pt;">
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          <p style="font: 10pt Arial,Helvetica,sans-serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 18pt;">ANDREAS LOUKA<br>
            /s/ ANDREAS LOUKA<br>
            Attorney-in-Fact<font style="font-family: Arial,Helvetica,sans-serif; font-size: 10pt;"><br>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">1</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions</b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">2</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, the following terms shall have the meanings hereby assigned to them: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">3</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Owners&#8221; shall mean the party identified in Box 3; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Charterers&#8221; shall mean the party identified in Box 4; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;The Vessel&#8221; shall mean the vessel named in Box 5 and with particulars as stated in Boxes 6 to 12. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>annexed to this Charter and stated in Box 28. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Charter Period </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the hire detailed in Box 22, the Owners have agreed to let and the Charterers have agreed to </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire the Vessel for the period stated in Box 21 <font style="color: #3C96D2"><strike>(&#8220;The Charter Period&#8221;)</strike></font>. <font style="color: #B31330"><u>See also
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Delivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(not applicable when Part III applies, as indicated in Box 37) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">13</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>every respect ready in hull, machinery and equipment for service under this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be delivered by the Owners and taken over by the Charterers at the port or place indicated in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Box 13<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>in such ready safe berth as the Charterers may direct.</strike></font></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be properly documented on delivery in accordance with the laws of the flag state indicated in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 5 and the requirements of the classification society stated in Box 10. The Vessel upon delivery shall have her </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>survey cycles up to date and trading and class certificates valid for at least the number of months agreed in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>12. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The delivery of the Vessel by the Owners and the taking over of the Vessel by the Charterers shall constitute a </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">full performance by the Owners of all the Owners&#8217; obligations under this Clause 3, and thereafter the Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall not be entitled to make or assert any claim against the Owners on account of any conditions, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">24</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">representations or warranties expressed or implied with respect to the Vessel<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>but the
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the cost of but not the time for repairs or renewals occasioned by latent defects in the Vessel, her machinery or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appurtenances, existing at the time of delivery under this Charter, provided such defects have manifested </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>themselves within twelve (12) months after delivery unless otherwise provided in Box 32. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time for Delivery <font style="color: #B31330"><u>(See Clause 35 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall not be delivered before the date indicated in Box 14 without the Charterers&#8217; consent and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners shall exercise due diligence to deliver the Vessel not later than the date indicated in Box 15. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Unless otherwise agreed in Box 18, the Owners shall give the Charterers not less than thirty (30) running days&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>preliminary and not less than fourteen (14) running days&#8217; definite notice of the date on which the Vessel is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>expected to be ready for delivery. The Owners shall keep the Charterers closely advised of possible changes in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel&#8217;s position. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">36</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Cancelling <font style="color: #B31330"><u>(See Clause 33 (Cancellation))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in Box 37) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel not be delivered latest by the cancelling date indicated in Box 15, the Charterers shall have the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>option of cancelling this Charter by giving the Owners notice of cancellation within thirty-six (36) running hours </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>after the cancelling date stated in Box 15, failing which this Charter shall remain in full force and effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If it appears that the Vessel will be delayed beyond the cancelling date, the Owners may, as soon as they are in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>a position to state with reasonable certainty the day on which the Vessel should be ready, give notice thereof to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers asking whether they will exercise their option of cancelling, and the option must then be declared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within one hundred and sixty-eight (168) running hours of the receipt by the Charterers of such notice or within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thirty-six (36) running hours after the cancelling date, whichever is the earlier. If the Charterers do not then </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exercise their option of cancelling, the seventh day after the readiness date stated in the Owners&#8217; notice shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>substituted for the cancelling date indicated in Box 15 for the purpose of this Clause 5. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Cancellation under this Clause 5 shall be without prejudice to any claim the Charterers may otherwise have on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners under this Charter. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">50</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Trading Restrictions <font style="color: #B31330"><u>(see also Clauses 47.1(t), 47.1 (u) and 47.1 (v)) (Undertakings))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall be employed in lawful trades for the carriage of suitable lawful merchandise within the trading </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">limits indicated in Box 20. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">53</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake not to employ the Vessel or suffer the Vessel to be employed otherwise than in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conformity with the terms of the contracts of insurance (including any warranties expressed or implied therein) </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as to extra premium or otherwise as the insurers may prescribe. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">57</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also undertake not to employ the Vessel or suffer her employment in any trade or business which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">58</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is forbidden by the law of any country to which the Vessel may sail or is otherwise illicit or in carrying illicit or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">59</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prohibited goods or in any manner whatsoever which may render her liable to condemnation, destruction, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">60</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">seizure or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">61</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding any other provisions contained in this Charter it is agreed that nuclear fuels or radioactive </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">62</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">products or waste are specifically excluded from the cargo permitted to be loaded or carried under this Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">63</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This exclusion does not apply to radio-isotopes used or intended to be used for any industrial, commercial, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agricultural, medical or scientific purposes provided the Owners&#8217; prior approval has been obtained to loading </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">66</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Surveys on Delivery and Redelivery </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">67</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Provision on Delivery see Clause 48.2 (Inspection of Vessel)</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(not applicable when Part III applies, as indicated in </strike></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 37) </strike></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">68</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #3C96D2"><strike>and Charterers</strike></font> shall <font style="color: #3C96D2"><strike>each</strike></font> appoint surveyors for the
            purpose of determining and agreeing in writing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the condition of the Vessel at the time of <font style="color: #3C96D2"><strike>delivery and</strike></font> redelivery <font style="color: #B31330"><u>pursuant to
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Redelivery and Total Loss) </u></font>hereunder<font style="color: #B31330"><u> (if applicable) at the costs of the Charterers</u></font>.
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>expenses </strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the On-hire Survey including loss of time, if any, and the Charterers shall bear all expenses of the Off-hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Survey including loss of time, if any, at the daily equivalent to the rate of hire or pro rata thereof. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">72</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330"><u>(See Clause 48 (Inspection of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall have the right at any time after giving reasonable notice to the Charterers to inspect or survey </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel or instruct a duly authorised surveyor to carry out such survey on their behalf: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly repaired and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintained. The costs and fees for such inspection or survey shall be paid by the Owners unless the Vessel is </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>77</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>found to require repairs or maintenance in order to achieve the condition so provided; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>78</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in dry-dock if the Charterers have not dry-docked Her in accordance with Clause 10(g). The costs and fees for </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>79</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such inspection or survey shall be paid by the Charterers; and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>80</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for any other commercial reason they consider necessary (provided it does not unduly interfere with the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>81</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>82</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>83</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>84</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>85</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>86</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>whenever required by the Owners furnish them with full information regarding any casualties or other accidents </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>87</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or damage to the Vessel. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">88</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>9.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inventories, Oil and Stores <font style="color: #B31330"><u>(See Clause 35.7 (Delivery and Charter of Vessel))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>89</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>90</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consumable stores on board the Vessel shall be made by the Charterers in conjunction with the Owners on </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>91</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery and again on redelivery of the Vessel. The Charterers and the Owners, respectively, shall at the time of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>92</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>93</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>94</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ports of delivery and redelivery, respectively. The Charterers shall ensure that all spare parts listed in the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>95</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>inventory and used during the Charter Period are replaced at their expense prior to redelivery of the Vessel. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">96</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>10.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Maintenance and Operation </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">97</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) Maintenance and Repairs - During the Charter Period the Vessel shall be in the full possession and at the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">98</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">absolute disposal for all purposes of the Charterers and under their complete control in every respect. The </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">99</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall maintain the Vessel, her machinery, boilers, appurtenances and spare parts in a good state of </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">repair, in efficient operating condition and in accordance with good commercial maintenance practice and, </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">101</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>except as provided for in Clause 14(l), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if applicable, at
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">102</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Classification</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Class</strike></font> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">fully up to date with the Classification Society indicated in Box 10 and maintain all other necessary </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">103</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">certificates in force at all times. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) New Class and Other Safety Requirements - In the event of any improvement, structural changes or new </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">105</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment becoming necessary for the continued operation of the Vessel by reason of new class requirements </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">106</font></td>
        <td>&#160;</td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>107</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 23, or if Box 23 is left blank, 5 per cent of the Vessel&#8217;s insurance value as stated in Box 29, then the extent, if </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>108</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, to which the rate of hire shall be varied and the ratio in which the cost of compliance shall be shared between </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>109</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties concerned in order to achieve a reasonable distribution thereof as between the Owners and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>110</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers having regard, inter alia, to the length of the period remaining under this Charter shall, in the absence </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>111</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of agreement, be referred to the dispute resolution method agreed in Clause 30. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">112</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) Financial Security - The Charterers shall maintain financial security or responsibility in respect of third party </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">113</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">liabilities as required by any government, including federal, state or municipal or other division or authority </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">114</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereof, to enable the Vessel, without penalty or charge, lawfully to enter, remain at, or leave any port, place, </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">115</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">territorial or contiguous waters of any country, state or municipality in performance of this Charter without any </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">116</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delay. This obligation shall apply whether or not such requirements have been lawfully imposed by such </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">117</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">government or division or authority thereof. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">118</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall make and maintain all arrangements by bond or otherwise as may be necessary to satisfy </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">119</font></td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such requirements at the Charterers&#8217; sole expense and the Charterers shall indemnify the Owners against all </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">120</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">consequences whatsoever (including loss of time) for any failure or inability to do so. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">121</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Operation of the Vessel - The Charterers shall at their own expense and by their own procurement man, victual, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">122</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">navigate, operate, supply, fuel and, whenever required, repair the Vessel during the Charter Period and they </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">123</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall pay all charges and expenses of every kind and nature whatsoever incidental to their use and operation of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">124</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel under this Charter, including annual <font style="color: #3C96D2"><strike>flag state</strike></font> fees <font style="color: #B31330"><u>of the Flag State</u></font>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">125</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">taxes. The Master, officers and crew of the Vessel shall be the servants of the Charterers for all purposes </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">126</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whatsoever, even if for any reason appointed by the Owners. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">127</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall comply with the regulations regarding officers and crew in force in the country of the Vessel&#8217;s </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">128</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">flag or any other applicable law. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">129</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall keep the Owners <font style="color: #3C96D2"><strike>and the mortgagee(s)</strike></font> advised of the intended employment, planned dry- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">130</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">docking and major repairs of the Vessel, as reasonably required. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">131</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag and Name of Vessel &#8211; During the Charter Period, the Charterers shall have the liberty to paint the Vessel in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">132</font></td>
        <td>&#160;</td>
        <td>
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        </td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">133</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have the liberty, with the Owners&#8217; consent, <font style="color: #3C96D2"><strike>which shall not be unreasonably withheld,</strike></font> to change the flag and/or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">134</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the name of the Vessel during the Charter Period <font style="color: #B31330"><u>(with all fees, costs and expenses arising in relation thereto </u></font></font></div>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">135</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registration and re-registration, if required by the Owners, shall be at the Charterers&#8217; expense and time. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">136</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">137</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or changes in the machinery, boilers, appurtenances or spare parts thereof without in each instance first securing </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">138</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; approval thereof. If the Owners so agree, the Charterers shall, if the Owners so require, restore the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">139</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel to its former condition <font style="color: #3C96D2"><strike>before the termination of this Charter</strike></font>. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">140</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Use of the Vessel&#8217;s Outfit, Equipment and Appliances - The Charterers shall have the use of all outfit, equipment, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">141</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and appliances on board the Vessel at the time of delivery, provided the same or their substantial equivalent </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">142</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be returned to the Owners on redelivery in the same good order and condition as when received, ordinary </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">143</font></td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">144</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">equipment as shall be so damaged or worn as to be unfit for use. The Charterers are to procure that all repairs </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">145</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to or replacement of any damaged, worn or lost parts or equipment be effected in such manner (both as regards </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">146</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">workmanship and quality of materials) as not to diminish the value of the Vessel. <font style="color: #B31330"><u>Title of any equipment so </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>replaced, renewed or substituted shall vest in and remain with the Owners. </u></font>The Charterers have the right</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">147</font></td>
        <td>&#160;</td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>the Vessel is redelivered to the Owners.</u></font><font style="color: #3C96D2"><strike>at the end</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>148</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the period if requested by the Owners. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any equipment
            including radio equipment on hire on the Vessel at</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">149</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">time of delivery shall be kept and maintained by the Charterers and the Charterers shall assume the obligations </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">150</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and liabilities of the Owners under any lease contracts in connection therewith and shall reimburse the Owners </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">151</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for all expenses incurred in connection therewith, also for any new equipment required in order to comply with </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">152</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">radio regulations. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">153</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Periodical Dry-Docking - The Charterers shall dry-dock the Vessel and clean and paint her underwater parts </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">154</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the same may be necessary, but not less than once during the period stated in Box 19<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>or,





                if Box 19 has </strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>155</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>been left blank, every sixty (60) calendar months after delivery or such other period as may be required by the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>156</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Classification Society or flag state. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">157</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>11.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Hire <font style="color: #B31330"><u>(See Clause 37 (Charterhire))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>158</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay hire due to the Owners punctually in accordance with the terms of this Charter in respect </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>159</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of which time shall be of the essence. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>160</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall pay to the Owners for the hire of the Vessel a lump sum in the amount indicated in Box 22 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>161</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>which shall be payable not later than every thirty (30) running days in advance, the first lump sum being payable </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>162</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>on the date and hour of the Vessel&#8217;s delivery to the Charterers. Hire shall be paid continuously throughout the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>163</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>164</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of hire shall be made in cash without discount in the currency and in the manner indicated in Box 25 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>165</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and at the place mentioned in Box 26. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>166</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Final payment of hire, if for a period of less than thirty (30) running days, shall be calculated proportionally </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>167</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to the number of days and hours remaining before redelivery and advance payment to be effected </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>168</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>169</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel be lost or missing, hire shall cease from the date and time when she was lost or last heard of. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>170</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The date upon which the Vessel is to be treated as lost or missing shall be ten (10) days after the Vessel was last </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>171</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reported or when the Vessel is posted as missing by Lloyd&#8217;s, whichever occurs first. Any hire paid in advance to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>172</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be adjusted accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>173</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any delay in payment of hire shall entitle the Owners to interest at the rate per annum as agreed in Box 24. If </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>174</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 24 has not been filled in, the three months Interbank offered rate in London (LIBOR or its successor) for the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>175</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>currency stated in Box 25, as quoted by the British Bankers&#8217; Association (BBA) on the date when the hire fell due, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>176</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>increased by 2 per cent, shall apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>177</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Payment of interest due under sub-clause 11(f) shall be made within seven (7) running days of the date of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>178</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; invoice specifying the amount payable or, in the absence of an invoice, at the time of the next hire </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>179</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment date. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">180</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>12.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Mortgage <font style="color: #B31330"><u>(See Clause 65.4 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>181</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(only to apply if Box 28 has been appropriately filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>182</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners warrant that they have not effected any mortgage(s) of the Vessel and that they shall not effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>183</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>184</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel chartered under this Charter is financed by a mortgage according to the Financial Instrument. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>185</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers undertake to comply, and provide such information and documents to enable the Owners to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>187</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>maintenance of the Vessel as laid down in the Financial Instrument or as may be directed from time to time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>188</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>during the currency of the Charter by the mortgagee(s) in conformity with the Financial Instrument. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers confirm that, for this purpose, they have acquainted themselves with all relevant terms, conditions </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>190</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and provisions of the Financial Instrument and agree to acknowledge this in writing in any form that may be </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>191</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required by the mortgagee(s). The Owners warrant that they have not effected any mortgage(s) other than stated </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>192</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in Box 28 and that they shall not agree to any amendment of the mortgage(s) referred to in Box 28 or effect any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>193</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>other mortgage(s) without the prior consent of the Charterers, which shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>194</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*(Optional, Clauses 12(a) and 12(b) are alternatives; indicate alternative agreed in Box 28). </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">195</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>13.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance and Repairs <font style="color: #B31330"><u>(See also Clause 40 (Insurance))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">196</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Subject to Clause 40 (Insurance), d</u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>D</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">uring the Charter Period the Vessel shall be kept insured <font style="color: #B31330"><u>in accordance with </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Clause 40 (Insurance) </u></font>by the Charterers at their expense against hull and</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">197</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">machinery, <font style="color: #B31330"><u>marine and (including blocking and trapping)</u></font> war and Protection and Indemnity risks <font style="color: #B31330"><u>and





                  freight, </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>demurrage and defence risks </u></font>(and any risks against which it is compulsory to insure for the</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">198</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">operation of the Vessel, including <font style="color: #B31330"><u>but not limited to</u></font> maintaining financial security in accordance with sub-clause </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10(a)(iii)) in such </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">199</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">form as the Owners shall in writing approve<font style="color: #B31330"><u>.</u></font><font style="color: #3C96D2"><strike>, which approval shall not be unreasonably
                withheld.</strike></font> Such insurances </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">200</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall be arranged by the Charterers to protect the interests of both the Owners and the Charterers and the <font style="color: #B31330"><u></u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Owners&#8217; Financiers </u></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mortgagee(s) </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(if any), and the Charterers shall be at
            liberty to protect under such insurances the interests of any</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">managers they may appoint <font style="color: #B31330"><u>provided such manager has entered into a manager&#8217;s undertaking in form and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>substance acceptable to the Owners and the Owners&#8217; Financiers (if any)</u></font>. Insurance policies shall cover the </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners<font style="color: #B31330"><u>, the Owners&#8217; Financiers (if any)</u></font> and the Charterers according to their </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">respective interests. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the <font style="color: #B31330"><u>agreed loss payable clauses,</u></font> <font style="color: #3C96D2"><strike>Financial Instrument, if
                  any,</strike></font> and the approval of </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners and the insurers, </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall effect all insured repairs and shall undertake settlement and reimbursement from the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurers of all costs in connection with such repairs as well as insured charges, expenses and liabilities to the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">extent of coverage under the insurances herein provided for. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers also to remain responsible for and to effect repairs and settlement of costs and expenses incurred </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">franchise(s) or deductibles provided for in the insurances. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">211</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used for repairs under the provisions of sub-clause 13(a) <font style="color: #3C96D2"><strike>and for repairs of latent defects according to</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">212</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause 3(c) above</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, including any deviation, shall be for
            the Charterers&#8217; account.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">213</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the conditions of the above insurances permit additional insurance to be placed by the parties, such cover shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">214</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The <font style="color: #3C96D2"><strike>Owners or the </strike></font>Charterers </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">215</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall immediately furnish the <font style="color: #3C96D2"><strike>other party </strike></font><font style="color: #B31330"><u>Owners</u></font> with particulars of any additional insurance effected, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">216</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">including copies of any cover notes or policies and the written consent of the insurers of any such required </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">217</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">insurance in any case where the consent of such insurers is necessary. <font style="color: #B31330"><u>The Charterers hereby undertake that <br>
                any additional insurances that they arrange now or in the future will always be compliant with the terms of the <br>
                underlying hull and machinery policies. </u></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">218</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall upon the request of the Owners, provide information and promptly execute such documents </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">219</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as may be required to enable the Owners to comply with the insurance provisions of the Financial Instrument <font style="color: #B31330">(if <u>any)</u></font>.</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">220</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to the provisions of the Financial Instrument<font style="color: #B31330"><u>s and Clause 42.13 (Termination, Redelivery and Total </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Loss)</u></font>, if any, should the Vessel become <font style="color: #B31330"><u>a Total Loss, </u></font><font style="color: #3C96D2"><strike>an actual, constructive,</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">221</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>compromised or agreed total loss under the insurances required under sub-clause 13(a), </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all insurance payments</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">222</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for such loss shall be paid to the Owners <font style="color: #B31330"><u>(or, if applicable, the Owners&#8217; Financiers in accordance with the terms </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>of the relevant loss payable clauses). </u></font><font style="color: #3C96D2"><strike>who shall distribute the moneys between the
                  Owners and the Charterers</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">223</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to their respective interests. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The
              Charterers undertake to notify the Owners <font style="color: #B31330"><u>and the Owners&#8217; </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>Financiers (if any), </u></font><font style="color: #3C96D2"><strike>and the mortgagee(s), if</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">224</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of any occurrences in consequence of which the
            Vessel is likely to become a <font style="color: #B31330"><u>T</u></font><font style="color: #3C96D2"><strike>t</strike></font>otal <font style="color: #B31330"><u>L</u></font><font style="color: #3C96D2"><strike>l</strike></font>oss <font style="color: #3C96D2"><strike>as defined in this </strike></font></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>225</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>226</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall upon the request of the Charterers, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>227</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Charterers to abandon the Vessel to insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">228</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">229</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">clause 13(a), the value of the Vessel is the sum indicated in <font style="color: #B31330"><u>Clause 40 (Insurance).</u></font> <font style="color: #3C96D2"><strike>Box
                29.</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">230</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>14.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Insurance, Repairs and Classification </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>231</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if expressly agreed and stated in Box 29, in which event Clause 13 shall be considered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>232</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>deleted). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>233</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Owners at their expense against hull and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>234</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>machinery and war risks under the form of policy or policies attached hereto. The Owners and/or insurers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>235</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not have any right of recovery or subrogation against the Charterers on account of loss of or any damage to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>236</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel or her machinery or appurtenances covered by such insurance, or on account of payments made to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>237</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>discharge claims against or liabilities of the Vessel or the Owners covered by such insurance. Insurance policies </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>238</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall cover the Owners and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>239</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>During the Charter Period the Vessel shall be kept insured by the Charterers at their expense against Protection </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>240</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Indemnity risks (and any risks against which it is compulsory to insure for the operation of the Vessel, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>241</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including maintaining financial security in accordance with sub-clause 10(a)(iii)) in such form as the Owners shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>242</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in writing approve which approval shall not be unreasonably withheld. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>243</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event that any act or negligence of the Charterers shall vitiate any of the insurance herein provided, the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>244</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall pay to the Owners all losses and indemnify the Owners against all claims and demands which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>245</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>would otherwise have been covered by such insurance. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>246</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall, subject to the approval of the Owners or Owners&#8217; Underwriters, effect all insured repairs, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>247</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and the Charterers shall undertake settlement of all miscellaneous expenses in connection with such repairs as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>248</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>well as all insured charges, expenses and liabilities, to the extent of coverage under the insurances provided for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>249</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the provisions of sub-clause 14(a). </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>250</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to be secured reimbursement through the Owners&#8217; Underwriters for such expenditures upon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>251</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>presentation of accounts. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>252</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers to remain responsible for and to effect repairs and settlement of costs and expenses incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>253</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>thereby in respect of all other repairs not covered by the insurances and/or not exceeding any possible </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>254</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>franchise(s) or deductibles provided for in the insurances. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>255</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(f)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>All time used for repairs under the provisions of sub-clauses 14(d) and 14(e) and for repairs of latent defects </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>256</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>according to Clause 3 above, including any deviation, shall be for the Charterers&#8217; account and shall form part of </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>257</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>258</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall not be responsible for any expenses as are incident to the use and operation of the Vessel for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>259</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>such time as may be required to make such repairs. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>260</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(g)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>261</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be limited to the amount for each party set out in Box 30 and Box 31, respectively. The Owners or the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>262</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>as the case may be shall immediately furnish the other party with particulars of any additional insurance effected, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>263</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including copies of any cover notes or policies and the written consent of the insurers of any such required </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>264</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>insurance in any case where the consent of such insurers is necessary. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>265</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(h)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the Vessel become an actual, constructive, compromised or agreed total loss under the insurances </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>266</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>required under sub-clause 14(a), all insurance payments for such loss shall be paid to the Owners, who shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>267</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>distribute the moneys between themselves and the Charterers according to their respective interests. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>268</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel becomes an actual, constructive, compromised or agreed total loss under the insurances arranged </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>269</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Owners in accordance with sub-clause 14(a), this Charter shall terminate as of the date of such loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>270</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(j)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall upon the request of the Owners, promptly execute such documents as may be required to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>271</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>enable the Owners to abandon the Vessel to the insurers and claim a constructive total loss. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>272</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(k)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>For the purpose of insurance coverage against hull and machinery and war risks under the provisions of sub- </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>273</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>clause 14(a), the value of the Vessel is the sum indicated in Box 29. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>274</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(l)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding anything contained in sub-clause 10(a), it is agreed that under the provisions of Clause 14, if </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>275</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>applicable, the Owners shall keep the Vessel&#8217;s Class fully up to date with the Classification Society indicated in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>276</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Box 10 and maintain all other necessary certificates in force at all times. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">277</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>15.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Redelivery <font style="color: #B31330"><u>(See Clause 42.5 (Termination, Redelivery and Total Loss))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>278</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>At the expiration of the Charter Period the Vessel shall be redelivered by the Charterers to the Owners at a safe </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>279</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and ice-free port or place as indicated in Box 16, in such ready safe berth as the Owners may direct. The </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>280</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers shall give the Owners not less than thirty (30) running days&#8217; preliminary notice of expected date, range </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>281</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of ports of redelivery or port or place of redelivery and not less than fourteen (14) running days&#8217; definite notice </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>282</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of expected date and port or place of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>283</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any changes thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>284</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers warrant that they will not permit the Vessel to commence a voyage (including any preceding </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>285</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>ballast voyage) which cannot reasonably be expected to be completed in time to allow redelivery of the Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>286</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>within the Charter Period. Notwithstanding the above, should the Charterers fail to redeliver the Vessel within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>287</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charter Period, the Charterers shall pay the daily equivalent to the rate of hire stated in Box 22 plus 10 per </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>288</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>cent or to the market rate, whichever is the higher, for the number of days by which the Charter Period is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>289</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>exceeded. All other terms, conditions and provisions of this Charter shall continue to apply. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>290</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of Clause 10, the Vessel shall be redelivered to the Owners in the same or as good </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>291</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>structure, state, condition and class as that in which she was delivered, fair wear and tear not affecting class </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>292</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>excepted. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>293</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel upon redelivery shall have her survey cycles up to date and trading and class certificates valid for at </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>294</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>least the number of months agreed in Box 17. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">295</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>16.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Non-Lien </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">296</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330">&#160;</font></td>
        <td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">297</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agents, which might have priority over the title and interest of the Owners in the Vessel. The Charterers further </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">298</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">agree to fasten to the Vessel in a conspicuous place and to keep so fastened during the Charter Period a notice </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">299</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">reading as follows: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">300</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;This Vessel is the property of (name of Owners). It is under charter to (name of Charterers) and by the terms of </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">301</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charter Party neither the Charterers nor the Master have any right, power or authority to create, incur or </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">302</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">permit to be imposed on the Vessel any lien whatsoever.&#8221;<font style="color: #B31330"><u> or a notice in such analogous form as reasonably </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>required by any Mortgagee (if any). </u></font></font></div>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">303</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>17.</b></font></td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Indemnity <font style="color: #B31330"><u>(See Clauses 39.3 (Possession of Vessel), 40.16 (Insurance), 40.17 (Insurance), 40.18 (Insurance), </u></font></b></font></div>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>304</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers shall indemnify the Owners against any loss, damage or expense incurred by the Owners arising </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>305</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>out of or in relation to the operation of the Vessel by the Charterers, and against any lien of whatsoever nature </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>306</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arising out of an event occurring during the Charter Period. If the Vessel be arrested or otherwise detained by </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>307</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>reason of claims or liens arising out of her operation hereunder by the Charterers, the Charterers shall at their </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>308</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, including </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>309</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>310</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Without prejudice to the generality of the foregoing, the Charterers agree to indemnify the Owners against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>311</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>consequences or liabilities arising from the Master, officers or agents signing Bills of Lading or other documents. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>312</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Vessel be arrested or otherwise detained by reason of a claim or claims against the Owners, the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>313</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall at their own expense take all reasonable steps to secure that within a reasonable time the Vessel is released, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>314</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>including the provision of bail. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>315</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In such circumstances the Owners shall indemnify the Charterers against any loss, damage or expense incurred </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>316</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by the Charterers (including hire paid under this Charter) as a direct consequence of such arrest or detention. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">317</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>18.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Lien </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">318</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners <font style="color: #B31330"><u>shall</u></font><font style="color: #3C96D2"><strike>to</strike></font> have a lien upon all cargoes, sub-hires and
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">319</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>320</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Vessel for all moneys paid in advance and not earned</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">.</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">321</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>19.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Salvage </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">322</font></td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">323</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">324</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>20.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Wreck Removal </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">325</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of the Vessel becoming a wreck or obstruction to navigation the Charterers shall indemnify the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">326</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners against any sums whatsoever which the Owners shall become liable to pay and shall pay in consequence </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">327</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of the Vessel becoming a wreck or obstruction to navigation. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">328</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>21.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>General Average </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">329</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not contribute to General Average. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">330</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>22.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Assignment<font style="color: #3C96D2"><strike>, Sub-Charter and Sale</strike></font> <font style="color: #B31330"><u>(See Clause 65 (Assignment and Transfer))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>332</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>333</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conditions as the Owners shall approve. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>334</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>335</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>336</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>this Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">337</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>23.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Contracts of Carriage </b></font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">338</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)*</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers are to procure that all documents issued during the Charter Period evidencing the terms and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">339</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conditions agreed in respect of carriage of goods shall contain a paramount clause incorporating any legislation </font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">340</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">relating to carrier&#8217;s liability for cargo compulsorily applicable in the trade; if no such legislation exists, the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">341</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documents shall incorporate the Hague-Visby Rules. The documents shall also contain the New Jason Clause and </font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">342</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Both-to-Blame Collision Clause. </font></td>
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      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>343</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Charterers are to procure that all passenger tickets issued during the Charter Period for the carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>344</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>passengers and their luggage under this Charter shall contain a paramount clause incorporating any legislation </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>345</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>relating to carrier&#8217;s liability for passengers and their luggage compulsorily applicable in the trade; if no such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>346</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>legislation exists, the passenger tickets shall incorporate the Athens Convention Relating to the Carriage of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>347</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Passengers and their Luggage by Sea, 1974, and any protocol thereto. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>348</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Delete as applicable. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">349</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>24.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><b><strike>Bank</strike></b></font><b> <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Corporate</u></font></b><b>
            <font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Guarantee </font></b></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">350</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Optional, only to apply if Box 27 filled in) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">351</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake to furnish, <font style="color: #B31330"><u>on or about the date of this Charter, </u></font> <font style="color: #3C96D2"><strike>before
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">352</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>other Security Documents (if not already earlier entered into) </u></font>for full performance of their obligations under this </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">353</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charter. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">354</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>25.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Requisition/Acquisition </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">355</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">356</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(hereinafter referred to as &#8220;Requisition for Hire&#8221;) irrespective of the date during the Charter Period when </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">357</font></td>
        <td>&#160;</td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">358</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or a limited period of time, and irrespective of whether it may or will remain in force for the remainder of the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">359</font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">360</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and the Charterers shall continue to pay the stipulated hire in the manner provided by this Charter until the time </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">361</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Charter would have terminated pursuant to any of the provisions hereof<font style="color: #B31330"><u>.</u></font> <font style="color: #3C96D2"><strike>always
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>362</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of &#8220;Requisition for Hire&#8221; any Requisition Hire or compensation received or receivable by the Owners </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>363</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>shall be payable to the Charterers during the remainder of the Charter Period or the period of the &#8220;Requisition </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>364</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>for Hire&#8221; whichever be the shorter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">365</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">366</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Vessel or requisition for title by any governmental or other competent authority (hereinafter referred to as </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">367</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory Acquisition&#8221;), then, irrespective of the date during the Charter Period when &#8220;Compulsory </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">368</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221; may occur, this Charter shall be deemed terminated as of the date of such &#8220;Compulsory </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">369</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In such event Charter Hire to be considered as earned and <font style="color: #3C96D2"><strike>to</strike></font> <font style="color: #B31330"><u>shall</u></font> be
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Compulsory </font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">370</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Acquisition&#8221;. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">371</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>26.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>War </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">372</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purpose of this Clause, the words &#8220;War Risks&#8221; shall include any war (whether actual or threatened), act </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">373</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">of war, civil war, hostilities, revolution, rebellion, civil commotion, warlike operations, the laying of mines </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">374</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether actual or reported), acts of piracy, acts of terrorists, acts of hostility or malicious damage, blockades </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">375</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(whether imposed against all vessels or imposed selectively against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">376</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever), by any person, body, terrorist or political group, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">377</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Government of any state whatsoever, which may be dangerous or are likely to be or to become dangerous </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">378</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel, her cargo, crew or other persons on board the Vessel. </font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">379</font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>places in accordance with The Approved Sub-charter and the Charterer has effected the additional premium </u></font></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>and the additional insurances of the Vessel, </u></font>shall not continue to or go through any</font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">380</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">port, place, area or zone (whether of land or sea), or any waterway or canal, where it reasonably appears that </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">381</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel, her cargo, crew or other persons on board the Vessel, in the reasonable judgement of the Owners, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">382</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">may be, or are likely to be, exposed to War Risks. Should the Vessel be within any such place as aforesaid, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">383</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only becomes dangerous, or is likely to be or to become dangerous, after her entry into it, the Owners shall have </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">384</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the right to require the Vessel to leave such area. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">385</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not load contraband cargo, or to pass through any blockade, whether such blockade be imposed </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">386</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on all vessels, or is imposed selectively in any way whatsoever against vessels of certain flags or ownership, or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">387</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">against certain cargoes or crews or otherwise howsoever, or to proceed to an area where she shall be subject, </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">388</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or is likely to be subject to a belligerent&#8217;s right of search and/or confiscation. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>389</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the insurers of the war risks insurance, when Clause 14 is applicable, should require payment of premiums </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>390</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or calls because, pursuant to the Charterers&#8217; orders, the Vessel is within, or is due to enter and remain within, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>391</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>any area or areas which are specified by such insurers as being subject to additional premiums because of War </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>392</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Risks, then such premiums and/or calls shall be reimbursed by the Charterers to the Owners at the same time as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>393</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the next payment of hire is due. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">394</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the liberty: </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">395</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) to comply with all orders, directions, recommendations or advice as to departure, arrival, routes, sailing in </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">396</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">convoy, ports of call, stoppages, destinations, discharge of cargo, delivery, or in any other way whatsoever, which </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">397</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are given by the Government of the Nation under whose flag the Vessel sails, or any other Government, body or </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">398</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">group whatsoever acting with the power to compel compliance with their orders or directions; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">399</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii) to comply with the orders, directions or recommendations of any war risks underwriters who have the </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">400</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authority to give the same under the terms of the war risks insurance; </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">401</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii) to comply with the terms of any resolution of the Security Council of the United Nations, any directives of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">402</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the European Community, the effective orders of any other Supranational body which has the right to issue and </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">403</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">give the same, and with national laws aimed at enforcing the same to which the Owners are subject, and to obey </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">404</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the orders and directions of those who are charged with their enforcement. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">405</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In the event of outbreak of war <font style="color: #3C96D2"><strike>(whether there be a declaration of war or not)</strike></font></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>406</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) between any two or more of the following countries: the United States of America; Russia; the United Kingdom; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>407</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>France; and the People&#8217;s Republic of China, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>408</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) between any two or more of the countries stated in Box 36, both the Owners and the Charterers shall have </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>409</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the right to cancel this Charter, whereupon the Charterers shall redeliver the Vessel to the Owners in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>410</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with Clause 15, if the Vessel has cargo on board after discharge thereof at destination, or if debarred under this </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>411</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Clause from reaching or entering it at a near, open and safe port as directed by the Owners, or if the Vessel has </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>412</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>no cargo on board, at the port at which the Vessel then is or if at sea at a near, open and safe port as directed by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">413</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners. In all cases </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hire shall continue to be paid
            in accordance with Clause 11 <font style="color: #3C96D2"><strike>and except as aforesaid </strike></font>all</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">414</font></td>
        <td style="width: 0.4in">&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">other provisions of this Charter shall apply until <font style="color: #3C96D2"><strike>redelivery</strike></font><font style="color: #B31330"><u>the end of the Charter
                Period</u></font>. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">415</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>27.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Commission </b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>416</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners to pay a commission at the rate indicated in Box 33 to the Brokers named in Box 33 on any hire paid </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>417</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>under the Charter. If no rate is indicated in Box 33, the commission to be paid by the Owners shall cover the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>418</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>actual expenses of the Brokers and a reasonable fee for their work. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>419</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the full hire is not paid owing to breach of the Charter by either of the parties the party liable therefor shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>420</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>indemnify the Brokers against their loss of commission. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>421</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Should the parties agree to cancel the Charter, the Owners shall indemnify the Brokers against any loss of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>422</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>commission but in such case the commission shall not exceed the brokerage on one year&#8217;s hire. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">423</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>28.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Termination <font style="color: #B31330"><u>(See Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>424</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Charterers&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>425</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Owners shall be entitled to withdraw the Vessel from the service of the Charterers and terminate the Charter </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>426</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>with immediate effect by written notice to the Charterers if: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>427</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) the Charterers fail to pay hire in accordance with Clause 11. However, where there is a failure to make punctual </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>428</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>payment of hire due to oversight, negligence, errors or omissions on the part of the Charterers or their bankers, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>429</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Owners shall give the Charterers written notice of the number of clear banking days stated in Box 34 (as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>430</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>recognised at the agreed place of payment) in which to rectify the failure, and when so rectified within such </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>431</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>number of days following the Owners&#8217; notice, the payment shall stand as regular and punctual. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>432</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Failure by the Charterers to pay hire within the number of days stated in Box 34 of their receiving the Owners&#8217; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>433</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>notice as provided herein, shall entitle the Owners to withdraw the Vessel from the service of the Charterers and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>434</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>terminate the Charter without further notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>435</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) the Charterers fail to comply with the requirements of: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>436</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(1)&#160;&#160;&#160;&#160;&#160;Clause 6 (Trading Restrictions) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>437</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(2)&#160;&#160;&#160;&#160;&#160;Clause 13(a) (Insurance and Repairs) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>438</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provided that the Owners shall have the option, by written notice to the Charterers, to give the Charterers a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>439</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>specified number of days grace within which to rectify the failure without prejudice to the Owners&#8217; right to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>440</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>withdraw and terminate under this Clause if the Charterers fail to comply with such notice; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>441</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) the Charterers fail to rectify any failure to comply with the requirements of sub-clause 10(a)(i) (Maintenance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>442</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and Repairs) as soon as practically possible after the Owners have requested them in writing so to do and in any </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>443</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>event so that the Vessel&#8217;s insurance cover is not prejudiced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>444</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Owners&#8217; Default </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>445</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If the Owners shall by any act or omission be in breach of their obligations under this Charter to the extent that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>446</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the Charterers are deprived of the use of the Vessel and such breach continues for a period of fourteen (14) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>447</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>running days after written notice thereof has been given by the Charterers to the Owners, the Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>448</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>be entitled to terminate this Charter with immediate effect by written notice to the Owners. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>449</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Loss of Vessel </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>450</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Charter shall be deemed to be terminated if the Vessel becomes a total loss or is declared as a constructive </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>451</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or compromised or arranged total loss. For the purpose of this sub-clause, the Vessel shall not be deemed to be </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>452</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>lost unless she has either become an actual total loss or agreement has been reached with her underwriters in </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>453</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>respect of her constructive, compromised or arranged total loss or if such agreement with her underwriters is </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>454</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>not reached it is adjudged by a competent tribunal that a constructive loss of the Vessel has occurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>455</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Either party shall be entitled to terminate this Charter with immediate effect by written notice to the other party </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>456</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in the event of an order being made or resolution passed for the winding up, dissolution, liquidation or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>457</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>bankruptcy of the other party (otherwise than for the purpose of reconstruction or amalgamation) or if a receiver </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>458</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>is appointed, or if it suspends payment, ceases to carry on business or makes any special arrangement or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>459</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>composition with its creditors. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>460</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The termination of this Charter shall be without prejudice to all rights accrued due between the parties prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>461</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the date of termination and to any claim that either party might have. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">462</font></td>
        <td><b>29.</b></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b> Repossession <font style="color: #B31330"><u>(See also Clauses 42 (Termination, Redelivery and Total Loss) and 50 (Termination Events)).</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>
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        </td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">463</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the event of the termination of this Charter in accordance with the applicable provisions of Clause 28, </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">464</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Owners shall have the right to repossess the Vessel from the Charterers at her current or next port of call, or at </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">465</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a port or place convenient to them without hindrance or interference by the Charterers, courts or local </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">466</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">authorities. Pending physical repossession of the Vessel in accordance with this Clause 29, the Charterers shall </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">467</font></td>
        <td>&#160;</td>
        <td>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hold the Vessel as gratuitous bailee only to the Owners <font style="color: #B31330"><u>and the Charterers shall procure that the master and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>crew follow the directions of the Owners (but always provided that the safety of the Vessel and its crew shall </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>not be materially and adversely compromised)</u></font>. <font style="color: #3C96D2"><strike>The Owners shall arrange for an
                  authorised</strike></font></font></div>
        </td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>468</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>representative to board the Vessel as soon as reasonably practicable following the termination of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>469</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be deemed to be repossessed by the Owners from the Charterers upon the boarding of the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">470</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Vessel by the Owners&#8217; representative. </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All arrangements
            and expenses relating to the settling of wages,</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">471</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">disembarkation and repatriation of the Charterers&#8217; Master, officers and crew shall be the sole responsibility of </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">472</font></td>
        <td>&#160;</td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers. </font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">473</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>30.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Dispute Resolution <font style="color: #B31330"><u>(See Clause 67 (Governing Law and Enforcement))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>474</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with English law and any dispute arising out of </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>475</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>or in connection with this Contract shall be referred to arbitration in London in accordance with the Arbitration </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>476</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>477</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>provisions of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>478</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>479</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Terms current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>480</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>481</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator and send notice of such appointment in writing to the other party requiring the other party to appoint </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>482</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>483</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the 14 </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>484</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>485</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the 14 days specified, the party referring a dispute to arbitration may, without the requirement of any further </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>486</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>487</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The award of a sole arbitrator shall be binding on both parties as if he had been appointed by agreement. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>488</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>489</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>appointment of a sole arbitrator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>490</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In cases where neither the claim nor any counterclaim exceeds the sum of US$50,000 (or such other sum as the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>491</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>492</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>current at the time when the arbitration proceedings are commenced. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>493</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with Title 9 of the United States Code and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>494</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Maritime Law of the United States and any dispute arising out of or in connection with this Contract shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>495</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>referred to three persons at New York, one to be appointed by each of the parties hereto, and the third by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>496</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>two so chosen; their decision or that of any two of them shall be final, and for the purposes of enforcing any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>497</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>award, judgement may be entered on an award by any court of competent jurisdiction. The proceedings shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>498</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>499</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>500</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>parties may agree) the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>501</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of the Society of Maritime Arbitrators, Inc. current at the time when the arbitration proceedings are commenced. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>502</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(c)*</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>This Contract shall be governed by and construed in accordance with the laws of the place mutually agreed by </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>503</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the parties and any dispute arising out of or in connection with this Contract shall be referred to arbitration at a </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>504</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mutually agreed place, subject to the procedures applicable there. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>505</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Notwithstanding (a), (b) or (c) above, the parties may agree at any time to refer to mediation any difference </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>506</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and/or dispute arising out of or in connection with this Contract. </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>507</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>In the case of a dispute in respect of which arbitration has been commenced under (a), (b) or (c) above, the </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>508</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>following shall apply: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>509</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(i) Either party may at any time and from time to time elect to refer the dispute or part of the dispute to mediation </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>510</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>by service on the other party of a written notice (the &#8220;Mediation Notice&#8221;) calling on the other party to agree to </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>511</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>mediation. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>512</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(ii) The other party shall thereupon within 14 calendar days of receipt of the Mediation Notice confirm that they </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>513</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>agree to mediation, in which case the parties shall thereafter agree a mediator within a further 14 calendar days, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>514</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>failing which on the application of either party a mediator will be appointed promptly by the Arbitration Tribunal </strike></font></td>
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>515</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(&#8220;the Tribunal&#8221;) or such person as the Tribunal may designate for that purpose. The mediation shall be conducted </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>516</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>in such place and in accordance with such procedure and on such terms as the parties may agree or, in the event </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>517</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>of disagreement, as may be set by the mediator. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>518</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iii) If the other party does not agree to mediate, that fact may be brought to the attention of the Tribunal and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>519</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>may be taken into account by the Tribunal when allocating the costs of the arbitration as between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>520</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The mediation shall not affect the right of either party to seek such relief or take such steps as it considers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>521</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>necessary to protect its interest. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>522</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(v) Either party may advise the Tribunal that they have agreed to mediation. The arbitration procedure shall </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>523</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>continue during the conduct of the mediation but the Tribunal may take the mediation timetable into account </strike></font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>524</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>when setting the timetable for steps in the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>525</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>526</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>the mediation and the parties shall share equally the mediator&#8217;s costs and expenses. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>527</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(vii) The mediation process shall be without prejudice and confidential and no information or documents </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART II</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>528</strike></font></td>
        <td style="width: 0.4in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>disclosed during it shall be revealed to the Tribunal except to the extent that they are disclosable under the law </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>529</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>and procedure governing the arbitration. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>530</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(Note: The parties should be aware that the mediation process may not necessarily interrupt time limits.) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>531</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(e)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>If Box 35 in Part I is not appropriately filled in, sub-clause 30(a) of this Clause shall apply. Sub-clause 30(d) shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>532</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>apply in all cases. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>533</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>*Sub-clauses 30(a), 30(b) and 30(c) are alternatives; indicate alternative agreed in Box 35. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">534</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>31.</b></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Notices <font style="color: #B31330"><u>(See Clause 45 (Notices))</u></font></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>535</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Any notice to be given by either party to the other party shall be in writing and may be sent by fax, telex, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>536</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>registered or recorded mail or by personal service. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>537</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>The address of the Parties for service of such communication shall be as stated in Boxes 3 and 4 respectively. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Specifications and Building Contract </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be constructed in accordance with the Building Contract (hereafter called &#8220;the Building Contract&#8221;) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as annexed to this Charter, made between the Builders and the Owners and in accordance with the specifications </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and plans annexed thereto, such Building Contract, specifications and plans having been counter-signed as </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>approved by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>No change shall be made in the Building Contract or in the specifications or plans of the Vessel as approved by </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers as aforesaid, without the Charterers&#8217; consent. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Charterers shall have the right to send their representative to the Builders&#8217; Yard to inspect the Vessel during </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the course of her construction to satisfy themselves that construction is in accordance with such approved </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>specifications and plans as referred to under sub-clause (a) of this Clause. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be built in accordance with the Building Contract and shall be of the description set out therein. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the provisions of sub-clause 2(c)(ii) hereunder, the Charterers shall be bound to accept the Vessel from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Owners, completed and constructed in accordance with the Building Contract, on the date of delivery by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders. The Charterers undertake that having accepted the Vessel they will not thereafter raise any claims </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Owners in respect of the Vessel&#8217;s performance or specification or defects, if any. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Nevertheless, in respect of any repairs, replacements or defects which appear within the first 12 months from </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery by the Builders, the Owners shall endeavour to compel the Builders to repair, replace or remedy any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>defects or to recover from the Builders any expenditure incurred in carrying out such repairs, replacements or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>remedies. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>However, the Owners&#8217; liability to the Charterers shall be limited to the extent the Owners have a valid claim </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>against the Builders under the guarantee clause of the Building Contract (a copy whereof has been supplied to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers). The Charterers shall be bound to accept such sums as the Owners are reasonably able to recover </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Clause and shall make no further claim on the Owners for the difference between the amount(s) so </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>recovered and the actual expenditure on repairs, replacement or remedying defects or for any loss of time </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>incurred. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for physical defects or deficiencies shall accrue to the account of the party stated in Box </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41(a) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The costs of pursuing a claim or claims against the Builders under this Clause (including any liability to the Builders) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>29</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>shall be borne by the party stated in Box 41(b) or if not filled in shall be shared equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>30</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Time and Place of Delivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>31</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(a)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Subject to the Vessel having completed her acceptance trials including trials of cargo equipment in accordance </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>32</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>with the Building Contract and specifications to the satisfaction of the Charterers, the Owners shall give and the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>33</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers shall take delivery of the Vessel afloat when ready for delivery and properly documented at the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>34</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Builders&#8217; Yard or some other safe and readily accessible dock, wharf or place as may be agreed between the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>35</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>parties hereto and the Builders. Under the Building Contract the Builders have estimated that the Vessel will be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>36</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>ready for delivery to the Owners as therein provided but the delivery date for the purpose of this Charter shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>37</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be the date when the Vessel is in fact ready for delivery by the Builders after completion of trials whether that </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>38</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be before or after as indicated in the Building Contract. The Charterers shall not be entitled to refuse acceptance </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication,
      reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in
      1989. Revised 2001.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART III</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>39</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>of delivery of the Vessel and upon and after such acceptance, subject to Clause 1(d), the Charterers shall not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>40</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>entitled to make any claim against the Owners in respect of any conditions, representations or warranties, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>41</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>whether express or implied, as to the seaworthiness of the Vessel or in respect of delay in delivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>42</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(b)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason other than a default by the Owners under the Building Contract, the Builders become entitled </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>43</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under that Contract not to deliver the Vessel to the Owners, the Owners shall upon giving to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>44</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>written notice of Builders becoming so entitled, be excused from giving delivery of the Vessel to the Charterers </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>45</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>and upon receipt of such notice by the Charterers this Charter shall cease to have effect. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>46</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(c)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If for any reason the Owners become entitled under the Building Contract to reject the Vessel the Owners shall, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>47</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>before exercising such right of rejection, consult the Charterers and thereupon </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>48</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(i) if the Charterers do not wish to take delivery of the Vessel they shall inform the Owners within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>49</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days by notice in writing and upon receipt by the Owners of such notice this Charter shall cease </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>50</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>to have effect; or </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>51</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(ii) if the Charterers wish to take delivery of the Vessel they may by notice in writing within seven (7) </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>52</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>running days require the Owners to negotiate with the Builders as to the terms on which delivery should </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>53</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>be taken and/or refrain from exercising their right to rejection and upon receipt of such notice the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>54</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Owners shall commence such negotiations and/or take delivery of the Vessel from the Builders and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>55</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>deliver her to the Charterers; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>56</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iii) in no circumstances shall the Charterers be entitled to reject the Vessel unless the Owners are able to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>57</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>reject the Vessel from the Builders; </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>58</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(iv) if this Charter terminates under sub-clause (b) or (c) of this Clause, the Owners shall thereafter not be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>59</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>liable to the Charterers for any claim under or arising out of this Charter or its termination. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>60</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>(d)</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Any liquidated damages for delay in delivery under the Building Contract and any costs incurred in pursuing a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>61</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>claim therefor shall accrue to the account of the party stated in Box 41(c) or if not filled in shall be shared </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>62</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>equally between the parties. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>63</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>3.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Guarantee Works </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>64</strike></font></td>
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      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>65</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>performed in accordance with the building contract terms, and hire to continue during the period of guarantee </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>66</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>works. The Charterers have to advise the Owners about the performance to the extent the Owners may request. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>67</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>4.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Name of Vessel </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>68</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The name of the Vessel shall be mutually agreed between the Owners and the Charterers and the Vessel shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>69</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>painted in the colours, display the funnel insignia and fly the house flag as required by the Charterers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>70</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>5.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Survey on Redelivery </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>71</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Owners and the Charterers shall appoint surveyors for the purpose of determining and agreeing in writing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>72</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the condition of the Vessel at the time of redelivery. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>73</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Without prejudice to Clause 15 (Part II), the Charterers shall bear all survey expenses and all other costs, if any, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>74</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>including the cost of docking and undocking, if required, as well as all repair costs incurred. The Charterers shall </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>75</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>also bear all loss of time spent in connection with any docking and undocking as well as repairs, which shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>76</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>paid at the rate of hire per day or pro rata. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART IV</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.8in"><font style="font-size: 10pt; color: #3C96D2"><strike>1</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>On expiration of this Charter and provided the Charterers have fulfilled their obligations according to Part I and </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>II as well as Part III, if applicable, it is agreed, that on payment of the final payment of hire as per Clause 11 the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charterers have purchased the Vessel with everything belonging to her and the Vessel is fully paid for. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the following paragraphs the Owners are referred to as the Sellers and the Charterers as the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel shall be delivered by the Sellers and taken over by the Buyers on expiration of the Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers guarantee that the Vessel, at the time of delivery, is free from all encumbrances and maritime liens </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>or any debts whatsoever other than those arising from anything done or not done by the Buyers or any existing </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>mortgage agreed not to be paid off by the time of delivery. Should any claims, which have been incurred prior to </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>9</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the time of delivery be made against the Vessel, the Sellers hereby undertake to indemnify the Buyers against all </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>10</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>consequences of such claims to the extent it can be proved that the Sellers are responsible for such claims. Any </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>11</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>taxes, notarial, consular and other charges and expenses connected with the purchase and registration under </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>12</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers&#8217; flag, shall be for Buyers&#8217; account. Any taxes, consular and other charges and expenses connected with </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>13</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>closing of the Sellers&#8217; register, shall be for Sellers&#8217; account. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>14</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In exchange for payment of the last month&#8217;s hire instalment the Sellers shall furnish the Buyers with a Bill of Sale </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>15</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>duly attested and legalized, together with a certificate setting out the registered encumbrances, if any. On </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>16</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivery of the Vessel the Sellers shall provide for deletion of the Vessel from the Ship&#8217;s Register and deliver a </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>17</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>certificate of deletion to the Buyers. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>18</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Sellers shall, at the time of delivery, hand to the Buyers all classification certificates (for hull, engines, anchors, </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>chains, etc.), as well as all plans which may be in Sellers&#8217; possession. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>20</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Wireless Installation and Nautical Instruments, unless on hire, shall be included in the sale without any extra </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>21</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>payment. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>22</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Vessel with everything belonging to her shall be at Sellers&#8217; risk and expense until she is delivered to the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>23</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Buyers, subject to the conditions of this Contract and the Vessel with everything belonging to her shall be </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>24</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>delivered and taken over as she is at the time of delivery, after which the Sellers shall have no responsibility for </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>25</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>possible faults or deficiencies of any description. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>26</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>The Buyers undertake to pay for the repatriation of the Master, officers and other personnel if appointed by the </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>27</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Sellers to the port where the Vessel entered the Bareboat Charter as per Clause 3 (Part II) or to pay the equivalent </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>28</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>cost for their journey to any other place. </strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">PART V</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">

      <tr style="vertical-align: top">
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><strike>1.</strike></font></td>
        <td style="width: 0.4in"><font style="font-size: 10pt; color: #3C96D2"><b><strike>1.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Definitions</strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td>&#160;</td>
        <td>&#160;</td>
        <td>&#160;</td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>2</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>For the purpose of this PART V, the following terms shall have the meanings hereby assigned to them: </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>3</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Bareboat Charter Registry&#8221; shall mean the registry of the State whose flag the Vessel will fly and in which </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>4</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>the Charterers are registered as the bareboat charterers during the period of the Bareboat Charter. </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>5</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>&#8220;The Underlying Registry&#8221; shall mean the registry of the state in which the Owners of the Vessel are registered </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>6</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>as Owners and to which jurisdiction and control of the Vessel will revert upon termination of the Bareboat </strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>7</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>Charter Registration.</strike></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>8</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>2.</strike></b></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Mortgage </strike></b></font></td>
      </tr>
      <tr style="vertical-align: top">
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><b><strike>Termination of Charter by Default </strike></b></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>If the Vessel chartered under this Charter is registered in a Bareboat Charter Registry as stated in Box 44, and if </strike></font></td>
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      <tr style="vertical-align: top">
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        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>In the event of the Vessel being deleted from the Bareboat Charter Registry as stated in Box 44, due to a default </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>by the Owners in the payment of any amounts due under the mortgage(s), the Charterers shall have the right to </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>terminate this Charter forthwith and without prejudice to any other claim they may have against the Owners </strike></font></td>
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        <td><font style="font-size: 10pt; color: #3C96D2"><strike>19</strike></font></td>
        <td><font style="font-size: 10pt; color: #3C96D2">&#160;</font></td>
        <td><font style="font-size: 10pt; color: #3C96D2"><strike>under this Charter. </strike></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">&#160;</p>
  <p style="font: 6pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">Copyright &#169; 2001 BIMCO. All rights reserved. Any unauthorised copying, duplication, reproduction or distribution of this BIMCO SmartCon document will constitute an infringement of BIMCO&#8217;s
    copyright. Explanatory notes are available from BIMCO at www.bimco.org. First published in 1974 as BARECON A and B. Amalgamated and revised in 1989. Revised 2001.</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif"><b><u>EXECUTION VERSION</u></b></font></p>
  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif">JINGHAI SANSHIER - 2026 - BBC</font></p>
  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0; font: 10pt Arial, Helvetica, Sans-Serif; margin-bottom: 0; margin-left: 0"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ADDITIONAL CLAUSES TO BARECON 2001 DATED 9 March 2026</b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 32 &#8211; CHARTER PERIOD</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The period of this Charter (the &#8220;<b>Charter Period</b>&#8221;) shall, subject to the terms of this Charter,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">32.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding the fact that the Charter Period shall commence on the Commencement Date, this Charter
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in full force and effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">valid, binding and enforceable against the parties hereto,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">33.1</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not delivered by the Sellers as seller to the Owners as buyer under the MOA
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      </tr>

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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      of any Leasing Document which is expressed to survive the termination or cancellation of this Charter.</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Pre-delivery Instalment:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">following the payment of each such Pre-delivery Instalment by the Owners (as buyers) pursuant to the
            MOA, interest shall accrue on a daily basis on the amount of that Pre-delivery Instalment for each Term during the Pre-delivery Period; and</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">interest on that Pre-delivery Instalment for each relevant Term shall be calculated as follows:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 85%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse; margin-left: 0.75in">

      <tr style="font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="vertical-align: top; width: 20%; font: 10pt Arial, Helvetica, Sans-Serif" rowspan="2">
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                Instalment</i></font></p>
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        </td>
        <td style="vertical-align: top; width: 4%; font: 10pt Arial, Helvetica, Sans-Serif" rowspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="vertical-align: top; width: 17%; font: 10pt Arial, Helvetica, Sans-Serif" rowspan="2">
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        </td>
        <td style="vertical-align: top; width: 6%; font: 10pt Arial, Helvetica, Sans-Serif" rowspan="2">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>x</i></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
        </td>
        <td style="vertical-align: bottom; width: 53%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>number of days of the relevant
              Term</i></font></td>
      </tr>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>360</i></font></td>
      </tr>

  </table>
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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">Following the Owners&#8217; prepositioning of the Delivery Instalment in accordance with
            clause 19 of the MOA, interest shall accrue on a daily basis at the Interest Rate on the amount of the Delivery Instalment during the Term applicable to the Delivery Instalment.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">34.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">The aggregate of all interest accrued under Clauses 34.1 and 34.2 (the &#8220;<b>Pre-delivery
              Interest</b>&#8221;) shall be payable in one lump sum by the Charterers to the Owners: </font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">in the event that the Vessel is delivered by </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #1F1F1F">the Sellers </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">to the Owners pursuant to the MOA on the Scheduled Delivery Date (or such other
            date as agreed between the Parties), together with the first instalment of Charterhire on the First Payment Date; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: black">in all other cases</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, within three (3) Business Days of the Owners&#8217; demand.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 35 &#8211; DELIVERY AND CHARTER OF
        VESSEL</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter is part of a transaction involving the sale, purchase and charter of the Vessel and
            constitutes one of the Leasing Documents.</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The obligation of the Owners to charter the Vessel to the Charterers hereunder is subject to and
            conditional upon:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Sellers as buyers of the Vessel under the Shipbuilding Contract;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the delivery to and acceptance by the Owners as buyers of the Vessel under the MOA;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(on or before the date falling five (5) days after the Commencement Date) the Vessel being delivered
            to and accepted by the Initial Sub-charterer under the Initial Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Potential Termination Event or Termination Event having occurred which is continuing from the date
            of this Charter to the last day of the Charter Period (inclusive);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">2</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the representations and warranties contained in Clause 46 (<i>Representations and Warranties</i>)
            being true and correct on the date hereof and each day thereafter until and including the last date of the Charter Period;</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Delivery occurring on or before the Cancelling Date; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners having received from the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the documents or evidence set out in Part A to Part F of Schedule 2 respectively at the relevant time
            specified for each such part under clause 19(c)(iii) of the MOA, in each case, in form and substance satisfactory to the Owners; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the Commencement Date and prior to or simultaneously with the Owners executing a dated and timed
            copy of the MOA PODA evidencing delivery of the Vessel under the MOA and a dated and timed copy of the Acceptance Certificate, the documents or evidence set out in Part G of Schedule 2 in form and substance satisfactory to them,</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The conditions precedent specified in Clause 35.2 are inserted for the sole benefit of the Owners and
            may be waived or deferred in whole or in part and with or without conditions by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On the delivery to and acceptance by the Owners (in their capacity as buyers under the MOA) of the
            Vessel from the Sellers under the MOA, the Vessel shall be deemed to have been delivered to, and accepted without reservation by, the Charterers under this Charter and the Charterers shall become and be entitled to the possession and use of the
            Vessel on and subject to the terms and conditions of this Charter on the same day as the delivery date of the Vessel under the MOA.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">On Delivery, as evidence of the commencement of the Charter Period, the Charterers shall sign and
            deliver to the Owners, the Acceptance Certificate. The Charterers shall be deemed to have accepted the Vessel under this Charter, and the commencement of the Charter Period having started, on Delivery even if, for whatever reason, the
            Acceptance Certificate is not signed and/or the Charterers do not take actual possession of the Vessel at that time.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not be entitled for any reason whatsoever to refuse to accept delivery of the
            Vessel under this Charter once the Vessel has been delivered to and accepted by the Owners (in their capacity as buyers) from the Sellers under the MOA, and the Owners shall not be liable for any losses, costs or expenses whatsoever or
            howsoever arising including without limitation, any loss of profit or any loss or otherwise:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">resulting directly or indirectly from any defect or alleged defect in the Vessel (including but not
            limited to any deficiency in seaworthiness, merchantability, classification, condition, design, quality, operation, performance, capacity or fitness for use or the eligibility of the Vessel for any particular trade or operation) or any failure
            of the Vessel; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arising from any delay in the commencement of the Charter Period or any failure of the Charter Period
            to commence.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">3</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall not be obliged to deliver the Vessel to the Charterers with any bunkers and unused
            lubricating oils and hydraulic oils and greases in storage tanks and unopened drums of the Vessel except for such items which are already on the Vessel on Delivery. The Owners shall not be responsible for the fitness, quality or quantity of any
            such bunkers and unused lubricating oils and hydraulic oils and greases and the Charterers shall make no claim against Owners in respect of the same.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">35.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure receipt by the Owners of the conditions subsequent set out in Part H of
            Schedule 2 in a form and substance satisfactory to the Owners within the time periods permitted therein.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 36 &#8211; QUIET ENJOYMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Provided that no Termination
      Event has occurred and continuing or Total Loss has occurred, the Owners hereby agree not to disturb or interfere with the Charterers&#8217; lawful use, possession and quiet enjoyment of the Vessel during the Charter Period. The Owners shall procure that:</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if requested by the Charterers (upon receipt of a demand from any third party Approved Sub-charterer),
            a quiet enjoyment to be entered between the Owners, the Charterers and such Approved Sub-charterer on such terms as may be agreed between the relevant parties, all acting reasonably; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Mortgagee shall execute and deliver to the Charterers a quiet enjoyment letter in favour of the
            Charterers in a form mutually acceptable to the Mortgagee and the Charterer.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 37 &#8211; CHARTERHIRE</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Owners agreeing, at the request of the Charterers, to purchase the Vessel from
            the Sellers under the MOA and subsequently charter the Vessel to the Charterers under this Charter, the mutual covenants contained herein and other good and valuable consideration (the adequacy of such consideration which the Charterers hereby
            acknowledge), the Charterers hereby irrevocably and unconditionally agree to pay to the Owners the Charterhire and all other amounts payable under this Charter in accordance with the terms of this Charter.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Following Delivery and commencing from the Commencement Date, the Charterers shall pay the Charterhire
            in arrears in quarterly instalments on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of each calendar month that falls at three-month interval from the Commencement Date (each, a &#8220;<b>Payment




              Date</b>&#8221;), save that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first instalment of Charterhire shall fall on the tenth (10<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) day of the third calendar month after the Commencement Date (excluding the calendar month in which the Commencement Date falls, the &#8220;<b>First Payment Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the final instalment of Charterhire shall fall on the last day of the Charter Period.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In relation to each Payment Date, the Charterhire instalment shall consist of:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to any prepayment made in accordance with Clause 47.1(y)(ii)(A), a capital element of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">4</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#8220;Principal&#8221; in the Repayment Schedule corresponding to the Term ending on such Payment Date; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a variable element of Charterhire (the &#8220;<b>Variable Charterhire</b>&#8221;) which shall be calculated by
            applying the applicable Interest Rate to the Outstanding Capital Balance on the immediately preceding Payment Date (or, in the case of the first instalment only, to the Financing Amount) for each day of the relevant Term ending on the relevant
            Payment Date by reference to the actual number of days elapsed.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 31.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby expressly acknowledge that the Repayment Schedule in its form and content as
            attached hereto is prepared based on the assumption that the Financing Amount equals US$38,420,000 (and accordingly the Purchase Obligation Price equals $<font style="color: windowtext">18,200,000)</font>; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 36pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 31.5pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers irrevocably consent and agree that the Owners may deliver to the Charterers, if
            necessary as soon as practicable after the Commencement Date, an amended Repayment Schedule calculated by reference to the actual Financing Amount with pro-rata adjustment. Any amended Repayment Schedule prepared and delivered to the Charterers
            pursuant to this sub-paragraph shall, from the date the same is delivered to the Charterers, be deemed to be incorporated into this Charter and, for the purposes of this Charter, shall thereafter constitute the applicable Repayment Schedule.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">For the purposes of determining the Interest Rate of any Term, if no Average SOFR is available for any
            relevant Term, there shall be no Reference Rate for that Term and Clause 38.3 below shall apply to the relevant Instalment or the prevailing Outstanding Capital Balance or any part thereof for that Term.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment of Pre-delivery Interest and Charterhire on any due date shall be made in same day available
            funds and received by the Owners by not later than 4.00 pm (Beijing time). Any payment of Pre-delivery Interest and Charterhire which is due to be made on a date which is not also a Business Day shall be made on the preceding Business Day
            instead.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Time of payment of the Pre-delivery Interest and Charterhire and any other payments by the Charterers
            under this Charter shall be of the essence of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder
            shall be made in Dollars.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All payments of the Pre-delivery Interest, the Charterhire and any other moneys payable hereunder
            shall be payable by the Charterers to the Owners&#8217; designated bank account as the Owners may notify the Charterers in writing from time to time.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Payment of the Pre-delivery Interest, the Charterhire and any other amounts under this Charter shall
            be at the Charterers&#8217; risk until receipt by the Owners.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">37.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Vessel shall not at any time be deemed off-hire and the Charterers&#8217; obligation to pay the
            Pre-delivery Interest, the Charterhire and any other amounts payable in this Charter (including but not limited to the Termination Sum) in Dollars shall be absolute and unconditional under</font></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">any and all circumstances and shall not be affected by any circumstances of any nature whatsoever including but not
            limited to:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any set off, counterclaim, recoupment, defence, claim or other right which the Charterers may at any
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">6</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the operation of this Charter in respect of the hire and all other payments to be made pursuant to
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Margin, and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the cost of funds certified and notified by the Owners, with relevant supporting evidence available to
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">providing for the use of a Replacement Reference Rate in relation to Dollars in place of (or in
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aligning any provision of any Leasing Document to the use of that Replacement Reference Rate;</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enabling that Replacement Reference Rate to be used for the calculation of the Interest Rate under
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">8</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implementing market conventions applicable to that Replacement Reference Rate;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of
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            the period of non-payment, constituted an Instalment or the Outstanding Capital Balance (as the case may be) in the currency of the overdue payment for successive Terms, each of a duration selected by the Owners. Any interest accruing under
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not, without the prior written consent of the Owners, assign, mortgage or pledge
            the Vessel or any interest therein, its Earnings, Insurances and/or any Requisition Compensation and shall not permit the creation or existence of any Security Interest thereon (including for any monies paid in advance and not earned, and for
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly notify any party (including, without limitation, the Initial
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Subject to Clause 39.4, if the Vessel is arrested, seized, impounded, forfeited, detained or taken out
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">9</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">(whether by providing bail or procuring the provision of security or otherwise do such lawful things as the
            circumstances may require) and shall immediately notify the Owners of such event and shall indemnify the Owners against all losses, costs or charges incurred by the Owners by reason thereof in re-taking possession or otherwise in re-acquiring
            the Vessel. Without prejudice to the generality of the foregoing and Clause 54 (<i>Sale of the Vessel</i>), the Charterers agree to indemnify the Owners against all consequences or liabilities arising from the master, officers or agents signing
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Vessel is arrested, seized, impounded, forfeited or otherwise detained solely because of the
            Owners&#8217; direct actions or omissions and for reasons which are not in any part of a consequence of contributory negligence and/or wilful misconduct of any Sub-charterer, a Relevant Person or any other member of the Group (or its affiliates), the
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">39.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall pay and discharge or cause the Initial Sub-charterer or any other Sub-charterer
            of the Vessel to pay and discharge all obligations and liabilities whatsoever which have given or may give rise to liens on or claims enforceable against the Vessel. The Charterers shall take all steps to prevent (and shall procure that any
            Sub-charterer shall take all steps to prevent) an arrest (threatened or otherwise) of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 40 - INSURANCE</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, at their own cost and expense, procure that the insurances for the Vessel are
            effected during the Charter Period:</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of fire and usual hull and machinery, marine risks and war risks (including blocking and
            trapping), on an agreed value basis of at least the higher of (i) the prevailing Market Value of the Vessel at the relevant time or (ii) one hundred and twenty per cent (120%) of the then prevailing Outstanding Capital Balance;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of oil pollution liability risks for the Vessel, for an aggregate amount equal to the
            higher of (i) the highest level of cover from time to time available under protection and indemnity club entry and in the international marine insurance market and (ii) an amount of not less than $1,000,000,000;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of protection and indemnity risks, in respect of the full tonnage of the Vessel and with a
            protection and indemnity club which is a member of the International Group of Protection and Indemnity Clubs and acceptable to the Owners;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with first class international insurers and/or underwriters acceptable to the Owners and having a
            Standard &amp; Poor&#8217;s rating of BBB+ or above, a Moody&#8217;s rating of A or above or an AM Best rating of A- or above or otherwise acceptable to the Owners or, in the case of war risks through a protection and indemnity club which meets the
            requirements of paragraph (d) above; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on terms and in form acceptable to the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">10</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In addition to the terms set out in Clause 13(a) (<i>Insurance and Repairs</i>), the Charterers shall
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject always to paragraph (b), name the Charterers, the Approved Manager and the Owners (and if
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for hull and machinery and war risks;</font></td>
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        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any provable out-of-pocket expenses that they have incurred and which form part of any recoverable
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any third party liability claims where cover for such claims is provided by the policy (and then
            only in respect of discharge of any claims made against them); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of any Obligatory Insurances for protection and indemnity risks, to any recoveries they are
            entitled to make by way of reimbursement following discharge of any third party liability claims made specifically against them,</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and every other named assured or co-assured has
      undertaken in writing to the Owners or the Owners&#8217; Financiers (in such form as they may require) that any deductible shall be apportioned between the Charterers and every other named assured or co-assured (save for the Owners or the Owners&#8217;
      Financiers (if any)) in proportion to the gross claims made by or paid to each of them and that they shall do all things necessary and provide all documents, evidence and information to enable the Owners and the Owners&#8217; Financiers (if any) in
      accordance with the terms of the loss payable clause, to collect or recover any moneys which at any time become payable in respect of the Obligatory Insurances;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">whenever the Owners or the Owners&#8217; Financiers (if any) require:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of fire and other usual marine risks and war risks, name (or be amended to name) the
            Owners&#8217; Financiers as additional named assured for their rights and interests, warranted no operational interest and with full waiver of rights of subrogation against such financiers, but without such financiers thereby being liable to pay (but
            having the right to pay) premiums, calls or other assessments in respect of such insurance;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to protection and indemnity risks, name (or be amended to name) the Owners&#8217; Financiers as
            additional insured or co-assured for their rights and interests to the extent permissible under the relevant protection and indemnity club rules; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">name the Owners&#8217; Financiers and the Owners as respectively the first ranking loss payee and the second
            ranking loss payee (and in the absence of any financiers, the Owners as first ranking loss payee) in accordance with the terms of the relevant loss payable clauses approved by the Owners&#8217; Financiers and the Owners with such directions for
            payment in accordance with the terms of such relevant loss payable clause, as the Owners and the Owners&#8217; Financiers (if any) may specify;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">11</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that all payments by or on behalf of the insurers under the Obligatory Insurances to the
            Owners and/or the Owners&#8217; Financiers (as applicable) shall be made without set-off, counterclaim, deductions or condition whatsoever;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that such Obligatory Insurances shall be primary without right of contribution from other
            insurances which may be carried by the Owners or the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that the Owners and/or the Owners&#8217; Financiers (if any) may make proof of loss if the
            Charterers fail to do so; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide that if any Obligatory Insurance is cancelled, or if any substantial change is made in the
            coverage which adversely affects the interest of the Owners and/or the Owners&#8217; Financiers (if any), or if any Obligatory Insurance is allowed to lapse for non-payment of premium, such cancellation, change or lapse shall not be effective with
            respect to the Owners and/or the Owners&#8217; Financiers (if any) for thirty (30) days after receipt by the Owners and/or the Owners&#8217; Financiers (if any) of prior written notice from the insurers of such cancellation, change or lapse.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days prior to Delivery (or such shorter period agreed by the parties), notify in
            writing the Owners of the terms and conditions of all Insurances (copied to the Owners&#8217; Financiers (if any) and the brokers or insurers with whom the Insurances are or will be placed);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least fifteen (15) days before the expiry of any obligatory insurance or otherwise before the
            change of appointment of any brokers (or other insurers) and any protection and indemnity or war risks association through which Obligatory Insurances are taken from time to time pursuant to this Clause 40 (<i>Insurance</i>), notify the Owners
            (copied to the Owners&#8217; Financiers (if any)) of the brokers (or other insurers) and any protection and indemnity or war risks association through or with whom the Charterers propose to renew or obtain that Obligatory Insurance and of the
            proposed terms of such renewed or new insurance cover and obtain the Owners&#8217; approval to such matters;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at least seven (7) days before the expiry of any Obligatory Insurance, procure that such Obligatory
            Insurance is renewed or to be renewed on its expiry date in accordance with the provisions of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">procure that the approved brokers and/or the war risks and protection and indemnity associations with
            which such a renewal is effected shall promptly after the renewal or the effective date of the new insurance and protection and indemnity cover notify the Owners (copied to the Owners&#8217; Financiers (if any)) in writing of the terms and conditions
            of the renewal; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as practicable after the expiry of any Obligatory Insurance and within thirty (30) days after
            such expiry, deliver to the Owners a letter of undertaking as required by this Charter in respect of such Insurances for the Vessel as renewed pursuant to Clause 40.3(c) (<i>Insurance</i>) together with copies of the relevant policies or cover
            notes or entry certificates duly endorsed with the interest of the Owners and/or the Owners&#8217; Financiers (if any).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.4</font></td>
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      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">12</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">originals) of policies, cover notes and certificates of entry relating to the Obligatory Insurances which they are to
            effect or renew and letter or letters of undertaking in a form required by the Owners and/or the Owners&#8217; Financiers (if any) and including undertakings by the insurance companies and/or underwriters that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will have endorsed on each policy, immediately upon issuance, a loss payable clause and a notice
            of assignment complying with the provisions of this Charter and the Financial Instruments;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will hold the benefit of such policies and such insurances, to the order of the Owners and/or the
            Owners&#8217; Financiers (if any) and/or such other party in accordance with the said loss payable clause;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will advise the Owners and the Owners&#8217; Financiers (if any) promptly of any material change to the
            terms of the Obligatory Insurances of which they are aware;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i) they will indicate in the letters of undertaking that they will immediately notify the Owners and
            the Owners&#8217; Financiers (if any) when any cancellation, charge or lapse of the relevant obligatory insurance occur and (ii) following a written application from the Owners and/or the Owners&#8217; Financiers (if any) not later than one (1) month
            before the expiry of the Obligatory Insurances they will notify the Owners and the Owners&#8217; Financiers (if any) not less than fourteen (14) days before the expiry of the obligatory insurances, in the event of their not having received notice of
            renewal instructions from the Charterers and, in the event of their receiving instructions to renew, they will promptly notify the Owners and the Owners&#8217; Financiers (if any) of the terms of the instructions; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if any of the Obligatory Insurances form part of any fleet cover, the Charterers shall procure that
            the insurance broker(s), or leading insurer, as the case may be, undertakes to the Owners and the Owners&#8217; Financiers (if any) that such insurance broker or insurer will not set off against any sum recoverable in respect of a claim relating to
            the Vessel under such Obligatory Insurances any premiums due in respect of any other vessel under any fleet cover of which the Vessel forms a part or any premium due for other insurances, they waive any lien on the policies, or any sums
            received under them, which they might have in respect of such premiums, and they will not cancel such Obligatory Insurances by reason of non-payment of such premiums or other amounts, and will arrange for a separate policy to be issued in
            respect of the Vessel forthwith upon being so requested by the Owners and/or the Owners&#8217; Financiers (if any) and where practicable.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any protection and indemnity and/or war risks associations in which
            the Vessel is entered provides the Owners and the Owners&#8217; Financiers (if any) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a copy of the certificate of entry for the Vessel as soon as such certificate of entry is issued;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a letter or letters of undertaking in such form as may be required by the Owners and the Owners&#8217;
            Financiers (if any) and agreed by such associations or in such association&#8217;s standard form; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a certified copy of each certificate of financial responsibility for pollution by oil or other
            Environmentally Sensitive Material issued by the relevant certifying authority in relation to the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">13</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that all policies relating to Obligatory Insurances are deposited with the
            approved brokers (if any) through which the insurances are effected or renewed.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall procure that all premiums or other sums payable in respect of the Obligatory
            Insurances are punctually paid and produce all relevant receipts when so required by the Owners.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall ensure that any guarantees required by a protection and indemnity or war risks
            association are promptly issued and remain in full force and effect.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall neither do nor omit to do (nor permit to be done or not to be done) any act or
            thing which would or might render any Obligatory Insurance invalid, void, voidable or unenforceable or render any sum payable under an Obligatory Insurance repayable in whole or in part; and, in particular:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all necessary action is taken and all requirements are complied with
            which may from time to time be applicable to the Obligatory Insurances, and (without limiting the obligations contained in this Clause 40 (<i>Insurance</i>)) ensure that the Obligatory Insurances are not made subject to any exclusions or
            qualifications to which the Owners have not given their prior approval (unless such exclusions or qualifications are made in accordance with the rules of a protection and indemnity association which is a member of the International Group of
            Protection And Indemnity Clubs);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not make or permit any changes relating to the classification or the
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            changes have, if required, first been approved by the underwriters of the Obligatory Insurances, the Owners and the Owners&#8217; Financiers (if any);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall procure that all quarterly or other voyage declarations which may be required by
            the protection and indemnity risks association in which the Vessel is entered to maintain cover for trading to the United States of America and Exclusive Economic Zone (as defined in the United States Oil Pollution Act 1990 or any other
            applicable legislation) are made and the Charterers shall promptly provide the Owners with copies of such declarations and a copy of its valid certificate of financial responsibility; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall not employ the Vessel, nor allow it to be employed, otherwise than in conformity
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall not make or agree to any alteration to the terms of any Obligatory Insurance nor
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">14</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall provide the Owners upon written request (except that upon the occurrence of a
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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      </tr>

  </table>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any credit arrangements made between the Charterers and any of the persons referred to in paragraphs
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly provide the Owners (or any persons which they may designate) with:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any information which the Owners or the Owners&#8217; Financiers (or any such designated person) request for
            the purpose of:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">obtaining or preparing any report from an independent marine insurance broker as to the adequacy of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">effecting, maintaining or renewing any such insurances as are referred to in Clause 13(a) (<i>Insurance






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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">copies of any communication between all parties involved in case of a claim under any of the Vessel&#8217;s
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            international insurers or are effected with an insurance or captive Subsidiary of the Owners or the Charterers, then the Charterers shall procure, at their own expense, that the relevant insurers maintain in full force and effect facultative
            reinsurances with reinsurers and through brokers, in each case, of recognised standing and acceptable in all respects to the Owners. Any reinsurance policy shall include, if and when permitted by law, a cut-through clause in a form acceptable
            to the Owners and/or the Owners&#8217; Financiers (if any). The Charterers shall procure that underwriters of the primary insurances assign each reinsurance to the relevant financiers in full, if required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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  </table>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners&#8217; Financiers (if any) in connection with or with a view to effecting, maintaining or
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      </tr>

  </table>
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      relevant outstanding loan amount from time to time and on such other terms, through such insurers and generally in such manner as the Owners or the Owners&#8217; Financiers (as the case may be) may from time to time consider appropriate.</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall be solely responsible for and indemnify the Owners in respect of all loss or
            damage to the Vessel (insofar as the Owners shall not be reimbursed by the proceeds of any insurance in respect thereof) however caused occurring at any time or times before physical possession thereof is retaken by the Owners, with only
            reasonable wear and tear to the Vessel excepted.</font></td>
      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall reimburse or indemnify the Owners for any expenses incurred or to be incurred by
            the Owners in obtaining a detailed report signed by an independent firm of marine insurance brokers approved by the Owners dealing with the Obligatory Insurances and stating the opinion of such firm as to the adequacy of the Obligatory
            Insurances:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when an agreed form of such detailed report satisfactory to the Owners is obtained as a condition
            precedent requirement under Schedule 2 of this Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">when the Owners procure the issuance of such detailed report no more than once every calendar year,
            unless a Termination Event has occurred in which case such reports may be procured at the Charterer&#8217;s cost at any such time; and</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">further from time to time upon the Owners&#8217; demand where, in the Owners&#8217; opinion, at any time during
            the Charter Period there has been a material change in the terms of the Insurances and/or a change in the circumstances which would materially adversely affect the adequacy of the Obligatory Insurances.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">40.18</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">keep the Vessel insured at their expense against such other risks (other than loss of hire and the
            contingent liability insurance which shall be insured against upon an occurrence and during the continuance of a Termination Event) which the Owners consider reasonable for a prudent shipowner or operator to insure against for trading,
            management, operational and/or safety purposes at the relevant time (as notified by the Owners and having regard to the then</font></td>
      </tr>

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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">16</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">existing available insurance cover and standard practice in the operation of vessels of the same type as the Vessel)
            and which risks are, at that time, generally insured against by owners or operators of vessels similar to the Vessel or of the same type as the Vessel (including without limitation, innocent owners interest insurance, innocent owners additional
            perils insurance, mortgagee&#8217;s interest insurance and mortgagee&#8217;s additional perils insurance but excluding loss of hire and contingency liability insurance, save that the Owners may take out upon an occurrence and during the continuance of a
            Termination Event); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>(b)</i></b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon demand fully indemnify the Owners in respect of all premiums and other expenses incurred by the
            Owners in respect of any other insurances (other than loss of hire insurances and the contingent liability insurances which the Owners may take out upon an occurrence and during the continuance of a Termination Event) which the Owners deem
            necessary (having regard to the existing insurance cover and market practice for the trading, management, operation and safety of vessels of the same type) and takes out in respect of the Vessel.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 41 &#8211; WARRANTIES RELATING TO
        VESSEL</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">It is expressly agreed and acknowledged that the Owners are not the manufacturer or original supplier
            of the Vessel but that the Owners (in their capacity as buyers) have purchased the Vessel from the Sellers pursuant to the MOA at the request of the Charterers, for the purpose of then chartering the Vessel to the Charterers hereunder and that
            no condition, term, warranty or representation of any kind is or has been given to the Charterers by or on behalf of the Owners in respect of the Vessel (or any part thereof).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All conditions, terms, representation or warranties express or implied by the law relating to the
            specifications, quality, functions, conditions description, merchantability or fitness for any purpose of the Vessel (or any part thereof) or otherwise are hereby expressly excluded.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">41.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree and acknowledge that the Owners shall not be (a) responsible for the supervision
            of the Vessel during its construction and/or (b) liable for any claim, loss, damage, expense or other liability of any kind or nature caused directly or indirectly by the Vessel or by any inadequacy thereof or the use or performance thereof or
            any repairs thereto or servicing thereof and the Charterers shall not by reason thereof be released from any liability to pay any Charterhire, Pre-delivery Interest or other payment due under this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        AND TOTAL LOSS</b></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Termination</u></b></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Upon termination of the leasing of the Vessel under this Charter pursuant to Clause 50.2, the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to Delivery, the Owners entering into the MOA at the request of the Sellers and the Charterers
            and subsequently terminating such sale and purchase of the Vessel under the MOA, and if the Pre-delivery Assignment has been executed, the re-assignment of the rights of the Sellers under the Shipbuilding Contract and the Refund Guarantee
            thereunder as soon as reasonably practicable; and</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after Delivery (save in the event of a Total Loss),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">17</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and it is hereby agreed by the
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 42.9(b), the obligation to pay the Termination Sum is a continuing
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">payment of the Termination Sum is deemed to be proportionate as to amount, having regard to the
            legitimate interest of the Owners, in protecting against the Owners&#8217; risk of the Sellers or the Charterers failing to perform its obligations under the MOA or this Charter respectively; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Termination Sum shall, depending on the nature of the Termination Event(s) on the basis of which
            the Owners serve a Termination Notice, be either an obligation to pay damages following acceptance by the Owners of a breach of condition by the Sellers or the Charterers or an obligation to pay an agreed sum in specified circumstances which do
            not involve a breach of contract by the Sellers or the Charterers.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers fail to make any payment of the Termination Sum on the Termination Date, Clause 38.6
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Concurrently with the unconditional and irrevocable payment of the Termination Sum in full pursuant to
            the terms of this Charter, this Charter shall terminate and the Owners shall (save in the event of Total Loss or in the event that the Vessel has been sold or contracted to be sold pursuant to Clauses 42.9 and 42.10), at the cost of the
            Charterers, transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the Owners) free from any registered mortgages, encumbrances, liens, debts or claims incurred
            or permitted by the Owners and/or Owners&#8217; Financiers (save for those liens, encumbrances and debts incurred by the Charterers or arising out of or in connection with this Charter), and shall execute a bill of sale and a protocol of delivery and
            acceptance evidencing the same and such sale shall be completed otherwise in accordance with Clause 54.1.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby undertake to indemnify the Owners against any claims incurred in relation to the
            Vessel prior to such transfer of ownership. Any documented taxes, notarial, consular and other costs, charges and expenses connected with closing of the Owners&#8217; register shall be for the Charterers&#8217; account.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to redeliver the Vessel to the Owners pursuant to the terms of this
            Charter, the Vessel shall be redelivered and taken over safely afloat at a safe and accessible berth or anchorage in such location as the Owners may require (which, for the avoidance of doubt, shall exclude any war listed area declared by the
            Joint War Committee). The Charterers shall where applicable, give the Owners not less than 30/20/10/5 running days&#8217; preliminary notice of expected date and port or place of redelivery and not less than 5/3/2/1/ running days&#8217; definite notice of
            expected date and port or place of redelivery. Any changes</font></td>
      </tr>

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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">18</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">thereafter in the Vessel&#8217;s position shall be notified immediately to the Owners. The Charterers shall ensure that, at
            the time of redelivery to the Owners, the Vessel:</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in compliance with the Obligatory Insurances;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be in an equivalent class as she was as at the Commencement Date and without any recommendation or
            condition and with valid, unextended certificates for not less than three (3) months and free of average damage affecting the Vessel&#8217;s classification and in the same or as good structure, state, condition and classification as that in which she
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has passed her 5-year special survey or 10-year special survey (if applicable), and subsequent second
            intermediate surveys and drydock at the Charterers&#8217; time and expense without any recommendation or condition:</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the satisfaction of the Approved Classification Society; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the 5-year special survey or 10-year special survey (if applicable), to the reasonable
            satisfaction of an Owners&#8217; Surveyor appointed at the cost of the Charterers;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">has her survey cycles up-to-date and trading and class certificate valid for at least the number of
            months agreed in Box 17;</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be re-delivered to the Owners together with all spare parts and spare equipment as were on board at
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any cargo and Security Interest (save for the Security Interests granted pursuant to the
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any crew and officers unless otherwise instructed by the Owners;</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be free of any charter or other employment (unless the Owners wish to retain the continuance of any
            prevailing charter or as otherwise agreed by the Owners in their absolute discretion);</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(k)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have had her underwater parts treated with ample anti-fouling to last for the ensuring period up to
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">be redelivered to the Owner together with all material information generated during the Charter Period
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">time period required by Clause 42 (<i>Termination, Redelivery and Total Loss</i>). If the time of actual redelivery is
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            Leasing Documents (including without limitation pursuant to Clause 42 (<i>Termination, Redelivery and Total Loss</i>)) pay to the Owners, as from the first date following the Redelivery Date and for each day until the date on which the Vessel
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the prevailing market rate for the chartering of vessels of a similar type as the Vessel on the Index.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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            Clause 42.5. The Owners shall not be obliged to accept redelivery of the Vessel until the Owners are reasonably satisfied that all conditions for the redelivery of the Vessel under this Charter (including without limitation, Clause 42.5 and
            this Clause 42.7) are met, and the Vessel shall (if the redelivery is at the end of the Charter Period) continue to be on-hire under the terms of this Charter until such redelivery. The Owners reserve all rights to recover from the Charterers
            any costs, expense and/or liabilities incurred or suffered by them (including without limitation, the costs of any repairs which may be required to restore the Vessel to the condition required by Clause 42.5 as a result of the Vessel not being
            redelivered in accordance with the terms of this Charter).</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case where the non-payment occurs prior to Delivery:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">implement the Shipbuilding Contract;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">20</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers&#8217; right to possess and operate the Vessel shall immediately cease and (without in any
            way affecting the Charterers&#8217; obligation to pay the Charterers the Termination Sum and comply with their other obligations under this Charter) the Charterers shall hold the Vessel as gratuitous bailee only to the Owners, the Charterers shall
            procure that the master and crew follow the orders and directions of the Owners and the Charterers shall, upon the Owners&#8217; request (at Owners&#8217; sole discretion), be obliged to immediately (and at the Charterers&#8217; own cost) redeliver the Vessel to
            the Owners at such ready and nearest safe port or location as the Owners may require and for the avoidance of doubt, any such redelivery shall not extinguish the Owners&#8217; right to recover the Termination Sum from the Charterers under this
            Charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to paragraph (c) and (d) below and Clause 42.10, the Owners shall be entitled (at Owners&#8217; sole
            discretion) but subject always to any quiet enjoyment letter entered into with any sub-charterer, to operate the Vessel as they may require and may create whatsoever interests thereon, including without limitation short term charterparties or
            any other form of short term employment contracts provided such contracts do not interfere with the Vessel&#8217;s sale process, including relevant inspections, provided that the Earnings of the Vessel during such period less its operational expenses
            (which would include, without limitation, any costs in relation to the provision of bunkers and lubricating oils), (the &#8220;<b>Net Trading Proceeds</b>&#8221;) shall be applied against the Termination Sum and any other amounts payable under the Leasing
            Documents pursuant to Clause 66 (<i>General Application of Proceeds</i>) provided, that if such use of the Vessel results in the Owners suffering a loss then such losses shall be included in the indemnities contained in Clause 55 (<i>Indemnities</i>)
            and be added to the Termination Sum; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall be entitled (at Owners&#8217; sole discretion) to immediately thereafter sell the Vessel to any third party on arm&#8217;s length terms taking into account the
            prevailing market conditions, provided that the Charterers may for a period not exceeding a total of sixty (60) days from the Termination Date (the &#8220;Nomination Period&#8221;) nominate or identify a purchaser for the Vessel (a &#8220;Nominated Purchaser&#8221;).
            During the Nomination Period the Owners and the</font></td>
      </tr>

  </table>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">21</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Charterers shall use their reasonable endeavours to market the Vessel and the Owners shall sell the Vessel to a Nominated Purchaser and subject to all of the following
            conditions being satisfied:</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Nominated Purchaser is acceptable to the Owners (such acceptability not to be unreasonably
            withheld or delayed); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the price to be paid by the Nominated Purchaser (after deducting any commissions, taxes and other
            costs of sale) is equal to or more than the applicable Termination Sum (unless otherwise agreed by the Owners in their absolute discretion),</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and any net sale proceeds (after deducting all
      fees, taxes, disbursements and any other costs and expenses incurred or suffered by the Owners in connection with such sale) (the &#8220;<b>Net Sales Proceeds</b>&#8221;) derived from any such sale to a Nominated Purchaser or any other person shall be applied
      towards reduction of the Termination Sum in accordance with Clause 66 (<i>General Application of Proceeds</i>). If the Net Sales Proceeds are not sufficient to settle the Termination Sum in full, the Charterers shall remain liable to pay the
      shortfall and default interest shall continue to accrue on the unpaid portion of the Termination Sum in accordance with Clause 38.6.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 35.45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Irrespective of any sales efforts, the Charterers have the right at all times, during the Nomination Period or until the Owners&#8217; Purchase (as referred to in Clause 42.10)
            is concluded or until any third party&#8217;s sale is concluded, to purchase the vessel with priority by paying the Termination Sum.</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: -35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may, by written notice to the Charterers at any time after the Nomination Period, inform
            the Charterers of the Owners&#8217; intention to retain the Vessel instead of selling the Vessel under Clause 42.9(c) above, &#8220;<b>Owners&#8217; Purchase</b>&#8221;, and in doing so, the Owners shall first obtain the Market Value of the Vessel (after deducting any
            commissions, taxes and costs which would be likely to be incurred in connection with a sale of the Vessel) and apply it towards the reduction of the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase. If the Market
            Value (less such deductions) of the Vessel as at the date of the notice of the Owners&#8217; Purchase is less than the Termination Sum calculated as of the day of the notice of the Owners&#8217; Purchase, the Charterers shall remain liable to pay the
            shortfall to the Owners and default interest shall continue to accrue on the unpaid portion of the Termination Sum. If the Market Value (less such deductions) of the Vessel as at the date of such nomination is more than the Termination Sum
            calculated as of the day of the notice of the Owners&#8217; Purchase, the Owners shall pay the excess to Charterers within thirty (30) days from the day of the notice of the Owners&#8217; Purchase in accordance with Clause 66 (<i>General Application of
              Proceeds</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><u>Total Loss</u></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Throughout the Charter Period, the Charterers shall bear the full risk of any Total Loss of or any
            other damage to the Vessel howsoever arising. If the Vessel becomes a Total Loss after Delivery, the Charterers shall, subject to Clause 42.12, pay the Termination Sum to the Owners by the Total Loss Payment Date. Upon such receipt by the
            Owners of the Termination Sum, this Charter shall terminate (without prejudice to any provision of this Charter expressed to survive termination) but until such receipt, the Charterers shall remain liable to make all payments of Charterhire and
            all other amounts to the Owners under this Charter, notwithstanding that the Vessel has become a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">22</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) shall be applied in accordance with Clause 66 (<i>General Application of Proceeds</i>) and shall satisfy the obligation of the Charterers to pay the Termination Sum to the extent
            received by the Owners (or the Owners&#8217; Financiers in accordance with the terms of the relevant loss payable clause, but for the avoidance of doubt, Total Loss Proceeds shall at all times be applied in accordance with Clause 66 (<i>General
              Application of Proceeds</i>)). The obligation of the Charterers to pay the Termination Sum shall remain unaffected and exist regardless of whether any of the insurers have agreed or refused to meet or has disputed in good faith, the claim for
            Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.13</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Total Loss Proceeds unconditionally received by the Owners (or the Owners&#8217; Financiers in
            accordance with the terms of the relevant loss payable clause) are less than the Termination Sum, the Charterers shall pay such shortfall to the Owner on the Total Loss Payment Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">42.14</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall have no obligation to supply to the Charterers with a replacement vessel following
            the occurrence of a Total Loss.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 43 &#8211; FEES AND EXPENSES</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to any other rights of the Owners hereunder, the Charterers shall promptly pay to
            the Owners within three (3) Business Days of the Owners&#8217; written demand on a full indemnity basis all costs, charges and expenses incurred by the Owners in collecting any Charterhire or other payments not paid on the due date under this Charter
            and in remedying any other failure of the Charterers to observe the terms and conditions of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party shall be responsible for their own costs and expenses to review and negotiate the term
            sheet relating to this Charter. All third party costs and out-of-pocket expenses (including, but not limited to, negotiation costs, inspections, valuations, reasonable and duly documented legal fees, insurance reports, registration expenses and
            any other reasonable and duly documented expenses) incurred by the Owners or Owners&#8217; legal counsel in the preparation, negotiation, finalisation and execution of all documentation in relation to this Charter or any other Leasing Document shall
            be for the account of the Charterers (regardless of whether the transaction contemplated by the Leasing Documents actually completes).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All documented costs and expenses reasonably incurred by the Owners in relation to the acquisition,
            registration of title of the Vessel in the Owners&#8217; name in the Flag State together with any and all fees (including but not limited to any vessel registration and tonnage fees and the Owners&#8217; initial and ongoing annual registration and
            maintenance costs if required to be registered as a foreign maritime entity or the appointment of resident agents under the laws of the Flag State) payable by the Owners to register, maintain and/or renew such registration shall be for the
            account of the Charterers (regardless of whether the Vessel is delivered under the MOA and this Charter). Without prejudice to the foregoing, if the Flag State requires the Owners to establish a physical presence or office in the jurisdiction
            of such Flag State, all fees, costs and expenses payable by the Owners to establish and maintain such physical presence or office shall be for the account of the Charterers. The Charterers shall promptly provide the Owners with evidence of
            payment of the annual register/tonnage tax amounts payable to the Flag State or any other aforesaid costs, expenses and/or taxes when the same fall due.</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">23</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Charterers and the re-delivery of the Vessel by the Charterers to the Owners pursuant to Clause 42 (<i>Termination,
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.5</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers request an amendment, waiver or consent (including an amendment or waiver which is
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      reimburse the Owners for the amount of all documented costs and expenses (including third party legal fees) reasonably incurred by the Owners in responding to, evaluating, negotiating or complying with that request or requirement (including, for the
      avoidance of doubt, any amounts the Owners have to pay under the terms of the Financial Instruments).</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall, on demand, pay to the Owners the amount of all documented costs and expenses
            (including third party legal fees) incurred by the Owners in connection with the enforcement of, or the preservation of any rights under, any Leasing Document, including, without limitation, any action brought by the Owners to arrest or recover
            possession of the Vessel, and with any proceedings instituted by or against the Owners as a consequence of it entering into a Leasing Document or enforcing those rights.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43.7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein, the indemnities provided by the Charterers shall be
            provided in favour of the Owners and shall continue in full force and effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; text-transform: uppercase; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>44 &#8211; No Waiver of Rights</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">No neglect, delay, act, omission or indulgence on the part of either party in enforcing the terms and
            conditions of this Charter or any other Leasing Document (to which they are party to) shall prejudice the strict rights of that party or be construed as a waiver thereof nor shall any single or partial exercise of any right of either party
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any notice, certificate, demand or other communication to be served, given made or sent under or in
            relation to this Charter shall be in English and in writing and (without prejudice to any other valid method or giving making or sending the same) shall be deemed sufficiently given or made or sent if sent by registered post or by email to the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 40pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 101.75pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Owners:</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o ABC Financial Leasing Co., Ltd.</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">24</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: 49F, ABC Tower, NO.9, YinCheng Road,
      Pudong New Area, </font><font style="font-family: Arial, Helvetica, Sans-Serif"><br>
      <font style="font-size: 10pt">Shanghai 200120, China&#160;</font></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Attention: Yiye XIANG&#160;</font></p>
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      <font style="font-size: 10pt">Tel: +8621 2068 6853</font></font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif; width: 105pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Charterers: </font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>c/o CENTRAL MARE INC.</b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Address: 20, Iouliou Kaisara Str., Paiania,
      Attica, Greece&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 141.75pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">or, if a party hereto changes its address or email
      address, to such other address or email address as that party may notify to the other.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">45.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any such communication shall be deemed to have reached the party to whom it was addressed (a) when
            delivered (in case of a registered letter), or (b) when actually received in readable form (in case of an email). A notice or other such communication received on a non-working day or after 5.00 p.m. in the place of receipt shall be deemed to
            be served on the next following working day in such place.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 46 &#8211; REPRESENTATIONS AND
        WARRANTIES</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">46.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers represent and warrant to the Owners as of the date hereof, each Instalment Payment
            Date, the Commencement Date, and on each Payment Date, as follows (save that any representation or warranty in this Clause which relates to, concerns or is given in respect of the Head Sellers or the Refund Guarantor is given only to the best
            of the Charterers&#8217; knowledge; and <font style="color: windowtext">in the case of the </font>Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract
            only and as may be extended in accordance with Article IX thereunder; <font style="color: windowtext">and in the case of the Refund Guarantor, up to but excluding the Commencement Date only</font>):</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">100% of the issued and outstanding shares in the Charterers are legally, wholly and directly owned and
            controlled by the Shareholder; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Guarantor is controlled by companies affiliated with the family of Mr. Evangelos Pistiolis;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or, to the best of its knowledge, the Approved Sub-charterer is duly incorporated
            and validly existing under the laws of its jurisdiction of its incorporation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each Relevant Person or the Approved Sub-charterer has the corporate capacity, and has taken all
            corporate actions and obtained all consents, approvals, authorisations, licenses or permits necessary for it:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to execute each of the Leasing Documents to which it is a party; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">25</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to comply with and perform its obligations under each of the Leasing Documents to which it is a party;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all the consents, approvals, authorisations, licenses or permits referred to in Clause 46.1(c) (<i>Representations





              and Warranties</i>) remain in force and nothing has occurred which makes any of them liable to revocation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Leasing Documents and the Assignable Sub-charter to which a Relevant Person or an Approved
            Sub-charterer is a party (as the case may be), subject to any general principles of law limiting its obligations which are specifically referred to in any legal opinion delivered to the Owners pursuant Clause 35.2, constitutes such Relevant
            Person&#8217;s or an Approved Sub-charterer&#8217;s legal, valid and binding obligations enforceable against such party in accordance with its respective terms and any relevant insolvency laws affecting creditors&#8217; rights generally;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the entry into and performance by each Relevant Person (and in the case of sub-paragraph (ii) below,
            an Approved Sub-charterer) of, and the transactions contemplated by, each Leasing Document to which it (and in the case of sub-paragraph (ii) below, an Approved Sub-charterer) is a party do not and will not conflict with:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any law or regulation applicable to it (including Anti-Money Laundering Laws, Business Ethics Laws,
            Sanctions or laws relating to anti-trust or collusion and laws relating to human rights violation);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the constitutional documents of such Relevant Person; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any agreement or instrument binding upon it or any of its assets or constitute a default or
            termination event (however described) under any such agreement or instrument;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no outstanding notices or demands from any governmental, quasi-governmental or public
            authority or instrumentality or any other person claiming authority in respect of the Vessel requiring any work or other action to be taken or the expenditure of any money to be taken in respect of the Vessel or any part thereof;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(h)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is free of encumbrances and liens except for the Permitted Security Interests; no third
            party has any Security Interest, other than the Permitted Security Interests, or any other interest, right or claim over, in or in relation to the Vessel, this Charter or any moneys payable hereunder and/or any of the other Leasing Documents;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all payments which a Relevant Person is liable to make under any Leasing Document to which such
            Relevant Person is a party may be made by such party without deduction or withholding for or on account of any tax payable under the laws of its Relevant Jurisdiction;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(j)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no legal or administrative action involving a Relevant Person has been commenced or taken (including
            but not limited to actions involving any Environmental Claim);</font></td>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">authority in that jurisdiction or that any stamp, registration, notarial or similar taxes or fees be paid on or in
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            direct, general and unconditional obligations of such Relevant Person and rank at least <i>pari passu</i> with all other present and future unsecured and unsubordinated creditors of such Relevant Person save for any obligation which is
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and any other Relevant Person (i) are not US Tax Obligors and (ii) have not established
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">is a Prohibited Person;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">owns or controls a Prohibited Person; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons or any of their respective directors, officers, and employees or, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, the Refund Guarantor or</font> any Sub-charterer is in breach of applicable Sanctions laws, and none of them (i) has been or is currently being investigated
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">27</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and or
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(in respect of any </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Assignable Sub-Charter <font style="color: windowtext">(A) whose terms require the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof, (B) whose terms prohibits assignment and/or (C) where
              the applicable law requires the consent of the relevant Approved Sub-Charterer in order to effect an assignment thereof) </font>the Initial Sub-charterer or any other Approved Sub-Charterer has consented or, as the case may be, shall consent
            to the assignment by the Charterers to the Owners of all their rights, interests and benefits in relation to the Initial Sub-charter or, as the case may be, the relevant Assignable Sub-Charter pursuant to the General Assignment (for the
            avoidance of doubt, the Charterers&#8217; obligations under this sub-paragraph shall be deemed to be satisfied upon the Owners&#8217; receipt of the relevant acknowledgements executed by the relevant Approved Sub-Charterer, which includes among other
            things the consent to the aforesaid assignment, pursuant to the terms of the General Assignment);</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel is not employed, operated or managed in any manner which (i) is contrary to any Sanctions
            and in particular, the Vessel is not used by or to benefit any party which is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published
            boycotts imposed by any of the United Nations, the European Union, the United States of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the
            Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion
            clause in any insurance documentation;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the Relevant Persons is insolvent, bankrupt or in liquidation, bankruptcy or administration or
            subject to any other formal or informal insolvency or bankruptcy procedure (including, without limitation, those referred to under Clause 50.1(g) and for the avoidance of doubt including the presentation of a petition for commencing such
            procedures), and no receiver, administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the any Relevant Person or all or material part of their assets;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">28</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Termination Event is continuing or might reasonably be expected to result from the entry into and
            performance of this Charter or any other Leasing Document;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any factual information provided by any Relevant Person (or on their behalf) to the Owners was true
            and accurate in all material respects as at the date it was provided or as at the date at which such information was stated;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">none of the following events has occurred:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Charterers under the terms of the Initial Sub-charter;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">breach of any Sanctions by any Relevant Person, <font style="color: windowtext">the </font>Head
            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon and after the commencement of the Charter Period, any casualty or occurrence (including damage
            caused to the Vessel for any reason whatsoever which results, or may be expected to result, in repairs on the Vessel) which amounts to Major Casualty and which are not being dealt with in accordance with the Leasing Documents (including without
            limitation in accordance with Clause 39 (<i>Possession of Vessel</i>) and the General Assignment);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(aa)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Environmental Laws relating to the ownership, operation and management of the Vessel and the
            business of each Relevant Person (as now conducted and as reasonably anticipated to be conducted in the future) have been complied with;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(bb)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Claim has been made against any Relevant Person or otherwise in connection with the
            Vessel which is either (i) in excess of US$1,900,000 or (ii) has or is reasonably likely to have a Material Adverse Effect;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(cc)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no Environmental Incident has occurred and no person has claimed that an Environmental Incident has
            occurred which has or is reasonably likely to have a Material Adverse Effect; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(dd)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">that in relation to the Shipbuilding Contract and the Refund Guarantee:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the copies of the Shipbuilding Contract and the Refund Guarantee provided to the Owners are true and
            complete copies of such documents and there have been no amendments, supplements or variations to the same which have not been provided to the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">all amounts due and payable by the Sellers to the Head Sellers under the
            Shipbuilding Contract have been fully and irrevocably paid to the Head Sellers (receipt of which has been duly acknowledged by the Head Sellers) and there are no outstanding amounts which are due, owing or payable by the Sellers to Head Sellers
          </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">beyond any applicable grace period stated thereunder<font style="color: windowtext">;</font></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Shipbuilding Contract and the Refund Guarantee remain in full force and effect;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Head Sellers and the
            Sellers in respect of the Shipbuilding Contract and/or the Vessel which may adversely affect the interest of the Owners;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there are no unresolved disputes and/or pending claims for payment between the Refund Guarantor and
            the Sellers in respect of the Refund Guarantee; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">29</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">each of the Head Sellers and the Refund Guarantor is fully aware of the transactions contemplated
            under the Pre-delivery Assignment and has consented to the assignment by the Sellers to the Owners of all its rights, interests and benefits in relation to the Shipbuilding Contract and the Refund Guarantee respectively.</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(viii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">no default by the Sellers described in article XI (<i>Buyers&#8217; Default</i>) of the
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Clause</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>47 &#8211; Undertakings</b></font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">47.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they shall comply or procure compliance with the following undertakings
            from the date of this Charter and up to the last day of the Charter Period (to the extent that the Charterers are required to procure or ensure compliance with any undertaking under this Clause 47 (Undertakings) by (A) any Other Charterer which
            is not directly owned by the Shareholder and/or (B) the Head Sellers or the Refund Guarantor, the Charterers are only required to use their best endeavours to procure or ensure such compliance; and further provided that, <font style="color: windowtext">in the case of the </font>Head Sellers, up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance with Article
            IX thereunder; <font style="color: windowtext">and in the case of the Refund Guarantor, up to but excluding the Commencement Date only</font>):</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall, on the Commencement Date, procure the delivery of the full legal and beneficial
            title (free of any Security Interests save for those created under a Leasing Document or Financial Instrument or any other Permitted Security Interests) in the Vessel to the Owners;</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">there shall be sent to the Owners:</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of the Charterers, the annual financial statement accounts of the Charterers for that financial year as referred to in the Shareholder&#8217;s audited consolidated annual financial statement accounts for that financial year to be
            delivered under paragraph (iii) or (v) below;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            unaudited semi-annual accounts of the Charterers for that half-year (as referred to in the Shareholder&#8217;s audited consolidated financial statement accounts);</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each
            financial year of each Guarantor, the audited consolidated annual financial statement accounts of such Guarantor for that financial year; and</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the
            semi-annual consolidated unaudited accounts of each Guarantor for that half-year certified as to their correctness by at least one officer of such Guarantor,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if any of the statements above are not in the
      English language then they shall be accompanied by an English translation and each set of financial statements delivered pursuant</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">30</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to this paragraph (b) shall be prepared using the
      generally accepted accounting principles in the United States and shall be certified by a duly authorised officer of the relevant company as giving a true and fair view (if audited) or fairly representing (if unaudited) its financial condition and
      operations as at the date as at which those financial statements were drawn;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall provide to the Owners, at the same time as they are despatched, copies of all notices and
            minutes relating to any of their extraordinary shareholders&#8217; meeting which are despatched to the Charterers&#8217; or each Guarantor&#8217;s respective shareholders or creditors or any class of them, unless same are publicly available;</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will provide the Owners promptly upon becoming aware of them, the details of:</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any alleged or
            actual breach of any Sanctions or Anti-Money Laundering Laws which are current or pending against any Relevant Person, Approved Manager, Sub-charterer, other member of the Group, <font style="color: windowtext">the </font>Head Sellers <font style="color: windowtext">or the Refund Guarantor</font>;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any litigation, arbitration or administrative proceedings or investigations relating to any other
            matters not referred to in paragraph (i) above (including proceedings or investigations relating to any alleged or actual breach of the ISM Code or of the ISPS Code) in relation to a Relevant Person, <font style="color: windowtext">the </font>Head





            Sellers <font style="color: windowtext">or the Refund Guarantor</font>; and</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Termination Event or Potential Termination Event that has occurred (and the steps, if any, being
            taken to remedy it);</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will, promptly upon a request by the Owners, supply to the Owners a certificate signed by an
            officer on its behalf certifying that no Termination Event has occurred (or if a Termination Event has occurred, specifying the nature of the Termination Event (and the steps, if any, being taken to remedy it));</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will, obtain and promptly renew or
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Person is a party, give any notice or take any other step which, is or has become necessary for any such Leasing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter or any Approved Subsequent Sub-charter:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            ninety (90) days prior to the natural expiry date of the fixed period (or, if the relevant Sub-charterer of exercises any optional extension in accordance with the terms therein, the extended period) under the Initial Sub-charter or the
            relevant Approved Subsequent Sub-charter (as the case may be) (for the purposes of this paragraph (i), an &#8220;<b>Expiry Date</b>&#8221;)), together with any evidence requested by the Owners, whether the relevant Sub-charterer intends to and will (with
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no later than the Expiry Date of the Initial Sub-charter or the relevant Approved Subsequent
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>provided always that the
        aggregate amount payable pursuant to this sub-sub-paragraph (A) shall be capped at US$2,500,000</i></font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 106.3pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><i>; or</i></font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no replacement Sub-charter has been entered into, or if a replacement Sub-Charter has been entered
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">32</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person will (where applicable), notify the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any default by the Head Sellers described in article X (<i>Cancellation, Rejection and Rescission by
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an event of default or termination event howsoever called under the terms of any Assignable
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            calendar year and otherwise upon the Owners&#8217; and/or the Owners&#8217; Financiers (if any) request (acting reasonably) from time to time and as soon as practicable after receiving such request, provide the Owners with any additional financial or other
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the Vessel (including, but not limited to the management, inspection, employment, condition, class
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the terms and conditions of any Sub-charter together with any other information relating to such
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any other matter (which include without limitation, to their best knowledge having made due
            enquiry, any other matters relating to the Initial Sub-charterer) which may be reasonably requested by the Owners (or the Owners&#8217; Financiers (if any)) at any time or which under the terms of the relevant Leasing Document may be sought from the
            person in possession of such information.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(l)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to Clause 47.1(t), comply, or procure compliance, and shall procure that each other
            Relevant Person will comply or procure compliance, with all laws or regulations relating to the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code, all Environmental
            Laws and the laws of the Vessel&#8217;s registry and shall procure that the Technical Manager and the Commercial Manager and the Vessel to be in the possession of proper trading certificates and other vessel related documents and to comply with other
            relevant laws and regulations;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">33</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(m)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Vessel shall be maintained in the highest standard and classed with the Approved Classification
            Society and shall be free of all overdue conditions, recommendations, qualifications and conditions;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(n)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not and shall ensure that each of the Other Charterers and each Guarantor shall not enter
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of the Charterers or any Other Charterer, other than the Charterers Disposal made under
            and in accordance with the terms of this Charter and/or the Other Charters; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of a Guarantor, unless it remains as the surviving entity after such merger, sub-division,
            amalgamation, demerger, reorganization, corporate reconstruction or change of voting control and clause 11.14 (<i>Financial Covenant</i>) of the relevant Guarantee is complied with;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(o)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they will comply, and will procure that each other Relevant Person, each other member of the Group
            and, will use best endeavours to procure that, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, the Refund Guarantor and </font>any Sub-charterer will comply, with all Sanctions and all laws and
            regulations relating to such Relevant Person, the Vessel and its construction, ownership, employment, operation, management and registration, including the ISM Code, the ISPS Code (including the maintenance of an ISSC), all Environmental Laws,
            all Anti-Money Laundering Laws, Business Ethics Laws and the laws of the Vessel&#8217;s registry, and in particular, they shall effect and maintain a sanctions compliance policy which, inter alia, implements the recommendations of the Sanctions
            Advisory, to ensure compliance with all such laws and regulations implemented from time to time, including, without limitation they will, and will procure that (in the case of any Sub-charterer, use best endeavours to procure that) each other
            Relevant Person, each other member of the Group and any Sub-charterer will:</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">conduct their activities in a manner consistent with US and UN sanctions, as applicable;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have sufficient resources in place to ensure execution of and compliance with their own sanctions
            policies by their personnel, e.g., direct hires, contractors, and staff;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">ensure subsidiaries and affiliates comply with the relevant policies, as applicable;</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have relevant controls in place to monitor automatic identification system (AIS) transponders;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">have controls in place to screen and assess onboarding or offloading cargo in areas they determine to
            present a high risk;</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">34</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of a Termination Event which is continuing, at least once every calendar year during
            the Charter Period (being, 31 December of each calendar year) and the Charterers shall procure a valuation report issued by the Approved Valuers to be delivered to the Owners (for the avoidance of doubt, such valuation report should be dated
            not earlier than fifteen (15) calendar days before the applicable testing date (or on such other date as the Owners and the Charterers may agree));</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at any time at the request of the Owners (acting reasonably) if the Owners have determined that the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">35</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">as soon as they become aware, any Environmental Claim made against the Charterers or any Sub-charterer
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            rights and interests under such Assignable Sub-charter and procure (on a best efforts basis) the Sub-charterer of such Assignable Sub-charter to give a written acknowledgment of such assignment and provide such documents as the Owners may
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall use best endeavours to procure that each other Relevant Person, <font style="color: windowtext">the </font>Head Sellers<font style="color: windowtext">, and the Refund Guarantor </font>will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that each other Relevant Person and their respective officers, directors
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, and shall procure that that each other Relevant Person will, promptly notify the Owners
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">36</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">laws and regulations relating to Sanctions, and in particular, the Charterers shall notify the Owners in writing
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not appoint or permit to be appointed any manager of the Vessel save for an Approved
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall, from time to time upon the Owners&#8217; reasonable request, deliver or procure the delivery, to
            the Owners of copies of inspection reports in respect of Port State Control (PSC) and Flag State Control (FSC), Chemical Distribution Institute (CDI) inspections, Ship Inspection Report Programme (SIRE) inspections and other oil major vetting
            reports, together with the score rated, if applicable, in respect of the Vessel.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">at any time, the shares of a Guarantor cease to trade on The New York Stock Exchange or the NASDAQ or
            Over the Counter (OTC), the Charterers shall promptly, and in any event within thirty (30) days upon receiving written request from the Owners, provide, or ensure that a third party has provided, additional security acceptable to the Owners and
            documented in such terms as the Owners may require; or</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(upon the cancellation, expiration or termination of the Initial Sub-charter, save that where an
            Approved Subsequent Sub-charter materially on the same terms as the Initial Sub-charter has been entered into, then upon the cancellation, expiration or termination of such Approved Subsequent Sub-charter) if, pursuant to Clause 47.1(q), it is
            determined that the then applicable Outstanding Capital Balance exceeds eighty five (85%) per cent of the Market Value of the Vessel (the &#8220;<b>LTV Breach</b>&#8221; and the said difference between the applicable Outstanding Capital Balance and eighty
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide, or ensure that a third party has provided, additional Security Interests which, has a Market
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">37</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">agree or enter into any transaction, arrangement, document or do or omit to do anything which will have the effect of
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for liabilities reasonably assumed or financial support reasonably provided in the ordinary course of
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">38</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall or shall procure that any other organisation or person whom the Charterers have contractually
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">surrender any Emission Allowances in respect of the Vessel under any applicable Emission Scheme; and</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon the Owners&#8217; request, provide and submit such signed mandate letter in the form required
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall fulfil all obligations (including without limitation, paying all documented costs, expenses,
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">39</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">and interest) which may be imposed on the Owners as registered owner of the Vessel by the MARPOL Carbon Intensity
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">shall promptly pay all documented amounts of any claims, expenses, liabilities and losses which arise,
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without prejudice to the foregoing paragraph (ii) in relation to EU ETS:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Vessel sails into any European Union ports, the Charterers shall register the Vessel as part of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if required by the Owners, the Charterers shall provide a letter in a format to be acceptable to the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall submit the ETS and Fuel EU Maritime Letter to the relevant administering
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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            setting out how the parties will co-operate to exchange, review and analyse all relevant data and information relating to the ETS and Fuel EU Maritime as required to enable the parties to ensure compliance with the EU ETS and Fuel EU Maritime
            in accordance with the parties&#8217; obligations under Clauses 47.1(ii), (jj) and (kk) (the &#8220;<b>ETS and Fuel EU Maritime Agreement</b>&#8221;);</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">co-operate and exchange all relevant data and information with each other in a timely manner to:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">facilitate compliance by the Charterers and any other Emission Scheme Participant with any applicable
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enable the Charterers and any other Emission Scheme Participant to calculate the amount of Emission
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly supply to the relevant Emission Scheme Authority relating to any applicable Emission Scheme
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Emission Allowances to the relevant Emission Scheme Authority relating to the relevant Emission Scheme) required to be
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall not, save with the prior written consent of the Owners, agree or enter into, and shall
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">they shall promptly notify the Owners as soon as they become aware of the occurrence of:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any event constituting a Buyer&#8217;s Default as defined under Article <font style="color: windowtext">XI
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers undertake that they will, at all times comply, and require compliance by:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all Sub-charterers of the Vessel;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">all parties (each a &#8220;<b>Counterparty</b>&#8221;) with whom the Charterers or a sub-charterer enters into a
            contract of carriage in respect of the Vessel,</font></td>
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      Measures.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to the generality of paragraph (a) above, the Charterers undertake that they will
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            and, throughout the duration of each contract, prior to any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) obtain:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">price information demonstrating that the Russian Oil Products were purchased at or below the
            applicable price cap; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a signed attestation from its applicable Counterparty that the Russian Oil Products were purchased at
            or below the applicable price cap; or</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">41</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            promptly, and in any event no later than 30 days after the Vessel commencing any lifting or loading of Russian Oil Products (including any ship-to-ship or similar transfer) provide to the Owners such of the following as the Owners shall
            specify:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">an attestation signed by an authorised signatory in the form set forth in Schedule 5 confirming that
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">documentary evidence that the purchase of the Russian Oil Products was pursuant to a licence or an
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            the Charterers have sub-let the Vessel or with whom it has entered into a contract of carriage to comply with the Russian Oil Price Cap Measures and to provide such information and documentation at such times as is necessary for the Charterers
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provide the Owners with such information, and at such times, as they may reasonably require for the
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">promptly upon request and within 30 days of any request provide the Owners with such other information
            in relation to compliance with the Russian Oil Price Cap Measures as the Owners may from time to time reasonably request including without limitation any information relating to ancillary costs as may be specified from time to time pursuant to
            the Russian Oil Price Cap Measures; and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">comply with such further or additional requirements as the Owners may from time to time require in
            writing, acting reasonably, in response to changes to any of the Russian Oil Price Cap Measures, or the introduction of similar measures relating to Russian Oil Products, or changes to any guidance, application, interpretation or market
            practice in respect of the Russian Oil Price Cap Measures.</font></td>
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      paragraph (e) are continuing and, in particular, shall survive and remain binding on the Charterers until all attestations and such other information as may be requested pursuant to this paragraph (e) have been received in satisfactory form by the
      Owners.</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">42</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall undertake appropriate due diligence on their counterparties to satisfy
            themselves, based on the information available, of the reliability and accuracy of any information provided by such counterparties for the purposes of or relating to satisfying the requirements of paragraph (b) above.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(g)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree that the Owners may forward all attestations and other documents which the
            Charterers may from time to time deliver to the Owners pursuant to paragraphs (c) and (e) above to any applicable regulators or to any other party to which the Owners may be required to forward or disclose such attestations or other documents
            in accordance with the Russian Oil Price Cap Measures.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Without prejudice to Clause 48.2 (<i>Inspection of Vessel</i>) below, the Owners shall, after giving
            notice to the Charterers, be entitled to inspect or survey the Vessel or instruct a surveyor to carry out such survey on their behalf:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to ascertain the condition of the Vessel and satisfy themselves that the Vessel is being properly
            repaired and maintained;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in dry-dock if the Charterers have not dry-docked the Vessel in accordance with Clause 10(g) (<i>Periodical





              Dry-Docking</i>); and</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for any other reason they consider necessary,</font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provided it does not unduly
      interfere with the operation of the Vessel.</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners shall be entitled to exercise its rights of inspection or survey as described under Clause
            48.1 once a year at the cost of the Charterers and at any other time at the cost of the Owners (and, except where inspection or survey is carried out pursuant to the following (a) or (b), without interference to the operation of the Vessel),
            save that (a) upon the occurrence of a Termination Event or the occurrence of any major insurance claims which exceeds the Major Casualty amount in respect of the Vessel, the Owners shall have the right to inspect or survey the Vessel or
            instruct a duly authorized surveyor to carry out such survey on their behalf at any time (and for the avoidance of doubt, more than once a year) without prior notice to, and at the cost of, the Charterers; and (b) the Owners shall have the
            right to inspect or survey the Vessel or instruct a duly authorized surveyor to carry out such survey on their behalf at any time prior to the Commencement Date. The Charterers shall procure that the Owners can fully exercise such rights of
            inspection and survey.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall also permit the Owners to inspect the Vessel&#8217;s log books whenever requested and
            shall whenever required by the Owners furnish them with full information regarding any casualties or other accidents or damage to the Vessel.</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Except as otherwise provided under Clause 48.2, the reasonable costs, fees and expenses in connection
            with the Owners&#8217; procuring or arranging such inspection and in connection with obtaining the relevant inspection report as to the condition of the Vessel under this Clause shall be paid by the Charterers.</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">48.5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All time used in respect of inspection, survey or repairs pursuant to this Clause shall be for the
            Charterers&#8217; account and form part of the Charter Period.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">43</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners and the Charterers hereby agree that any of the following events shall constitute a
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Financial Indebtedness of such entity is not paid when due or, if so payable, on demand after any
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Financial Indebtedness of such entity becomes due and payable, or capable of being declared due
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any overdraft, loan, note issuance, acceptance credit, letter of credit, guarantee, foreign exchange
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">44</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">cover is required or becomes capable of being required, as a result of any termination event or event of default
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the following occurs in relation to any of the Charterer or a Guarantor:</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in respect of such entity, the value of its assets is less than its liabilities (taking into account
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      Hull No. 25110058 <br>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">during the period from and including the date of this Charter </font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">up to the expiry of the warranty period as referred to under Article IX (Warranty of Quality) paragraph 1 of the Shipbuilding Contract only and as may be extended in accordance
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any corporate action, legal proceeding or other procedure or step described in Clause 50.1(g) has been
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any of the events specified in Clause 50.1(g) occurs in relation to the Refund Guarantor;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">47</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any corporate action, legal proceeding or other procedure or step described in Clause 50.1(g) has been
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Initial Sub-charter or the Approved Subsequent Sub-charter is cancelled, repudiated, rescinded
            or terminated, or otherwise ceases to remain in full force and effect for any reason before its natural expiration under its terms, unless the Charterers enter into a replacement Sub-charter acceptable to the Owners within sixty (60) days of
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            Event, the Charterers shall remain liable for the outstanding obligations on their part to be performed under this Charter including but not limited to all insurance, operational and maintenance covenants until such time as the Vessel is
            redelivered to the Owners in accordance with Clause 42.5, or the title is transferred to the Charterers in accordance with Clause 42.3, the Vessel is sold in accordance with 42.9 or the Owners exercise the option set out in Clause 42.10.</font></td>
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  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            prejudicing the rights of the Charterers pursuant to Clause 42.9), upon the occurrence of a Termination Event which is continuing, the Charterers agree and acknowledge that the Owners shall have the sole and exclusive right and power to (i)
            settle, compromise, compound, adjust or defend any action, suit or proceeding relating to or pertaining to the Vessel, (ii) make proof of loss, appear in and prosecute any action arising from any policy or policies of insurance maintained
            pursuant to this Charter, and settle, adjust or compromise any claims for loss, damage or destruction under, or take any other action in respect of, any such policy or policies and/or change or appoint a new manager for the Vessel and the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">48</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">the claim amount of the Owners should not exceed the applicable Termination Sum as at the relevant time.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If it becomes unlawful in any applicable jurisdiction for the Owners to perform any of their
            obligations as contemplated by this Charter or the MOA to perform their obligations under the Financial Instruments, the Owners shall notify the Charterers of this event and the Charterers shall be required to pay the applicable Mandatory Sale
            Price to the Owners within sixty (60) days following such written notice by the Owners or, if earlier, the date specified by the Owners in the notice delivered to the Charterers (being no earlier than the last day of any applicable grace period
            permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">unlawful or prohibited, whether as a result of the introduction of a new law, an amendment to an
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">contrary to, or inconsistent with, any regulation,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      maintain or give effect to any of its obligations under this Charter or any of the other Leasing Documents to which it is a party in the manner it is contemplated under such Leasing Document or any of the obligations of such Relevant Person under any
      Leasing Document to which it is a party are not or cease to be legal, valid, binding and enforceable, the Charterers shall be required to pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if
      earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law), and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If there is a breach of 47.1(j)(vi), 47.1(t), 47.1(u) or 47.1(v) in any such case on the basis that
            reference to &#8220;the People&#8217;s Republic of China&#8221; applies to the definition of &#8220;Prohibited Person&#8221; or paragraph (e) of the definition of &#8220;Sanctions Authority&#8221; applies to the definition of &#8220;Sanctions Authority&#8221;, the Charterers shall be required to
            pay the applicable Mandatory Sale Price to the Owners within sixty (60) days following such occurrence or, if earlier, a date specified by the Owners (being no earlier than the last day of any applicable grace period permitted by law or the
            relevant official institution, agency or the government of the People&#8217;s Republic of China) and this Charter shall terminate in accordance with the procedures set out in Clause 51.4.</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the applicable Mandatory Sale Price becomes payable in accordance with Clause 37.11 or Clause 38.3
            or Clause 51.1 or Clause 51.2 or Clause 51.3 or Clause 56.5, the same shall (in each such case) be payable in consideration of the purchase and transfer of the legal and beneficial title of the Vessel pursuant to Clause 54 (<i>Sale of the
              Vessel</i>). The day on which the applicable Mandatory Sale Price is paid pursuant to Clause 37.11 or Clause 38.3 or Clause 51.1, Clause 51.2 or Clause 51.3 or Clause 56.5 is a &#8220;<b>Mandatory Sale Date</b>&#8221; and such transfer of Vessel provided
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">49</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51A.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If, from the date falling thirty (30) days prior to the Scheduled Delivery Date (inclusive) and until
            the date falling twelve (12) months from the Commencement Date (exclusive), in relation to any port call or intended port call of the Vessel in the US (a &#8220;<b>US Port Call</b>&#8221;):</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers and/or any Approved Sub-charterer determine that such call would result in additional
            port fees, dues, imposts, levies or any other additional fees or expenses (the &#8220;<b>Additional Port Call Fees</b>&#8221;) (for the avoidance of doubt, as between the Owners and Charterers (the &#8220;<b>Parties</b>&#8221;) any such Additional Port Call Fees shall
            be borne by the Charterers); and</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the reasonable opinion of the Charterers, such Additional Port Call Fees;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">would be <font style="color: windowtext">incurred by the Charterers and/or the Approved Sub-charterer
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">arise as a result of the Section 301 (of the U.S. Trade Act of 1974) Investigations on China&#8217;s
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">would have direct and adverse effect to the business or operations of the
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        <td style="width: 0.5in; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(x)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Initial Sub-charter, the Initial Sub-charterer has informed the Charterers of its intention to terminate the Initial
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        <td style="width: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">(y)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">in relation to any other Assignable Sub-charter, the relevant Approved Sub-charterer has informed the Charterers of its
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        <td style="width: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(z)</font></td>
        <td style="text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Additional Port Call Fees would substantially increase the port fees, dues, imposts, levies or any other fees or expenses that would need
            to be paid for the specific US Port Call had the Additional Port Call Fees not been imposed),</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall notify the
      Owners accordingly and provide the Owners with all documentary evidence relating to it as reasonably requested by the Owners (which shall include, among other things, any applicable termination notice from the relevant Approved Sub-charterer, US
      governmental directive, ports demand, expert opinion or finance report), following which, the Parties shall, for a period of up to sixty (60) (or such shorter period as agreed by the Parties) days (the &#8220;<b>USTR Remedy Period</b>&#8221;), take all
      reasonable steps to mitigate any such circumstances or events <b><i>provided that:</i></b></font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">this Clause 51A (<i>USTR Termination Event</i>) does not constitute a waiver of the obligations of any
            Relevant Person under any Leasing Documents;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">50</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(B)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Parties shall fully co-operate with each other (in the case of the Charterers, they shall procure
            on a best effort basis that the Approved Sub-charterer will also fully co-operate with the Parties), to effect any mitigation measures that has been agreed between the Parties, and the Charterers shall be responsible for all pre-agreed
            documented costs and expenses reasonably incurred by the Owners in connection with such mitigation measures;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(C)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if at the end of the first 15 days of the USTR Remedy Period, (1) no preliminary mitigation measures
            have been agreed upon between the Parties or (2) either Party reasonably determines that no mitigation measures could be agreed upon and implemented by the Parties before the end of the USTR remedy period, sub-paragraph (D) below shall be
            applicable;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(D)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if this sub-paragraph (D) applies pursuant to sub-paragraph (C) above or following the expiration of
            the USTR Remedy Period:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.4pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(1)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers shall have the option to (but always at the cost of the Charterers), following the
            Commencement Date, purchase the Vessel on any date thereafter (the &#8220;<b>Special Termination Date</b>&#8221;) as specified in a written notice by the Charterers to the Owners (the &#8220;<b>Special Termination Notice</b>&#8221;) at the applicable Special
            Termination Amount, subject always to giving the Owners no less than (in case this sub-paragraph (D) applies pursuant to sub-paragraph (C) above) 30 days&#8217; prior written notice or (in case this sub-paragraph (D) applies following the expiration
            of the USTR Remedy Period) five (5) Business Days&#8217; prior written notice (as the case may be);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(2)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a Special Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, is irrevocable and the Charterers shall be bound to pay to the Owners the Special Termination Amount on the Special Termination Date;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.4pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(3)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">only one Special Termination Notice may be served throughout the duration of the Charter Period; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 70.9pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(4)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Owners&#8217; receipt in full of the applicable Special Termination Amount, the Owners shall
            immediately transfer the legal and beneficial ownership of the Vessel in accordance with the terms and conditions set out at Clause 54 (Sale of the Vessel) to the Charterers or their nominees.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 52 &#8211; VOLUNTARY EARLY
        TERMINATION</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b><i>52.1</i></b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall have the right (the &#8220;<b>Voluntary Early Termination</b>&#8221;), on or after the date
            falling twelve (12) months from the Commencement Date, to purchase the Vessel on any date specified in the Voluntary Early Termination Notice (as hereinafter defined) at the applicable Voluntary Early Termination Price, subject to the other
            terms of this Clause 52 (<i>Voluntary Early Termination</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination shall be exercisable only:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">upon the Charterers providing not less than ninety (90) days&#8217; prior written notice (the &#8220;<b>Voluntary
              Early Termination Notice</b>&#8221;) to purchase the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">51</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on or after the date falling twelve (12) months from the Commencement Date (unless otherwise agreed by
            the Owners) (the &#8220;<b>Voluntary Early Termination Date</b>&#8221;); and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of the occurrence of a Termination Event which is continuing on or prior to (i) the
            date of the Voluntary Early Termination Notice and (ii) the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Voluntary Early Termination Notice shall be signed by a duly authorised officer or attorney of the
            Charterers and, once delivered to the Owners, will be irrevocable and the Charterers shall be bound to pay to the Owners the Voluntary Early Termination Price on the Voluntary Early Termination Date.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">52.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the Vessel pursuant to the Charterers&#8217; exercise of the Voluntary Early Termination shall
            be conducted in accordance with Clause 54 (<i>Sale of the Vessel</i>).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 53 &#8211;PURCHASE OBLIGATION</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; font-weight: normal">Provided
      all moneys owing and payable under this Charter have been fully and irrevocably paid to the Owners, the Charterers shall be obliged to purchase from the Owners all of the Owners&#8217; beneficial and legal right, title and interest in the Vessel and all
      belonging to her, and the Owners and the Charterers shall perform their obligations referred to in Clause 54 (<i>Sale of the Vessel</i>) and the Charterers shall pay the Purchase Obligation Price in full on the last day of the Charter Period in
      relation thereto (unless the Parties agree otherwise in writing and upon such terms and conditions as the Owners may deem fit in their absolute discretion).</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 54 &#8211; SALE OF THE VESSEL</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">54.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The sale of the legal and beneficial interest and title in the Vessel pursuant to the Charterers&#8217;
            payment of the Termination Sum under Clause 42 (<i>Termination, Redelivery and Total Loss</i>), the Charterers&#8217; exercise of the Charterers&#8217; Voluntary Early Termination under Clause 52 (<i>Voluntary Early Termination</i>) or the Charterers&#8217;
            payment of the Special Termination Amount under 51A (<i>USTR Termination Event</i>), the Charterers&#8217; payment of the Purchase Obligation Price under Clause 53 (<i>Purchase Obligation</i>) or the completion of the Mandatory Sale under Clause 51 (<i>Mandatory





              Sale</i>) shall be on an &#8220;as is where is&#8221; and subject to the following terms and conditions:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">no condition, warranty or representation of any kind is or has been given by or on behalf of the
            Owners in respect of the Vessel or any part thereof, and accordingly the Charterers confirm that they have not, in entering into this Charter, relied on any condition, warranty or representation by the Owners or any person on the Owners&#8217;
            behalf, express or implied, whether arising by law or otherwise in relation to the Vessel or any part thereof, including, without limitation, warranties or representations as to the description, suitability, quality, merchantability, fitness
            for any purpose, value, state, condition, appearance, safety, durability, design or operation of any kind or nature of the Vessel or any part thereof, and the benefit of any such condition, warranty or representation by the Owners is hereby
            irrevocably and unconditionally waived by the Charterers to the extent permissible under applicable law;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers hereby also waive any rights which they may have in tort in respect of any of the
            matters referred to under paragraph (a) above and irrevocably agree that the Owners shall have no greater liability in tort in respect of any such matter than they would have in contract after taking account of all of the foregoing exclusions.
            No third party making any</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">52</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
  </div>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">representation or warranty relating to the Vessel or any part thereof is the agent of the Owners nor has any such third
            party authority to bind the Owners thereby. Notwithstanding anything contained above, nothing contained herein is intended to obviate, remove or waive any rights or warranties or other claims relating thereto which the Charterers (or their
            nominee) or the Owners may have against the manufacturer or supplier of the Vessel or any third party;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners shall procure the discharge and release of any registered mortgages created by the Owners
            and/or Owners&#8217; Financiers in relation to the Vessel;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Voluntary Early Termination Price or the Purchase Obligation Price or the Termination Sum or the
            Mandatory Sale Price or the Special Termination Amount shall be paid by (or on behalf of) the Charterers to the Owners on the Voluntary Early Termination Date or the last day of the Charter Period or the Termination Date or the Mandatory Sale
            Date or the Special Termination Date (as the case may be) together with unpaid amounts of Charterhire and other moneys owing by or accrued or due from the Charterers under this Charter on or prior to the Voluntary Early Termination Date or the
            last day of the Charter Period or the Termination Date or the Mandatory Sale Date or the Special Termination Date (as the case may be) which remain unpaid; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">concurrently with the Owners receiving irrevocable payment of the Voluntary Early Termination Price
            or, as the case may be, the Purchase Obligation Price or the applicable Termination Sum or the applicable Mandatory Sale Price or the applicable Special Termination Amount and all other moneys payable under this Charter in full pursuant to the
            terms of this Charter, the Owners shall (save in the event of Total Loss) (at the Charterer&#8217;s cost) transfer the legal and beneficial ownership of the Vessel on an &#8220;as is where is&#8221; basis to the Charterers (or their nominees as approved by the
            Owners) and shall (at the Charterers&#8217; cost) execute a bill of sale and a protocol of delivery and acceptance evidencing the same and any other document strictly necessary to transfer the title of the Vessel to the Charterers or their nominees
            (and to the extent required for such purposes, the Vessel shall be deemed first to have been redelivered to the Owners).</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 55 &#8211; INDEMNITIES</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall indemnify the Owners, on the Owners&#8217; demand, against all documented claims,
            expenses, liabilities, losses, fees (including but not limited to any vessel registration and tonnage fees or any tax incurred by the Owners as a result of the operation and/or trading of the Vessel) suffered or incurred by or imposed on the
            Owners arising from this Charter and any Leasing Document, including but not limited to (i) in connection with delivery, possession, performance, control, registration, repair, survey, insurance, maintenance, manufacture, purchase, ownership
            and operation of the Vessel by the Owners, (ii) costs related to the prevention or release of liens or detention of or requisition, use, operation or redelivery, sale or disposal of the Vessel or any part of it and (iii) enforcing the Owners&#8217;
            rights under this Charter or any Leasing Document or for taking any action following the occurrence of a Termination Event or Potential Termination Event, in each case of paragraphs (i) to (iii), whether prior to, during or after termination of
            the leasing of this Charter and whether or not the Vessel is in the possession or the control of the Charterers or otherwise. Without prejudice to its generality, this Clause covers any claims, expenses, liabilities and losses which arise, or
            are asserted, under or in connection with any law relating to safety at sea, the ISM Code, the ISPS Code, the MARPOL Protocol, any Environmental Law, any Sanctions or any Anti- Money</font></td>
      </tr>

  </table>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">53</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
  </div>
  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">Laundering Laws, Anti-Terrorism Financing Laws, Business Ethics Laws, EU ETS or Fuel EU Maritime.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers agree to indemnify the Owners against all consequences or liabilities arising from the
            Master, officers or agents signing Bills of Lading or other documents.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In consideration of the Charterers requesting the Other Owners to charter the Other Vessels to the
            Other Charterers under the Other Charters, the Charterers hereby irrevocably and unconditionally undertake to pay immediately on demand from the Other Owners such amounts in respect of all claims, expenses, liabilities, losses, fees of every
            kind and nature and all other moneys due, owing and/or payable to the Other Owners under or in connection with the Other Charters, and to indemnify and hold the Other Owners harmless against all such losses, moneys, costs, fees and expenses.
            The Parties hereby further agree and acknowledge that:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may from time to time provide the Charterers with a replacement Schedule 3 <i>(The
              Vessels, The Parties and The Charters)</i> containing the updated details of the Other Vessels, the Other Owners, the Other Charterers and the Other Charters; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the absence of manifest error, any such replacement Schedule 3 (<i>The Vessels, The Parties and The
              Charters</i>) given to the Charterers pursuant to paragraph (a) above shall be conclusive as to the matters to which it relates and shall be deemed to automatically replace the existing Schedule 3 (<i>The Vessels, The Parties and The Charters</i>)
            and form part of this Charter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All rights which the Charterers have at any time (whether in respect of this Charter or any other
            transaction) against any Other Charterer or any Relevant Person shall be fully subordinated to the rights of the Owners under the Leasing Documents and until the end of this Charter and unless the Owners otherwise direct, the Charterers shall
            not exercise any rights which it may have (whether in respect of this Charter or any other transaction) by reason of performance by it of its obligations under the Leasing Documents or by reason of any amount becoming payable, or liability
            arising, under this Clause:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to be indemnified by any Other Charterer or such Relevant Person;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim any contribution from any third party providing security for, or any other guarantor of any
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to bring legal or other proceedings for an order requiring any Other Charterer or such Relevant Person
            to make any payment, or perform any obligation, in respect of any Leasing Document;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to claim or prove as a creditor of any Other Charterer or such Relevant Person,</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and if the Charterers receive any benefit, payment or distribution in relation to such rights it shall
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <p style="margin: 0"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">54</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">which may be or become payable to the Owners or the Other Owners by the Other Charterers or such Relevant Person under
            or in connection with the Leasing Documents to be repaid in full on trust for the Owners or the Other Owners and shall promptly pay or transfer the same to the Owners or the Other Owners as may be directed by the Owners.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers hereby irrevocably agree to indemnify and hold harmless the Owners against any claim,
            expense, liability or loss reasonably incurred by the Owners in liquidating or employing deposits from the Owners&#8217; Financiers or third parties to fund the acquisition of the Vessel pursuant to the MOA. For the avoidance of doubt, this Clause
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">55.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Notwithstanding anything to the contrary herein (but subject and without prejudice to Clause 33 (<i>Cancellation</i>))






            and without prejudice to any right to damages or other claim which the Charterers may have at any time against the Owners under this Charter, the indemnities provided by the Charterers in favour of the Owners shall continue in full force and
            effect notwithstanding any breach of the terms of this Charter or termination of this Charter pursuant to the terms hereof or termination of this Charter by the Owners. At the end of the Security Period, the Charterers shall procure each
            Guarantor will furnish an undertaking to the Owners (to be documented in a deed of release or such other agreement to be agreed between the Owners and the Charterers), such undertaking will confirm such Guarantor&#8217;s agreement to assume and to be
            bound by the indemnities provided by the Charterers as contemplated hereunder and which are intended to survive the termination of this Charter, whereby the Owners shall at the cost of the Charterers release any such indemnities in full.</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            Security Interest created pursuant to the Security Documents will not be affected or discharged by an act, omission, matter or thing which would reduce, release or prejudice any of its obligations under this Clause 55 (<i>Indemnities</i>) or in
            respect of any Security Interest created pursuant to the Security Documents (without limitation and whether or not known to it or any Relevant Person) including:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any time, waiver or consent granted to, or composition with, any Relevant Person or other person;</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the release of any other Relevant Person or any other person under the terms of any composition or
            arrangement with any creditor of a Relevant Person or any of its affiliates;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect
            or delay in perfecting, or refusal or neglect to take up or enforce, or delay in taking or enforcing any rights against, or security over assets of, any Relevant Person or other person or any non-presentation or non-observance of any formality
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any incapacity or lack of power, authority or legal personality of or dissolution or change in the
            members or status of a Relevant Person or any other person;</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any amendment, novation, supplement, extension, restatement (however fundamental and whether or not
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">55</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 56 &#8211; NO SET-OFF OR TAX
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            under a Leasing Document shall be paid punctually and:</font></td>
      </tr>

  </table>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">without any form of set-off, cross-claim, condition or counterclaim;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the amount due in respect of the payment shall be increased by the amount necessary to ensure that the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with respect to any tax assessed on the Owners under the law of the jurisdiction in which the Owners
            are incorporated or, if different, the jurisdiction (or jurisdictions) in which the Owners are treated as resident for tax purposes if that tax is imposed on or calculated by reference to the net income received or receivable (but not any sum
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent a loss, liability or cost is compensated for by an increased payment under Clauses 57.2
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            have the right to transfer their interest in the Vessel (and this Charter) to any person nominated by the Owners and all costs in relation to such mitigation or transfer shall be for the account of the Charterers. Provided that if after the
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 35.45pt"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">from the Owners to the Charterers regarding the occurrence of the Tax Changes such Tax Changes continue to have the
            same effect, the Charterers shall have the option to pay the applicable Mandatory Sale Price to the Owners within thirty (30) days following such notice by the Owners, and this Charter shall terminate in accordance with the procedures set out
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">56.6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers compensate the Owners by an increased payment pursuant to Clause 57.2 or 57.3 and
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the introduction or alteration after the date of this Charter of a law or an alteration after the date
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        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">complying with any regulation (including any which relates to capital adequacy or liquidity controls or which affects the manner in which the Owners allocates capital
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">57</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If any sum due from the Charterers to the Owners under this Charter or any other Leasing Document or
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is already known to the public or becomes available to the public other than through the act or
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">it is required to be disclosed under the applicable laws of any Relevant Jurisdiction, Stock Market
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in filings with a court or arbitral body in proceedings in which the Confidential Information is
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to (or through) whom a Party assigns or transfers (or may potentially assign or transfer) all or any
            of its rights and/or obligations under one or more Leasing Document (as permitted by the terms thereof), provided that such person receiving Confidential Information shall undertake that it would not disclose Confidential Information to any
            other party save for circumstances arising which are similar to those described under this Clause or such other circumstances as may be permitted by all Parties;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to any of the following persons on a need to know basis:</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">58</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a shareholder or an Affiliate of either Party or a party referred to in either paragraph (d) or (e)
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">supply to the requesting party (with a copy to all other Relevant Parties) such other form or forms
            (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information
            required under FATCA or other official guidance including intergovernmental agreements) as the requesting party reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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            notify all other Relevant Parties or provide the relevant revised form, as applicable, reasonably promptly.</font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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            reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and
            calculations); provided, however, that nothing in this paragraph shall excuse any Relevant Party from providing a true, complete and correct IRS Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If a Relevant Party fails to confirm its status or to supply forms, documentation or other information
            requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party
            shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if that party failed to confirm its applicable passthru percentage then such party shall be treated
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">until (in each case) such time as the party in
      question provides sufficient confirmation, forms, documentation or other information to establish the relevant facts.</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction and gross-up by Relevant Party</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the representation made by the Charterers under Clause 46.1(p) (<i>Representations and Warranties</i>)
            proves to be untrue or misleading such that the Charterers are required to make a FATCA Deduction, the Charterers shall make the FATCA Deduction and any payment required in connection with that FATCA Deduction within the time allowed and in the
            minimum amount required by FATCA.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">61</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Charterers are required to make a FATCA Deduction then the Charterers shall increase the
            payment due from them to the Owners to an amount which (after making any FATCA Deduction) leaves an amount equal to the payment which would have been due if no FATCA Deduction had been required.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall promptly upon becoming aware that they must make a FATCA Deduction (or that there
            is any change in the rate or basis of a FATCA Deduction) notify the Owners accordingly. Within thirty (30) days of the Charterers making either a FATCA Deduction or any payment required in connection with that FATCA Deduction, the Charterers
            shall deliver to the Owners evidence satisfactory to the Owners that the FATCA Deduction has been made or (as applicable) any appropriate payment paid to the relevant governmental or taxation authority.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">If the Owners are required to make a deduction or withholding from a payment under any Financial
            Instruments in respect of FATCA, and is required under such Financial Instrument to pay additional amounts in respect of such deduction or withholding, the amount of the payment due from the Charterers under this Charter shall be increased to
            an amount which, after such deduction or withholding and payment of additional amounts, leaves the Owners with an amount equal to the amount which it would have had remaining if it had not been required to pay additional amounts under such
            Financial Instruments.</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">FATCA Deduction by Owners</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">64.5</font></td>
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      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.1</font></td>
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      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.2</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Owners may assign any of their rights or transfer by novation any of their rights and obligations
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            such assignment, transfer and/or sale is made:</font></td>
      </tr>

  </table>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to an affiliate of the Owners and provided always that, notwithstanding such assignment, transfer or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">62</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.3</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Charterers shall remain liable to the aforesaid assignee, transferee or new owner of the Vessel
            (as the case may be) for its performance of all obligations under this Charter (where applicable, as novated) after any such assignment or transfer or any change of the registered ownership of the Vessel from the Owners to such new owner. The
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">becomes liable to such assignee, transferee or new owner of the Vessel for its performance of all
            obligations pursuant to such Leasing Document; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enters into all necessary documents or takes any necessary actions or provide all necessary assistance
            required for such Leasing Document and any Security Interest created thereunder remaining in full force and effect (or to be novated and/or executed) as from the completion of the relevant assignment, transfer or sale.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">65.4</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">subject to Clause 36 (<i>Quiet enjoyment</i>), the Owners are entitled to enter into certain funding
            arrangements with their financier(s), including but not limited to, an affiliate of the Owners or any other banks and financial institutions acceptable to the Owners in their sole discretion (the &#8220;<b>Mortgagee</b>&#8221;) provided that such funding
            arrangement shall not result in any adverse effect of the Charterers&#8217; rights and obligations under the Leasing Documents; and</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Owners may do any of the following as security for the funding arrangements referred to in
            paragraph (a) above, in each case, without the prior consent of the Charterers:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">execute a ship mortgage over the Vessel or any other Financial Instrument in favour of a Mortgagee (or
            its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with this Charter or any other Leasing
            Documents in favour of a Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">assign their rights and interests to, in or in connection with the Insurances, the Earnings and the
            Requisition Compensation of the Vessel in favour of the Mortgagee (or its agent, trustee or nominee); and</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">enter into any other document or arrangement which is necessary to give effect to such financing
            arrangements, including but not limited to cancellation of any financing charter registration;</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers undertake to comply, and provide such information and documents and all necessary
            assistance required to enable the Owners to comply, with all such instructions or directions in regard to the employment, insurances, operation, repairs and maintenance of the Vessel as laid down in any Financial Instrument or as may be
            directed from to time during the currency of this Charter by the Mortgagee (or its agent, trustee or nominee) in conformity with any Financial Instrument. The Charterers further agree and acknowledge all relevant terms, conditions and
            provisions of each Financial Instrument (if any) and agree to acknowledge this in writing in any form that may be required by the Mortgagee (or its agent, trustee or nominee);</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">63</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">during the Charter Period a change in the registered or beneficial ownership of the Vessel or the
            Owners (by sale of shares in the Owners or other transactions having the same effect) may be effected without the Charterers&#8217; consent, provided always that:</font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
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            change, this Charter would continue on identical terms (save for logical, consequential or mutually agreed amendments); and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">to the extent that any prior written consent from the Approved Sub-Charterer is expressly required
            under the terms of the relevant Assignable Sub-charter, before the Owners may transfer the registered or beneficial ownership of the Vessel, the Charterers shall procure the delivery to the Owners of evidence that such Approved Sub-Charterer
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      procure each Guarantor shall (where applicable) remain jointly and severally liable to the aforesaid new owner of the Vessel for its performance of all obligations pursuant to this Charter after change of the registered and/or beneficial ownership of
      the Vessel or the Owners from the Owners to such new owner and agree and undertake to enter into any such usual documents as the Owners shall reasonably require to complete or perfect the transfer of the Vessel (with the benefit and burden of this
      Charter) pursuant to this Clause; and</font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">All expenses arising out of assignment or transfer of this Charter as per Clause 65 (<i>Assignment and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      Sales Proceeds, Total Loss Proceeds, any proceeds realised by the Owners in connection with the enforcement of the Security Documents (unless otherwise specified in the Security Documents) and any proceeds received by the Owners from any Other Owner
      (as trustee of the Owners and the Other Owners) shall be applied in the following order of application against amounts payable under the Leasing Documents:</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">firstly, in or towards any amounts outstanding under the Leasing Documents other than the Termination
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      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">secondly, in or towards satisfaction of the Charterers&#8217; obligation to pay the Termination Sum (or such
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      </tr>

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            the Charterers, but always subject to the terms of the General Assignment.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter and any non-contractual obligations arising under or in connection with it, shall be
            governed by and construed in accordance with English law.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">64</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always"><font style="font-family: Arial, Helvetica, Sans-Serif">
        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Any dispute arising out of or in connection with this Charter (including a dispute regarding the
            existence, validity or termination of this Charter or any non-contractual obligation arising out of or in connection with this Charter) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with
            the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the provisions of this Clause 67 (<i>Governing Law and Enforcement</i>). The arbitration shall be conducted in
            accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The reference shall be to three arbitrators. A party wishing to refer a Dispute to arbitration shall
            appoint its arbitrator (who shall be either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case
            who carries on business in London) and send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its
            arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has
            done so within the fourteen (14) days specified, the party referring a Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other
            party accordingly. The award of a sole arbitrator shall be binding on both parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the
            appointment of a sole arbitrator. If the two arbitrators so appointed are unable to agree on the appointment of the third arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator
            within fourteen (14) days of such request.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Where the reference is to three arbitrators the procedure for making appointments shall be in
            accordance with the procedure for full arbitration stated above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The language of the arbitration shall be English.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(f)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum
            as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the arbitration proceedings are commenced.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 68 &#8211; ENTIRE AGREEMENT</b></font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">This Charter, in conjunction with the other Leasing Documents, constitutes the entire agreement
            between the parties and supersedes all previous agreements, understandings and arrangements between them, whether in writing or oral, in respect of its subject matter.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Each Party acknowledges that it has not entered into this Charter or any other Leasing Document in
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>CLAUSE 69 &#8211; DEFINITIONS</b></font></p>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.1</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter, unless as expressly defined otherwise, the following capitalized terms shall have the
            meanings ascribed to them below:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">65</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Acceptance Certificate</b>&#8221;
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Affiliate</b>&#8221; means in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Annex VI</b>&#8221; means Annex VI
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Anti-Money Laundering Laws</b>&#8221;
      means all applicable financial record-keeping and reporting requirements, anti-money laundering statutes (including all applicable rules and regulations thereunder) and all applicable related or similar laws, rules, regulations or guidelines, of all
      jurisdictions including and without limitation, the United States of America, the European Union, the United Kingdom, the Republic of the Marshall Islands, Germany and the People&#8217;s Republic of China (including Hong Kong for the avoidance of doubt)
      and which in each case are&#160;(a) issued, administered or enforced by any governmental agency having jurisdiction over any Relevant Person or the Owners; (b) of any jurisdiction in which any Relevant Person or Owner conducts business; or (c) to which
      any Relevant Person or Owner is subjected or subject to.</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">68</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">favourable legal opinions have been issued (or the Owners are satisfied that they will, by completion
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented costs or expenses incurred by the Owners in relation to the Charterers Disposal have
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">such evidence relating to the Charterers Disposal as the Owners (or the Owners&#8217; Financier) may require
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; text-align: justify">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Charterers accept delivery of the Vessel from the Owners in accordance with the terms of this
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">70</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      assignment in respect of Earnings, Insurances and Requisition Compensation, manager&#8217;s undertaking and subordination (including assignment of manager&#8217;s interests in the Insurances) or any other financial security instruments (excluding interest rate
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      venture agreement where the relevant member of the Group owns no less than 50 per cent. of the issued shares of the jointly owned entity or controlled by a Guarantor (directly or indirectly) excluding, for the avoidance of doubt, any newbuilding
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than thirty (30) days prior to the Commencement Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a firm charter period (without any optional extension) of no less than 7 years plus four (4) optional
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a fixed daily rate of hire (free from any profit sharing or any other contingent adjustment) of no
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(c)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Pre-delivery Instalments Balance; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(b)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) one per cent. (1.00%) of the Instalment Balance prevailing as at the
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">if the Mandatory Sale Date fall on or after the Commencement Date,</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Outstanding Capital Balance prevailing as at the Mandatory Sale Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">76</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Variable Charterhire accrued but unpaid as at the date of payment of the Mandatory Sale Price;</font></td>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(in case of Clause 38.3) if the Mandatory Sale Date occurs on or before the date falling thirty six
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Breakfunding Costs;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(v)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any documented legal or other costs reasonably incurred by the Owners in connection with the exercise
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(vi)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (i) to (v) above, any other moneys due and owing
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: windowtext">prior to the occurrence of a Termination Event which is continuing</font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">, a valuation prepared:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in Dollars;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">with or without physical inspection of that Vessel; and</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">formally designated, nominated or recommended as the replacement for a Published Rate by:</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the administrator of that Published Rate (provided that the market or economic reality that such
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any Relevant Nominating Body,</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the opinion of the Owners, generally accepted in the international or any relevant domestic
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">imposed by law or regulation of a Sanctions Authority, to the extent applicable to this transaction;
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the United Nations or its Security Council;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">84</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">85</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">a mortgage, charge (whether fixed or floating) or pledge, lien, assignment, hypothecation or any other
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the security rights of a plaintiff under an action <i>in rem</i>; or</font></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any other right which confers on a creditor or potential creditor a right or privilege to receive the
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      </tr>

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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">prior to the Charterers Disposal, the Approved Main Guarantor; or</font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to the Pre-delivery Interest accruing on each Pre-delivery Instalment, each consecutive
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the first Term of the First Instalment shall commence on the date of payment of the First Instalment
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">87</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iv)</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the event that the Vessel is delivered to the Owners (as buyers under the MOA) on the Scheduled
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in relation to any amount which a Relevant Person fails to pay on its due date pursuant to a Leasing
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the Instalment Balance prevailing as at the Relevant Date;</font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">89</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any and all documented costs, losses and liabilities incurred by the Owners in locating, repossessing,
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">aside from the amounts described under paragraphs (i) to (vi) above, any other moneys due and payable,
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            or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension) unless it is redelivered within twenty-one (21) days to the full control of the Owners or the Charterers;
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(a)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earlier
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date on which a notice of abandonment is given to the insurers;</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 0.5in; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(iii)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the date of any compromise, arrangement or agreement made by or on behalf of the Charterers with the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin: 0"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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        <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"></font></div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="font: 10pt Arial, Helvetica, Sans-Serif; width: 0.5in"><font style="font-family: Arial, Helvetica, Sans-Serif">&#160;</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif">consideration or without any consideration, which is effected by any government or official authority or by any person
            or persons claiming to be or to represent a government or official authority (excluding a requisition for hire for a fixed period not exceeding one (1) year without any right to an extension), on the date on which the expropriation,
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify; text-indent: 0in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<b>Total Loss Payment Date</b>&#8221;
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">92</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">94</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM <br>
      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">the hull and machinery policies by reason of the
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.4</b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Meaning of &#8220;month&#8221;</b></font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0.5in; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">69.5</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to a Leasing Document or any other document being in the form of a particular appendix or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">references to, or to a provision of, any law include any amendment, extension, re-enactment or
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(d)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(e)</font></td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
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        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(i)</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">any replacement page of that information service which displays that rate; and</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">(ii)</font></td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif">95</font></p>
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      BBC Additional Clauses <br>
      Hull No. 25110058 <br>
      SINGAPORE/92306947v1</font></p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and, if such page or service ceases to be
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 0; font: 10pt Arial, Helvetica, Sans-Serif"></td>
        <td style="width: 35.45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>69.6</b></font></td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 35.45pt; text-align: justify"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">In this Charter:</font></p>
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    Acceptance Certificate</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>ROMAN SHARK V INC. </b>(the &#8220;<b>Charterers</b>&#8221;) hereby acknowledges that at [&#9679;] hours on [&#9679;], there was delivered to, and accepted by, the Charterers the Vessel
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The Charterers warrant that the representations and warranties made by them in Clause 46 (<i>Representation and Warranties</i>) of the Charter remain correct and that
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">_______________________________</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Name:</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Title: attorney in fact</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dated:</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">97</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 2</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part A<br>
    Conditions Precedent to Signing</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">1</font></td>
        <td style="text-align: justify">Corporate Authority</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">1.1</font></td>
        <td style="text-align: justify">A copy of the constitutional documents and corporate structure chart of each Relevant Person (other than the Other Charterers) (for the purpose of this Schedule only, collectively, the &#8220;<b>Pertinent Persons</b>&#8221;).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If required, a copy of the resolutions of the board of directors (or equivalent) of each of the Pertinent Persons:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">approving the terms of, and the transactions contemplated by, the Leasing Documents to which it is a party and resolving that it execute the Leasing Documents to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">authorizing a specified person or persons to execute the Leasing Documents to which it is a party on its behalf; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">authorising a specified person or persons, on its behalf, to sign and/or dispatch all documents and notices to be signed and/or dispatched by it under, or in connection with, the Leasing Documents to which it is a
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  </table>
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        <td style="text-align: justify">If required, a copy of the resolutions signed by all the holder(s) of the issued shares of any Relevant Person, approving the terms of, and the transactions contemplated by such Leasing Document.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">98</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">A copy of the Shipbuilding Contract, together with all amendments and/or supplements thereto.</p>
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      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Agreed form of legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the applicable documents listed in paragraph 2 of Part A of this Schedule, in form and
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the applicable documents listed in paragraph 2 of Part A this Schedule, concerning the laws of the Republic of the
          Marshall Islands and such other relevant jurisdictions as the Owners may reasonably require, in form and substance acceptable to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Duly executed copy of the Initial Sub-charter.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Evidence that any fees, costs and expenses then due from the Charterers and/or the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46 <i>(Fees and Expenses)</i>)
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      <tr style="vertical-align: top">
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  </table>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Such evidence relating to the Relevant Person as the Owners may reasonably require for their (or their financiers) to be able to satisfy each of their &#8220;know your customer&#8221; or similar identification procedures in
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of any other consents, approvals, authorization or other document, opinion or assurance which the Owners consider to be reasonably desirable in connection with the entry into and performance of the
          transactions contemplated by any of the Leasing Documents or for the validity and enforceability of such documents.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Such other documents as the Owners may require by giving notice to the Charterers.</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">99</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part B<br>
    Conditions Precedent to the First Instalment</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Bringdown certificate</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">each of the certificates provided in Part A of this Schedule 2 remains correct, complete and in full force and effect; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">each copy document relating to it specified in Part B of this Schedule 2 is correct, complete and in full force and effect.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Shipbuilding Contract documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt"><font style="color: windowtext">2.1</font></td>
        <td style="text-align: justify">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(a) of Article II (<i>Contract </i>Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the first
          instalment of the Shipbuilding Contract Price is due and payable thereunder.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the first instalment of the Shipbuilding Contract Price, which is not funded
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">If the Payment Notice in respect of the First Instalment requests for payment of the First Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation (via an email) issued by the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Leasing Documents and other documents</td>
      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify">A duly executed copy of the Account Security.</td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A duly executed copy of the Payment Notice submitted pursuant to Clause 19(c)(iii)(A) of the MOA.</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">101</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part C<br>
    Conditions Precedent to the Second Instalment</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">1</font></td>
        <td style="text-align: justify">Bringdown certificate</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than the Second
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">each of the certificates provided in Parts A and B of this Schedule 2 remains correct, complete and in full force and effect; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">each copy document relating to it specified in Part C of this Schedule 2 is correct, complete and in full force and effect.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Shipbuilding Contract documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">A copy of the confirmation (via an email) by the Head Sellers confirming that the first instalment of the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(b) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the second
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the second instalment of the Shipbuilding Contract Price, which is not funded
          by the Owners (in their capacity as buyers) to the Sellers under the MOA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">A copy of the certificate or statement of the Classification Society stating that the steel cutting of the Vessel has been carried out, as provided by the Head Sellers to the Sellers under paragraph 3(b) of Article
          II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">If the Payment Notice in respect of the Second Instalment requests for payment of the Second Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation in such form acceptable to
          the Owners issued (via an email) by the Head Sellers confirming that the second instalment of the Shipbuilding Contract Price payable under paragraph 3(b) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract
          have been paid by the Sellers and received by the Head Sellers in full.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">3</font></td>
        <td style="text-align: justify">Leasing Documents and other documents</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">To the extent not already provided to the Owners under Part A and Part B of Schedule 2, a copy of any amendments to the Shipbuilding
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">4</font></td>
        <td style="text-align: justify">Payment Notice</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">102</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A duly executed copy of the Payment Notice submitted pursuant to Clause 19(c)(iii)(A) of the MOA.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Others</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Such other information and documents as the Owners may reasonably require.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">103</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part D<br>
    Conditions Precedent to the Third Instalment</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Bringdown certificate</td>
      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">A copy of the certificate or statement of the Classification Society stating that the keel laying of the Vessel has been carried out, as provided by the Head Sellers to the Sellers under paragraph 3(c) of Article II
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">To the extent not already provided to the Owners under Part A, Part B and Part C of Schedule 2, a copy of any amendments to the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">104</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A duly executed copy of the Payment Notice submitted pursuant to Clause 19(c)(iii)(A) of the MOA.</p>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">105</p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part E<br>
    Conditions Precedent to the Fourth Instalment</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Bringdown certificate</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than the Fourth
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">each of the certificates provided in Parts A, B, C and D of this Schedule 2 remains correct, complete and in full force and effect; and</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">each copy document relating to it specified in Part E of this Schedule is correct, complete and in full force and effect.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the confirmation (via an email) by the Head Sellers confirming that the third instalment of the Shipbuilding Contract Price payable under Article II (Contract Price &amp; Terms of Payment) of the
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(d) of Article II (Contract Price &amp; Terms of Payment) of the Shipbuilding Contract notifying that the fourth
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      </tr>

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      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the confirmation from the Head Sellers (via an email) confirming that the Head Sellers have received in full, such shortfall in the fourth instalment of the Shipbuilding Contract Price, which is not funded
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      </tr>

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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">A copy of the certificate or statement of the Classification Society stating that the launching of the Vessel has been carried out, as provided by the Head Sellers to the Sellers under paragraph 3(d) of Article II
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      </tr>

  </table>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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        <td style="text-align: justify">If the Payment Notice in respect of the Fourth Instalment requests for payment of the Fourth Instalment into the Sellers&#8217; Account under clause 19(e) of the MOA, a copy of the confirmation (via an email) by the Head
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">106</p>
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      <tr style="vertical-align: top">
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        <td style="text-align: justify">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part F<br>
    Conditions Precedent to the Delivery Instalment</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">The following are the documents referred to in Clause 35.2 (g)(i):</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Bringdown certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">1.1</td>
        <td style="text-align: justify">If required, a duly executed copy of the certificate issued by an officer of each of the Charterers and the Sellers dated no earlier than the Delivery Instalment Payment Date confirming that:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">each of the certificates provided in Parts A, B, C, D and E of this Schedule 2 remains correct, complete and in full force and effect; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">each copy document relating to it specified in Part F of this Schedule 2 is correct, complete and in full force and effect.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">2</td>
        <td style="text-align: justify">Shipbuilding Contract and Refund Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the confirmation (via an email) by the Head Sellers confirming that the fourth instalment of the Shipbuilding Contract Price payable under Article II (<i>Contract Price &amp; Terms of Payment</i>) of the
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of a statement issued by the Head Sellers confirming that the Vessel has been constructed to the order of the Sellers for delivery to the Owners and estimated delivery date, as required by the Flag State for
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">A copy of the telefax, telex or email of the Head Sellers issued to the Sellers under paragraph 3(e) of Article II (<i>Contract Price &amp; Terms of Payment</i>) of the Shipbuilding Contract notifying that the fifth
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Commercial invoice issued by the Head Sellers pursuant to the Shipbuilding Contract, specifying the aggregate amount payable by the Sellers to the Head Sellers on the Commencement Date for the purchase of the Vessel
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">If applicable, a copy of any amendments to the Shipbuilding Contract and the Refund Guarantee, each duly executed by the parties thereto.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Evidence satisfactory to the Owners that (in the form of a SWIFT payment confirmation, written confirmation of the Head Sellers and/or any such other evidence):</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">if applicable, the Delivery Shortfall (as defined in the MOA), has been or will be paid by the Sellers to the Head Sellers in accordance with clause 19(g) of the MOA; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">(other than the Delivery Shortfall and the amount equivalent to the Purchase Price payable by the Owners (in their capacity as buyers under the MOA)) any other amount due and payable by the Sellers for the purchase
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3</td>
        <td style="text-align: justify">Security Documents</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">108</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">3.1</font></td>
        <td style="text-align: justify">Duly executed but undated copies of each of the Manager&#8217;s Undertaking and of each document to be delivered under each of them.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify"><font style="color: windowtext">To the extent not already provided to the Owners under Parts A to E of </font>Schedule 2:</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">a duly executed copy of the acknowledgements from the Account Bank in such form as agreed under the Account Security; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">a duly executed copy of the acknowledgements from the Initial Sub-charterer in such form as agreed under the General Assignment.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4</td>
        <td style="text-align: justify">Legal opinions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">An agreed form legal opinion by English legal advisers to the Owners on such matters on the laws of England in relation to the documents listed in paragraph 3 of Part F of this Schedule 2, in form and substance
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Agreed forms of legal opinions by lawyers appointed by the Owners on such matters relating to the documents listed in paragraph 3 of Part F of this Schedule 2, concerning the laws of the Republic of Panama and such
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">5</td>
        <td style="text-align: justify">Valuation of the Vessel</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">6</td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Management Agreement establishing that the Vessel will, as from the Commencement Date, be managed by the Approved Manager, together with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">7</td>
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      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">If applicable, copies of the executed Approved Subsequent Sub-charter as at such time and of each document to be delivered under each of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">8</td>
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Agreed form of letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause 40 (Insurance) acknowledged by the relevant insurer, insurance broker, protection and
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">An insurance report by an insurance advisor appointed by the Owners (but at the cost of the Charterers) in an agreed form acceptable to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">9</td>
        <td style="text-align: justify">Earnings Account</td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Evidence that the Operating Account has been opened.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">109</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Payment Notice</td>
      </tr>

  </table>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in"><font style="font-weight: normal">A duly executed copy of the Payment Notice <font style="color: windowtext">submitted pursuant to
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">11</td>
        <td style="text-align: justify">Others</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><font style="color: windowtext">11.1</font></td>
        <td style="text-align: justify">Evidence satisfactory to the Owners that all fees, costs and expenses then due from the Charterers and the Sellers to the Owners under the Leasing Documents (including but not limited to those payable under Clause 46
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">Such other information and documents as the Owners may require.</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">110</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part G<br>
    Conditions Precedent to Delivery</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following are the documents referred to in Clause 35.2(g)(ii) :</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1</td>
        <td style="text-align: justify">Corporate Authorisations/Confirmation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.1</td>
        <td style="text-align: justify">A certificate of an authorized signatory of each of the Pertinent Persons certifying that each copy document provided under paragraph 1 of Part A of Schedule 2 of the MOA remains correct, complete and in full force
          and effect as on the Commencement Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">1.2</td>
        <td style="text-align: justify">A certificate of an authorized signatory of the Charterers certifying that there is no Potential Termination Event or Termination Event has occurred and is continuing as of the Commencement Date.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">2</td>
        <td style="text-align: justify">Security Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">2.1</td>
        <td style="text-align: justify">Duly executed and dated copies of each Manager&#8217;s Undertaking and of each document to be delivered under it and evidence of their delivery within the timing prescribed under it.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">2.2</td>
        <td style="text-align: justify">Documentary evidence that the Security Interests intended to be created by each of the Security Documents have been duly perfected under applicable law or will be perfected under applicable law within the prescribed
          period contained in such Security Documents.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3</td>
        <td style="text-align: justify">Vessel Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.1</td>
        <td style="text-align: justify">A duly executed copy of the SBC PODA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.2</td>
        <td style="text-align: justify">Copies of all documents required to be delivered by the Head Sellers to the Sellers under Article VII paragraph 3 (<i>Documents to be delivered to the Buyer</i>) of the Shipbuilding Contract prior to or concurrently
          with the execution of the SBC PODA pursuant to Article VII paragraph 2 of the Shipbuilding Contract.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.3</td>
        <td style="text-align: justify">Confirmation by the Head Sellers to the Owners that the Vessel has not been registered at any registry or in any person&#8217;s name or encumbered prior to or on delivery from the Head Sellers to the Sellers under the
          Shipbuilding Contract or prior to delivery of the Vessel from the Sellers to the Buyers under the MOA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.4</td>
        <td style="text-align: justify">The original (if required by the Flag State) or a copy of the builder&#8217;s certificate issued by the Builder in relation to the Vessel duly notarially attested and legalised or apostilled as and to the extent required
          by the Flag State.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.5</td>
        <td style="text-align: justify">A copy of the Vessel&#8217;s class certificate evidencing that the Vessel maintains its classification as set out under the terms of the Shipbuilding Contract with the Approved Classification Society and free of all
          recommendations and conditions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4</td>
        <td style="text-align: justify">Delivery and title registration of the Vessel</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4.1</td>
        <td style="text-align: justify">Documentary evidence that the Vessel:</td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">111</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;Hull No. 25110058</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(a)</td>
        <td style="text-align: justify">will simultaneously upon Delivery definitively and permanently registered in the name of the Owners under the flag of the Flag State;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(b)</td>
        <td style="text-align: justify">will simultaneously upon Delivery in the absolute and unencumbered ownership of the Owners;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(c)</td>
        <td style="text-align: justify">is or will be unconditionally delivered by the Sellers to the Owners (in their capacity as buyers) pursuant to the terms of the MOA, where such documents shall include without limitation:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(i)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the notarized and legalized (if required by the Flag State) copies of the bill of sale duly executed by the Charterers (and where executed by an attorney of
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      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 35.45pt"></td>
        <td style="width: 35.45pt">(ii)</td>
        <td style="text-align: justify">the original (if required by the Flag State) or a copy of the protocol of delivery and acceptance duly executed by the Charterers and the Owners; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">(d)</td>
        <td style="text-align: justify">the Initial Sub-charter has been (or will be, in any case, by the date following five (5) days after the Commencement Date) delivered to the Initial Sub-charterer in accordance with the Initial Sub-charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">4.2</td>
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  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">5</td>
        <td style="text-align: justify">Legal opinions</td>
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  </table>
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      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">A signed legal opinion of Watson Farley &amp; Williams, legal advisers to the Owners on such matters on the laws of England as may be satisfactory to the Owners.</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Signed legal opinions by lawyers appointed by the Owners on such matters on the laws of the Marshall Islands and any other jurisdictions as may be satisfactory to the Owners.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">6</td>
        <td style="text-align: justify">Others</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The Owners being satisfied that all conditions precedent or documents or evidence specified in Schedule 1 to the MOA have been satisfied or provided in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">112</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Part H<br>
    Conditions Subsequent</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">The following are the documents referred to in Clause 34.8:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Not later than five (5) Business Days after the Commencement Date, documentary evidence that the Security Interests intended to be created by each of the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">Legal opinions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">Not later than three (3) Business Days after the Commencement Date, issued signed copies of the legal opinions referred to in paragraph 5 of Part B of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3</td>
        <td style="text-align: justify">Insurances</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.1</td>
        <td style="text-align: justify">Not later than five (5) Business Days after the Commencement Date, receipt of copies of the executed letters of undertaking and certificates of entry (as the case may be) relating to insurances as set out in Clause
          40 (<i>Insurance</i>) acknowledged by the relevant insurer, insurance broker, protection and indemnity association or war risks association (as the case may be), each in the agreed form under paragraph 5.2 of Part A of Schedule 2 of this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt">3.2</td>
        <td style="text-align: justify">Not later than ten (10) Business Days after the Commencement Date, the signed insurance report in the form agreed under paragraph 5 of Part A of Schedule 2 of this Charter.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 35.45pt"><b>4</b></td>
        <td style="text-align: justify"><b>Trading certificates</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.45pt; text-align: justify; text-indent: 0in">Not later than five (5) Business Days after the Commencement Date, copies of the Vessel&#8217;s Safety Management Certificate (together with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">113</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;Hull No. 25110058</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;SINGAPORE/92306947v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 3<br>
    THE VESSELS, THE PARTIES AND THE CHARTERS</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font-size: 10pt; width: 100%; border-collapse: collapse">

      <tr style="background-color: #0A5D66">
        <td style="width: 17%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; border-left: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Vessels</b></font></td>
        <td style="width: 30%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Owners</b></font></td>
        <td style="width: 28%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Charterers</b></font></td>
        <td style="width: 25%; border-top: #999999 1pt solid; border-right: #999999 1pt solid; border-bottom: #666666 1.5pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif; color: white;"><b>The Charters</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel
            currently under construction with hull no. 25110054 (&#8220;<b>Vessel A</b>&#8221;)</font></td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Tianjin Jinhai Sanshi Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Roman Shark I Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif;">,
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>(&#8220;Charterer A&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter dated ________________, as
            amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter A&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Tianjin Jinhai Sanshiyi Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19968;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin
                Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Roman Shark III Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif;">,
              a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">136530 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>(&#8220;Charterer B&#8221;)</b></font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter dated
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      </tr>
      <tr>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; border-left: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a vessel
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        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Tianjin Jinhai Sanshier Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a corporation with incorporated under the laws of the People&#8217;s Republic of China</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Roman Shark V Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif;">,
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
        </td>
        <td style="vertical-align: top; border-right: #999999 1pt solid; border-bottom: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">Bareboat charter dated
            ________________ , as amended and/or supplemented from time to</font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">114</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
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    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
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      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; text-align: center; width: 17%; border-top: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt;"></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; width: 30%; border-top: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">having its registered address at Room 202, No.6262, Aozhou Road, Tianjin Pilot Free
              Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></p>
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></p>
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        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; text-align: center; vertical-align: top; width: 28%; border-top: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
              Islands, MH96960</font></p>
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            <b>(&#8220;Charter C&#8221;)</b></font></td>
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      <tr>
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            vessel currently under construction with hull no. 25110060 (&#8220;<b>Vessel D</b>&#8221;)</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Tianjin Jinhai Sanshisan Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#19977;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin
                Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
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              a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">136534 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
              Majuro, Marshall Islands, MH96960</font></p>
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            charter dated ________________, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter D&#8221;)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; border-left: #999999 1pt solid; text-align: center; padding-right: 5.4pt; padding-left: 5.4pt;"><font style="font-family: Arial, Helvetica, Sans-Serif;">a
            vessel currently under construction with hull no. 25110062 (&#8220;<b>Vessel E</b>&#8221;)</font></td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Tianjin Jinhai Sanshisi Leasing Co., Ltd. (&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#22235;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;)</font><font style="font-family: Arial, Helvetica, Sans-Serif;">, a corporation with incorporated under the laws of the People&#8217;s Republic of China having its registered address at <font style="color: windowtext">Room 202, No.6262, Aozhou Road, Tianjin
                Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. _______)</font></font></p>
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        </td>
        <td style="border-right: rgb(153,153,153) 1pt solid; border-bottom: rgb(153,153,153) 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif; color: windowtext;">Roman Shark IX Inc.</font><font style="font-family: Arial, Helvetica, Sans-Serif;">,
              a corporation incorporated under the laws of the Republic of Marshall Islands with registration number <font style="color: windowtext">136537 </font>whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island,
              Majuro, Marshall Islands, MH96960</font></p>
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          <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>(&#8220;Charterer E&#8221;)</b></font></p>
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            charter dated ________________, as amended and/or supplemented from time to time <br>
            <b>(&#8220;Charter E&#8221;)</b></font></td>
      </tr>

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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">115</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ABCFL CM</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;BBC Additional Clauses</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;Hull No. 25110058</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right; text-indent: 225.65pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">&#160;SINGAPORE/92306947v1</font></p>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center">&#160;</div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="FONT: 10pt Times New Roman, Times, Serif; MARGIN: 0pt 0px">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 4<br>
    Repayment Schedule</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font-size: 10pt">

      <tr>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; text-align: center; padding-bottom: 8pt"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Period</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Hire (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Principal (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Interest (US$)</b></font></td>
        <td style="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center" rowspan="2"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>Outstanding Principal (US$)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>(Post Delivery)</b></font></td>
      </tr>
      <tr>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>0</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>-</b></font></td>
        <td style="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">38,420,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,059,404.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">553,904.60</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">37,914,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">2</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,046,175.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">540,675.27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">37,409,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">3</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,033,104.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">527,604.38</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">36,903,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">4</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,037,541.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">532,041.08</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">36,398,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">5</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,030,253.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">524,753.24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">35,892,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">6</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,017,340.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">511,840.78</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">35,387,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">7</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,004,586.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">499,086.75</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">34,881,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">8</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,008,389.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">502,889.72</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">34,376,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">9</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">1,001,101.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">495,601.89</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">33,870,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">10</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">988,506.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">483,006.29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">33,365,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">976,069.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">470,569.12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">32,859,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">12</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">979,238.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">473,738.37</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">32,354,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">13</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">971,950.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">466,450.53</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">31,848,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">14</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">959,671.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">454,171.79</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">31,343,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">15</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">952,463.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">446,963.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">30,837,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">16</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">950,087.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">444,587.01</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">30,332,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">942,799.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">437,299.17</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">29,826,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">18</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">930,837.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">425,337.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">29,321,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">19</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">919,033.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">413,533.85</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">28,815,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">20</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">920,935.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">415,435.66</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">28,310,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">21</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">913,647.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">408,147.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">27,804,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">902,002.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">396,502.81</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">27,299,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">23</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">890,516.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">385,016.22</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">26,793,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">24</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">891,784.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">386,284.30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">26,288,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">25</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">884,496.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">378,996.46</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">25,782,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">26</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">873,168.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">367,668.31</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">25,277,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">27</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">861,998.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">356,498.59</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">24,771,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">28</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">862,632.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">357,132.94</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">24,266,000.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">29</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">855,345.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">349,845.11</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">23,760,500.00</font></td>
      </tr>
      <tr>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">30</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">844,333.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">505,500.00</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">338,833.82</font></td>
        <td style="white-space: nowrap; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center"><font style="font-family: Arial, Helvetica, Sans-Serif;">23,255,000.00</font></td>
      </tr>
      <tr>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">Dated: [&#9679;]</p>
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        <td style="text-align: justify">we have received and retained price information demonstrating that the Russian Oil Products were purchased at or below the relevant price cap; or</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">EXECUTION PAGE</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 45%; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif;"><b>OWNERS</b></font></td>
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      <tr style="vertical-align: top">
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      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">119</p>
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<DOCUMENT>
<TYPE>EX-4.56
<SEQUENCE>37
<FILENAME>ef20060828_ex4-56.htm
<DESCRIPTION>EXHIBIT 4.56
<TEXT>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right"><b>Exhibit 4.56</b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b><u>EXECUTION VERSION</u></b></p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">JINGHAISANSHIER - 2026 - GG</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Dated 9 March 2026<br>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Top Ships Inc.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">as Guarantor</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">and</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">TIANJIN JINHAI SANSHIER LEASING CO., LTD.</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Guarantee</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">relating to<br>
    a bareboat charter of one (1) 47,499DWT Chemical/Product Oil Tanker having builder&#8217;s hull no. <font style="color: windowtext">25110058 </font><br>
    dated 9 March 2026</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&#160;</p>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Index</p>
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        <td colspan="2"><b>Clause</b></td>
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      <tr style="vertical-align: bottom">
        <td>2</td>
        <td>Guarantee</td>
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        <td>3</td>
        <td>Liability as Principal and Independent Debtor</td>
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      <tr style="vertical-align: bottom">
        <td>4</td>
        <td>Expenses</td>
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        <td>5</td>
        <td>Adjustment of Transactions</td>
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        <td>6</td>
        <td>Payments</td>
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        <td>7</td>
        <td>Interest</td>
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        <td>8</td>
        <td>Subordination</td>
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        <td>9</td>
        <td>Enforcement</td>
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        <td>10</td>
        <td>Representations and Warranties</td>
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        <td>Undertakings</td>
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        <td>Judgments and Currency Indemnity</td>
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        <td>13</td>
        <td>Supplemental</td>
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        <td>14</td>
        <td>Assignment</td>
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        <td>15</td>
        <td>Notices</td>
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        <td>16</td>
        <td>Invalidity of Bareboat Charter</td>
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        <td>17</td>
        <td>Incorporation of Bareboat Charter Provisions</td>
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        <td>18</td>
        <td>Governing Law and Enforcement</td>
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        <td>&#160;</td>
        <td>&#160;</td>
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        <td>&#160;</td>
        <td>&#160;</td>
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        <td>&#160;</td>
        <td>&#160;</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>THIS GUARANTEE</b> is made on 9 March 2026</p>
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        <td style="width: 0.5in">(1)</td>
        <td style="text-align: justify"><b>TOP SHIPS INC.</b>, a corporation incorporated under the laws of the Marshall Islands whose registered address is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands, MH96960 (the &#8220;<b>Guarantor</b>&#8221;)</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="width: 0.5in"><font style="color: windowtext">(2)</font></td>
        <td style="text-align: justify"><font style="color: windowtext"><b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. (<font style="font-family: Arial, Helvetica, Sans-Serif">&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</font>)</b></font>, a corporation incorporated under the laws of the
          People&#8217;s Republic of China whose registered address is at Room 202, No.6262, Aozhou Road, Tianjin Pilot Free Trade Zone (Dongjiang Free Trade Port Zone) (Tianjin Dongjiang Business Secretarial Service Co., Ltd. Free Trade Zone Branch, No. 13222)
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Background</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
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        <td style="text-align: justify">By a memorandum of agreement dated 9 March 2026 (as amended and/or supplemented from time to time, the &#8220;<b>MOA</b>&#8221;) <font style="color: windowtext">and made between (i) <b>ROMAN SHARK III INC.</b></font><b>,</b> a
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">By a bareboat charter dated 9 March 2026 (as amended and/or supplemented from time to time, the &#8220;<b>Bareboat Charter</b>&#8221;) and made between (i) the Owner, as owner and (ii) <font style="color: windowtext">the Seller</font>,
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
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        <td style="text-align: justify">The execution and delivery to the Owner of this Guarantee is one of the conditions to the chartering of the Vessel under the Bareboat Charter.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">Operative Provisions</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left">1</td>
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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1.1</td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Words and expressions defined in the Bareboat Charter shall have the same meanings when used in this Guarantee unless the context otherwise requires.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>bankruptcy</b>&#8221; includes a liquidation, receivership or administration and any form of suspension of payments, arrangement with
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">1</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Compliance Certificate</b>&#8221; means a certificate in the form set out in <font style="color: black">Schedule 1</font> or in any other
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>control</b>&#8221; over a particular company means the power (whether by way of ownership of shares, proxy, contract, agency or otherwise)
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
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      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">appoint or remove all, or the majority, of the directors or other equivalent officers of such company; or</td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">give directions with respect to the operating and financial policies of such company with which the directors or other equivalent officers of such company are obliged to comply.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Group</b>&#8221; means the Guarantor and its subsidiaries from time to time.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Party</b>&#8221; means a party to this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Relevant Person</b>&#8221; means each &#8220;Relevant Person&#8221; as defined in the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Secured Liabilities</b>&#8221; means all present and future obligations and liabilities (whether actual or contingent and whether owed
    jointly or severally or in any other capacity whatsoever) of the Charterer to the Owner under or in connection with any Leasing Documents or any judgment or arbitral award relating to any Leasing Documents and for this purpose, there shall be
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Security Period</b>&#8221; means the period commencing on the date hereof and ending on the date on which the Owner is satisfied that the
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">2</td>
        <td>GUARANTEE</td>
      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.1</td>
        <td style="text-align: justify">Guarantee and indemnity</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor unconditionally and irrevocably:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">guarantees the due payment of all amounts payable by each other Relevant Person under or in connection to each Leasing Document to which such Relevant Person is a party;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">undertakes to pay to the Owner on the Owner&#8217;s demand any such amount which is not paid by that Relevant Person when due and payable under or in connection to that Leasing Document;</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">guarantees the punctual performance by that Relevant Person of all that Relevant Person&#8217;s obligations under or in connection with that Leasing Document; and</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">fully indemnifies the Owner on its demand in respect of all claims, expenses, liabilities and losses which are made or brought against or incurred by the Owner as a result of or in connection with any obligation or
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      </tr>

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  <p style="margin: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">2</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="margin: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">unenforceable, invalid, void or illegal; and the amount recoverable under this indemnity shall be equal to the amount which the Owner would otherwise have been entitled to recover.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.2</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner may serve more than one demand under Clause <font style="color: black">2.1</font> (<i>Guarantee and indemnity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2.3</td>
        <td style="text-align: justify">Guarantee of whole amount</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall be construed and take effect as a guarantee of all amounts due to the Owner under the Leasing Documents to which each other Relevant
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">3</td>
        <td>LIABILITY AS PRINCIPAL AND INDEPENDENT DEBTOR</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3.1</td>
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      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall be liable under this Guarantee as a principal and independent debtor and accordingly it shall not have, as regards this Guarantee, any of
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3.2</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Without limiting the generality of Clause <font style="color: black">3.1</font> (<i>Principal and independent debtor</i>), the Guarantor shall neither be
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any amendment or supplement being made to the Bareboat Charter or any other Leasing Document;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any arrangement or concession (including a rescheduling or acceptance of partial payments) relating to, or affecting, the Bareboat Charter or any other Leasing Document;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">any release or loss (even though negligent) of any right or Security Interest created by any Leasing Document;</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="text-align: justify">any failure (even though negligent) promptly or properly to exercise or enforce any such right or Security Interest, including a failure to realise for its full market value an asset covered by such a Security
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming void, unenforceable, illegal or invalid or otherwise defective for any reason, including a neglect to register it.</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
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        <td style="width: 0.5in; text-align: left">4</td>
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      </tr>

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  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Costs of preservation of rights, enforcement etc</td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand the amount of all documented expenses (including, without limitation, legal fees) incurred by the Owner in
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">3</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
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        <td style="text-align: justify">Fees and expenses payable under Leasing Documents</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause <font style="color: black">4.1</font> (<i>Costs of preservation of rights, enforcement etc</i>) is without prejudice to the Guarantor&#8217;s liabilities
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">5</td>
        <td>ADJUSTMENT OF TRANSACTIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">5.1</td>
        <td style="text-align: justify">Reinstatement of obligation to pay</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall pay to the Owner on its demand any amount which the Owner is required, or agrees, to pay pursuant to any claim by, or settlement with, a
    trustee in bankruptcy of any other Relevant Person on the ground that any Leasing Document to which that Relevant Person is a party, or a payment by that Relevant Person, was invalid or unenforceable or on any similar ground.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">6</td>
        <td>PAYMENTS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.1</td>
        <td style="text-align: justify">Method of payments</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall be paid:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">in immediately available funds;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to such account as the Owner may from time to time notify to the Guarantor;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">without any form of set-off, cross-claim or condition; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">free and clear of any tax deduction or withholding for or on account of any tax payable under any law of relevant jurisdictions except a tax deduction which the Guarantor is required by law to make.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.2</td>
        <td style="text-align: justify">Grossing-up for taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Guarantor is required by law to make a tax deduction, the amount due to the Owner shall be increased by the amount necessary to ensure that the Owner
    receives and retains a net amount which, after the tax deduction, is equal to the full amount that it would otherwise have received.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">6.3</td>
        <td style="text-align: justify">Indemnity and evidence of payment of taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall fully indemnify the Owner on the Owner&#8217;s demand in respect of all claims, expenses, liabilities and losses incurred by the Owner by
    reason of any failure of the Guarantor to make any tax deduction or by reason of any increased payment not being made on the due date for such payment in accordance with Clause <font style="color: black">6.2</font> (<i>Grossing-up taxes</i>). Within
    30 days after making a tax deduction, that Guarantor shall deliver to the Owner any receipts, certificates or other documentary evidence satisfactory to the Owner that the tax had been paid to the appropriate taxation authority.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">4</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">7</td>
        <td>INTEREST</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.1</td>
        <td style="text-align: justify">Accrual of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any amount due under this Guarantee shall carry interest after the date on which the Owner demands payment of it until it is actually paid, unless interest
    on that same amount also accrues under the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">7.2</td>
        <td style="text-align: justify">Calculation of interest</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Interest under this Guarantee shall be calculated and accrue (as well after as before judgment) at the rate described in clauses 38.6 and 38.7 of the
    Bareboat Charter and otherwise in accordance with the terms thereof.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">8</td>
        <td>SUBORDINATION</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">8.1</td>
        <td style="text-align: justify">Subordination of rights of Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All rights which the Guarantor at any time has (whether in respect of this Guarantee or any other transaction) against each other Relevant Person or its
    assets shall be fully subordinated to the rights of the Owner under the Leasing Documents (or any of them), and in particular, the Guarantor shall not:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">claim, or in a bankruptcy of that Relevant Person prove for, any amount payable to the Guarantor by that Relevant Person, whether in respect of this Guarantee or any other transaction;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">take or enforce any Security Interest for any such amount;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">claim to set-off any such amount against any amount payable by the Guarantor to that Relevant Person; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">claim any subrogation or other right in respect of any Leasing Document or any sum received or recovered by the Owner under such Leasing Document.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">9</td>
        <td>ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.1</td>
        <td style="text-align: justify">No requirement to commence proceedings against other Relevant Person</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner will not need to commence any proceedings under, or enforce any Security Interest created by, the Bareboat Charter or any other Leasing Document
    before claiming or commencing proceedings under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">9.2</td>
        <td style="text-align: justify">Conclusive evidence of certain matters</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">However, as against the Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any final and unappealable judgment or order of a court in England or any Relevant Jurisdiction or award of an arbitration tribunal in London in connection with the Bareboat Charter or any other Leasing Document; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">any statement or admission of any other Relevant Person in connection with the Bareboat Charter or any other Leasing Document,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">5</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">shall be binding and conclusive as to all matters of fact and law to which it relates.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">10</td>
        <td>REPRESENTATIONS AND WARRANTIES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor represents and warrants to the Owner as of the date of this Guarantee, each Instalment Payment Date, the Commencement Date, and on each Payment
    Date as follows.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.2</td>
        <td style="text-align: justify">Status</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor is duly incorporated and validly existing and in good standing under the laws of the Marshall Islands.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor is not a FATCA foreign financial institution (&#8220;<b>FFI</b>&#8221;) or a US Tax Obligor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.3</td>
        <td style="text-align: justify">Corporate power</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has the corporate capacity, and has taken all corporate action and obtained all consents necessary for it:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to execute this Guarantee or any other Leasing Document to which it is a party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to make all the payments contemplated by, and to comply with, this Guarantee or any other Leasing Document to which it is a party.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.4</td>
        <td style="text-align: justify">Consents in force</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All the capacities, actions and consents referred to in Clause <font style="color: black">10.3</font> (<i>Corporate power</i>) remain in full force and
    nothing has occurred which makes any of them liable to revocation.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.5</td>
        <td style="text-align: justify">No conflicts</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The execution by the Guarantor of the Leasing Documents to which it is a party and its compliance with this Guarantee will not involve or lead to a
    contravention of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">any law or regulation applicable to it; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the constitutional documents of the Guarantor; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">any contractual or other obligation or restriction which is binding on the Guarantor or any of its assets.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.6</td>
        <td style="text-align: justify">Legal, valid and binding obligations</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and the Leasing Document to which it is a party do now or will upon execution and delivery constitute the Guarantor&#8217;s legal, valid and binding
    obligations enforceable against it in accordance with its terms and any relevant insolvency laws affecting creditors&#8217; rights generally.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">6</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.7</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The choice of governing law as stated in this Guarantee and the agreement by the Guarantor to refer disputes to the relevant courts or tribunals as stated
    herein are valid and binding against the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.8</td>
        <td style="text-align: justify">Immunity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Neither the Guarantor nor any of its assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which
    shall include, without limitation, suit, attachment prior to judgment, execution or other enforcement).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.9</td>
        <td style="text-align: justify"><i>Pari passu</i> ranking</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The obligations of the Guarantor under this Guarantee, are the direct, general and unconditional obligations of the Guarantor and rank at least <i>pari
      passu</i> with all other present and future unsecured and unsubordinated creditors of the Guarantor save for any obligation which is mandatorily preferred by law and not by virtue of any contract.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.10</td>
        <td style="text-align: justify">Legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken which would have required notification to the Owner under Clause <font style="color: black">11.8</font> (<i>Notification of legal or administrative action</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.11</td>
        <td style="text-align: justify">No insolvency</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not insolvent or in liquidation or administration or subject to any other formal or informal insolvency procedure, and no receiver,
    administrative receiver, administrator, liquidator, trustee or analogous officer has been appointed in respect of the Guarantor or all or material part of their assets.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.12</td>
        <td style="text-align: justify">Tax obligor and place of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor is not a US Tax Obligor, and has not established a place of business in the United Kingdom or the United States of America.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.13</td>
        <td style="text-align: justify">No withholding taxes</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All payments which the Guarantor is liable to make under the Leasing Documents to which it is a party may be made without deduction or withholding for or on
    account of any tax payable under any law of relevant jurisdictions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.14</td>
        <td style="text-align: justify">Taxes paid</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor has paid all taxes applicable to, or imposed on or in relation to it, its business or except for those being contested in good faith with
    adequate reserves.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.15</td>
        <td style="text-align: justify">No default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Termination Event has occurred nor is continuing or might reasonably be expected to result from the entry into and performance of this Guarantee or any
    other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">7</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.16</td>
        <td style="text-align: justify">Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any factual information provided by the Guarantor (or on its behalf) to the Owner was true and accurate in all material respects as at the date it was
    provided or as the date at which such information was stated; all accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) satisfied the requirements of Clause <font style="color: black">11.4</font> (<i>Form of financial statements</i>); and there has been no Material Adverse Effect on the Guarantor from its position disclosed in the latest of those accounts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.17</td>
        <td style="text-align: justify">No litigation</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No legal or administrative action involving the Guarantor has been commenced or taken or, to the Guarantor&#8217;s knowledge, is likely to be commenced or taken
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.18</td>
        <td style="text-align: justify">Sanctions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">No Relevant Person, nor any of their respective directors, officers, or employees, is a Prohibited Person.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">Each Relevant Person, and their respective directors, officers, and employees is in compliance with all Sanctions laws, and none of them have been or are currently being investigated on compliance with Sanctions,
          they have not received notice or are aware of any claim, action, suit or proceeding against any of them with respect to Sanctions and they have not taken any action to evade the application of Sanctions.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">No Relevant Person is in breach of any Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws and, to the extent required by applicable law, has instituted and maintained systems,
          controls, policies and procedures designed to:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">prevent and detect incidences of bribery and corruption, money laundering and terrorism financing; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">promote and achieve compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws including, but not limited to, ensuring thorough and accurate books and records, and
          utilization of best efforts to ensure that Affiliates acting on behalf of a Relevant Person shall act in compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.19</td>
        <td style="text-align: justify">Environmental Laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All Environmental Laws relating to the ownership, operation and management of the Vessel and the business of each Relevant Person (as now conducted and as
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.20</td>
        <td style="text-align: justify">Environmental Claim</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Claim has been made against any Relevant Person or otherwise in connection with the Vessel which is either (i) in excess of US$1,900,000 or
    (ii) has or is reasonably likely to have a Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">8</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.21</td>
        <td style="text-align: justify">Environmental Incident</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">No Environmental Incident has occurred and no person has claimed that an Environmental Incident has occurred which has or is reasonably likely to have a
    Material Adverse Effect.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">10.22</td>
        <td style="text-align: justify">Status of the Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Save for as permitted under the Bareboat Charter, the shares of the Guarantor are traded on the New York Stock Exchange or NASDAQ or Over the Counter (OTC); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the Guarantor is an entity reporting with the U.S. Securities and Exchange Commission.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0"></td>
        <td style="width: 0.5in; text-align: left">11</td>
        <td>UNDERTAKINGS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.1</td>
        <td style="text-align: justify">General</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor undertakes with the Owner to comply with the following provisions of this Clause <font style="color: black">11</font> (<i>Undertakings</i>) at
    all times during the Security Period, except as the Owner may otherwise permit (and to the extent that the Guarantor is required to procure or ensure compliance with any undertaking under this Clause 11 (<i>Undertakings</i>) by any Other Charterer
    which is not directly owned by the Guarantor, the Guarantor is only required to use its best endeavours to procure or ensure such compliance).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.2</td>
        <td style="text-align: justify">Information provided to be accurate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All financial and other information which is provided by or on behalf of the Guarantor under or in connection with the Leasing Documents will be true and not
    misleading and will not omit any material fact or consideration.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.3</td>
        <td style="text-align: justify">Provision of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send to the Owner:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than one hundred and fifty (150) days after the end of each financial year of the Guarantor, the audited consolidated annual financial statement accounts of the Guarantor
          for that financial year; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">as soon as possible, but in no event later than ninety (90) days after the end of each half-year, the semi-annual consolidated unaudited accounts of the Guarantor for that half-year certified as to their correctness
          by at least one officer of the Guarantor.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.4</td>
        <td style="text-align: justify">Form of financial statements</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">All accounts (audited and unaudited) delivered under Clause <font style="color: black">11.3</font> (<i>Provision of financial statements</i>) will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">be prepared in accordance with all applicable laws and generally accepted accounting principles in the United States consistently applied;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">give a true and fair view of (in respect of the audited accounts) or fairly representing (in the case of the management accounts) the state of affairs of the Group at the date of those accounts and of their profit
          for the period to which those accounts relate;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">9</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">fully disclose or provide for all significant liabilities of the Group; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If not in the English language, be accompanied by an English translation duly certified as to its correctness.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.5</td>
        <td style="text-align: justify">Shareholder and creditor notices</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will send the Owner, upon its request, copies of all communications which are despatched to the Guarantor&#8217;s shareholders or creditors or any
    class of them.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.6</td>
        <td style="text-align: justify">Consents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will obtain and promptly renew and will procure that each other Relevant Person obtains and promptly renews or procure the obtainment or
    renewal of and provide copies of, from time to time, any necessary consents, approvals, authorisations, licenses or permits of any regulatory body or authority for the transactions contemplated under each Leasing Document to which it is a party.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.7</td>
        <td style="text-align: justify">Valid obligations</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will at its own cost, and will procure that each other Relevant Person will:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">do all that such Relevant Person reasonably can to ensure that any Leasing Document to which such Relevant Person is a party validly creates the obligations and the Security Interests which such Relevant Person
          purports to create; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the generality of paragraph (a), promptly register, file, record or enrol any Leasing Document to which such Relevant Person is a party with any court or authority in all Relevant Jurisdictions, pay
          any stamp duty, registration or similar tax in all Relevant Jurisdictions in respect of any Leasing Document to which such Relevant Person is a party, give any notice or take any other step which, is or has become necessary or desirable for any
          such Leasing Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which such Relevant Person creates.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.8</td>
        <td style="text-align: justify">Notification of legal or administrative action</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will provide or will procure that each other Relevant Person provides the Owner with details of any legal or administrative action involving
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.9</td>
        <td style="text-align: justify">Notification of damage or default</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any damage and/or alteration caused to the Vessel by any reason whatsoever which results, or may be
          expected to result, in repairs on the Vessel which exceed US$1,900,000; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">will, and will procure that each other Relevant Person will, notify the Owner immediately of the occurrence of any Termination Event,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">10</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and will keep the Owner fully up-to-date with all developments and the Guarantor will, if so requested by the Owner, provide any such certificate signed by
    its authorised signatory, confirming that there exists no Termination Event.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.10</td>
        <td style="text-align: justify">Additional information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will, and will procure that each other Relevant Person will, as soon as practicable after receiving the request, provide the Owner with any
    additional financial or other information relating:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">to themselves and/or the Vessel (including, but not limited to the condition, location and employment status of the Vessel); or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">to any other matter relevant to, or to any provision of any Leasing Document to which it is a party,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">which may be reasonably requested by the Owner (or their financiers (if any)) at any time, provided that, in the case of information on the employment status
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.11</td>
        <td style="text-align: justify">Compliance with operational laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall procure compliance, and will procure that each other Relevant Person will comply or procure compliance, with all laws or regulations
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.12</td>
        <td style="text-align: justify">Compliance with other laws</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall comply, and shall procure that each other Relevant Person will, comply with all applicable laws and regulations in respect of Sanctions, and in particular, the Charterers shall effect and maintain
          a sanctions compliance policy to ensure compliance with all such laws and regulations implemented from time to time.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">shall, and shall procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and
          regulations relating to Sanctions, (including but not limited to notifying the Owner in writing immediately upon being aware that any Relevant Person or their respective shareholders, directors, officers or employees is a Prohibited Person or has
          otherwise become a target of Sanctions) as well as provide all information in relation to its business and operations which may be relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">shall, and will procure that each other Relevant Person will, promptly notify the Owner of any non-compliance by any Relevant Person or their respective officers, directors, or employees with all laws and regulations
          relating to Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws as well as provide all information (once available) in relation to its business and operations which may be </td>
      </tr>

  </table>
  <p style="margin: 0">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">11</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="margin: 0">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in">&#160;</td>
        <td style="width: 0.5in">&#160;</td>
        <td style="text-align: justify">relevant for the purposes of ascertaining whether any of the aforesaid parties are in compliance with such laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">The Guarantor shall procure that the Vessel shall not be employed, operated or managed in any manner which (i) is contrary to any Sanctions and in particular, the Vessel is not used by or to benefit any party which
          is a target of Sanctions or trade to any area or country where trading the Vessel to such area or country would constitute a breach of any Sanctions or published boycotts imposed by any of the United Nations, the European Union, the United States
          of America, the United Kingdom or the People&#8217;s Republic of China (provided that operation or use of the Vessel by the Initial Sub-charterer pursuant to the Initial Sub-charter shall not in any case be deemed to be in breach or contrary to any
          published boycotts or sanctions imposed by the People&#8217;s Republic of China) or (ii) would trigger the operation of any sanctions limitation or exclusion clause in any insurance documentation.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The Guarantor shall, and shall procure that each other Relevant Person and their respective officers, directors and employees, will:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">conduct its business in compliance with all Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">maintain systems, controls, policies and procedures designed to promote and achieve ongoing compliance with Anti-Money Laundering Laws, Anti-Terrorism Financing Laws and/or Business Ethics Laws; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">in respect of the Charterers, not use, or permit or authorize any person to directly or indirectly use, the Financing Amount for any purpose that would breach any Anti-Money Laundering Laws, Anti-Terrorism Financing
          Laws and/or Business Ethics Laws;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">not lend, invest, contribute or otherwise make available the Financing Amount to or for any other person in a manner which would result in a violation of Anti-Money Laundering Laws, Anti-Terrorism Financing Laws
          and/or Business Ethics Laws.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.13</td>
        <td style="text-align: justify">No Security Interests</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that each other Relevant Person (in the case of any Other Charterer which is not directly owned by the Guarantor,
    on a best endeavour basis) will not create, assume or permit to exist any Security Interest (other than any Permitted Security Interest) of any kind upon any Leasing Document to which such Relevant Person is a party, and if applicable, the Vessel.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.14</td>
        <td style="text-align: justify">Financial covenants</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">The Guarantor shall ensure that, at any time during the Security Period but following the date on which the Initial Sub-charter (or any Approved Subsequent Sub-Charter materially on the same terms as the Initial
          Sub-charter) is cancelled, repudiated, rescinded or terminated, the Guarantor&#8217;s Leverage Ratio shall not be more than eighty per cent (80%).</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The Guarantor shall ensure that all time during the Security Period as from the Commencement Date the Liquid Funds divided by the number of the Fleet Vessels shall not be less than US$440,000.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">In this Guarantee:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">12</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Leverage Ratio</b>&#8221; means, at any date, the ratio (expressed as a percentage) of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Total Net Debt; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">the aggregate Market Value of all Fleet Vessels adjusted, in each case, to reflect the percentage of ownership by the Guarantor of each such Fleet Vessel.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Liquid Funds</b>&#8221; means, at any time, cash at bank and credited to an account in the name of any member of the Group and to which the
    Guarantor is solely (or together with other members of the Group) beneficially entitled and for so long as such cash has not been blocked due to the existence and/or enforcement of any Security Interest held by any bank or any other third party or
    otherwise unless such cash is held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Market Value</b>&#8221; means, in relation to any Fleet Vessel,</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">prior to the occurrence of a Termination Event which is continuing, a valuation prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iii)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(iv)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">and such valuation shall be prepared by an Approved Valuer nominated by the Charterer.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">upon the occurrence of a Termination Event which is continuing,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">subject to sub-paragraph (ii) below, the arithmetic mean of the valuations shown by two (2) valuation reports prepared:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(A)</td>
        <td style="text-align: justify">in Dollars;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(B)</td>
        <td style="text-align: justify">on a date no earlier than fifteen (15) days prior to the relevant date of valuation;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(C)</td>
        <td style="text-align: justify">with or without physical inspection of that Vessel;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1.5in"></td>
        <td style="width: 0.5in">(D)</td>
        <td style="text-align: justify">on the basis of a sale for prompt delivery for cash on normal arm&#8217;s length commercial terms as between a willing seller and a willing buyer, free of any existing charter or other contract of employment,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">and such valuation shall be prepared by Approved Valuers nominated by the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">13</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 1in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if there is a discrepancy of five per cent. (5%) or more between the market valuations shown on the two valuation reports obtained pursuant to the above paragraph (using the lower valuation figure as the
          denominator), the arithmetic mean of the valuations shown by three (3) valuation reports each prepared on the same terms and conditions as set out under paragraph (b) above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>Total Net Debt</b>&#8221; means, at any date, the aggregate Financial Indebtedness of the Group as per US GAAP as at such date, adjusted to
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    all cash balances standing on such date to the credit of a bank account of any member of the Group, adjusted to include a percentage of the cash balances of any entity holding any Fleet Vessel (other than the 100% Owned Vessels) which is equal to the
    percentage of the Guarantor&#8217;s and/or such member&#8217;s ownership in that entity, but excluding any cash held by any bank or any other third party or otherwise which is subject to the existence and/or enforcement of any Security Interest unless such cash is
    held in such account charged, as the case may be, by way of a floating charge for the purposes of meeting minimum liquidity requirements in the context of any financing arrangement of any member of the Group.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#8220;<b>US GAAP</b>&#8221; means the generally accepted accounting principles in the United States.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.15</td>
        <td style="text-align: justify">Compliance Certificate</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall supply to the Owner, together with each set of financial statements delivered pursuant to Clause 11.3 (<i>Provision of financial
      statements</i>), a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>); and each Compliance Certificate shall be signed by the
    Co-Chief Financial Officer of the Guarantor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.16</td>
        <td style="text-align: justify">Negative Pledge</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">procure that the Charterers will not create or permit to arise any Security Interest over any of its assets present or future except for the Permitted Security Interests; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">procure that its liabilities under this Guarantee will rank at least pari passu with all its other present and future unsecured liabilities, except for liabilities which are mandatorily preferred by law.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.17</td>
        <td style="text-align: justify">No disposal of assets, change of business</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor will not, and shall (at all times) procure that no other Relevant Person shall:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">transfer, lease or otherwise dispose of all or a substantial part of their respective assets (or any of their assets, in the case of the Charterer), whether by one transaction or a number of transactions, whether
          related or not except in the usual course of their respective trading operations, other than the Charterers Disposal made in accordance with the Bareboat Charter; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">14</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">make any substantial change (or any change, in the case of the Charterer) to the nature of their respective business or corporate structure from that existing as at the date of this Guarantee.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.18</td>
        <td style="text-align: justify">No merger etc</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Charterers Disposal made in accordance with the Bareboat Charter, the Guarantor shall not enter into any form of merger, sub-division,
    amalgamation, demerger, reorganization, corporate reconstruction or change of ownership, or change of voting control unless the Guarantor remains as the surviving entity after such merger, sub-division, amalgamation, demerger, reorganization, corporate
    reconstruction or change of ownership, or change of voting control and Clause <font style="color: black">11.14</font> (<i>Financial Covenants</i>) has been complied with.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.19</td>
        <td style="text-align: justify">FATCA</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not, and shall procure that no Relevant Person will become a FATCA FFI or US Tax Obligor.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">11.20</td>
        <td style="text-align: justify">No payment of dividend</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor shall not declare, make or pay any dividend or other distribution (or interest on any unpaid dividend or other distribution) on or in respect
    of its issued shares (whether in cash or in kind) upon the occurrence of a Termination Event which is continuing in clause 50 (<i>Termination Events</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">12</td>
        <td>JUDGMENTS AND CURRENCY INDEMNITY</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.1</td>
        <td style="text-align: justify">Judgments relating to Bareboat Charter and other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall cover any amount payable by any other Relevant Person under or in connection with any judgment or award relating to the Bareboat Charter
    and any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">12.2</td>
        <td style="text-align: justify">Currency indemnity</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any sum due from the Guarantor to the Owner under this Guarantee or under any order, judgment or award relating to this Guarantee has to be converted from
    the currency in which this Guarantee provided for the sum to be paid (the &#8220;<b>Contractual Currency</b>&#8221;) into another currency (the &#8220;<b>Payment Currency</b>&#8221;) for the purpose of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">making or lodging any claim or proof against the Guarantor, whether in its liquidation, any arrangement involving it or otherwise; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">obtaining an order, judgment or award from any court or other tribunal; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">enforcing any such order, judgment or award;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">the Guarantor shall indemnify the Owner against the loss arising when the amount of the payment actually received by the Owner is converted at the available
    rate of exchange into the Contractual Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In this Clause <font style="color: black">12.2</font> (<i>Currency indemnity</i>), the &#8220;<b>available rate of exchange</b>&#8221; means the rate at which the
    Owners are able at the opening of business (Beijing time) on the Business Day after</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">15</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">it receives the sum concerned to purchase the Contractual Currency with the Payment Currency.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">13</td>
        <td>SUPPLEMENTAL</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.1</td>
        <td style="text-align: justify">Continuing guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall remain in force as a continuing security interest at all times during the Security Period.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.2</td>
        <td style="text-align: justify">Rights cumulative, non-exclusive</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Owner&#8217;s rights under and in connection with this Guarantee are cumulative, may be exercised as often as appears expedient and shall not be taken to
    exclude or limit any right or remedy conferred by law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.3</td>
        <td style="text-align: justify">No impairment of rights under Guarantee</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Owner omits to exercise, delays in exercising or invalidly exercises any of its rights under this Guarantee, that shall not impair that or any other
    right of the Owner under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.4</td>
        <td style="text-align: justify">Severability of provisions</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If any provision of this Guarantee is or subsequently becomes void, illegal, unenforceable or otherwise invalid, that shall not affect the validity, legality
    or enforceability of its other provisions.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.5</td>
        <td style="text-align: justify">Guarantee not affected by other Security Interests</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee shall not impair, nor be impaired by, any other guarantee or any right of set-off or netting or to combine accounts which the Owner may now or
    later hold in connection with the Bareboat Charter or any other Leasing Document.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.6</td>
        <td style="text-align: justify">Guarantor bound by Bareboat Charter and other Leasing Documents</td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Guarantor agrees with the Owner to be bound by all provisions of the Bareboat Charter and any other Leasing Document in the same way as if those
    provisions had been set out (with any necessary modifications) in this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.7</td>
        <td style="text-align: justify">Applicability of provisions of Guarantee to other rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity
      of Bareboat Charter</i>) shall also apply to any right of set-off or netting or to combine accounts which the Guarantor creates by an agreement entered into at the time of this Guarantee or at any later time (notwithstanding that the agreement does
    not include provisions similar to Clauses <font style="color: black">3</font> (<i>Liability as principal and independent debtor</i>) and <font style="color: black">16</font> (<i>Invalidity of Bareboat Charter</i>)), being an agreement referring to
    this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.8</td>
        <td style="text-align: justify">Third party rights</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Other than the Other Owners, a person who is not a party to this Guarantee has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or
    to enjoy the benefit of any term of this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">16</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.9</td>
        <td style="text-align: justify">Counterpart</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of
    this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">13.10</td>
        <td style="text-align: justify">FATCA Information</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Subject to paragraph (c) below, each Party shall, on the date of the Bareboat Charter, and thereafter within ten (10) Business Days of a reasonable request by the other Party:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">confirm to that other party whether it is a FATCA Exempt Party or is not a FATCA Exempt Party; and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">supply to the requesting party (with a copy to all other relevant parties) such other form or forms (including IRS Form W-8 or Form W-9 or any successor or substitute form, as applicable) and any other documentation
          and other information relating to its status under FATCA (including its applicable &#8220;pass thru percentage&#8221; or other information required under FATCA or other official guidance including intergovernmental agreements) as the requesting party
          reasonably requests for the purpose of the requesting party&#8217;s compliance with FATCA.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">If a Party confirms to any other Party that it is a FATCA Exempt Party or provides an IRS Form W-8 or W-9 showing that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be
          a FATCA Exempt Party, or that the said form provided has ceased to be correct or valid, that party shall so notify all other relevant parties or provide the relevant revised form, as applicable, reasonably promptly.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Nothing in this Clause shall oblige a Party to do anything which would or, in its reasonable opinion, might constitute a breach of any law or regulation, any policy of that party, any fiduciary duty or any duty of
          confidentiality, or to disclose any confidential information (including, without limitation, its tax returns and calculations); provided, however, that nothing in this paragraph shall excuse a Party from providing a true, complete and correct IRS
          Form W-8 or W-9 (or any successor or substitute form where applicable). Any information provided on such IRS Form W-8 or W-9 (or any successor or substitute forms) shall not be treated as confidential information of such party for purposes of
          this paragraph.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">If a Party fails to confirm its status or to supply forms, documentation or other information requested in accordance with the provisions of this Charter or the provided information is insufficient under FATCA, then:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(i)</td>
        <td style="text-align: justify">if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of this Charter and the Leasing Documents as if it is a FATCA Non-Exempt Party;
          and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0.5in"></td>
        <td style="width: 0.5in">(ii)</td>
        <td style="text-align: justify">if that party failed to confirm its applicable passthru percentage then such party shall be treated for the purposes of this Charter and the Leasing Documents (and payments made thereunder) as if its applicable
          passthru percentage is 100%,</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">until (in each case) such time as the party in question provides sufficient confirmation, forms, documentation or other information to establish the relevant
    facts.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">17</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">14</td>
        <td>ASSIGNMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">14.1</td>
        <td style="text-align: justify">Assignment by Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Clause 65 (<i>Assignment and Transfer</i>) of the Bareboat Charter shall apply to this Guarantee as if they were expressly incorporated herein with any
    necessary modifications including the references to &#8220;the Charterers&#8221; therein shall be references to &#8220;the Guarantor&#8221; when applied herein and references to &#8220;the Leasing Document&#8221; and &#8220;this Charter&#8221; therein shall be references to &#8220;this Guarantee&#8221; when
    applied herein.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in"><b>14.2</b></td>
        <td style="text-align: justify"><b>Assignment by Guarantor</b></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">The Guarantor may not assign any of its rights or transfer any of its rights or obligations under this Guarantee.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">15</td>
        <td>NOTICES</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.1</td>
        <td style="text-align: justify">Notices to Guarantor</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice or demand to the Guarantor under or in connection with this Guarantee shall be given by letter or email at:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify"><b>TOP SHIPS INC.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">20, Iouliou Kaisara Str., 19002 Paiania, Athens-Greece</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Attention: Alexandros Tsirikos</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 35.3pt; text-align: justify">Email: atsirikos@topships.org</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Tel: +30 210 81 28 180</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">or to such other address or email address which the Guarantor may notify to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.2</td>
        <td style="text-align: justify">Validity of demands</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">A demand under this Guarantee shall be valid notwithstanding that it is served:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">on the date on which the amount to which it relates is payable by the Relevant Person under the Leasing Document to which it is a party;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">at the same time as the service of a notice under clause 45 (<i>Notice</i>) of the Bareboat Charter;</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">and a demand under this Guarantee shall (i) be in writing; (ii) be signed by a duly authorised officer of the Owner and delivered to the Guarantor pursuant
    to the provisions under this Guarantee; (iii) make reference to this Guarantee; (iv) specifically identify the Charterer or any other Relevant Person and the guaranteed obligations to be paid and/or performed (as the case may be); and (v) set forth
    payment instructions in respect of any amount or amounts payable to the Owner.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">15.3</td>
        <td style="text-align: justify">Notices to Owner</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Any notice to the Owner under or in connection with this Guarantee shall be sent to the same address and in the same manner as notices to the Owner under
    clause 45 (<i>Notice</i>) of the Bareboat Charter.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">18</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">16</td>
        <td>INVALIDITY OF BAREBOAT CHARTER</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">16.1</td>
        <td style="text-align: justify">Invalidity of Bareboat Charter or other Leasing Documents</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event of:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Bareboat Charter or any other Leasing Document now being or later becoming, with immediate or retrospective effect, void, illegal, unenforceable or otherwise invalid for any other reason whatsoever, whether of a
          similar kind or not; or</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">without limiting the scope of paragraph (a), a bankruptcy of the Relevant Person party thereto, the introduction of any law or any other matter resulting in that Relevant Person being discharged from liability under
          the Bareboat Charter or other Leasing Document, or the Bareboat Charter or other Leasing Document ceasing to operate (for example, by interest ceasing to accrue);</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">this Guarantee shall cover any amount which would have been or become payable under or in connection with the Bareboat Charter or other Leasing Document if
    the Bareboat Charter or other Leasing Document had been and remained entirely valid, legal and enforceable, or that Party had not suffered bankruptcy, or any combination of such events or circumstances, as the case may be, and the Charterer had
    remained fully liable under it for liabilities whether invalidly incurred or validly incurred but subsequently retrospectively invalidated; and references in this Guarantee to amounts payable by that Party under or in connection with the Bareboat
    Charter or other Leasing Document shall include references to any amount which would have so been or become payable as aforesaid.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">17</td>
        <td>INCORPORATION OF BAREBOAT CHARTER PROVISIONS</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.1</td>
        <td style="text-align: justify"><font style="font-weight: normal">The following provisions of the Bareboat Charter apply to this Guarantee as if they were expressly incorporated therein with any necessary modifications:</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 44 (<i>No waiver of rights</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 56 (<i>no set-off or tax deduction</i>);</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 58 (<i>confidentiality</i>); and</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">clause 60 (<i>partial invalidity</i>).</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">17.2</td>
        <td style="text-align: justify"><font style="font-weight: normal">Clause 17 (<i>Incorporation of Bareboat Charter provisions</i>) is without prejudice to the application to this Guarantee of any provision of the Bareboat Charter which, by its
            terms, applies or relates to this Guarantee.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">

      <tr style="vertical-align: top; text-align: justify">
        <td style="width: 0in"></td>
        <td style="width: 0.5in; text-align: left">18</td>
        <td>GOVERNING LAW AND ENFORCEMENT</td>
      </tr>

  </table>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: justify; text-indent: 0in">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.1</td>
        <td style="text-align: justify">Governing law</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This Guarantee and any non-contractual obligations arising out of or in connection with it are governed by English law.</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">19</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">18.2</td>
        <td style="text-align: justify">Arbitration</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">Any dispute arising out of or in connection with this Guarantee (including a dispute regarding the existence, validity or termination of this Guarantee or any non-contractual obligation arising out of or in
          connection with this Guarantee) (a &#8220;<b>Dispute</b>&#8221;) shall be referred to and finally resolved by arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re-enactment thereof save to the extent necessary
          to give effect to the provisions of this Clause 18 (<i>Governing law and enforcement</i>). The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (&#8220;<b>LMAA</b>&#8221;) Terms current at the time when the
          arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(b)</td>
        <td style="text-align: justify">The reference shall be to three arbitrators, one to be appointed by each Party and the third, by the two so appointed. A party wishing to refer a Dispute to arbitration shall appoint its arbitrator (who shall be
          either a full member of the LMAA, or a practising barrister of King&#8217;s Counsel who is also a member of the Commercial Bar Association, or a retired High Court Judge practising as an arbitrator, in each case who carries on business in London) and
          shall send notice of such appointment in writing to the other party requiring the other party to appoint its own arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other
          party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the party referring a
          Dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as sole arbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both
          parties as if he or she had been appointed by agreement. Nothing herein shall prevent the parties agreeing in writing to vary these provisions to provide for the appointment of a sole arbitrator. If the two arbitrators so appointed are unable to
          agree on the appointment of the third arbitrator within seven (7) days after the appointment of the second arbitrator, they or either of them may by written notice request the President of the LMAA to appoint the third arbitrator within fourteen
          (14) days of such request.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(c)</td>
        <td style="text-align: justify">Where the reference is to three arbitrators the procedure for making appointments shall be in accordance with the procedure for full arbitration stated above.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(d)</td>
        <td style="text-align: justify">The language of the arbitration shall be English.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(e)</td>
        <td style="text-align: justify">In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 (or such other sum as the Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
          current at the time when the arbitration proceedings are commenced.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>IN WITNESS WHEREOF this GUARANTEE has been executed as a DEED and delivered on the date stated at the beginning of this GUARANTEE.</b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">20</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: right">ABCFL CM &#8211; Guarantee (Top Ships)<br>
    Hull no. 25110058<br>
    SINGAPORE/92311939v1</p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">Schedule 1<br>
    <br>
    Form of Compliance Certificate</p>
  <p style="font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">To:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TIANJIN JINHAI SANSHIER LEASING CO., LTD. </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>(<font style="font-family: Arial, Helvetica, Sans-Serif">&#22825;&#27941;&#27941;&#28023;&#19977;&#21313;&#20108;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496;</font>) </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">From:</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>TOP SHIPS INC. </b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Date: _______________</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><b>Guarantee dated </b>_______________ <b>(the </b>&#8220;<b>Guarantee</b>&#8221;<b>) in respect of a bareboat charter for the 47,499DWT Chemical/Product Oil Tanker having
      builder&#8217;s hull no. <font style="color: windowtext">25110058</font></b></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">Dear Sirs</p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">1</td>
        <td style="text-align: justify">We refer to the Guarantee. This is a Compliance Certificate. Terms defined in the Guarantee have the same meaning when used in this Compliance Certificate unless given a difference meaning in this Compliance
          Certificate.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">2</td>
        <td style="text-align: justify">We confirm that, as at the date hereof, no Termination Event has occurred and is continuing which has not been waived or remedied at the date hereof or if that is not the case, specifying the same and the steps, if
          any, being taken to remedy the same.</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">3</td>
        <td style="text-align: justify">We confirm compliance with the financial covenants set out in Clause 11.14 (<i>Financial covenants</i>) for the [6-month period][financial year] ending on [&#9679;].</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">4</td>
        <td style="text-align: justify">We now certify that, on the basis of the calculations appended to this Certificate, as at [&#9679;]:</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
        <td style="width: 0"></td>
        <td style="width: 0.5in">(a)</td>
        <td style="text-align: justify">the Leverage Ratio is <font style="color: windowtext">[&#9679;] per cent. ([&#9679;]%), which does not exceed </font>80 per cent (80%); and</td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table width="100%" cellspacing="0" cellpadding="0" style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top">
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    Hull no. 25110058<br>
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<TYPE>EX-4.57
<SEQUENCE>38
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        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Dated: <b>11 February 2026</b></font></td>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>ROMAN SHARK VI INC., a corporation incorporated under the laws of the Republic of Marshall Islands whose </b></font></div>
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          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>&#27700;&#29942;&#24231;&#26578;&#25342;&#26578;&#21495;&#65288;&#22825;&#27941;&#65289;&#33322;&#36816;&#31199;&#36161;&#26377;&#38480;&#20844;&#21496; AQUARIUS 77 SHIPPING CO., LTD., a corporation incorporated </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>under the laws of the People&#8217;s Republic of China whose registered address is at Room 202, No. 6262, </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Australia Road, Dongjiang Free Trade Pilot Zone, Tianjin (DJBS Free Trade Zone Branch No. 13110) </b><font style="color: #3C96D2"><strike>(Name of </strike></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #3C96D2"><strike>buyers)</strike></font>, hereinafter called the &#8220;Buyers&#8221;, have agreed to buy:</font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">4</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Name of vessel: <b>TBC</b></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">5</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>Hull </u></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>IMO </strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Number: <b>25110059</b></font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">6</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Classification Society: <b>As per Shipbuilding Contract</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">7</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Class Notation: <b>As per Class Certificate</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">8</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Year of Build: <b>20____</b> Builder/Yard: <b>Guangzhou Shipyard International Company Limited</b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">9</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">Flag: <b>Marshall Islands or any other flag state approved by the Buyers</b> Place of Registration: <b>Marshall Islands</b> </font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">GT/NT: <b>______</b> / <b>______</b></font></div>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">10</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">hereinafter called the &#8220;Vessel&#8221;, on the following terms and conditions:</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">11</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Definitions </b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">12</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>&#8220;Agreement&#8221; means this memorandum of agreement which shall for the avoidance of doubt, include the rider </u></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #B31330"><u>provisions from Clauses 19 (Payment of Purchase Price by Buyers) to 34 (Definitions). </u></font></div>
        </td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #3C96D2; margin-left: 45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Banking Days&#8221; are days on
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>13</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Purchase Price in Clause 1 (Purchase Price) and in the place of closing stipulated in
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      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>14</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Documentation) and (add additional jurisdictions as appropriate). </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">15</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;<font style="color: #3C96D2"><strike>Buyers&#8217; Nominated</strike></font> Flag State&#8221; means <b>the Marshall Islands or any other flag state of the Vessel as may be </b></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>agreed in writing by the Buyers and the Sellers </b><font style="color: #3C96D2"><strike>(state flag state)</strike></font>.</font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">16</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Class&#8221; means the class notation referred to above.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">17</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Classification Society&#8221; means the Society referred to above.</font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #B31330; margin-left: 45pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><u>&#8220;Dollars&#8221; or &#8220;$&#8221; mean United
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; color: #B31330"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>18</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit&#8221; shall have the meaning given in Clause 2 (Deposit) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>19</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit Holder&#8221; means (state name and location of Deposit Holder) or, if left blank, the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>20</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Bank, which shall hold and release the Deposit in accordance with this Agreement. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif">&#160;</p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">21</font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">22</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">registered letter, e-mail or telefax.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">23</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#8220;Parties&#8221; means the Sellers and the Buyers.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>24</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Purchase Price&#8221; means the price for the Vessel as stated in Clause 1 (Purchase Price). </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>25</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Sellers&#8217; Account&#8221; means (state details of bank account) at the Sellers&#8217; Bank. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>26</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Sellers&#8217; Bank&#8221; means (state name of bank, branch and details) or, if left blank, the bank </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>27</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">28</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>1. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Purchase Price <font style="color: #B31330">- (See Clause 19 (Payment of Purchase Price by
                Buyers))</font></b></font></td>
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  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>29</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Purchase Price is (state currency and amount both in words and figures). </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">30</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>2. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Deposit <font style="color: #B31330">- <u>intentionally omitted</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>31</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 47pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>32</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>% ( per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the</strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>33</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;Deposit&#8221;) in an interest bearing account for the Parties with the Deposit Holder within three
              (3) </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>34</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days after the date that: </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>35</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) this Agreement has been signed by the Parties and exchanged in original or by </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>36</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>e-mail or telefax; and </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>37</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the Deposit Holder has confirmed in writing to the Parties that the account has been </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>38</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>opened. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>39</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Deposit shall be released in accordance with joint written instructions of the Parties. </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>40</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing
              the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>41</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder
            </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>42</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>all necessary documentation to open and maintain the account without delay. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">43</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>3. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Payment <font style="color: #B31330"><u>(See Clause 19 (Payment of Purchase Price by Buyers))</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>44</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>On delivery of the Vessel, but not later than three (3) Banking Days after the date that
              Notice of </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>45</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness has been given in accordance with Clause 5 (Time and place of delivery and </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>46</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notices): </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>47</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) the Deposit shall be released to the Sellers; and </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>48</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) the balance of the Purchase Price and all other sums payable on delivery by the Buyers </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>49</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the Sellers under this Agreement shall be paid in full free of bank charges to the </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>50</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; Account. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">51</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>4. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Inspection <font style="color: #B31330">- <u>intentionally omitted</u></font></b></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>52</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)* The Buyers have inspected and accepted the Vessel&#8217;s classification records. The Buyers </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>53</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>have also inspected the Vessel at/in (state place) on (state date) and have </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>54</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>accepted the Vessel following this inspection and the sale is outright and definite, subject
              only </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>55</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to the terms and conditions of this Agreement. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>56</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Buyers shall have the right to inspect the Vessel&#8217;s classification records and
              declare </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>57</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether same are accepted or not within (state date/period). </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>58</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Sellers shall make the Vessel available for inspection at/in (state place/range) within </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 47pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>59</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(state date/period). </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>60</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall undertake the inspection without undue delay to the Vessel. Should the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>61</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers cause undue delay they shall compensate the Sellers for the losses thereby incurred. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>62</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall inspect the Vessel without opening up and without cost to the Sellers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>63</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>During the inspection, the Vessel&#8217;s deck and engine log books shall be made available for </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>64</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>examination by the Buyers. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>65</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The sale shall become outright and definite, subject only to the terms and conditions of this
            </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>66</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>67</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers within seventy-two (72) hours after completion of such inspection or after the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>68</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date/last day of the period stated in Line 59, whichever is earlier. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>69</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>70</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s classification records and/or of the Vessel not be received by the Sellers as </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>71</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>aforesaid, the Deposit together with interest earned, if any, shall be released immediately to
              the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>72</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers, whereafter this Agreement shall be null and void. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>73</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*4(a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of
              deletions, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>74</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 4(a) shall apply. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">75</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>5. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Time and place of delivery and notices <font style="color: #B31330"><u>- (See Clause 27 (Notice,
                  Time and Place of Delivery))</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>76</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth
              or </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>77</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>anchorage at/in (state place/range) in the Sellers&#8217; option. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>78</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Notice of Readiness shall not be tendered before: (date) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>79</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date (see Clauses 5(c), 6 (a)(i), 6 (a) (iii) and 14): </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>80</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) The Sellers shall keep the Buyers well informed of the Vessel&#8217;s itinerary and shall </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>81</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>provide the Buyers with twenty (20), ten (10), five (5) and three (3) days&#8217; notice of the date
              the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>82</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers intend to tender Notice of Readiness and of the intended place of delivery. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>83</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>When the Vessel is at the place of delivery and physically ready for delivery in accordance
              with </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>84</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.
            </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>85</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>86</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in
              writing </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>87</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>stating the date when they anticipate that the Vessel will be ready for delivery and proposing
              a </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>88</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>new Cancelling Date. Upon receipt of such notification the Buyers shall have the option of </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>89</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>either cancelling this Agreement in accordance with Clause 14 (Sellers&#8217; Default) within three
              (3) </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>90</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days of receipt of the notice or of accepting the new date as the new Cancelling Date.
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>91</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If the Buyers have not declared their option within three (3) Banking Days of receipt of the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>92</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; notification or if the Buyers accept the new date, the date proposed in the Sellers&#8217;
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>93</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>notification shall be deemed to be the new Cancelling Date and shall be substituted for the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>94</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Cancelling Date stipulated in line 79. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>95</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>If this Agreement is maintained with the new Cancelling Date all other terms and conditions </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>96</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>hereof including those contained in Clauses 5(b) and 5(d) shall remain unaltered and in full </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>97</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>force and effect. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>98</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>99</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers&#8217; </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>100</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Default) for the Vessel not being ready by the original Cancelling Date. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>101</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Should the Vessel become an actual, constructive or compromised total loss before delivery
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>102</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Deposit together with interest earned, if any, shall be released immediately to the Buyers
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>103</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whereafter this Agreement shall be null and void. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">104</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>6. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Divers Inspection / Drydocking <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>105</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a)* </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>106</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) The Buyers shall have the option at their cost and expense to arrange for an underwater </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>107</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection by a diver approved by the Classification Society prior to the delivery of the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>108</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel. Such option shall be declared latest nine (9) days prior to the Vessel&#8217;s intended </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>109</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>110</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement. The Sellers shall at their cost and expense make the Vessel available for </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>111</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such inspection. This inspection shall be carried out without undue delay and in the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>112</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>presence of a Classification Society surveyor arranged for by the Sellers and paid for by </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>113</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers. The Buyers&#8217; representative(s) shall have the right to be present at the diver&#8217;s </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>114</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>inspection as observer(s) only without interfering with the work or decisions of the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>115</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor. The extent of the inspection and the conditions under </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>116</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>which it is performed shall be to the satisfaction of the Classification Society. If the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>117</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>conditions at the place of delivery are unsuitable for such inspection, the Sellers shall at </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>118</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>their cost and expense make the Vessel available at a suitable alternative place near to </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>119</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the delivery port, in which event the Cancelling Date shall be extended by the additional </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>120</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>time required for such positioning and the subsequent re-positioning. The Sellers may </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>121</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not tender Notice of Readiness prior to completion of the underwater inspection. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>122</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) If the rudder, propeller, bottom or other underwater parts below the deepest load line
              are </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>123</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>found broken, damaged or defective so as to affect the Vessel&#8217;s class, then (1) unless </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>124</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>repairs can be carried out afloat to the satisfaction of the Classification Society, the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>125</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall arrange for the Vessel to be drydocked at their expense for inspection by </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>126</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>127</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the extent of the inspection being in accordance with the Classification Society&#8217;s rules (2) </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>128</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such defects shall be made good by the Sellers at their cost and expense to the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>129</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>satisfaction of the Classification Society without condition/recommendation** and (3) the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>130</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers shall pay for the underwater inspection and the Classification Society&#8217;s </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>131</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>attendance. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>132</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Notwithstanding anything to the contrary in this Agreement, if the Classification Society </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>133</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>do not require the aforementioned defects to be rectified before the next class </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>134</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>135</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>against a deduction from the Purchase Price of the estimated direct cost (of labour and </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>136</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>materials) of carrying out the repairs to the satisfaction of the Classification Society, </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>137</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whereafter the Buyers shall have no further rights whatsoever in respect of the defects </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>138</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and/or repairs. The estimated direct cost of the repairs shall be the average of quotes </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>139</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the repair work obtained from two reputable independent shipyards at or in the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>140</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>141</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Banking Days from the date of the imposition of the condition/recommendation, unless </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>142</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>143</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the stipulated time then the quote duly obtained by the other Party shall be the sole basis </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>144</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the estimate of the direct repair costs. The Sellers may not tender Notice of </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>145</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Readiness prior to such estimate having been established. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>146</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) If the Vessel is to be drydocked pursuant to Clause 6(a)(ii) and no suitable dry-docking
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>147</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>facilities are available at the port of delivery, the Sellers shall take the Vessel to a port
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>148</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>where suitable drydocking facilities are available, whether within or outside the delivery </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>149</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>range as per Clause 5(a). Once drydocking has taken place the Sellers shall deliver the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>150</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel at a port within the delivery range as per Clause 5(a) which shall, for the purpose </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>151</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of this Clause, become the new port of delivery. In such event the Cancelling Date shall </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>152</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>be extended by the additional time required for the drydocking and extra steaming, but </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>153</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>limited to a maximum of fourteen (14) days. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>154</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b)* The Sellers shall place the Vessel in drydock at the port of delivery for inspection by
              the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>155</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society of the Vessel&#8217;s underwater parts below the deepest load line, the
              extent </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>156</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the inspection being in accordance with the Classification Society&#8217;s rules. If the rudder,
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>157</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>propeller, bottom or other underwater parts below the deepest load line are found broken, </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>158</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>damaged or defective so as to affect the Vessel&#8217;s class, such defects shall be made good at
              the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>159</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers&#8217; cost and expense to the satisfaction of the Classification Society without </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>160</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>condition/recommendation**. In such event the Sellers are also to pay for the costs and </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>161</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expenses in connection with putting the Vessel in and taking her out of drydock, including the
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>162</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drydock dues and the Classification Society&#8217;s fees. The Sellers shall also pay for these costs
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>163</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and expenses if parts of the tailshaft system are condemned or found defective or broken so as
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>164</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>to affect the Vessel&#8217;s class. In all other cases, the Buyers shall pay the aforesaid costs and
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>165</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expenses, dues and fees. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>166</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If the Vessel is drydocked pursuant to Clause 6 (a)(ii) or 6 (b) above: </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>167</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) The Classification Society may require survey of the tailshaft system, the extent of the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>168</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>survey being to the satisfaction of the Classification surveyor. If such survey is </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>169</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>not required by the Classification Society, the Buyers shall have the option to require the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>170</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>tailshaft to be drawn and surveyed by the Classification Society, the extent of the survey </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>171</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>being in accordance with the Classification Society&#8217;s rules for tailshaft survey and </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>172</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>consistent with the current stage of the Vessel&#8217;s survey cycle. The Buyers shall declare </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>173</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>whether they require the tailshaft to be drawn and surveyed not later than by the </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
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      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>174</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>completion of the inspection by the Classification Society. The drawing and refitting of </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>175</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft system be </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>176</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>condemned or found defective so as to affect the Vessel&#8217;s class, those parts shall be </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>177</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>renewed or made good at the Sellers&#8217; cost and expense to the satisfaction of </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>178</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society without condition/recommendation**. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>179</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) The costs and expenses relating to the survey of the tailshaft system shall be borne by </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>180</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers unless the Classification Society requires such survey to be carried out or if </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>181</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>parts of the system are condemned or found defective or broken so as to affect the </strike></font></td>
      </tr>

  </table>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>182</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s class, in which case the Sellers shall pay these costs and expenses. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>183</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) The Buyers&#8217; representative(s) shall have the right to be present in the drydock, as </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>184</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>observer(s) only without interfering with the work or decisions of the Classification </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>185</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Society surveyor. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif; text-indent: 0.25in"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>186</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>(iv) The Buyers shall have the right to have the underwater parts of the Vessel cleaned</strike></font></td>
      </tr>

  </table>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>187</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and painted at their risk, cost and expense without interfering with the Sellers&#8217; or the </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>188</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Classification Society surveyor&#8217;s work, if any, and without affecting the Vessel&#8217;s timely </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top">
        <td style="width: 45pt; text-align: left"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>189</strike></font></td>
        <td><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>delivery. If, however, the Buyers&#8217; work in drydock is still in progress when the</strike></font></td>
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  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>190</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Sellers have completed the work which the Sellers are required to do, the additional </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>191</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>docking time needed to complete the Buyers&#8217; work shall be for the Buyers&#8217; risk, cost and </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>192</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>expense. In the event that the Buyers&#8217; work requires such additional time, the Sellers </strike></font></td>
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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>193</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>may upon completion of the Sellers&#8217; work tender Notice of Readiness for delivery whilst </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>194</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel is still in drydock and, notwithstanding Clause 5(a), the Buyers shall be </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>195</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>196</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drydock or not. </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>197</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*6 (a) and 6 (b) are alternatives; delete whichever is not applicable. In the absence of
              deletions, </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>198</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative 6 (a) shall apply. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>199</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>**Notes or memoranda, if any, in the surveyor&#8217;s report which are accepted by the
              Classification </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>200</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>Society without condition</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">/recommendation are not to be taken into account.</font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">201</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>7. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Spares, bunkers and other items </b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">202</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">The Sellers shall deliver the Vessel to the Buyers with everything belonging to her on board</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">203</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">and on shore. All spare parts and spare equipment including spare tail-end shaft(s) and/or</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">204</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">spare propeller(s)/propeller blade(s), if any, belonging to the Vessel at the time of <font style="color: #B31330"><u>Delivery </u></font><font style="color: #3C96D2"><strike>inspection</strike></font></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">205</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">used or unused, whether on board or not shall become the Buyers&#8217; property<font style="color: #3C96D2"><strike>,
                but spares on</strike></font></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">206</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #3C96D2"><strike>order are excluded. Forwarding charges, if any, shall be for the Buyers&#8217;
              account</strike></font><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">. The Sellers</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">207</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">are not required to replace spare parts including spare tail-end shaft(s) and spare</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">208</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">propeller(s)/propeller blade(s) which are taken out of spare and used as replacement prior to</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">209</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">delivery, but the replaced items shall be the property of the Buyers. Unused stores and</font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">210</font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif">
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">provisions shall be included in the sale and be taken over by the Buyers without extra payment. <font style="color: #B31330"><u>Any bunkers and </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>unused lubricating oils and greases in storage tanks and unopened drums at the time of Delivery of the Vessel </u></font></font></div>
          <div><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><font style="color: #B31330"><u>shall be taken over by the Buyers, at no cost to the Buyers. </u></font></font></div>
        </td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>211</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Library and forms exclusively for use in the Sellers&#8217; vessel(s) and captain&#8217;s, officers&#8217; and
              crew&#8217;s </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>212</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>personal belongings including the slop chest are excluded from the sale without compensation,
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>213</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>as well as the following additional items: (include list) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>214</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board which are on hire or owned by third parties, listed as follows, are excluded
              from </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>215</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the sale without compensation: (include list) </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>216</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Items on board at the time of inspection which are on hire or owned by third parties, not
              listed </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>217</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>above, shall be replaced or procured by the Sellers prior to delivery at their cost and
              expense. </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>218</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The Buyers shall take over remaining bunkers and unused lubricating and hydraulic oils and </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>219</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>greases in storage tanks and unopened drums and pay either: </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>220</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers;
              or </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>221</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) *the current net market price (excluding barging expenses) at the port and date of
              delivery </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>222</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Vessel or, if unavailable, at the nearest bunkering port, </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>223</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>for the quantities taken over. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>224</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Payment under this Clause shall be made at the same time and place and in the same </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>225</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>currency as the Purchase Price. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>226</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>&#8220;inspection&#8221; in this Clause 7, shall mean the Buyers&#8217; inspection according to Clause 4(a) or
              4(b) </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>227</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>228</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Agreement shall be the relevant date. </strike></font></td>
      </tr>

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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>229</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>*(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>230</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>alternative (a) shall apply. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 31px; font: 10pt Arial,Helvetica,sans-serif;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">231</font></td>
        <td style="text-align: justify; font: 10pt Arial,Helvetica,sans-serif; width: 33px;"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>8. </b></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><b>Documentation <font style="color: #B31330"><u>- intentionally omitted</u></font></b></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>232</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>The place of closing: </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>233</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(a) In exchange for payment of the Purchase Price the Sellers shall provide the Buyers with
              the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>234</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>following delivery documents: </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>235</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Legal Bill(s) of Sale in a form recordable in the Buyers&#8217; Nominated Flag State, </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>236</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>transferring title of the Vessel and stating that the Vessel is free from all mortgages, </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>237</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>encumbrances and maritime liens or any other debts whatsoever, duly notarially attested </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>238</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and legalised or apostilled, as required by the Buyers&#8217; Nominated Flag State; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>239</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>240</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers to authorise the execution, delivery and performance of this Agreement; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>241</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iii) Power of Attorney of the Sellers appointing one or more representatives to act on behalf
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>242</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Sellers in the performance of this Agreement, duly notarially attested and legalised </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>243</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate); </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>244</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(iv) Certificate or Transcript of Registry issued by the competent authorities of the flag
              state </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>245</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>on the date of delivery evidencing the Sellers&#8217; ownership of the Vessel and that the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>246</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>247</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>such authority to the closing meeting with the original to be sent to the Buyers as soon as </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>248</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>possible after delivery of the Vessel; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>249</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(v) Declaration of Class or (depending on the Classification Society) a Class Maintenance </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>250</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Certificate issued within three (3) Banking Days prior to delivery confirming that the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>251</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel is in Class free of condition/recommendation; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>252</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vi) Certificate of Deletion of the Vessel from the Vessel&#8217;s registry or other official
              evidence of </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>253</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>deletion appropriate to the Vessel&#8217;s registry at the time of delivery, or, in the event that </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>254</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the registry does not as a matter of practice issue such documentation immediately, a </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>255</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>written undertaking by the Sellers to effect deletion from the Vessel&#8217;s registry forthwith </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>256</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>and provide a certificate or other official evidence of deletion to the Buyers promptly and </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>257</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>latest within four (4) weeks after the Purchase Price has been paid and the Vessel has </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>258</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>been delivered; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>259</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(vii) A copy of the Vessel&#8217;s Continuous Synopsis Record certifying the date on which the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>260</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel ceased to be registered with the Vessel&#8217;s registry, or, in the event that the registry
            </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>261</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>does not as a matter of practice issue such certificate immediately, a written undertaking </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>262</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>from the Sellers to provide the copy of this certificate promptly upon it being issued </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>263</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>together with evidence of submission by the Sellers of a duly executed Form 2 stating </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>264</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the date on which the Vessel shall cease to be registered with the Vessel&#8217;s registry; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>265</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(viii) Commercial Invoice for the Vessel; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>266</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ix) Commercial Invoice(s) for bunkers, lubricating and hydraulic oils and greases; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>267</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(x) A copy of the Sellers&#8217; letter to their satellite communication provider cancelling the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>268</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s communications contract which is to be sent immediately after delivery of the </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 6pt">Copyright &#169; 2012 Norwegian Shipbrokers&#8217; Association. All rights reserved. Published by BIMCO.
      No part of this BIMCO SmartCon document may be copied, reproduced or distributed in any form without the prior written permission of the Norwegian Shipbrokers&#8217; Association. Explanatory notes are available from BIMCO at www.bimco.org. Adopted by BIMCO
      in 1956, revised 1966, 1983, 1986/87, 1993 and 2012.</font></p>
  <div class="BRPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
    <div class="BRPFPageNumberArea" style="TEXT-ALIGN: center"></div>
    <div class="BRPFPageBreak" style="PAGE-BREAK-AFTER: always">
      <hr noshade="noshade" style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000"> </div>
  </div>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>269</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel; </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>270</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xi) Any additional documents as may reasonably be required by the competent authorities of </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>271</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers&#8217; Nominated Flag State for the purpose of registering the Vessel, provided the </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>272</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Buyers notify the Sellers of any such documents as soon as possible after the date of </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>273</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>this Agreement; and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>274</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(xii) The Sellers&#8217; letter of confirmation that to the best of their knowledge, the Vessel is
              not </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>275</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>black listed by any nation or international organisation. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>276</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(b) At the time of delivery the Buyers shall provide the Sellers with: </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>277</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(i) Evidence that all necessary corporate, shareholder and other action has been taken by </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>278</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Buyers to authorise the execution, delivery and performance of this Agreement; and </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>279</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(ii) Power of Attorney of the Buyers appointing one or more representatives to act on behalf </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>280</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>of the Buyers in the performance of this Agreement, duly notarially attested and legalised </strike></font></td>
      </tr>

  </table>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>281</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>or apostilled (as appropriate). </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>282</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(c) If any of the documents listed in Sub-clauses (a) and (b) above are not in the English </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>283</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>language they shall be accompanied by an English translation by an authorised translator or </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>284</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>certified by a lawyer qualified to practice in the country of the translated language. </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>285</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(d) The Parties shall to the extent possible exchange copies, drafts or samples of the </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>286</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>287</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>other party not later than (state number of days), or if left blank, nine (9) days prior to
              the </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>288</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Vessel&#8217;s intended date of readiness for delivery as notified by the Sellers pursuant to </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>289</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>Clause 5(b) of this Agreement. </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>290</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(e) Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>291</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers shall also hand to the Buyers the classification certificate(s) as well as all
              plans, </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>292</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other </strike></font></td>
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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>293</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>certificates which are on board the Vessel shall also be handed over to the Buyers unless </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>294</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Sellers are required to retain same, in which case the Buyers have the right to take
              copies. </strike></font></td>
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  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>295</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>(f) Other technical documentation which may be in the Sellers&#8217; possession shall promptly after
            </strike></font></td>
      </tr>

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      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>296</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>delivery be forwarded to the Buyers at their expense, if they so request. The Sellers may keep
            </strike></font></td>
      </tr>

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  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>297</strike></font></td>
        <td style="text-align: justify; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><strike>the Vessel&#8217;s log books but the Buyers have the right to take copies of same. </strike></font></td>
      </tr>

  </table>
  <p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><font style="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">&#160;</font></p>
  <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; color: #3C96D2">

      <tr style="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
        <td style="width: 45pt; font: 10pt Arial, Helvetica, Sans-Serif"><font st